Wolfspeed (WOLF) 8-K Regulation FD Disclosure

Exhibit 99.01

FOR IMMEDIATE RELEASE NEWS RELEASE

Contact:	Fran Barsky
	Manager, Investor Relations and
	Corporate Communications
	Cree, Inc.
	(T) 919-313-5397
	(F) 919-313-5452
	Fran_Barsky@Cree.com

CREE REPORTS RECORD REVENUE FOR

THIRD QUARTER OF FISCAL YEAR 2003

Product Margins Increased to 50 Percent

Durham, NC, April 16, 2003 – Cree, Inc. (Nasdaq: CREE) today reported quarterly revenue for its fiscal year 2003 third quarter of $60,223,000, an 80 percent increase over the $33,376,000 reported in the comparable quarter in the year ago period. Net income for the third quarter increased to $10,632,000, or $0.14 per diluted share, compared to a loss of $68,286,000, or $0.94 per diluted share, reported for the third quarter of fiscal 2002. Overall gross margin for the third quarter increased to 47 percent of revenue while net margins increased to 18 percent of revenue.

For the nine-month period ended March 30, 2003, Cree reported revenue of $165,761,000, an increase of 41 percent over the $117,634,000 reported for the comparable period in fiscal year 2002. Net income for the nine-month period was $23,511,000, or $0.31 per diluted share, compared to a loss of $79,201,000, or $1.09 per share, in the year ago period.

Chuck Swoboda, Chief Executive Officer and President of Cree stated, “We are pleased with our revenue and earnings growth over the last several quarters. Product revenue grew 9 percent, sequentially, while product margins increased to 50 percent, illustrating both the strength in demand for LEDs and continued improvement in our operating model. We have also done a good job of increasing our capacity which should allow us to pursue incremental new business in the fourth quarter.”

Cree will host a conference call at 4:30 p.m. EDT today to review the details of the third quarter. The conference call will be available to the public through a live audio web broadcast via the Internet. Log onto Cree’s web site athttp://www.cree.com and go to

“Investor Info” for web cast details. The call will be archived and available on the web site through April 30, 2003.

Supplemental financial information is available under “Q3 ‘03 Financial Metrics” in the “Investor Info” section of Cree’s web site athttp://www.cree.com/about/share.htm.

Cree is an advanced semiconductor company that leverages its expertise in silicon carbide (SiC), gallium nitride (GaN) and silicon (Si) materials technology to produce new and enabling semiconductors. The products include blue, green and ultraviolet (UV) light emitting diodes (LEDs), near UV lasers, radio frequency (RF) and microwave devices, and power switching devices. Targeted applications for these products include solid state illumination, optical storage, wireless infrastructure and power switching. For more information on Cree, please visitwww.cree.com.

The schedules attached to this release are an integral part of this release. This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results could differ materially due to a number of factors, including risks associated with the production ramp-up for our new products such as our XBright^® LED chips and our LDMOS 8 RF transistor product family, including risks that we will be unable to achieve necessary improvements to these products as well as the possibility of unexpected delays, increased costs and manufacturing difficulties or less than expected market acceptance; risks resulting from the concentration of our business among few customers including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; uncertain product demand; risks from increased competition; uncertainty regarding economic conditions; uncertainty whether we can achieve our targets for increased yields and cost reduction needed to protect our margins; risks associated with the planned release of new products under development, including the possibility we will be unable to develop and manufacture commercially viable versions of such products; risks that our investments in third parties will generate losses; and other factors discussed in our filings with the Securities and Exchange Commission, including our report on Form 10-K for the year ended June 30, 2002 and subsequent reports filed with the Commission.

Cree, the Cree logo, and XBright are registered trademarks of Cree, Inc.

— Tables Follow —

CREE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

	Three Months Ended					Nine Months Ended
	03/30/2003 (Unaudited)		03/24/2002 (Unaudited)			03/30/2003 (Unaudited)			03/24/2002 (Unaudited)
Product revenue	$	53,774	$	28,566		$	145,149		$	104,017
Contract revenue		6,449		4,810			20,612			13,617
Total revenue		60,223		33,376			165,761			117,634
Cost of product sales		27,018		21,835			79,662			60,255
Cost of contract sales		5,158		3,164			15,824			9,722
Total cost of sales		32,176		24,999			95,486			69,977
Gross profit		28,047		8,377			70,275			47,657
Operating expenses:
Research and development		8,138		9,327			22,369			20,181
Sales, general and administrative		6,712		6,534			20,993			17,848
Amortization of purchased intangibles		—		2,255			—			6,765
Other expense		—		77,434			1,891			97,104
Income from operations		13,197		(87,173	)		25,022			(94,241	)
Other non operating (income) expense		29		—			(2,887	)		11,795
Net interest income		1,199		1,006			3,863			4,496
Income (loss) before income taxes		14,367		(86,167	)		31,772			(101,540	)
Income taxes (benefit)		3,735		(17,881	)		8,261			(22,339	)
Net income (loss)	$	10,632	$	(68,286	)	$	23,511		$	(79,201	)
Net income (loss) per share, diluted	$	0.14	$	(0.94	)	$	0.31		$	(1.09	)
Weighted average shares of common stock outstanding, basic		73,266		72,781			73,022			72,730
Weighted average shares of common stock outstanding, diluted		75,394		72,781			75,026			72,730

CREE, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands)

	Balance Sheet
	03/30/2003			06/30/2002
	(Unaudited)
Assets:
Current assets:
Cash & equivalents & short term investments	$	121,714		$	106,140
Marketable securities		—			6,008
Accounts receivable, net		36,890			34,592
Inventory		17,636			17,966
Current portion of deferred taxes		3,832			3,322
Other current assets & prepaids		9,407			5,877
Total current assets		189,479			173,905
Property, plant & equipment, net		237,875			211,685
Long-term investments held to maturity		67,292			64,225
Long term portion deferred income taxes		18,014			27,365
Deposits		3,858			5,471
Patents, net		6,817			4,251
Other assets		16,039			17,293
Total assets	$	539,374		$	504,195
Liabilities & Shareholders’ Equity:
Current liabilities:
Accounts payable trade	$	16,393		$	13,075
Accrued salaries & other expenses		13,003			8,979
Total current liabilities		29,396			22,054
Long term liabilities:
Other long term liabilites		31			37
Total long term liabilities		31			37
Shareholders’ Equity:
Common stock		91			90
Additional paid in capital		512,399			508,432
Deferred compensation		(332	)		(696	)
Accumulated deficit		(2,211	)		(25,722	)
Total shareholders’ equity		509,947			482,104
Total liabilities & shareholders’ equity	$	539,374		$	504,195

CREE, INC.

Operating Segment Information

(in thousands)

	Three Months Ended						Nine Months Ended
	03/30/2003 (Unaudited)			03/24/2002 (Unaudited)			03/30/2003 (Unaudited)			03/24/2002 (Unaudited)
Revenue:
Cree, Inc.*	$	59,579		$	29,885		$	163,664		$	96,689
Cree Microwave		644			3,491			2,097			20,945
Total revenue	$	60,223		$	33,376		$	165,761		$	117,634
Net income (loss) before income taxes:
Cree, Inc.*	$	17,882		$	1,110		$	40,220		$	(12,910	)
Cree Microwave		(3,515	)		(87,277	)		(8,448	)		(88,630	)
Total net income (loss) before income taxes	$	14,367		$	(86,167	)	$	31,772		$	(101,540	)

* Includes interest income and other segment operating results