(DURHAM) -- LED lighting technology maker Cree, Inc. reported fiscal fourth quarter GAAP net income of $19.8 million. This compared to GAAP net income of $52.8 million during the same period last year.

Non-GAAP net income in the quarter was $30.6 million. Non-GAAP net income in its fourth quarter of 2010 was $60.1 million. The earnings are on fourth quarter revenue of $243 million, down from revenue of $264.6 million in its fourth quarter of 2010.

“Q4 results were in-line with our targets,” said Chuck Swoboda, Cree chairman and CEO. “Over the last fiscal year, we continued to have success leading the LED lighting revolution and growing our LED lighting business, while at the same time managing through a challenging business cycle for our LED component and LED chip product lines."

Swoboda sees an increase in product demand in the first quarter. "We are well positioned to continue to lead the LED lighting revolution.”