Add the hallowed halls of Congress to the places Cree's LEDs are being installed.
Or least the cafeteria in Washington's Rayburn House Office Building. Think of it as illuminating a dining hall of power using less power.
U.S. Sen. Kay Hagan, D-N.C. took partial credit for the news. In a press release from her office, Hagan wrote that she sent a letter last fall to the Senate Rules Committee encouraging them to select Cree's LEDs for new, energy efficient lighting.
The light-emitting diodes made by Durham-based Cree are being adopted by cities, schools, retailers and other customers eager to embrace LEDs, which are more expensive than traditional lights, but last much longer and use much less power.
Cree's LEDs are now installed on a floor of the Federal Reserve in Washington and in parking garages in downtown Raleigh.
The increasing popularity of Cree's products have fueled a surge in the company's stock price during the past year.
The shares did take a hit today after Cree late Tuesday reported earnings that didn't exceed optimistic estimates on Wall Street. Also, the company plans to increase spending on research, which could erode profit.
Cree reported that quarterly profit more than quadrupled to $51.3 million. Revenue rose 78 percent to $234.1 million.
Cree's shares fell $5.95 to close at $76.22 today.
Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or
Comments
Should elected officials try
Sat, 04/24/2010 - 08:34 — PeterWillShould elected officials try to influence competitive procurements?
She should have never signed a letter urging the rules committee to choose Cree Lights, she should have never boasted about it and lastly, her letter probably did nothing. The junior senator, who is more famous for press releases rather than substance, should realize that if her letter made the difference than every member from every wing of Congress would be pushing their companies to "win" contracts on Capitol Hill.