(DURHAM) -- LED lighting maker Cree, Inc. reported second quarter GAAP net income of $12.1 million, or $0.10 per diluted share. This represents a 76 percent decrease when compared to the second quarter of the prior fiscal year.

The Durham-based company recorded second quarter revenue of $304.1 million. This compared revenue of $257 million in the second quarter of fiscal 2011.

“While the business environment remains challenging, our results demonstrate that our strategy is working," said Chuck Swoboda, Cree chairman and CEO. "Our future business outlook remains very optimistic based on our belief that innovation drives payback, payback drives LED lighting adoption and adoption expands the market for both Cree and our customers.”

The financial results for the second fiscal quarter reflect the inclusion of Ruud Lighting for the entire period. Ruud Lighting was acquired in the first quarter of fiscal 2012.