(DURHAM) -- Cree, Inc.reported fiscal third net income for the third quarter of $23.3 million. This is down 22 percent when compared to the same period of the prior year.

While the Durham-based global LED lighting company reported third quarter revenue of $284.8 million, a 30 percent increase over $219.2 million reported in the third quarter of fiscal 2011, it still fell short of analysts expectations.

"Overall company backlog is stronger than it was at this point last quarter, with Lighting, LEDs and Power and RF all tracking ahead of Q2, although order visibility is still limited," said Cree Chairman and CEO Chuck Swoboda. "Our focus remains on driving adoption through innovation and we believe we are well positioned to continue leading the transition to LED lighting and drive growth in our business."

The company's sales model was retooled.  Swoboda said this had a negative impact on sales.  He views this as a short-term setback that puts the company in a much stronger position for the long-term.