Income for the third fiscal quarter surged to record levels at chip manufacturer Cree to a record $60.2 million, the company said Wednesday.

The revenue total represented an 80 percent increase over the same time frame in 2002.

Net income hit $10.6 million, or 14 cents per share, compared to a loss of $68.3 million, or 94 cents a year, in 2002. The earnings matched estimates as reported by a variety of analysts.

Through three quarters, Cree income hit $165.8 million, a 41 percent increase.

Net income is $23 million, or 31 cents a share.

Cree (Nasdaq: CREE) closed at $23.07, up 14 cents. Its stock was trading below $20 earlier this month but surged more than $3 in one day after Cree announced a $100 million contract in Japan.