Denny’s (DENN) is joining the LED lighting revolution and announced it will use Cree Inc’s (CREE) LR6 LED downlights in dining areas and restrooms for all new and remodeled locations.  The company evaluated many solutions and determined Cree offered the the most value.  One franchisee found they used 6000kW/hrs less per month after switching to LED and was able to save over $15K/month across five locations.  No word on what the up front cost was, but I’d imagine it’s going to take several years for the upgrades to pay for themselves.

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Shares of CREE are currently in a digestion phase after a big run in November and would provide another nice entry place to add shares on a breakout from this consolidation.  Shares are down about 1% this morning.