SemiLEDs Reports Second Quarter Fiscal Year 2018 Financial Results
April 12 2018 - 4:01PM
SemiLEDs Corporation (NASDAQ:LEDS), “SemiLEDs” or the “Company,” a
developer and manufacturer of LED chips and LED components, today
announced its financial results for the second quarter of fiscal
year 2018, ended February 28, 2018.
Revenue for the second quarter of fiscal 2018
was $1.5 million, a 23% decrease compared to $2.0 million in the
first quarter of fiscal 2018. GAAP net loss for the second quarter
of fiscal 2018 was $1.1 million, compared to a loss of $0.4 million
in the first quarter of fiscal 2018, or a net loss of $0.32 per
diluted share, compared to a net loss of $0.11 per diluted share
for the first quarter of fiscal 2018. In the second quarter, we
shut down our manufacturing production for two weeks due to the
Chinese New Year holiday. During the second quarter ended February
28, 2018, we moved and consolidated our LED packaging facility in
HsinAn to our headquarters in Chunan, Taiwan as part of our cost
reduction efforts.
GAAP gross margin for the second quarter of
fiscal 2018 was negative 29%, compared with gross margin for the
first quarter of fiscal 2018 of 3%. Operating margin for the second
quarter of fiscal 2018 was negative 80%, compared with negative 43%
in the first quarter of fiscal 2018. The Company’s cash and cash
equivalents was $3.9 million at February 28, 2018, compared to
$3.4 million at the end of the first quarter of fiscal 2018.
We expect revenue for the third quarter ending
May 31, 2018 to be about $1.8 million +/- 10%.
About SemiLEDs
SemiLEDs develops and manufactures LED chips and
LED components for general lighting applications, including street
lights and commercial, industrial, system and residential lighting,
along with specialty industrial applications such as ultraviolet
(UV) curing, medical/cosmetic, counterfeit detection, horticulture,
architectural lighting and entertainment lighting. SemiLEDs sells
blue, white, green and UV LED chips.Forward Looking
Statements
This press release contains statements that may
constitute “forward-looking” statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. All statements other than statements of
historical fact could be deemed forward-looking, including, but not
limited to, any projection of future revenues, any statements about
historical results that may suggest trends for SemiLEDs’ business;
any statements of the plans, strategies and objectives of
management for future operations; any statements of expectation or
belief regarding recovery of the LED industry, market opportunities
and other future events or technology developments; any statements
regarding SemiLEDs’ position to capitalize on any market
opportunities; and any statements of assumptions underlying any of
the foregoing. These forward-looking statements are based on
current expectations, estimates, forecasts and projections of
future SemiLEDs’ or industry performance based on management’s
judgment, beliefs, current trends and market conditions and involve
risks and uncertainties that may cause actual results to differ
materially from those contained in the forward-looking statements.
SemiLEDs’ Annual Report on Form 10-K filed with the Securities
and Exchange Commission (the “SEC”) and other SemiLEDs filings with
the SEC (which you may obtain for free at the SEC’s website at
http://www.sec.gov) discuss some of the important risks and other
factors that may affect SemiLEDs’ business, results of operations
and financial condition. SemiLEDs undertakes no intent or
obligation to publicly update or revise any of these forward
looking statements, whether as a result of new information, future
events or otherwise, except as required by law.
Contacts:
Christopher LeeChief Financial OfficerSemiLEDs
Corporation+886-37-586788investor@semileds.com
|
SEMILEDS CORPORATION AND
SUBSIDIARIES |
Condensed Consolidated Balance
Sheets |
(In thousands of U.S.
dollars) |
|
|
February 28, |
|
|
November 30, |
|
|
|
|
2018 |
|
|
2017 |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
3,857 |
|
|
$ |
3,400 |
|
|
Accounts
receivable (including related parties), net |
|
|
335 |
|
|
|
1,307 |
|
|
Inventories |
|
|
2,411 |
|
|
|
2,614 |
|
|
Prepaid
expenses and other current assets |
|
|
357 |
|
|
|
216 |
|
|
Total
current assets |
|
|
6,960 |
|
|
|
7,537 |
|
|
Property, plant and
equipment, net |
|
|
7,951 |
|
|
|
8,099 |
|
|
Intangible assets,
net |
|
|
109 |
|
|
|
109 |
|
|
Investments in
unconsolidated entities |
|
|
1,023 |
|
|
|
998 |
|
|
Other assets |
|
|
247 |
|
|
|
248 |
|
|
TOTAL ASSETS |
|
$ |
16,290 |
|
|
$ |
16,991 |
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
|
|
Current
installments of long-term debt |
|
$ |
349 |
|
|
$ |
339 |
|
|
Accounts
payable |
|
|
882 |
|
|
|
725 |
|
|
Advance
receipt toward the convertible note |
|
|
500 |
|
|
|
500 |
|
|
Accrued
expenses and other current liabilities |
|
|
5,787 |
|
|
|
5,632 |
|
|
Total
current liabilities |
|
|
7,518 |
|
|
|
7,196 |
|
|
Long-term debt,
excluding current installments |
|
|
2,296 |
|
|
|
2,320 |
|
|
Total
liabilities |
|
|
9,814 |
|
|
|
9,516 |
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
|
|
|
SemiLEDs
stockholders’ equity |
|
|
|
|
|
|
|
|
|
Common
stock |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
175,434 |
|
|
|
175,410 |
|
|
Accumulated other comprehensive income |
|
|
3,836 |
|
|
|
3,727 |
|
|
Accumulated deficit |
|
|
(172,794 |
) |
|
|
(171,662 |
) |
|
Total
equity |
|
|
6,476 |
|
|
|
7,475 |
|
|
TOTAL LIABILITIES AND
EQUITY |
|
$ |
16,290 |
|
|
$ |
16,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMILEDS CORPORATION AND
SUBSIDIARIES |
Unaudited Condensed Consolidated Statements of
Operations |
(In thousands of U.S. dollars and shares,
except per share data) |
|
|
Three Months Ended |
|
|
|
|
February 28, |
|
|
November 30, |
|
|
|
|
2018 |
|
|
2017 |
|
|
Revenues, net |
|
$ |
1,543 |
|
|
$ |
2,003 |
|
|
Cost of revenues |
|
|
1,987 |
|
|
|
1,951 |
|
|
Gross
profit (loss) |
|
|
(444 |
) |
|
|
52 |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
223 |
|
|
|
184 |
|
|
Selling,
general and administrative |
|
|
781 |
|
|
|
733 |
|
|
Loss
(gain) on disposals of long-lived assets |
|
|
(209 |
) |
|
|
— |
|
|
Total
operating expenses |
|
|
795 |
|
|
|
917 |
|
|
Loss from
operations |
|
|
(1,239 |
) |
|
|
(865 |
) |
|
Other income
(expenses): |
|
|
|
|
|
|
|
|
|
Interest
expenses, net |
|
|
(7 |
) |
|
|
(8 |
) |
|
Other
income (loss), net |
|
|
49 |
|
|
|
498 |
|
|
Foreign
currency transaction gain (loss), net |
|
|
65 |
|
|
|
(17 |
) |
|
Total
other income (expenses), net |
|
|
107 |
|
|
|
473 |
|
|
Loss before income
taxes |
|
|
(1,132 |
) |
|
|
(392 |
) |
|
Income tax expense |
|
|
— |
|
|
|
— |
|
|
Net loss |
|
|
(1,132 |
) |
|
|
(392 |
) |
|
Less: Net loss
attributable to noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
Net loss attributable
to SemiLEDs stockholders |
|
$ |
(1,132 |
) |
|
$ |
(392 |
) |
|
Net loss per share
attributable to SemiLEDs stockholders: |
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.32 |
) |
|
$ |
(0.11 |
) |
|
Shares used in
computing net loss per share attributable to SemiLEDs
stockholders: |
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
3,545 |
|
|
|
3,544 |
|
|
|
|
|
|
|
|
|
|
|
|
SemiLEDS (NASDAQ:LEDS)
Historical Stock Chart
From Mar 2024 to Apr 2024
SemiLEDS (NASDAQ:LEDS)
Historical Stock Chart
From Apr 2023 to Apr 2024