SemiLEDs Reports Fourth Quarter and Fiscal Year End 2018 Financial Results
November 14 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 fourth quarter and full
year of fiscal year 2018, ended August 31, 2018.
Revenues for the fourth quarter and for the
third quarter of fiscal 2018 were both approximately $2.0 million.
GAAP net loss attributable to SemiLEDs stockholders for the fourth
quarter of fiscal 2018 was $1.1 million, compared to a loss of $326
thousand in the third quarter of 2018, or a net loss of $0.32 per
diluted share, compared to a net loss of $0.09 per diluted share
for the third quarter of fiscal 2018.
GAAP gross margin for the fourth quarter of
fiscal 2018 was negative 11%, compared with gross margin for the
third quarter of fiscal 2018 of negative 8%. Operating margin for
the fourth quarter of fiscal 2018 was negative 62%, compared with
negative 18% in the third quarter of fiscal 2018. The Company’s
cash and cash equivalents was $3.4 million as of August 31, 2018,
compared to $3.7 million at the end of the third quarter of fiscal
2018.
We expect revenues for the first quarter ending
November 30, 2018 to be $1.1 million +/- 10%.
Revenues for the fiscal year 2018 were $7.5
million, a 19% decrease compared to $9.2 million in the fiscal year
2017. GAAP net loss attributable to SemiLEDs stockholders for the
fiscal year 2018 was $3.0 million, compared to a loss of $4.1
million in the fiscal year 2017 or a net loss of $0.84 per diluted
share, compared to a net loss of $1.16 per diluted share for the
fiscal year 2017.Due to the excess capacity charges that we have
experienced for the last few years, considering the risk of
technological obsolescence and according to the sales forecast
production, we disposed of certain of our idle equipment during the
third quarter of fiscal 2018, which reduced our net loss.
GAAP gross margin for the fiscal year 2018 was
negative 6%, compared with gross margin for the fiscal year 2017 of
1%. Operating margin for the fiscal year 2018 was negative 49%,
compared with negative 47% in the fiscal year 2017. The Company’s
cash and cash equivalents was $3.4 million as of August 31, 2018,
compared to $3.6 million as of August 31, 2017.
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 Lee |
Chief
Financial Officer |
SemiLEDs Corporation |
+886-37-586788 |
investor@semileds.com |
SEMILEDS CORPORATION AND
SUBSIDIARIES |
Unaudited Condensed Consolidated Balance
Sheets |
(In thousands of U.S. dollars) |
|
|
|
August 31, |
|
|
August 31, |
|
|
|
2018 |
|
|
2017 |
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
3,421 |
|
|
$ |
3,582 |
|
Accounts
receivable (including related parties), net |
|
|
282 |
|
|
|
1,111 |
|
Inventories |
|
|
1,818 |
|
|
|
2,946 |
|
Prepaid
expenses and other current assets |
|
|
340 |
|
|
|
405 |
|
Total
current assets |
|
|
5,861 |
|
|
|
8,044 |
|
Property, plant and
equipment, net |
|
|
7,213 |
|
|
|
8,275 |
|
Intangible assets,
net |
|
|
98 |
|
|
|
104 |
|
Investments in
unconsolidated entities |
|
|
914 |
|
|
|
992 |
|
Other assets |
|
|
164 |
|
|
|
255 |
|
TOTAL ASSETS |
|
$ |
14,250 |
|
|
$ |
17,670 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
|
Current
installments of long-term debt |
|
$ |
335 |
|
|
$ |
335 |
|
Accounts
payable |
|
|
894 |
|
|
|
1,145 |
|
Advance
receipt toward the convertible note |
|
|
500 |
|
|
|
500 |
|
Accrued
expenses and other current liabilities |
|
|
5,505 |
|
|
|
5,482 |
|
Total
current liabilities |
|
|
7,234 |
|
|
|
7,462 |
|
Long-term debt,
excluding current installments |
|
|
2,013 |
|
|
|
2,391 |
|
Total
liabilities |
|
|
9,247 |
|
|
|
9,853 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
|
|
SemiLEDs
stockholders’ equity |
|
|
|
|
|
|
|
|
Common
stock |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
175,527 |
|
|
|
175,386 |
|
Accumulated other comprehensive income |
|
|
3,727 |
|
|
|
3,701 |
|
Accumulated deficit |
|
|
(174,251 |
) |
|
|
(171,270 |
) |
Total
equity |
|
|
5,003 |
|
|
|
7,817 |
|
TOTAL LIABILITIES AND
EQUITY |
|
$ |
14,250 |
|
|
$ |
17,670 |
|
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 |
|
|
Year Ended August 31, |
|
|
|
August 31,2018 |
|
|
May 31,2018 |
|
|
2018 |
|
|
2017 |
|
Revenues, net |
|
$ |
|
1,950 |
|
|
$ |
|
1,999 |
|
|
$ |
|
7,495 |
|
|
$ |
|
9,214 |
|
Cost of revenues |
|
|
|
2,155 |
|
|
|
|
1,837 |
|
|
|
|
7,930 |
|
|
|
|
9,132 |
|
Gross
loss |
|
|
|
(205 |
) |
|
|
|
162 |
|
|
|
|
(435 |
) |
|
|
|
82 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
|
254 |
|
|
|
|
296 |
|
|
|
|
957 |
|
|
|
|
851 |
|
Selling,
general and administrative |
|
|
|
871 |
|
|
|
|
799 |
|
|
|
|
3,184 |
|
|
|
|
3,708 |
|
Gain on
disposals of long-lived assets, net |
|
|
|
(112 |
) |
|
|
|
(581 |
) |
|
|
|
(902 |
) |
|
|
|
(149 |
) |
Total
operating expenses |
|
|
|
1,013 |
|
|
|
|
514 |
|
|
|
|
3,239 |
|
|
|
|
4,410 |
|
Loss from
operations |
|
|
|
(1,218 |
) |
|
|
|
(352 |
) |
|
|
|
(3,674 |
) |
|
|
|
(4,328 |
) |
Other income
(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment loss on investment |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(352 |
) |
Equity in
loss from unconsolidated entities |
|
|
|
(8 |
) |
|
|
|
— |
|
|
|
|
(8 |
) |
|
|
|
(11 |
) |
Interest
income (expenses), net |
|
|
|
(5 |
) |
|
|
|
(7 |
) |
|
|
|
(27 |
) |
|
|
|
(34 |
) |
Other
income (loss), net |
|
|
|
155 |
|
|
|
|
78 |
|
|
|
|
780 |
|
|
|
|
594 |
|
Foreign
currency transaction gain (loss), net |
|
|
|
(55 |
) |
|
|
|
(45 |
) |
|
|
|
(52 |
) |
|
|
|
27 |
|
Total
other expenses, net |
|
|
|
87 |
|
|
|
|
26 |
|
|
|
|
693 |
|
|
|
|
224 |
|
Loss before income
taxes |
|
|
|
(1,131 |
) |
|
|
|
(326 |
) |
|
|
|
(2,981 |
) |
|
|
|
(4,104 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
|
(1,131 |
) |
|
|
|
(326 |
) |
|
|
|
(2,981 |
) |
|
|
|
(4,104 |
) |
Less: Net loss
attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(13 |
) |
Net loss attributable
to SemiLEDs stockholders |
|
$ |
|
(1,131 |
) |
|
$ |
|
(326 |
) |
|
$ |
|
(2,981 |
) |
|
$ |
|
(4,091 |
) |
Net loss per share
attributable to SemiLEDs stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
|
(0.32 |
) |
|
$ |
|
(0.09 |
) |
|
$ |
|
(0.84 |
) |
|
$ |
|
(1.16 |
) |
Shares used in
computing net loss per share attributable to SemiLEDs
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
|
3,559 |
|
|
|
|
3,550 |
|
|
|
|
3,550 |
|
|
|
|
3,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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