SemiLEDs Reports Second Quarter Fiscal Year 2019 Financial Results
April 10 2019 - 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 2019, ended February 28, 2019.
Revenue for the second quarter of fiscal 2019
was $1.6 million, a 68% increase compared to $972 thousand in the
first quarter of fiscal 2019. GAAP net loss attributable to
SemiLEDs stockholders for the second quarter of fiscal 2019 was
$847 thousand, compared to a loss of $978 thousand in the first
quarter of fiscal 2019, or a net loss of $0.24 per diluted share,
compared to a net loss of $0.27 per diluted share for the first
quarter of fiscal 2019. In the second quarter, we shut down our
manufacturing production for two weeks due to the Chinese New Year
holiday.
GAAP gross margin for the second quarter of
fiscal 2019 was break even, compared with gross margin for the
first quarter of fiscal 2019 of negative 23%. Operating margin for
the second quarter of fiscal 2019 was negative 56%, compared with
negative 105% in the first quarter of fiscal 2019. The Company’s
cash and cash equivalents was $1.6 million at February 28,
2019, compared to $2.6 million at the end of the first quarter of
fiscal 2019.
We expect revenue for the third quarter ending
May 31, 2019 to be about $1.6 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
SUBSIDIARIESUnaudited Condensed Consolidated Balance
Sheets(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
February 28, |
|
|
November 30, |
|
|
|
2019 |
|
|
2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
1,635 |
|
|
$ |
2,574 |
|
Accounts
receivable (including related parties), net |
|
|
736 |
|
|
|
183 |
|
Inventories |
|
|
2,073 |
|
|
|
2,220 |
|
Prepaid
expenses and other current assets |
|
|
355 |
|
|
|
378 |
|
Total
current assets |
|
|
4,799 |
|
|
|
5,355 |
|
Property, plant and
equipment, net |
|
|
6,448 |
|
|
|
6,678 |
|
Intangible assets,
net |
|
|
93 |
|
|
|
95 |
|
Investments in
unconsolidated entities |
|
|
912 |
|
|
|
910 |
|
Other assets |
|
|
176 |
|
|
|
175 |
|
TOTAL ASSETS |
|
$ |
12,428 |
|
|
$ |
13,213 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Current
installments of long-term debt |
|
$ |
337 |
|
|
$ |
335 |
|
Accounts
payable |
|
|
973 |
|
|
|
634 |
|
Advance
receipt toward the convertible note |
|
|
500 |
|
|
|
500 |
|
Accrued
expenses and other current liabilities |
|
|
2,149 |
|
|
|
5,580 |
|
Total
current liabilities |
|
|
3,959 |
|
|
|
7,049 |
|
Long-term debt, excluding
current installments |
|
|
5,040 |
|
|
|
1,921 |
|
Total
liabilities |
|
|
8,999 |
|
|
|
8,970 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
|
|
SemiLEDs
stockholders’ equity |
|
|
|
|
|
|
|
|
Common
stock |
|
|
— |
|
|
|
— |
|
Additional
paid-in capital |
|
|
175,745 |
|
|
|
175,698 |
|
Accumulated
other comprehensive income |
|
|
3,714 |
|
|
|
3,732 |
|
Accumulated
deficit |
|
|
(176,076 |
) |
|
|
(175,229 |
) |
Total
SemiLEDs stockholders' equity |
|
|
3,383 |
|
|
|
4,201 |
|
Noncontolling interests |
|
|
46 |
|
|
|
42 |
|
Total
equity |
|
|
3,429 |
|
|
|
4,243 |
|
TOTAL LIABILITIES AND
EQUITY |
|
$ |
12,428 |
|
|
$ |
13,213 |
|
|
|
|
|
|
|
|
|
|
|
|
SEMILEDS CORPORATION AND
SUBSIDIARIESUnaudited Condensed Consolidated Statements of
Operations(In thousands of U.S. dollars and shares, except
per share data) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
February 28, |
|
|
November 30, |
|
|
|
2019 |
|
|
2018 |
|
Revenues, net |
|
$ |
1,630 |
|
|
$ |
972 |
|
Cost of revenues |
|
|
1,628 |
|
|
|
1,191 |
|
Gross profit
(loss) |
|
|
2 |
|
|
|
(219 |
) |
Operating expenses: |
|
|
|
|
|
|
|
|
Research and
development |
|
|
298 |
|
|
|
334 |
|
Selling,
general and administrative |
|
|
619 |
|
|
|
757 |
|
Loss on
disposals of long-lived assets |
|
|
— |
|
|
|
(288 |
) |
Total
operating expenses |
|
|
917 |
|
|
|
803 |
|
Loss from operations |
|
|
(915 |
) |
|
|
(1,022 |
) |
Other income
(expenses): |
|
|
|
|
|
|
|
|
Interest
expenses, net |
|
|
(36 |
) |
|
|
(5 |
) |
Other income
(loss), net |
|
|
(126 |
) |
|
|
80 |
|
Foreign
currency transaction gain (loss), net |
|
|
233 |
|
|
|
(36 |
) |
Total other
income (expenses), net |
|
|
71 |
|
|
|
39 |
|
Loss before income
taxes |
|
|
(844 |
) |
|
|
(983 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
Net loss |
|
|
(844 |
) |
|
|
(983 |
) |
Less: Net gain (loss)
attributable to noncontrolling interests |
|
|
3 |
|
|
|
(5 |
) |
Net loss attributable to
SemiLEDs stockholders |
|
$ |
(847 |
) |
|
$ |
(978 |
) |
Net loss per share
attributable to SemiLEDs stockholders: |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.24 |
) |
|
$ |
(0.27 |
) |
Shares used in computing
net loss per share attributable to SemiLEDs stockholders: |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
3,579 |
|
|
|
3,560 |
|
|
|
|
|
|
|
|
|
|
SemiLEDS (NASDAQ:LEDS)
Historical Stock Chart
From Mar 2024 to Apr 2024
SemiLEDS (NASDAQ:LEDS)
Historical Stock Chart
From Apr 2023 to Apr 2024