SemiLEDs Reports First Quarter Fiscal Year 2020 Financial Results
January 10 2020 - 4:02PM
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 first quarter of fiscal
year 2020, ended November 30, 2019.
Revenue for the first quarter of fiscal 2020 was
$1.6 million, compared to $1.6 million in the fourth quarter of
fiscal 2019. GAAP net loss attributable to SemiLEDs stockholders
for the first quarter of fiscal 2020 was $317 thousand, compared to
a loss of $881 thousand in the fourth quarter of fiscal 2019, or a
net loss of $0.09 per diluted share, compared to a net loss of
$0.25 per diluted share for the fourth quarter of fiscal 2019.
GAAP gross margin for the first quarter of
fiscal 2020 was 33%, compared with gross margin for the fourth
quarter of fiscal 2019 of 21%. Operating margin for the first
quarter of fiscal 2020 was negative 36%, compared with negative 66%
in the fourth quarter of fiscal 2019. The Company’s cash and cash
equivalents was $688 thousand at November 30, 2019, compared to
$1.4 million at the end of fiscal 2019.
We expect revenue for the second quarter ending
February 28, 2020 to be approximately $1.2 million +/- 10%.
The Chinese New Year (CNY) of 2020 will begin on
January 24, 2020. Our office and factory in Chunan will be closed
from January 18, 2020 until February 2, 2020 and will resume
operations on Monday, February 3, 2020.
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. SemiLEDs has not
filed its Form 10-Q for the quarter ended November 30, 2019. As a
result, all financial results described here should be considered
preliminary, and are subject to change to reflect any necessary
adjustments, or changes in accounting estimates, that are
identified prior to the time the Company files the Form 10-Q.
Contacts:
Christopher LeeChief Financial OfficerSemiLEDs
Corporation+886-37-586788investor@semileds.com
SEMILEDS CORPORATION AND
SUBSIDIARIESCondensed Consolidated Balance
Sheets(In thousands of U.S. dollars)
|
|
November 30, |
|
|
August 31, |
|
|
|
2019 |
|
|
2019 |
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
688 |
|
|
$ |
1,363 |
|
Restricted cash and cash equivalents |
|
|
81 |
|
|
|
19 |
|
Accounts receivable (including related parties), net |
|
|
936 |
|
|
|
703 |
|
Inventories |
|
|
2,312 |
|
|
|
2,083 |
|
Prepaid expenses and other current assets |
|
|
884 |
|
|
|
460 |
|
Assets held for sale |
|
|
401 |
|
|
|
— |
|
Total current assets |
|
|
5,302 |
|
|
|
4,628 |
|
Property, plant and equipment, net |
|
|
5,935 |
|
|
|
5,878 |
|
Operating lease right of use assets |
|
|
307 |
|
|
|
— |
|
Intangible assets, net |
|
|
93 |
|
|
|
93 |
|
Investments in unconsolidated entities |
|
|
920 |
|
|
|
894 |
|
Other assets |
|
|
186 |
|
|
|
169 |
|
TOTAL ASSETS |
|
$ |
12,743 |
|
|
$ |
11,662 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Current installments of long-term debt |
|
$ |
410 |
|
|
$ |
398 |
|
Accounts payable |
|
|
649 |
|
|
|
680 |
|
Advance receipt toward the convertible note |
|
|
500 |
|
|
|
500 |
|
Accrued expenses and other current liabilities |
|
|
2,677 |
|
|
|
2,342 |
|
Operating lease liabilities, current |
|
|
148 |
|
|
|
— |
|
Liabilities held for sale |
|
|
790 |
|
|
|
— |
|
Total current liabilities |
|
|
5,174 |
|
|
|
3,920 |
|
Long-term debt, excluding current installments |
|
|
5,932 |
|
|
|
5,954 |
|
Operating lease liabilities, less current portion |
|
|
159 |
|
|
|
— |
|
Total liabilities |
|
|
11,265 |
|
|
|
9,874 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
|
|
SemiLEDs stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
175,839 |
|
|
|
175,804 |
|
Accumulated other comprehensive income |
|
|
3,729 |
|
|
|
3,753 |
|
Accumulated deficit |
|
|
(178,133 |
) |
|
|
(177,816 |
) |
Total SemiLEDs stockholders’ equity |
|
|
1,435 |
|
|
|
1,741 |
|
Noncontrolling interests |
|
|
43 |
|
|
|
47 |
|
Total equity |
|
|
1,478 |
|
|
|
1,788 |
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
12,743 |
|
|
$ |
11,662 |
|
|
|
|
|
|
|
|
|
|
SEMILEDS CORPORATION AND
SUBSIDIARIESUnaudited Condensed Consolidated
Statements of Operations(In thousands of U.S.
dollars and shares, except per share data)
|
|
Three Months Ended |
|
|
|
November 30, |
|
|
August 31, |
|
|
|
2019 |
|
|
2019 |
|
Revenues, net |
|
$ |
1,563 |
|
|
$ |
1,555 |
|
Cost of revenues |
|
|
1,045 |
|
|
|
1,226 |
|
Gross profit |
|
|
518 |
|
|
|
329 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
430 |
|
|
|
537 |
|
Selling, general and administrative |
|
|
726 |
|
|
|
819 |
|
Gain on disposals of long-lived assets |
|
|
(79 |
) |
|
|
— |
|
Total operating expenses |
|
|
1,077 |
|
|
|
1,356 |
|
Loss from operations |
|
|
(559 |
) |
|
|
(1,027 |
) |
Other income (expenses): |
|
|
|
|
|
|
|
|
Interest expenses, net |
|
|
(78 |
) |
|
|
(75 |
) |
Other income, net |
|
|
157 |
|
|
|
202 |
|
Foreign currency transaction gain (loss), net |
|
|
158 |
|
|
|
20 |
|
Total other income, net |
|
|
237 |
|
|
|
147 |
|
Loss before income taxes |
|
|
(322 |
) |
|
|
(880 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
Net loss |
|
|
(322 |
) |
|
|
(880 |
) |
Less: Net profit (loss) attributable to noncontrolling
interests |
|
|
(5 |
) |
|
|
1 |
|
Net loss attributable to SemiLEDs stockholders |
|
$ |
(317 |
) |
|
$ |
(881 |
) |
Net loss per share attributable to SemiLEDs stockholders: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.25 |
) |
Shares used in computing net loss per share attributable to
SemiLEDs stockholders: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
3,595 |
|
|
|
3,592 |
|
|
|
|
|
|
|
|
|
|
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