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 third
quarter of fiscal year 2021, ended May 31, 2021.
Revenue for the third quarter of fiscal 2021 increased to $1.4
million, compared to $1.2 million in the second quarter of fiscal
2021. GAAP net loss attributable to SemiLEDs stockholders for the
third quarter of fiscal 2021 decreased to $64 thousand, or $(0.02)
per diluted share, compared to a net loss of $255 thousand, or
$(0.06) per diluted share, in the second quarter of fiscal
2021.
GAAP gross margin for the third quarter of fiscal 2021 increased
to 46%, compared with gross margin for the second quarter of fiscal
2021 of 20%. Operating margin for the third quarter of fiscal 2021
decreased to negative 41%, compared with negative 42% for the
second quarter of fiscal 2021. The Company’s cash and cash
equivalents were $1.7 million at May 31, 2021, compared to $2.1
million at the end of the second quarter of fiscal 2021.
We are unable to forecast revenue for the fourth quarter ending
August 31, 2021 at this time given the continuing uncertain impact
of COVID-19 on the economy and the Company.
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 statements
about historical results that may suggest trends for SemiLEDs’
business; any statements of the plans, the potential impact of the
COVID-19 pandemic on our business; 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 CORPORATION AND
SUBSIDIARIES
Unaudited Condensed
Consolidated Balance Sheets
(In thousands of U.S.
dollars)
May 31,
February 28,
2021
2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
1,666
$
2,086
Restricted cash and cash equivalents
90
88
Accounts receivable (including related
parties), net
1,067
800
Inventories
3,618
2,905
Prepaid expenses and other current
assets
744
743
Total current assets
7,185
6,622
Property, plant and equipment, net
5,462
5,549
Operating lease right of use assets
1,676
1,672
Intangible assets, net
130
120
Investments in unconsolidated entities
1,015
992
Other assets
169
172
TOTAL ASSETS
$
15,637
$
15,127
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current installments of long-term debt
$
5,125
$
5,023
Accounts payable
530
439
Advance receipt toward the convertible
note
500
500
Accrued expenses and other current
liabilities
2,836
2,483
Operating lease liabilities, current
688
611
Liabilities held for sale
114
126
Total current liabilities
9,793
9,182
Long-term debt, excluding current
installments
2,710
2,777
Operating lease liabilities, less current
portion
1,562
1,546
Total liabilities
14,065
13,505
Commitments and contingencies
EQUITY:
SemiLEDs stockholders’ equity
Common stock
—
—
Additional paid-in capital
177,361
177,313
Accumulated other comprehensive income
3,543
3,585
Accumulated deficit
(179,376
)
(179,312
)
Total SemiLEDs stockholders' equity
1,528
1,586
Noncontrolling interests
44
36
Total equity
1,572
1,622
TOTAL LIABILITIES AND EQUITY
$
15,637
$
15,127
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
May 31,
February 28,
2021
2021
Revenues, net
$
1,439
$
1,206
Cost of revenues
775
965
Gross profit
664
241
Operating expenses:
Research and development
528
288
Selling, general and administrative
730
667
Gain on disposals of long-lived assets
(2
)
(207
)
Total operating expenses
1,256
748
Loss from operations
(592
)
(507
)
Other income (expenses):
Interest expenses, net
(94
)
(92
)
Other income, net
474
307
Foreign currency transaction gain, net
155
38
Total other income, net
535
253
Loss before income taxes
(57
)
(254
)
Income tax expense
—
—
Net loss
(57
)
(254
)
Less: Net gain attributable to
noncontrolling interests
7
1
Net loss attributable to SemiLEDs
stockholders
$
(64
)
$
(255
)
Net loss per share attributable to
SemiLEDs stockholders:
Basic and diluted
$
(0.02
)
$
(0.06
)
Shares used in computing net loss per
share attributable to SemiLEDs stockholders:
Basic and diluted
4,060
4,033
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version on businesswire.com: https://www.businesswire.com/news/home/20210706005233/en/
Christopher Lee Chief Financial Officer SemiLEDs Corporation
+886-37-586788 investor@semileds.com
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