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 2020, ended August 31,
2020.
Revenues for the fourth quarter of fiscal year 2020 were $1.4
million, a 12% decrease compared to $1.6 million in the third
quarter of fiscal year 2020. GAAP net loss attributable to SemiLEDs
stockholders for the fourth quarter of fiscal year 2020 was $62
thousand, compared to a loss of $513 thousand in the third quarter
of fiscal year 2020, or a net loss of $0.02 per diluted share,
compared to a net loss of $0.14 per diluted share for the third
quarter of fiscal year 2020.
GAAP gross margin for the fourth quarter of fiscal year 2020 was
8%, compared with gross margin for the third quarter of fiscal year
2020 of 27%. Operating margin for the fourth quarter of fiscal year
2020 was negative 28%, compared with negative 47% in the third
quarter of fiscal year 2020. The Company’s cash and cash
equivalents, excluding restricted cash, was $2.8 million as of
August 31, 2020, compared to $2.5 million at the end of the third
quarter of fiscal year 2020.
We are unable to forecast revenue for the first quarter ending
November 30, 2020 at this time given the uncertain impact of
COVID-19 on the global economy and the Company.
Revenues for fiscal year 2020 were $6.1 million, a 3% increase
compared to $5.9 million in fiscal year 2019. GAAP net loss
attributable to SemiLEDs stockholders for fiscal year 2020 was $544
thousand, compared to a loss of $3.6 million in fiscal year 2019 or
a net loss of $0.15 per diluted share, compared to a net loss of
$1.00 per diluted share for fiscal year 2019.
GAAP gross margin for the fiscal year 2020 was 26%, compared
with gross margin for the fiscal year 2019 of 8%. Operating margin
for the fiscal year 2020 was negative 34%, compared with negative
62% in the fiscal year 2019. The Company’s cash and cash
equivalents, excluding restricted cash, was $2.8 million as of
August 31, 2020, compared to $1.4 million as of August 31,
2019.
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; 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)
August 31, 2020
August 31, 2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
2,832
$
1,363
Restricted cash and cash equivalents
85
19
Accounts receivable (including related
parties), net
1,331
703
Inventories
2,476
2,083
Prepaid expenses and other current
assets
781
460
Total current assets
7,505
4,628
Property, plant and equipment, net
5,645
5,878
Operating lease right of use assets
203
—
Intangible assets, net
89
93
Investments in unconsolidated entities
952
894
Other assets
186
169
TOTAL ASSETS
$
14,580
$
11,662
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current installments of long-term debt
$
4,750
$
398
Accounts payable
536
680
Advance receipt toward the convertible
note
500
500
Accrued expenses and other current
liabilities
2,654
2,342
Other payable to related parties
460
—
Operating lease liabilities, current
portion
97
—
Total current liabilities
8,997
3,920
Long-term debt, excluding current
installments
2,909
5,954
Operating lease liabilities, less current
portion
106
—
Total liabilities
12,012
9,874
Commitments and contingencies
EQUITY:
SemiLEDs stockholders’ equity
Common stock
—
—
Additional paid-in capital
177,235
175,804
Accumulated other comprehensive income
3,647
3,753
Accumulated deficit
(178,360
)
(177,816
)
Total SemiLEDs stockholders’ equity
2,522
1,741
Noncontrolling interests
46
47
Total equity
2,568
1,788
TOTAL LIABILITIES AND EQUITY
$
14,580
$
11,662
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, 2020
May 31, 2020
2020
2019
Revenues, net
$
1,399
$
1,569
$
6,068
$
5,902
Cost of revenues
1,291
1,153
4,478
5,450
Gross profit
108
416
1,590
452
Operating expenses:
Research and development
426
375
1,538
1,613
Selling, general and administrative
667
782
2,808
2,792
Gain on disposals of long-lived assets,
net
(590
)
—
(669
)
(288
)
Total operating expenses
503
1,157
3,677
4,117
Loss from operations
(395
)
(741
)
(2,087
)
(3,665
)
Other income (expenses):
Gain on disposals of investment
—
—
634
—
Interest income (expenses), net
(85
)
(95
)
(358
)
(190
)
Other income (loss), net
318
270
912
250
Foreign currency transaction gain (loss),
net
96
57
352
40
Total other expenses, net
329
232
1,540
100
Loss before income taxes
(66
)
(509
)
(547
)
(3,565
)
Income tax expense
—
—
—
—
Net loss
(66
)
(509
)
(547
)
(3,565
)
Less: Net loss attributable to
noncontrolling interests
(4
)
4
(3
)
—
Net loss attributable to SemiLEDs
stockholders
$
(62
)
$
(513
)
$
(544
)
$
(3,565
)
Net loss per share attributable to
SemiLEDs stockholders:
Basic and diluted
$
(0.02
)
$
(0.14
)
$
(0.15
)
$
(1.00
)
Shares used in computing net loss per
share attributable
to SemiLEDs stockholders:
Basic and diluted
4,008
3,738
3,921
3,580
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201112005364/en/
Christopher Lee Chief Financial Officer SemiLEDs Corporation
+886-37-586788 investor@semileds.com
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