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

 

Christopher Lee Chief Financial Officer SemiLEDs Corporation +886-37-586788 investor@semileds.com

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