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 2021, ended November 30, 2020.

Revenue for the first quarter of fiscal 2021 was $719 thousand, compared to $1.4 million in the fourth quarter of fiscal 2020. GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2021 was $697 thousand, compared to a loss of $62 thousand in the fourth quarter of fiscal 2020, or a net loss of $0.17 per diluted share, compared to a net loss of $0.02 per diluted share for the fourth quarter of fiscal 2020.

GAAP gross margin for the first quarter of fiscal 2021 was negative 3%, compared with gross margin for the fourth quarter of fiscal 2020 of 8%. Operating margin for the first quarter of fiscal 2021 was negative 135%, compared with negative 28% in the fourth quarter of fiscal 2020. The Company’s cash and cash equivalents was $2.7 million at November 30, 2020, compared to $2.8 million at the end of fiscal 2020.

We are unable to forecast revenue for the second quarter ending February 28, 2021 at this time given the uncertain impact of COVID-19 on the global economy and the Company.

The Chinese New Year (CNY) of 2021 will begin on February 11, 2021. Our office and factory in Chunan will be closed from February 6, 2021 until February 21, 2021 and will resume operations on Monday, February 22, 2021.

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

Condensed Consolidated Balance Sheets

(In thousands of U.S. dollars)

 

 

November 30,

 

 

August 31,

 

 

 

 

2020

 

 

2020

 

 

 

 

(Unaudited)

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,693

 

 

$

2,832

 

 

Restricted cash and cash equivalents

 

 

87

 

 

 

85

 

 

Accounts receivable (including related parties), net

 

 

594

 

 

 

1,331

 

 

Inventories

 

 

2,765

 

 

 

2,476

 

 

Prepaid expenses and other current assets

 

 

750

 

 

 

781

 

 

Total current assets

 

 

6,889

 

 

 

7,505

 

 

Property, plant and equipment, net

 

 

5,621

 

 

 

5,645

 

 

Operating lease right of use assets

 

 

168

 

 

 

203

 

 

Intangible assets, net

 

 

88

 

 

 

89

 

 

Investments in unconsolidated entities

 

 

974

 

 

 

952

 

 

Other assets

 

 

194

 

 

 

186

 

 

TOTAL ASSETS

 

$

13,934

 

 

$

14,580

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

Current installments of long-term debt

 

$

4,884

 

 

$

4,750

 

 

Accounts payable

 

 

424

 

 

 

536

 

 

Advance receipt toward the convertible note

 

 

500

 

 

 

500

 

 

Accrued expenses and other current liabilities

 

 

2,728

 

 

 

2,654

 

 

Other payable to related parties

 

 

536

 

 

 

460

 

 

Operating lease liabilities, current

 

 

77

 

 

 

97

 

 

Total current liabilities

 

 

9,149

 

 

 

8,997

 

 

Long-term debt, excluding current installments

 

 

2,852

 

 

 

2,909

 

 

Operating lease liabilities, less current portion

 

 

91

 

 

 

106

 

 

Total liabilities

 

 

12,092

 

 

 

12,012

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

EQUITY:

 

 

 

 

 

 

 

 

 

SemiLEDs stockholders’ equity

 

 

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

Additional paid-in capital

 

 

177,247

 

 

 

177,235

 

 

Accumulated other comprehensive income

 

 

3,618

 

 

 

3,647

 

 

Accumulated deficit

 

 

(179,057

)

 

 

(178,360

)

 

Total SemiLEDs stockholders’ equity

 

 

1,808

 

 

 

2,522

 

 

Noncontrolling interests

 

 

34

 

 

 

46

 

 

Total equity

 

 

1,842

 

 

 

2,568

 

 

TOTAL LIABILITIES AND EQUITY

 

$

13,934

 

 

$

14,580

 

 

 

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

 

 

 

 

November 30,

 

 

August 31,

 

 

 

 

2020

 

 

2020

 

 

Revenues, net

 

$

719

 

 

$

1,399

 

 

Cost of revenues

 

 

741

 

 

 

1,291

 

 

Gross profit

 

 

(22

)

 

 

108

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

 

346

 

 

 

426

 

 

Selling, general and administrative

 

 

681

 

 

 

667

 

 

Gain on disposals of long-lived assets

 

 

(77

)

 

 

(590

)

 

Total operating expenses

 

 

950

 

 

 

503

 

 

Loss from operations

 

 

(972

)

 

 

(395

)

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

Interest expenses, net

 

 

(92

)

 

 

(85

)

 

Other income, net

 

 

170

 

 

 

318

 

 

Foreign currency transaction gain (loss), net

 

 

187

 

 

 

96

 

 

Total other income, net

 

 

265

 

 

 

329

 

 

Loss before income taxes

 

 

(707

)

 

 

(66

)

 

Income tax expense

 

 

 

 

 

 

 

Net loss

 

 

(707

)

 

 

(66

)

 

Less: Net loss attributable to noncontrolling interests

 

 

(10

)

 

 

(4

)

 

Net loss attributable to SemiLEDs stockholders

 

$

(697

)

 

$

(62

)

 

Net loss per share attributable to SemiLEDs stockholders:

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.17

)

 

$

(0.02

)

 

Shares used in computing net loss per share attributable to SemiLEDs stockholders:

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

4,013

 

 

 

4,008

 

 

 

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

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