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 second
quarter of fiscal year 2021, ended February 28, 2021.
Revenue for the second quarter of fiscal 2021 was $1.2 million,
compared to $719 thousand in the first quarter of fiscal 2021. GAAP
net loss attributable to SemiLEDs stockholders for the second
quarter of fiscal 2021 was $255 thousand, compared to a loss of
$697 thousand in the first quarter of fiscal 2021, or a net loss of
$0.06 per diluted share, compared to a net loss of $0.17 per
diluted share for the first quarter of fiscal 2021. In the second
quarter, we shut down our manufacturing production for two weeks
due to the Chinese New Year holiday.
GAAP gross margin for the second quarter of fiscal 2021 was 20%,
compared with gross margin for the first quarter of fiscal 2021 of
negative 3%. Operating margin for the second quarter of fiscal 2021
was negative 42%, compared with negative 135% in the first quarter
of fiscal 2021. The Company’s cash and cash equivalents were $2.1
million at February 28, 2021, compared to $2.7 million at the end
of the first quarter of fiscal 2021.
We are unable to forecast revenue for the third quarter ending
May 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)
February 28,
November 30,
2021
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
2,086
$
2,693
Restricted cash and cash equivalents
88
87
Accounts receivable (including related
parties), net
800
594
Inventories
2,905
2,765
Prepaid expenses and other current
assets
743
750
Total current assets
6,622
6,889
Property, plant and equipment, net
5,549
5,621
Operating lease right of use assets
1,672
168
Intangible assets, net
120
88
Investments in unconsolidated entities
992
974
Other assets
172
194
TOTAL ASSETS
$
15,127
$
13,934
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current installments of long-term debt
$
5,023
$
4,884
Accounts payable
439
424
Advance receipt toward the convertible
note
500
500
Accrued expenses and other current
liabilities
2,483
2,728
Operating lease liabilities, current
611
536
Liabilities held for sale
126
77
Total current liabilities
9,182
9,149
Long-term debt, excluding current
installments
2,777
2,852
Operating lease liabilities, less current
portion
1,546
91
Total liabilities
13,505
12,092
Commitments and contingencies
EQUITY:
SemiLEDs stockholders’ equity
Common stock
—
—
Additional paid-in capital
177,313
177,247
Accumulated other comprehensive income
3,585
3,618
Accumulated deficit
(179,312
)
(179,057
)
Total SemiLEDs stockholders' equity
1,586
1,808
Noncontrolling interests
36
34
Total equity
1,622
1,842
TOTAL LIABILITIES AND EQUITY
$
15,127
$
13,934
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
February 28,
November 30,
2021
2020
Revenues, net
$
1,206
$
719
Cost of revenues
965
741
Gross profit (loss)
241
(22
)
Operating expenses:
Research and development
288
346
Selling, general and administrative
667
681
Gain on disposals of long-lived assets
(207
)
(77
)
Total operating expenses
748
950
Loss from operations
(507
)
(972
)
Other income (expenses):
Interest expenses, net
(92
)
(92
)
Other income, net
307
170
Foreign currency transaction gain, net
38
187
Total other income, net
253
265
Loss before income taxes
(254
)
(707
)
Income tax expense
—
—
Net loss
(254
)
(707
)
Less: Net income (loss) attributable to
noncontrolling interests
1
(10
)
Net loss attributable to SemiLEDs
stockholders
$
(255
)
$
(697
)
Net loss per share attributable to
SemiLEDs stockholders:
Basic and diluted
$
(0.06
)
$
(0.17
)
Shares used in computing net loss per
share attributable to SemiLEDs stockholders:
Basic and diluted
4,033
4,013
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210408005282/en/
Christopher Lee Chief Financial Officer SemiLEDs Corporation
+886-37-586788 investor@semileds.com
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