SemiLEDs Reports First Quarter Fiscal Year 2018 Financial Results
11 January 2018 - 8:01AM
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 2018, ended November 30, 2017.
Revenue for the first quarter of fiscal 2018 was
$2.0 million, a 22% decrease compared to $2.6 million in the
fourth quarter of fiscal 2017. GAAP net loss for the first quarter
of fiscal 2018 was $0.4 million, compared to a loss of
$0.7 million in the fourth quarter of 2017, or a net loss of
$0.11 per diluted share, compared to a net loss of $0.19 per
diluted share for the fourth quarter of fiscal 2017.
GAAP gross margin for the first quarter of
fiscal 2018 was 3%, compared with gross margin for the fourth
quarter of fiscal 2017 of 6%. Operating margin for the first
quarter of fiscal 2018 was negative 43%, compared with negative 31%
in the fourth quarter of fiscal 2017. The Company’s cash and cash
equivalents was $3.4 million at November 30, 2017, compared to $3.6
million at the end of fiscal 2017.
We expect revenue for the second quarter ending
February 28, 2018 to be about $1.6 million +/- 10%.
As part of our cost reduction efforts, during
the second quarter ending February 28, 2018, we intend to move
and consolidate our LED packaging facility to our headquarters in
Chunan, Taiwan.
The Chinese New Year (CNY) of 2018 will begin on
February 15, 2018. Our office and factory in Chunan will be closed
from February 10, 2018 until February 25, 2018 and will resume
operations on Monday, February 26, 2018.
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 projection of future revenues, any statements about
historical results that may suggest trends for SemiLEDs’ business;
any statements of the plans, 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.
Contacts:
Christopher LeeChief Financial OfficerSemiLEDs
Corporation+886-37-586788investor@semileds.com
|
SEMILEDS CORPORATION AND
SUBSIDIARIES |
Condensed Consolidated Balance
Sheets |
(In thousands of U.S.
dollars) |
|
|
|
|
|
|
|
|
|
November 30, |
|
|
August 31, |
|
|
|
2017 |
|
|
2017 |
|
|
|
(Unaudited) |
|
|
(Audited) |
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
3,400 |
|
|
$ |
3,582 |
|
Accounts
receivable (including related parties), net |
|
|
1,307 |
|
|
|
1,111 |
|
Inventories |
|
|
2,614 |
|
|
|
2,946 |
|
Prepaid
expenses and other current assets |
|
|
216 |
|
|
|
405 |
|
Total
current assets |
|
|
7,537 |
|
|
|
8,044 |
|
Property, plant and
equipment, net |
|
|
8,099 |
|
|
|
8,275 |
|
Intangible assets,
net |
|
|
109 |
|
|
|
104 |
|
Investments in
unconsolidated entities |
|
|
998 |
|
|
|
992 |
|
Other assets |
|
|
248 |
|
|
|
255 |
|
TOTAL ASSETS |
|
$ |
16,991 |
|
|
$ |
17,670 |
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
|
Current
installments of long-term debt |
|
$ |
339 |
|
|
$ |
335 |
|
Accounts
payable |
|
|
725 |
|
|
|
1,145 |
|
Advance
receipt toward the convertible note |
|
|
500 |
|
|
|
500 |
|
Accrued
expenses and other current liabilities |
|
|
5,632 |
|
|
|
5,482 |
|
Total
current liabilities |
|
|
7,196 |
|
|
|
7,462 |
|
Long-term debt,
excluding current installments |
|
|
2,320 |
|
|
|
2,391 |
|
Total
liabilities |
|
|
9,516 |
|
|
|
9,853 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
|
|
SemiLEDs
stockholders’ equity |
|
|
|
|
|
|
|
|
Common
stock |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
175,410 |
|
|
|
175,386 |
|
Accumulated other comprehensive income |
|
|
3,727 |
|
|
|
3,701 |
|
Accumulated deficit |
|
|
(171,662 |
) |
|
|
(171,270 |
) |
Total
equity |
|
|
7,475 |
|
|
|
7,817 |
|
TOTAL LIABILITIES AND
EQUITY |
|
$ |
16,991 |
|
|
$ |
17,670 |
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2017 |
|
|
2017 |
|
Revenues, net |
|
$ |
2,003 |
|
|
$ |
2,571 |
|
Cost of revenues |
|
|
1,951 |
|
|
|
2,426 |
|
Gross
profit |
|
|
52 |
|
|
|
145 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research
and development |
|
|
184 |
|
|
|
200 |
|
Selling,
general and administrative |
|
|
733 |
|
|
|
788 |
|
Gain on
disposals of long-lived assets |
|
|
— |
|
|
|
(36 |
) |
Total
operating expenses |
|
|
917 |
|
|
|
952 |
|
Loss from
operations |
|
|
(865 |
) |
|
|
(807 |
) |
Other income
(expenses): |
|
|
|
|
|
|
|
|
Interest
expenses, net |
|
|
(8 |
) |
|
|
(8 |
) |
Other
income, net |
|
|
498 |
|
|
|
69 |
|
Foreign
currency transaction gain (loss), net |
|
|
(17 |
) |
|
|
73 |
|
Total
other income, net |
|
|
473 |
|
|
|
134 |
|
Loss before income
taxes |
|
|
(392 |
) |
|
|
(673 |
) |
Income tax expense |
|
|
— |
|
|
|
— |
|
Net loss |
|
$ |
(392 |
) |
|
$ |
(673 |
) |
Net loss per
share: |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.19 |
) |
Shares used in
computing net loss per share: |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
3,544 |
|
|
|
3,544 |
|
|
|
|
|
|
|
|
|
|
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