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 third
quarter of fiscal year 2020, ended May 31, 2020.
Revenue for the third quarter of fiscal 2020 was $1.6 million, a
2% increase compared to $1.5 million in the second quarter of
fiscal 2020. GAAP net loss attributable to SemiLEDs stockholders
for the third quarter of fiscal 2020 was $513 thousand, compared to
a gain of $348 thousand in the second quarter of fiscal 2020, or a
net loss of $0.14 per diluted share, compared to a net gain of
$0.08 per diluted share for the second quarter of fiscal 2020.
GAAP gross margin for the third quarter of fiscal 2020 was 27%,
compared with gross margin for the second quarter of fiscal 2020 of
36%. Operating margin for the third quarter of fiscal 2020 was
negative 47%, compared with negative 26% in the second quarter of
fiscal 2020. The Company’s cash and cash equivalents was $2.5
million at May 31, 2020, compared to $3.2 million at the end of the
second quarter of fiscal 2020.
We are unable to forecast revenue for the fourth quarter ending
August 31, 2020 at this time given the 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, 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)
May 31,
February 29,
2020
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
2,476
$
3,157
Restricted cash and cash equivalents
85
83
Accounts receivable (including related
parties), net
1,452
1,011
Inventories
2,680
2,513
Prepaid expenses and other current
assets
788
808
Total current assets
7,481
7,572
Property, plant and equipment, net
5,733
5,842
Operating lease right of use assets
237
273
Intangible assets, net
89
91
Investments in unconsolidated entities
935
928
Other assets
193
186
TOTAL ASSETS
$
14,668
$
14,892
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current installments of long-term debt
$
3,240
$
3,613
Accounts payable
748
618
Advance receipt toward the convertible
note
500
500
Accrued expenses and other current
liabilities
2,950
2,829
Operating lease liabilities, current
116
136
Total current liabilities
7,554
7,696
Long-term debt, excluding current
installments
4,361
4,620
Operating lease liabilities, less current
portion
121
137
Total liabilities
12,036
12,453
Commitments and contingencies
EQUITY:
SemiLEDs stockholders’ equity
Common stock
—
—
Subscribed stock
—
600
Additional paid-in capital
177,214
175,902
Accumulated other comprehensive income
3,667
3,676
Accumulated deficit
(178,298
)
(177,785
)
Total SemiLEDs stockholders' equity
2,583
2,393
Noncontrolling interests
49
46
Total equity
2,632
2,439
TOTAL LIABILITIES AND EQUITY
$
14,668
$
14,892
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
May 31,
February 29,
2020
2020
Revenues, net
$
1,569
$
1,537
Cost of revenues
1,153
989
Gross profit
416
548
Operating expenses:
Research and development
375
307
Selling, general and administrative
782
633
Loss on disposals of long-lived assets
—
—
Total operating expenses
1,157
940
Loss from operations
(741
)
(392
)
Other income (expenses):
Gain on disposal of investment
—
634
Interest expenses, net
(95
)
(100
)
Other income (losses), net
270
167
Foreign currency transaction gain
(losses), net
57
41
Total other income (expenses), net
232
742
Loss before income taxes
(509
)
350
Income tax expense
—
—
Net loss
(509
)
350
Less: Net gain (loss) attributable to
noncontrolling interests
4
2
Net loss attributable to SemiLEDs
stockholders
$
(513
)
$
348
Net loss per share attributable to
SemiLEDs stockholders:
Basic
$
(0.14
)
$
0.10
Diluted
$
(0.14
)
$
0.08
Shares used in computing net loss per
share attributable to SemiLEDs stockholders:
Basic
3,738
3,613
Diluted
3,738
4,486
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200710005098/en/
Christopher Lee Chief Financial Officer SemiLEDs Corporation
+886-37-586788 investor@semileds.com
SemiLEDS (NASDAQ:LEDS)
Historical Stock Chart
From Apr 2024 to May 2024
SemiLEDS (NASDAQ:LEDS)
Historical Stock Chart
From May 2023 to May 2024