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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210108005121/en/
Christopher Lee Chief Financial Officer SemiLEDs Corporation
+886-37-586788 investor@semileds.com
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