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SemiLEDs Reports First Quarter Fiscal Year 2020 Financial Results

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HSINCHU, Taiwan, Jan. 10, 2020 (GLOBE NEWSWIRE) -- SemiLEDs Corporation (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 2020, ended November 30, 2019.

Revenue for the first quarter of fiscal 2020 was $1.6 million, compared to $1.6 million in the fourth quarter of fiscal 2019. GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2020 was $317 thousand, compared to a loss of $881 thousand in the fourth quarter of fiscal 2019, or a net loss of $0.09 per diluted share, compared to a net loss of $0.25 per diluted share for the fourth quarter of fiscal 2019.

GAAP gross margin for the first quarter of fiscal 2020 was 33%, compared with gross margin for the fourth quarter of fiscal 2019 of 21%. Operating margin for the first quarter of fiscal 2020 was negative 36%, compared with negative 66% in the fourth quarter of fiscal 2019. The Company’s cash and cash equivalents was $688 thousand at November 30, 2019, compared to $1.4 million at the end of fiscal 2019.

We expect revenue for the second quarter ending February 28, 2020 to be approximately $1.2 million +/- 10%.

The Chinese New Year (CNY) of 2020 will begin on January 24, 2020. Our office and factory in Chunan will be closed from January 18, 2020 until February 2, 2020 and will resume operations on Monday, February 3, 2020.

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. SemiLEDs has not filed its Form 10-Q for the quarter ended November 30, 2019. As a result, all financial results described here should be considered preliminary, and are subject to change to reflect any necessary adjustments, or changes in accounting estimates, that are identified prior to the time the Company files the Form 10-Q.

Contacts:

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

SEMILEDS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)

November 30,

August 31,

2019

2019

(Unaudited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

688

$

1,363

Restricted cash and cash equivalents

81

19

Accounts receivable (including related parties), net

936

703

Inventories

2,312

2,083

Prepaid expenses and other current assets

884

460

Assets held for sale

401

Total current assets

5,302

4,628

Property, plant and equipment, net

5,935

5,878

Operating lease right of use assets

307

Intangible assets, net

93

93

Investments in unconsolidated entities

920

894

Other assets

186

169

TOTAL ASSETS

$

12,743

$

11,662

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current installments of long-term debt

$

410

$

398

Accounts payable

649

680

Advance receipt toward the convertible note

500

500

Accrued expenses and other current liabilities

2,677

2,342

Operating lease liabilities, current

148

Liabilities held for sale

790

Total current liabilities

5,174

3,920

Long-term debt, excluding current installments

5,932

5,954

Operating lease liabilities, less current portion

159

Total liabilities

11,265

9,874

Commitments and contingencies

EQUITY:

SemiLEDs stockholders’ equity

Common stock

Additional paid-in capital

175,839

175,804

Accumulated other comprehensive income

3,729

3,753

Accumulated deficit

(178,133

)

(177,816

)

Total SemiLEDs stockholders’ equity

1,435

1,741

Noncontrolling interests

43

47

Total equity

1,478

1,788

TOTAL LIABILITIES AND EQUITY

$

12,743

$

11,662

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,

2019

2019

Revenues, net

$

1,563

$

1,555

Cost of revenues

1,045

1,226

Gross profit

518

329

Operating expenses:

Research and development

430

537

Selling, general and administrative

726

819

Gain on disposals of long-lived assets

(79

)

Total operating expenses

1,077

1,356

Loss from operations

(559

)

(1,027

)

Other income (expenses):

Interest expenses, net

(78

)

(75

)

Other income, net

157

202

Foreign currency transaction gain (loss), net

158

20

Total other income, net

237

147

Loss before income taxes

(322

)

(880

)

Income tax expense

Net loss

(322

)

(880

)

Less: Net profit (loss) attributable to noncontrolling interests

(5

)

1

Net loss attributable to SemiLEDs stockholders

$

(317

)

$

(881

)

Net loss per share attributable to SemiLEDs stockholders:

Basic and diluted

$

(0.09

)

$

(0.25

)

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

Basic and diluted

3,595

3,592