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SemiLEDs Reports Fourth Quarter and Fiscal Year End 2019 Financial Results

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HSINCHU, Taiwan, Nov. 14, 2019 (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 fourth quarter and full year of fiscal year 2019, ended August 31, 2019.

Revenues for the fourth quarter of fiscal 2019 were $1.6 million, a 11% decrease compared to $1.7 million in the third quarter of fiscal 2019. GAAP net loss attributable to SemiLEDs stockholders for the fourth quarter of fiscal 2019 was $881 thousand, compared to a loss of $859 thousand in the third quarter of 2019, or a net loss of $0.25 per diluted share, compared to a net loss of $0.24 per diluted share for the third quarter of fiscal 2019.

GAAP gross margin for the fourth quarter of fiscal 2019 was 21%, compared with gross margin for the third quarter of fiscal 2019 of 19%. Operating margin for the fourth quarter of fiscal 2019 was negative 66%, compared with negative 40% in the third quarter of fiscal 2019. The Company’s cash and cash equivalents, excluding restricted cash, was $1.4 million as of August 31, 2019, compared to $1.1 million at the end of the third quarter of fiscal 2019.

We expect revenues for the first quarter ending November 30, 2019 to be $1.6 million +/- 10%.

Revenues for the fiscal year 2019 were $5.9 million, a 21% decrease compared to $7.5 million in the fiscal year 2018. GAAP net loss attributable to SemiLEDs stockholders for the fiscal year 2019 was $3.6 million, compared to a loss of $3.0 million in the fiscal year 2018 or a net loss of $1.00 per diluted share, compared to a net loss of $0.84 per diluted share for the fiscal year 2018. Due to the excess capacity charges that we had experienced for the last few years, considering the risk of technological obsolescence and according to the sales forecast production, we disposed of certain of our idle equipment during the third quarter of fiscal 2018, which reduced our net loss in fiscal 2018.

GAAP gross margin for the fiscal year 2019 was 8%, compared with gross margin for the fiscal year 2018 of negative 6%. Operating margin for the fiscal year 2019 was negative 62%, compared with negative 49% in the fiscal year 2018. The Company’s cash and cash equivalents, excluding restricted cash, was $1.4 million as of August 31, 2019, compared to $3.4 million as of August 31, 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; 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 Lee

Chief Financial Officer

SemiLEDs Corporation

+886-37-586788

investor@semileds.com

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

August 31,

August 31,

2019

2018

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

1,363

$

3,421

Restricted cash and cash equivalents

19

Accounts receivable (including related parties), net

703

282

Inventories, net

2,083

1,818

Prepaid expenses and other current assets

460

340

Total current assets

4,628

5,861

Property, plant and equipment, net

5,878

7,213

Intangible assets, net

93

98

Investments in unconsolidated entities

894

914

Other assets

169

164

TOTAL ASSETS

$

11,662

$

14,250

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current installments of long-term debt

$

398

$

335

Accounts payable

680

894

Advance receipt toward the convertible note

500

500

Accrued expenses and other current liabilities

2,342

5,505

Total current liabilities

3,920

7,234

Long-term debt, excluding current installments

5,954

2,013

Total liabilities

9,874

9,247

Commitments and contingencies

EQUITY:

SemiLEDs stockholders’ equity

Common stock

Additional paid-in capital

175,804

175,527

Accumulated other comprehensive income

3,753

3,727

Accumulated deficit

(177,816

)

(174,251

)

Total SemiLEDs stockholders’ equity

1,741

5,003

Noncontrolling interests

47

Total equity

1,788

5,003

TOTAL LIABILITIES AND EQUITY

$

11,662

$

14,250

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

Year Ended August 31,

August 31, 2019

May 31, 2019

2019

2018

Revenues, net

$

1,555

$

1,745

$

5,902

$

7,495

Cost of revenues

1,226

1,405

5,450

7,930

Gross profit (loss)

329

340

452

(435

)

Operating expenses:

Research and development

537

444

1,613

957

Selling, general and administrative

819

597

2,792

3,184

Gain on disposals of long-lived assets, net

(288

)

(902

)

Total operating expenses

1,356

1,041

4,117

3,239

Loss from operations

(1,027

)

(701

)

(3,665

)

(3,674

)

Other income (expenses):

Equity in loss from unconsolidated entities

(8

)

Interest income (expenses), net

(75

)

(74

)

(190

)

(27

)

Other income (loss), net

202

94

250

780

Foreign currency transaction gain (loss), net

20

(177

)

40

(52

)

Total other expenses, net

147

(157

)

100

693

Loss before income taxes

(880

)

(858

)

(3,565

)

(2,981

)

Income tax expense

Net loss

(880

)

(858

)

(3,565

)

(2,981

)

Less: Net loss attributable to noncontrolling interests

1

1

Net loss attributable to SemiLEDs stockholders

$

(881

)

$

(859

)

$

(3,565

)

$

(2,981

)

Net loss per share attributable to SemiLEDs stockholders:

Basic and diluted

$

(0.25

)

$

(0.24

)

$

(1.00

)

$

(0.84

)

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

Basic and diluted

3,592

3,589

3,580

3,550