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SemiLEDs Reports Second Quarter Fiscal Year 2019 Financial Results

HSINCHU, Taiwan, April 10, 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 second quarter of fiscal year 2019, ended February 28, 2019.

Revenue for the second quarter of fiscal 2019 was $1.6 million, a 68% increase compared to $972 thousand in the first quarter of fiscal 2019. GAAP net loss attributable to SemiLEDs stockholders for the second quarter of fiscal 2019 was $847 thousand, compared to a loss of $978 thousand in the first quarter of fiscal 2019, or a net loss of $0.24 per diluted share, compared to a net loss of $0.27 per diluted share for the first quarter of fiscal 2019. In the second quarter, we shut down our manufacturing production for two weeks due to the Chinese New Year holiday.

GAAP gross margin for the second quarter of fiscal 2019 was break even, compared with gross margin for the first quarter of fiscal 2019 of negative 23%. Operating margin for the second quarter of fiscal 2019 was negative 56%, compared with negative 105% in the first quarter of fiscal 2019. The Company’s cash and cash equivalents was $1.6 million at February 28, 2019, compared to $2.6 million at the end of the first quarter of fiscal 2019.

We expect revenue for the third quarter ending May 31, 2019 to be about $1.6 million +/- 10%.

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 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)

February 28,

November 30,

2019

2018

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

1,635

$

2,574

Accounts receivable (including related parties), net

736

183

Inventories

2,073

2,220

Prepaid expenses and other current assets

355

378

Total current assets

4,799

5,355

Property, plant and equipment, net

6,448

6,678

Intangible assets, net

93

95

Investments in unconsolidated entities

912

910

Other assets

176

175

TOTAL ASSETS

$

12,428

$

13,213

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current installments of long-term debt

$

337

$

335

Accounts payable

973

634

Advance receipt toward the convertible note

500

500

Accrued expenses and other current liabilities

2,149

5,580

Total current liabilities

3,959

7,049

Long-term debt, excluding current installments

5,040

1,921

Total liabilities

8,999

8,970

Commitments and contingencies

EQUITY:

SemiLEDs stockholders’ equity

Common stock

Additional paid-in capital

175,745

175,698

Accumulated other comprehensive income

3,714

3,732

Accumulated deficit

(176,076

)

(175,229

)

Total SemiLEDs stockholders' equity

3,383

4,201

Noncontolling interests

46

42

Total equity

3,429

4,243

TOTAL LIABILITIES AND EQUITY

$

12,428

$

13,213


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

February 28,

November 30,

2019

2018

Revenues, net

$

1,630

$

972

Cost of revenues

1,628

1,191

Gross profit (loss)

2

(219

)

Operating expenses:

Research and development

298

334

Selling, general and administrative

619

757

Loss on disposals of long-lived assets

(288

)

Total operating expenses

917

803

Loss from operations

(915

)

(1,022

)

Other income (expenses):

Interest expenses, net

(36

)

(5

)

Other income (loss), net

(126

)

80

Foreign currency transaction gain (loss), net

233

(36

)

Total other income (expenses), net

71

39

Loss before income taxes

(844

)

(983

)

Income tax expense

Net loss

(844

)

(983

)

Less: Net gain (loss) attributable to noncontrolling interests

3

(5

)

Net loss attributable to SemiLEDs stockholders

$

(847

)

$

(978

)

Net loss per share attributable to SemiLEDs stockholders:

Basic and diluted

$

(0.24

)

$

(0.27

)

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

Basic and diluted

3,579

3,560