U.S. Markets closed
  • S&P Futures

    4,165.75
    +5.75 (+0.14%)
     
  • Dow Futures

    34,167.00
    +49.00 (+0.14%)
     
  • Nasdaq Futures

    13,519.75
    +28.75 (+0.21%)
     
  • Russell 2000 Futures

    2,243.70
    +7.10 (+0.32%)
     
  • Crude Oil

    65.51
    -0.12 (-0.18%)
     
  • Gold

    1,786.30
    +2.00 (+0.11%)
     
  • Silver

    26.48
    -0.04 (-0.16%)
     
  • EUR/USD

    1.2012
    +0.0003 (+0.0240%)
     
  • 10-Yr Bond

    1.5840
    -0.0080 (-0.50%)
     
  • Vix

    19.15
    -0.33 (-1.69%)
     
  • GBP/USD

    1.3911
    +0.0004 (+0.0264%)
     
  • USD/JPY

    109.2980
    +0.1090 (+0.0998%)
     
  • BTC-USD

    56,933.73
    +2,074.90 (+3.78%)
     
  • CMC Crypto 200

    1,464.91
    +59.61 (+4.24%)
     
  • FTSE 100

    7,039.30
    +116.13 (+1.68%)
     
  • Nikkei 225

    29,377.84
    +565.21 (+1.96%)
     

SemiLEDs Reports Second Quarter Fiscal Year 2020 Financial Results

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

HSINCHU, April 09, 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 second quarter of fiscal year 2020, ended February 29, 2020.

Revenue for the second quarter of fiscal 2020 was $1.5 million, a 2% decrease compared to $1.6million in the first quarter of fiscal 2020. GAAP net gain attributable to SemiLEDs stockholders for the second quarter of fiscal 2020 was $348 thousand, compared to a loss of $317 thousand in the first quarter of fiscal 2020, or a net profit of $0.08 per diluted share, compared to a net loss of $0.09 per diluted share for the first quarter of fiscal 2020. 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 2020 was 36%, compared with gross margin for the first quarter of fiscal 2020 of 33%. Operating margin for the second quarter of fiscal 2020 was negative 26%, compared with negative 36% in the first quarter of fiscal 2020. The Company’s cash and cash equivalents was $3.2 million at February 29, 2020, compared to $688 thousand at the end of the first quarter of fiscal 2020.

We are unable to forecast revenue for the third quarter ending May 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, 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.

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 29,

November 30,

2020

2019

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

3,157

$

688

Restricted cash and cash equivalents

83

81

Accounts receivable (including related parties), net

1,011

936

Inventories

2,513

2,312

Prepaid expenses and other current assets

808

884

Assets held for sale

401

Total current assets

7,572

5,302

Property, plant and equipment, net

5,842

5,935

Operating lease right of use assets

273

307

Intangible assets, net

91

93

Investments in unconsolidated entities

928

920

Other assets

186

186

TOTAL ASSETS

$

14,892

$

12,743

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current installments of long-term debt

$

3,613

$

410

Accounts payable

618

649

Advance receipt toward the convertible note

500

500

Accrued expenses and other current liabilities

2,829

2,677

Operating lease liabilities, current

136

148

Liabilities held for sale

790

Total current liabilities

7,696

5,174

Long-term debt, excluding current installments

4,620

5,932

Operating lease liabilities, less current portion

137

159

Total liabilities

12,453

11,265

Commitments and contingencies

EQUITY:

SemiLEDs stockholders’ equity

Common stock

Subscribed stock

600

Additional paid-in capital

175,902

175,839

Accumulated other comprehensive income

3,676

3,729

Accumulated deficit

(177,785

)

(178,133

)

Total SemiLEDs stockholders' equity

2,393

1,435

Noncontrolling interests

46

43

Total equity

2,439

1,478

TOTAL LIABILITIES AND EQUITY

$

14,892

$

12,743


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 29,

November 30,

2020

2019

Revenues, net

$

1,537

$

1,563

Cost of revenues

989

1,045

Gross profit

548

518

Operating expenses:

Research and development

307

430

Selling, general and administrative

633

726

Gain on disposals of long-lived assets

(79

)

Total operating expenses

940

1,077

Loss from operations

(392

)

(559

)

Other income (expenses):

Gain on disposal of investment

634

Interest expenses, net

(100

)

(78

)

Other income, net

167

157

Foreign currency transaction gain, net

41

158

Total other income, net

742

237

Income (loss) before income taxes

350

(322

)

Income tax expense

Net income (loss)

350

(322

)

Less: Net income (loss) attributable to noncontrolling interests

2

(5

)

Net income (loss) attributable to SemiLEDs stockholders

$

348

$

(317

)

Net income (loss) per share attributable to SemiLEDs stockholders:

Basic

$

0.10

$

(0.09

)

Diluted

$

0.08

$

(0.09

)

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

Basic

3,613

3,595

Diluted

4,486

3,595