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SemiLEDs Reports Third Quarter Fiscal Year 2019 Financial Results

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HSINCHU, Taiwan, July 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 third quarter of fiscal year 2019, ended May 31, 2019.

Revenue for the third quarter of fiscal 2019 was $1.7 million, a 7% increase compared to $1.6 million in the second quarter of fiscal 2019. GAAP net loss attributable to SemiLEDs stockholders for the third quarter of fiscal 2019 was $859 thousand, compared to a loss of $847 thousand in the second quarter of fiscal 2019, or a net loss of $0.24 per diluted share for the third quarter and for the second quarter of fiscal 2019.

GAAP gross margin for the third quarter of fiscal 2019 was19%, compared with breakeven for the second quarter of fiscal 2019. Operating margin for the third quarter of fiscal 2019 was negative 40%, compared with negative 56% in the second quarter of fiscal 2019. The Company’s cash and cash equivalents was $1.1 million at May 31, 2019, compared to $1.6 million at the end of the second quarter of fiscal 2019. On July 5, 2019, we entered into two new loan agreements totaling an aggregate amount of $3.2 million (NT$100 million) to refinance an existing real estate loan of $2.0 million (NT$62 million) and provide for operating capital of $1.2 million (NT$38 million).

We expect revenue for the fourth quarter ending August 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)

May 31,

February 28,

2019

2019

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

1,060

$

1,635

Accounts receivable (including related parties), net

562

736

Inventories

1,945

2,073

Prepaid expenses and other current assets

441

355

Total current assets

4,008

4,799

Property, plant and equipment, net

6,029

6,448

Intangible assets, net

96

93

Investments in unconsolidated entities

888

912

Other assets

163

176

TOTAL ASSETS

$

11,184

$

12,428

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current installments of long-term debt

$

329

$

337

Accounts payable

658

973

Advance receipt toward the convertible note

500

500

Accrued expenses and other current liabilities

2,179

2,149

Total current liabilities

3,666

3,959

Long-term debt, excluding current installments

4,908

5,040

Total liabilities

8,574

8,999

Commitments and contingencies

EQUITY:

SemiLEDs stockholders’ equity

Common stock

Additional paid-in capital

175,772

175,745

Accumulated other comprehensive income

3,728

3,714

Accumulated deficit

(176,935

)

(176,076

)

Total SemiLEDs stockholders' equity

2,565

3,383

Noncontrolling interests

45

46

Total equity

2,610

3,429

TOTAL LIABILITIES AND EQUITY

$

11,184

$

12,428


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

May 31,

February 28,

2019

2019

Revenues, net

$

1,745

$

1,630

Cost of revenues

1,405

1,628

Gross profit

340

2

Operating expenses:

Research and development

444

298

Selling, general and administrative

597

619

Loss on disposals of long-lived assets

Total operating expenses

1,041

917

Loss from operations

(701

)

(915

)

Other income (expenses):

Interest expenses, net

(74

)

(36

)

Other income (loss), net

94

(126

)

Foreign currency transaction gain (loss), net

(177

)

233

Total other income (expenses), net

(157

)

71

Loss before income taxes

(858

)

(844

)

Income tax expense

Net loss

(858

)

(844

)

Less: Net gain (loss) attributable to noncontrolling interests

1

3

Net loss attributable to SemiLEDs stockholders

$

(859

)

$

(847

)

Net loss per share attributable to SemiLEDs stockholders:

Basic and diluted

$

(0.24

)

$

(0.24

)

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

Basic and diluted

3,589

3,579