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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%.
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.
Chief Financial Officer
SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)
Cash and cash equivalents
Accounts receivable (including related parties), net
Prepaid expenses and other current assets
Total current assets
Property, plant and equipment, net
Intangible assets, net
Investments in unconsolidated entities
LIABILITIES AND EQUITY
Current installments of long-term debt
Advance receipt toward the convertible note
Accrued expenses and other current liabilities
Total current liabilities
Long-term debt, excluding current installments
Commitments and contingencies
SemiLEDs stockholders’ equity
Additional paid-in capital
Accumulated other comprehensive income
Total SemiLEDs stockholders' equity
TOTAL LIABILITIES AND EQUITY
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
Cost of revenues
Research and development
Selling, general and administrative
Loss on disposals of long-lived assets
Total operating expenses
Loss from operations
Other income (expenses):
Interest expenses, net
Other income (loss), net
Foreign currency transaction gain (loss), net
Total other income (expenses), net
Loss before income taxes
Income tax expense
Less: Net gain (loss) attributable to noncontrolling interests
Net loss attributable to SemiLEDs stockholders
Net loss per share attributable to SemiLEDs stockholders:
Basic and diluted
Shares used in computing net loss per share attributable to SemiLEDs stockholders:
Basic and diluted