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SemiLEDs Reports Third Quarter Fiscal Year 2020 Financial Results

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SemiLEDs Corporation (NASDAQ: 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 2020, ended May 31, 2020.

Revenue for the third quarter of fiscal 2020 was $1.6 million, a 2% increase compared to $1.5 million in the second quarter of fiscal 2020. GAAP net loss attributable to SemiLEDs stockholders for the third quarter of fiscal 2020 was $513 thousand, compared to a gain of $348 thousand in the second quarter of fiscal 2020, or a net loss of $0.14 per diluted share, compared to a net gain of $0.08 per diluted share for the second quarter of fiscal 2020.

GAAP gross margin for the third quarter of fiscal 2020 was 27%, compared with gross margin for the second quarter of fiscal 2020 of 36%. Operating margin for the third quarter of fiscal 2020 was negative 47%, compared with negative 26% in the second quarter of fiscal 2020. The Company’s cash and cash equivalents was $2.5 million at May 31, 2020, compared to $3.2 million at the end of the second quarter of fiscal 2020.

We are unable to forecast revenue for the fourth quarter ending August 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, 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.

SEMILEDS CORPORATION AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

(In thousands of U.S. dollars)

May 31,

February 29,

2020

2020

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

2,476

$

3,157

Restricted cash and cash equivalents

85

83

Accounts receivable (including related parties), net

1,452

1,011

Inventories

2,680

2,513

Prepaid expenses and other current assets

788

808

Total current assets

7,481

7,572

Property, plant and equipment, net

5,733

5,842

Operating lease right of use assets

237

273

Intangible assets, net

89

91

Investments in unconsolidated entities

935

928

Other assets

193

186

TOTAL ASSETS

$

14,668

$

14,892

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current installments of long-term debt

$

3,240

$

3,613

Accounts payable

748

618

Advance receipt toward the convertible note

500

500

Accrued expenses and other current liabilities

2,950

2,829

Operating lease liabilities, current

116

136

Total current liabilities

7,554

7,696

Long-term debt, excluding current installments

4,361

4,620

Operating lease liabilities, less current portion

121

137

Total liabilities

12,036

12,453

Commitments and contingencies

EQUITY:

SemiLEDs stockholders’ equity

Common stock

Subscribed stock

600

Additional paid-in capital

177,214

175,902

Accumulated other comprehensive income

3,667

3,676

Accumulated deficit

(178,298

)

(177,785

)

Total SemiLEDs stockholders' equity

2,583

2,393

Noncontrolling interests

49

46

Total equity

2,632

2,439

TOTAL LIABILITIES AND EQUITY

$

14,668

$

14,892

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 29,

2020

2020

Revenues, net

$

1,569

$

1,537

Cost of revenues

1,153

989

Gross profit

416

548

Operating expenses:

Research and development

375

307

Selling, general and administrative

782

633

Loss on disposals of long-lived assets

Total operating expenses

1,157

940

Loss from operations

(741

)

(392

)

Other income (expenses):

Gain on disposal of investment

634

Interest expenses, net

(95

)

(100

)

Other income (losses), net

270

167

Foreign currency transaction gain (losses), net

57

41

Total other income (expenses), net

232

742

Loss before income taxes

(509

)

350

Income tax expense

Net loss

(509

)

350

Less: Net gain (loss) attributable to noncontrolling interests

4

2

Net loss attributable to SemiLEDs stockholders

$

(513

)

$

348

Net loss per share attributable to SemiLEDs stockholders:

Basic

$

(0.14

)

$

0.10

Diluted

$

(0.14

)

$

0.08

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

Basic

3,738

3,613

Diluted

3,738

4,486

View source version on businesswire.com: https://www.businesswire.com/news/home/20200710005098/en/

Contacts

Christopher Lee
Chief Financial Officer
SemiLEDs Corporation
+886-37-586788
investor@semileds.com