April 12, 2016

SemiLEDs Reports Second Quarter Fiscal Year 2016 Financial Results

HSINCHU, Taiwan, April 12, 2016 (GLOBE NEWSWIRE) -- 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 second quarter of fiscal year 2016, ended February 29, 2016.

Revenue for the second quarter of fiscal 2016 was $2.9 million, a 2% decrease compared to $3.0 million in the first quarter of fiscal 2016. GAAP net loss attributable to SemiLEDs stockholders for the second quarter of fiscal 2016 was $2.5 million, or a net loss of $0.09 per diluted share, compared to a loss of $3.3 million, or a net loss of $0.11 per diluted share for the first quarter of fiscal 2016.

"We have made good progress toward restructuring our business and focus," said Trung Doan, Chairman, President and CEO. "Compared with the first quarter of fiscal year 2016, cash position and gross margin have improved and our capital spending has reduced in the second quarter of fiscal year 2016," concluded Doan.

On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the second quarter of fiscal 2016 was $2.2 million, or a net loss of $0.08 per diluted share, compared to non-GAAP net loss attributable to SemiLEDs stockholders of $3.3 million, or a loss of $0.11 in the first quarter of 2016.

GAAP gross margin for the second quarter of fiscal 2016 was negative 27%, compared with gross margin for the first quarter of fiscal 2016 of negative 49%. Operating margin for the second quarter of fiscal 2016 was negative 95%, compared with negative 106% in the first quarter of fiscal 2016. The Company's cash and cash equivalents was $5.3 million at February 29, 2016, compared to $3.5 million at the end of the first quarter of fiscal 2016. Cash used in operating activities was $1.0 million in the second quarter of fiscal 2016, compared with $0.6 million in the first quarter of fiscal 2016.

We expect revenue for the third quarter ending May 31, 2016 to be $2.4 million to $3.0 million.

About SemiLEDs

SemiLEDs develops and manufactures LED chips and LED components primarily for general lighting applications, including street lights and commercial, industrial 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.

Non-GAAP Financial Measures

SemiLEDs has provided in this press release adjusted financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. SemiLEDs uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to, but not as a substitute for, GAAP measures, in evaluating the Company's operational performance. SemiLEDs believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating operating results and trends, and in comparing its financial results with other companies in SemiLEDs' industry, many of which present similar non-GAAP financial measures to investors. The historical non-GAAP financial measures presented above exclude the following items required to be included by GAAP: non-cash stock-based compensation charges, employee termination benefits and the related tax effect, if any. In addition to the non-GAAP financial measures discussed above, SemiLEDs also uses free cash flow as a measure of operating performance. Free cash flow represents cash provided by operating activities less capital expenditures.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of historic non-GAAP financial measures to GAAP results has been provided in the financial statement tables included in this press release.

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 projections of future revenues, income, margins or other financial information and our plans to move to a fabless business model; 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
 
 
Source: SemiLEDs Corporation


SEMILEDS CORPORATION AND SUBSIDIARIES 
Unaudited Condensed Consolidated Balance Sheets 
(In thousands of U.S. dollars) 
  
  February 29,
201
6
 November 30,
201
5
 
ASSETS      
CURRENT ASSETS:     
Cash and cash equivalents $5,306 $3,469 
Accounts receivable (including related parties), net 1,185 1,993 
Inventories 4,964 5,210 
Prepaid expenses and other current assets 1,025 1,042 
Total current assets 12,480 11,714 
Property, plant and equipment, net 17,962 19,531 
Intangible assets, net 1,262 1,311 
Goodwill 53 54 
Investments in unconsolidated entities 1,982 2,008 
Other assets 607 640 
TOTAL ASSETS $34,346 $35,258 
LIABILITIES AND EQUITY     
CURRENT LIABILITIES:     
Current installments of long-term debt  $509 $703 
Accounts payable 1,528 1,749 
Accrued expenses and other current liabilities 3,506 4,021 
Total current liabilities 5,543 6,473 
Long-term debt, excluding current installments 2,627 2,756 
Other liability 2,955  
Total liabilities 11,125 9,229 
Commitments and contingencies     
EQUITY:     
SemiLEDs stockholders' equity     
Common stock   
Additional paid-in capital  172,317 172,159 
Accumulated other comprehensive income 2,596 3,019 
Accumulated deficit (151,755)(149,216)
Total SemiLEDs stockholders' equity 23,158 25,962 
Noncontrolling interests 63 67 
Total equity 23,221 26,029 
TOTAL LIABILITIES AND EQUITY $34,346 $35,258 
  


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,
2016
November 30,
2015
   
Revenues, net$  2,916 $  2,963 
Cost of revenues   3,711    4,407 
Gross loss   (795)   (1,444)
Operating expenses:  
Research and development   622    601 
Selling, general and administrative   1,203    1,087 
Employee termination benefits   148   
Loss on disposals of long-lived assets   2   
Total operating expenses   1,975    1,688 
Loss from operations   (2,770)   (3,132)
Other income (expenses):  
Equity in gain (loss) from unconsolidated entities   8    (8)
Interest expenses, net   (13)   (16)
Other income, net   27    26 
Foreign currency transaction gain (loss), net   203    (185)
Total other income (expenses), net   225    (183)
Loss before income taxes   (2,545)   (3,315)
Income tax expense     
Net loss   (2,545)   (3,315)
Less: Net loss attributable to noncontrolling interests   (6)   (3)
Net loss attributable to SemiLEDs stockholders$  (2,539)$  (3,312)
Net loss per share attributable to SemiLEDs stockholders:  
Basic and diluted$  (0.09)$  (0.11)
Shares used in computing net loss per share attributable to SemiLEDs stockholders:  
Basic and diluted 29,084  29,056 
 


SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Reconciliation of GAAP to Non-GAAP Measures
(In thousands of U.S. dollars, except per share data)
 
 Three Months Ended
 February 29,November 30,
Non-GAAP Net Loss 2016   2015 
   
GAAP net loss attributable to SemiLEDs stockholders$  (2,539)$  (3,312)
Adjustments:  
Employee termination benefits 148   
Stock-based compensation expense   158    42  
Income tax effect    
Non-GAAP net loss attributable to SemiLEDs stockholders$  (2,233)$  (3,270)
   
Diluted net loss per share attributable to SemiLEDs stockholders:  
GAAP net loss$  (0.09)$  (0.11)
Non-GAAP net loss$  (0.08)$  (0.11)
   
   
 Three Months Ended
 February 29,November 30,
Free Cash Flow 2016  2015 
   
Net cash used in operating activities$  (1,013)$  (563)
Less: Capital expenditures   142    341 
Total free cash flows$  (1,155)$  (904)


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Source: SemiLEDS Corporation

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