SemiLEDs Reports Second Quarter Fiscal Year 2021 Financial Results

April 8, 2021 4:02 PM EDT

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HSINCHU, Taiwan--(BUSINESS WIRE)-- 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 2021, ended February 28, 2021.

Revenue for the second quarter of fiscal 2021 was $1.2 million, compared to $719 thousand in the first quarter of fiscal 2021. GAAP net loss attributable to SemiLEDs stockholders for the second quarter of fiscal 2021 was $255 thousand, compared to a loss of $697 thousand in the first quarter of fiscal 2021, or a net loss of $0.06 per diluted share, compared to a net loss of $0.17 per diluted share for the first quarter of fiscal 2021. 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 2021 was 20%, compared with gross margin for the first quarter of fiscal 2021 of negative 3%. Operating margin for the second quarter of fiscal 2021 was negative 42%, compared with negative 135% in the first quarter of fiscal 2021. The Company’s cash and cash equivalents were $2.1 million at February 28, 2021, compared to $2.7 million at the end of the first quarter of fiscal 2021.

We are unable to forecast revenue for the third quarter ending May 31, 2021 at this time given the continuing 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.

SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)

 

 

February 28,

 

 

November 30,

 

 

 

 

2021

 

 

2020

 

 

ASSETS

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,086

 

 

$

2,693

 

 

Restricted cash and cash equivalents

 

 

88

 

 

 

87

 

 

Accounts receivable (including related parties), net

 

 

800

 

 

 

594

 

 

Inventories

 

 

2,905

 

 

 

2,765

 

 

Prepaid expenses and other current assets

 

 

743

 

 

 

750

 

 

Total current assets

 

 

6,622

 

 

 

6,889

 

 

Property, plant and equipment, net

 

 

5,549

 

 

 

5,621

 

 

Operating lease right of use assets

 

 

1,672

 

 

 

168

 

 

Intangible assets, net

 

 

120

 

 

 

88

 

 

Investments in unconsolidated entities

 

 

992

 

 

 

974

 

 

Other assets

 

 

172

 

 

 

194

 

 

TOTAL ASSETS

 

$

15,127

 

 

$

13,934

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

Current installments of long-term debt

 

$

5,023

 

 

$

4,884

 

 

Accounts payable

 

 

439

 

 

 

424

 

 

Advance receipt toward the convertible note

 

 

500

 

 

 

500

 

 

Accrued expenses and other current liabilities

 

 

2,483

 

 

 

2,728

 

 

Operating lease liabilities, current

 

 

611

 

 

 

536

 

 

Liabilities held for sale

 

 

126

 

 

 

77

 

 

Total current liabilities

 

 

9,182

 

 

 

9,149

 

 

Long-term debt, excluding current installments

 

 

2,777

 

 

 

2,852

 

 

Operating lease liabilities, less current portion

 

 

1,546

 

 

 

91

 

 

Total liabilities

 

 

13,505

 

 

 

12,092

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

EQUITY:

 

 

 

 

 

 

 

 

 

SemiLEDs stockholders’ equity

 

 

 

 

 

 

 

 

 

Common stock

 

 

 

 

 

 

 

Additional paid-in capital

 

 

177,313

 

 

 

177,247

 

 

Accumulated other comprehensive income

 

 

3,585

 

 

 

3,618

 

 

Accumulated deficit

 

 

(179,312

)

 

 

(179,057

)

 

Total SemiLEDs stockholders' equity

 

 

1,586

 

 

 

1,808

 

 

Noncontrolling interests

 

 

36

 

 

 

34

 

 

Total equity

 

 

1,622

 

 

 

1,842

 

 

TOTAL LIABILITIES AND EQUITY

 

$

15,127

 

 

$

13,934

 

 

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 28,

 

 

November 30,

 

 

 

 

2021

 

 

2020

 

 

Revenues, net

 

$

1,206

 

 

$

719

 

 

Cost of revenues

 

 

965

 

 

 

741

 

 

Gross profit (loss)

 

 

241

 

 

 

(22

)

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

 

288

 

 

 

346

 

 

Selling, general and administrative

 

 

667

 

 

 

681

 

 

Gain on disposals of long-lived assets

 

 

(207

)

 

 

(77

)

 

Total operating expenses

 

 

748

 

 

 

950

 

 

Loss from operations

 

 

(507

)

 

 

(972

)

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

Interest expenses, net

 

 

(92

)

 

 

(92

)

 

Other income, net

 

 

307

 

 

 

170

 

 

Foreign currency transaction gain, net

 

 

38

 

 

 

187

 

 

Total other income, net

 

 

253

 

 

 

265

 

 

Loss before income taxes

 

 

(254

)

 

 

(707

)

 

Income tax expense

 

 

 

 

 

 

 

Net loss

 

 

(254

)

 

 

(707

)

 

Less: Net income (loss) attributable to noncontrolling interests

 

 

1

 

 

 

(10

)

 

Net loss attributable to SemiLEDs stockholders

 

$

(255

)

 

$

(697

)

 

Net loss per share attributable to SemiLEDs stockholders:

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.06

)

 

$

(0.17

)

 

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

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

4,033

 

 

 

4,013

 

 

 

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

Source: SemiLEDs Corporation



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