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Form 8-K SemiLEDs Corp For: Apr 07

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April 7, 2022 6:20 AM EDT

Exhibit 99.1

SemiLEDs Reports Second Quarter Fiscal Year 2022

Financial Results

Hsinchu, Taiwan (April 7, 2022) — 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 2022, ended February 28, 2022.

Revenue for the second quarter of fiscal 2022 increased to $2.2 million, compared to $1.5 million in the first quarter of fiscal 2022. GAAP net loss attributable to SemiLEDs stockholders for the second quarter of fiscal 2022 decreased to $172 thousand, or $(0.04) per diluted share, compared to a net loss of $518 thousand, or $(0.12) per diluted share, in the first quarter of fiscal 2022.

GAAP gross margin for the second quarter of fiscal 2022 increased to 24%, compared to 14% for the first quarter of fiscal 2022. Operating margin for the second quarter of fiscal 2022 improved to negative 17%, compared to negative 67% for the first quarter of fiscal 2022. The Company’s cash and cash equivalents were $3.7 million at February 28, 2022, compared to $4.1 million at the end of the first quarter of fiscal 2022.

We are unable to forecast revenue for the third quarter ending May 31, 2022 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.

Contacts:

Christopher Lee

Chief Financial Officer

SemiLEDs Corporation

+886-37-586788

[email protected]

1

SEMILEDS CORPORATION AND SUBSIDIARIES

Unaudited Condensed Consolidated Balance Sheets

(In thousands of U.S. dollars)

 

 

 

February 28,

 

 

November 30,

 

 

 

 

2022

 

 

2021

 

 

ASSETS

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,712

 

 

$

4,082

 

 

Restricted cash and cash equivalents

 

 

89

 

 

 

90

 

 

Accounts receivable (including related parties), net

 

 

1,437

 

 

 

811

 

 

Inventories

 

 

4,331

 

 

 

4,252

 

 

Prepaid expenses and other current assets

 

 

261

 

 

 

305

 

 

Total current assets

 

 

9,830

 

 

 

9,540

 

 

Property, plant and equipment, net

 

 

4,812

 

 

 

5,036

 

 

Operating lease right of use assets

 

 

1,744

 

 

 

1,597

 

 

Intangible assets, net

 

 

112

 

 

 

122

 

 

Investments in unconsolidated entities

 

 

1,001

 

 

 

1,010

 

 

Other assets

 

 

172

 

 

 

164

 

 

TOTAL ASSETS

 

$

17,671

 

 

$

17,469

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

Current installments of long-term debt

 

$

5,113

 

 

$

5,113

 

 

Accounts payable

 

 

997

 

 

 

757

 

 

Accrued expenses and other current liabilities

 

 

2,436

 

 

 

2,575

 

 

Operating lease liabilities, current

 

 

916

 

 

 

841

 

 

Liabilities held for sale

 

 

141

 

 

 

82

 

 

Total current liabilities

 

 

9,603

 

 

 

9,368

 

 

Long-term debt, excluding current installments

 

 

2,285

 

 

 

2,434

 

 

Operating lease liabilities, less current portion

 

 

1,603

 

 

 

1,515

 

 

Total liabilities

 

 

13,491

 

 

 

13,317

 

 

EQUITY:

 

 

 

 

 

 

 

 

 

SemiLEDs stockholders’ equity

 

 

 

 

 

 

 

 

 

Common stock

 

 

—

 

 

 

—

 

 

Additional paid-in capital

 

 

182,452

 

 

 

182,298

 

 

Accumulated other comprehensive income

 

 

3,578

 

 

 

3,552

 

 

Accumulated deficit

 

 

(181,901

)

 

 

(181,729

)

 

Total SemiLEDs stockholders' equity

 

 

4,129

 

 

 

4,121

 

 

Noncontrolling interests

 

 

51

 

 

 

31

 

 

Total equity

 

 

4,180

 

 

 

4,152

 

 

TOTAL LIABILITIES AND EQUITY

 

$

17,671

 

 

$

17,469

 

 

2

 

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,

 

 

 

 

2022

 

 

2021

 

 

Revenues, net

 

$

2,176

 

 

$

1,465

 

 

Cost of revenues

 

 

1,653

 

 

 

1,262

 

 

Gross profit

 

 

523

 

 

 

203

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

 

295

 

 

 

404

 

 

Selling, general and administrative

 

 

746

 

 

 

777

 

 

Gain on disposals of long-lived assets

 

 

(139

)

 

 

—

 

 

Total operating expenses

 

 

902

 

 

 

1,181

 

 

Loss from operations

 

 

(379

)

 

 

(978

)

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

Interest expenses, net

 

 

(92

)

 

 

(91

)

 

Other income, net

 

 

385

 

 

 

566

 

 

Foreign currency transaction loss, net

 

 

(66

)

 

 

(22

)

 

Total other income, net

 

 

227

 

 

 

453

 

 

Loss before income taxes

 

 

(152

)

 

 

(525

)

 

Income tax expense

 

 

—

 

 

 

—

 

 

Net loss

 

 

(152

)

 

 

(525

)

 

Less: Net gain (loss) attributable to noncontrolling interests

 

 

20

 

 

 

(7

)

 

Net loss attributable to SemiLEDs stockholders

 

$

(172

)

 

$

(518

)

 

Net loss per share attributable to SemiLEDs stockholders:

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.04

)

 

$

(0.12

)

 

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

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

4,490

 

 

 

4,460

 

 

 

 

 

3


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