2019 ECN TodaySemiLEDs Reports Fourth Quarter and Fiscal Year End 2019 Financial Results
HSINCHU, Taiwan, Nov. 14, 2019 (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 fourth quarter and full year of fiscal year 2019, ended August 31, 2019.
Revenues for the fourth quarter of fiscal 2019 were $1.6 million, a 11% decrease compared to $1.7 million in the third quarter of fiscal 2019. GAAP net loss attributable to SemiLEDs stockholders for the fourth quarter of fiscal 2019 was $881 thousand, compared to a loss of $859 thousand in the third quarter of 2019, or a net loss of $0.25 per diluted share, compared to a net loss of $0.24 per diluted share for the third quarter of fiscal 2019.GAAP gross margin for the fourth quarter of fiscal 2019 was 21%, compared with gross margin for the third quarter of fiscal 2019 of 19%. Operating margin for the fourth quarter of fiscal 2019 was negative 66%, compared with negative 40% in the third quarter of fiscal 2019. The Company’s cash and cash equivalents, excluding restricted cash, was $1.4 million as of August 31, 2019, compared to $1.1 million at the end of the third quarter of fiscal 2019.We expect revenues for the first quarter ending November 30, 2019 to be $1.6 million +/- 10%.Revenues for the fiscal year 2019 were $5.9 million, a 21% decrease compared to $7.5 million in the fiscal year 2018. GAAP net loss attributable to SemiLEDs stockholders for the fiscal year 2019 was $3.6 million, compared to a loss of $3.0 million in the fiscal year 2018 or a net loss of $1.00 per diluted share, compared to a net loss of $0.84 per diluted share for the fiscal year 2018. Due to the excess capacity charges that we had experienced for the last few years, considering the risk of technological obsolescence and according to the sales forecast production, we disposed of certain of our idle equipment during the third quarter of fiscal 2018, which reduced our net loss in fiscal 2018.GAAP gross margin for the fiscal year 2019 was 8%, compared with gross margin for the fiscal year 2018 of negative 6%. Operating margin for the fiscal year 2019 was negative 62%, compared with negative 49% in the fiscal year 2018. The Company’s cash and cash equivalents, excluding restricted cash, was $1.4 million as of August 31, 2019, compared to $3.4 million as of August 31, 2018.About SemiLEDsSemiLEDs 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.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; 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:SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands of U.S. dollars and shares, except per share data)
2019 ECN Today