SemiLEDs Reports Fourth Quarter and Fiscal Year End 2017 Financial Results
November 15 2017 - 4:00PM
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 2017, ended August 31, 2017.
Revenue for the fourth quarter of fiscal 2017
was $2.6 million, a 22% increase compared to $2.1 million in the
third quarter of fiscal 2017. GAAP net loss attributable to
SemiLEDs stockholders for the fourth quarter of fiscal 2017 was
$0.7 million, compared to a loss of $1.6 million in the third
quarter of 2017, or a net loss of $0.19 per diluted share, compared
to a net loss of $0.45 per diluted share for the third quarter of
fiscal 2017.
GAAP gross margin for the fourth quarter of
fiscal 2017 was 6%, compared with gross margin for the third
quarter of fiscal 2017 of negative 9%. Operating margin for the
fourth quarter of fiscal 2017 was negative 31%, compared with
negative 61% in the third quarter of fiscal 2017. The Company’s
cash and cash equivalents was $3.6 million as of August 31, 2017,
compared to $3.1 million at the end of the third quarter of fiscal
2017. The net cash inflows in operating activities was $0.5 million
in the fourth quarter of fiscal 2017, compared with net cash
outflows $0.9 million in the third quarter of fiscal 2017.
We expect revenue for the first quarter ending
November 30, 2017 to be $2.1 million +/- 15%.
Revenue for the fiscal year 2017 was $9.2
million, a 9% decrease compared to $10.1 million in the fiscal year
2016. GAAP net loss attributable to SemiLEDs stockholders for the
fiscal year 2017 was $4.1 million, compared to a loss of $21.3
million in the fiscal year 2016 or a net loss of $1.16 per diluted
share, compared to a net loss of $7.25 per diluted share for the
fiscal year 2016.
GAAP gross margin for the fiscal year 2017 was
1%, compared with gross margin for the fiscal year 2016 of negative
49%. Operating margin for the fiscal year 2017 was negative 47%,
compared with negative 203% in the fiscal year 2017. The Company’s
cash and cash equivalents was $3.6 million as of August 31, 2017,
compared to $6.0 million as of August 31, 2016. The net cash
outflows in operating activities was $2.1 million in the fiscal
year 2017, compared with net cash outflows $3.4 million in the
fiscal year 2016.
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.
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 projection of future revenues, 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 LeeChief Financial OfficerSemiLEDs
Corporation+886-37-586788investor@semileds.com
Source: SemiLEDs Corporation
SEMILEDS CORPORATION AND
SUBSIDIARIES |
|
Unaudited Condensed Consolidated Balance
Sheets |
|
(In thousands of U.S.
dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, |
|
August 31, |
|
|
|
2017 |
|
2016 |
|
ASSETS |
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
3,582 |
|
|
$ |
6,030 |
|
|
Accounts
receivable (including related parties), net |
|
|
1,111 |
|
|
|
900 |
|
|
Inventories |
|
|
2,946 |
|
|
|
4,067 |
|
|
Prepaid
expenses and other current assets |
|
|
405 |
|
|
|
640 |
|
|
Total
current assets |
|
|
8,044 |
|
|
|
11,637 |
|
|
Property, plant and
equipment, net |
|
|
8,275 |
|
|
|
8,813 |
|
|
Intangible assets,
net |
|
|
104 |
|
|
|
44 |
|
|
Goodwill |
|
|
|
|
|
— |
|
|
Investments in
unconsolidated entities |
|
|
992 |
|
|
|
1,368 |
|
|
Other assets |
|
|
255 |
|
|
|
373 |
|
|
TOTAL ASSETS |
|
$ |
17,670 |
|
|
$ |
22,235 |
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
Current
installments of long-term debt |
|
$ |
335 |
|
|
$ |
314 |
|
|
Accounts
payable |
|
|
1,145 |
|
|
|
1,326 |
|
|
Advance
receipt toward the convertible note |
|
|
500 |
|
|
|
500 |
|
|
Accrued
expenses and other current liabilities |
|
|
5,482 |
|
|
|
2,761 |
|
|
Total
current liabilities |
|
|
7,462 |
|
|
|
4,901 |
|
|
Long-term debt,
excluding current installments |
|
|
2,391 |
|
|
|
2,595 |
|
|
Other liability |
|
|
— |
|
|
|
3,097 |
|
|
Total
liabilities |
|
|
9,853 |
|
|
|
10,593 |
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
|
|
SemiLEDs
stockholders’ equity |
|
|
|
|
|
|
|
Common
stock |
|
|
|
|
|
— |
|
|
Additional paid-in capital |
|
|
175,386 |
|
|
|
175,384 |
|
|
Accumulated other comprehensive income |
|
|
3,701 |
|
|
|
3,398 |
|
|
Accumulated deficit |
|
|
(171,270 |
) |
|
|
(167,179 |
) |
|
Total
SemiLEDs stockholders’ equity |
|
|
7,817 |
|
|
|
11,603 |
|
|
Noncontrolling interests |
|
|
— |
|
|
|
39 |
|
|
Total
equity |
|
|
7,817 |
|
|
|
11,642 |
|
|
TOTAL LIABILITIES AND
EQUITY |
|
$ |
17,670 |
|
|
$ |
22,235 |
|
|
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 |
|
Year Ended August 31, |
|
|
August 31, 2017 |
|
May 31, 2017 |
|
2017 |
|
|
2016 |
|
|
Revenues, net |
$ |
2,571 |
|
|
$ |
2,111 |
|
|
$ |
9,214 |
|
|
$ |
10,140 |
|
|
Cost of revenues |
|
2,426 |
|
|
|
2,297 |
|
|
|
9,132 |
|
|
|
15,078 |
|
|
Gross
loss |
|
145 |
|
|
|
(186 |
) |
|
|
82 |
|
|
|
(4,938 |
) |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
200 |
|
|
|
257 |
|
|
|
851 |
|
|
|
2,026 |
|
|
Selling,
general and administrative |
|
788 |
|
|
|
879 |
|
|
|
3,708 |
|
|
|
4,767 |
|
|
Impairment of long-lived assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,635 |
|
|
Goodwill
impairment |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
55 |
|
|
Employee
termination benefits |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
207 |
|
|
Loss
(gain) on disposals of long-lived assets, net |
|
(36 |
) |
|
|
(33 |
) |
|
|
(149 |
) |
|
|
(23 |
) |
|
Total
operating expenses |
|
952 |
|
|
|
1,103 |
|
|
|
4,410 |
|
|
|
15,667 |
|
|
Loss from
operations |
|
(807 |
) |
|
|
(1,289 |
) |
|
|
(4,328 |
) |
|
|
(20,605 |
) |
|
Other income
(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Impairment loss on investment |
|
- |
|
|
|
(352 |
) |
|
|
(352 |
) |
|
|
(597 |
) |
|
Equity in
loss from unconsolidated entities |
|
- |
|
|
|
- |
|
|
|
(11 |
) |
|
|
(79 |
) |
|
Interest
expenses, net |
|
(8 |
) |
|
|
(9 |
) |
|
|
(34 |
) |
|
|
(52 |
) |
|
Other
income (loss), net |
|
69 |
|
|
|
29 |
|
|
|
594 |
|
|
|
85 |
|
|
Foreign
currency transaction gain (loss), net |
|
73 |
|
|
|
35 |
|
|
|
27 |
|
|
|
(56 |
) |
|
Total
other expenses, net |
|
134 |
|
|
|
(297 |
) |
|
|
224 |
|
|
|
(699 |
) |
|
Loss before income
taxes |
|
(673 |
) |
|
|
(1,586 |
) |
|
|
(4,104 |
) |
|
|
(21,304 |
) |
|
Income tax expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net loss |
|
(673 |
) |
|
|
(1,586 |
) |
|
|
(4,104 |
) |
|
|
(21,304 |
) |
|
Less: Net loss
attributable to noncontrolling interests |
|
- |
|
|
|
- |
|
|
|
(13 |
) |
|
|
(29 |
) |
|
Net loss attributable
to SemiLEDs stockholders |
$ |
(673 |
) |
|
$ |
(1,586 |
) |
|
$ |
(4,091 |
) |
|
$ |
(21,275 |
) |
|
Net loss per share
attributable to SemiLEDs stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
$ |
(0.19 |
) |
|
$ |
(0.45 |
) |
|
$ |
(1.16 |
) |
|
$ |
(7.25 |
) |
|
Shares used in
computing net loss per share attributable to SemiLEDs
stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
3,544 |
|
|
|
3,544 |
|
|
|
3,544 |
|
|
|
2,934 |
|
|
SEMILEDS CORPORATION AND
SUBSIDIARIES |
Unaudited Condensed Statement of Cash
Flow |
(In thousands of U.S.
dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended August 31, |
|
Free Cash Flow |
|
August 31,
2017 |
|
May 31,
2017 |
|
2017 |
|
|
2016 |
|
|
Net cash used in
operating activities |
|
$ |
508 |
|
$ |
(858 |
) |
|
$ |
(2,109 |
) |
|
$ |
(3,439 |
) |
|
Less: Capital
expenditures |
|
|
1 |
|
|
61 |
|
|
|
150 |
|
|
|
821 |
|
|
Total free cash
flows |
|
$ |
507 |
|
$ |
(919 |
) |
|
$ |
(2,259 |
) |
|
$ |
(4,260 |
) |
|
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