HSINCHU, Taiwan, Jan. 10, 2020 (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 first quarter of fiscal year 2020, ended November 30, 2019.

Revenue for the first quarter of fiscal 2020 was $1.6 million, compared to $1.6 million in the fourth quarter of fiscal 2019. GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2020 was $317 thousand, compared to a loss of $881 thousand in the fourth quarter of fiscal 2019, or a net loss of $0.09 per diluted share, compared to a net loss of $0.25 per diluted share for the fourth quarter of fiscal 2019.

GAAP gross margin for the first quarter of fiscal 2020 was 33%, compared with gross margin for the fourth quarter of fiscal 2019 of 21%. Operating margin for the first quarter of fiscal 2020 was negative 36%, compared with negative 66% in the fourth quarter of fiscal 2019. The Company’s cash and cash equivalents was $688 thousand at November 30, 2019, compared to $1.4 million at the end of fiscal 2019.

We expect revenue for the second quarter ending February 28, 2020 to be approximately $1.2 million +/- 10%.

The Chinese New Year (CNY) of 2020 will begin on January 24, 2020. Our office and factory in Chunan will be closed from January 18, 2020 until February 2, 2020 and will resume operations on Monday, February 3, 2020.

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 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. SemiLEDs has not filed its Form 10-Q for the quarter ended November 30, 2019. As a result, all financial results described here should be considered preliminary, and are subject to change to reflect any necessary adjustments, or changes in accounting estimates, that are identified prior to the time the Company files the Form 10-Q.

Contacts:

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

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

		November 30,				August 31,
		2019				2019
		(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	688			$	1,363
Restricted cash and cash equivalents			81				19
Accounts receivable (including related parties), net			936				703
Inventories			2,312				2,083
Prepaid expenses and other current assets			884				460
Assets held for sale			401				—
Total current assets			5,302				4,628
Property, plant and equipment, net			5,935				5,878
Operating lease right of use assets			307				—
Intangible assets, net			93				93
Investments in unconsolidated entities			920				894
Other assets			186				169
TOTAL ASSETS		$	12,743			$	11,662
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current installments of long-term debt		$	410			$	398
Accounts payable			649				680
Advance receipt toward the convertible note			500				500
Accrued expenses and other current liabilities			2,677				2,342
Operating lease liabilities, current			148				—
Liabilities held for sale			790				—
Total current liabilities			5,174				3,920
Long-term debt, excluding current installments			5,932				5,954
Operating lease liabilities, less current portion			159				—
Total liabilities			11,265				9,874
Commitments and contingencies
EQUITY:
SemiLEDs stockholders’ equity
Common stock			—				—
Additional paid-in capital			175,839				175,804
Accumulated other comprehensive income			3,729				3,753
Accumulated deficit			(178,133	)			(177,816	)
Total SemiLEDs stockholders’ equity			1,435				1,741
Noncontrolling interests			43				47
Total equity			1,478				1,788
TOTAL LIABILITIES AND EQUITY		$	12,743			$	11,662

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
		November 30,				August 31,
		2019				2019
Revenues, net		$	1,563			$	1,555
Cost of revenues			1,045				1,226
Gross profit			518				329
Operating expenses:
Research and development			430				537
Selling, general and administrative			726				819
Gain on disposals of long-lived assets			(79	)			—
Total operating expenses			1,077				1,356
Loss from operations			(559	)			(1,027	)
Other income (expenses):
Interest expenses, net			(78	)			(75	)
Other income, net			157				202
Foreign currency transaction gain (loss), net			158				20
Total other income, net			237				147
Loss before income taxes			(322	)			(880	)
Income tax expense			—				—
Net loss			(322	)			(880	)
Less: Net profit (loss) attributable to noncontrolling interests			(5	)			1
Net loss attributable to SemiLEDs stockholders		$	(317	)		$	(881	)
Net loss per share attributable to SemiLEDs stockholders:
Basic and diluted		$	(0.09	)		$	(0.25	)
Shares used in computing net loss per share attributable to SemiLEDs stockholders:
Basic and diluted			3,595				3,592