SemiLEDs Corporation (NASDAQ: LEDS), a developer and manufacturer of LED chips and LED components, today announced its financial results for the third quarter of fiscal year 2011, ended May 31, 2011. Revenue for the third quarter of fiscal 2011 was $5.6 million, a 43% decrease compared to $9.9 million in the third quarter of fiscal 2010.
“Our fiscal third quarter was challenging as pricing pressure and end demand weakness continued from the fiscal second quarter. However, we are seeing pricing stabilize,” said Trung Doan, Chairman and CEO of SemiLEDs. “We remain focused on improving our cost structure by accelerating our efforts to transition to four inch wafer production at our Taiwan facility, continuing to ramp four inch production volume at China SemiLEDs, as well as supporting our customers to maximize the benefits of our metal vertical chip structures to reduce the total cost of ownership.”
GAAP net loss for the third quarter of fiscal 2011 was $5.1 million, or a loss of $0.19 per diluted share, compared to GAAP net income of $3.2 million, or $0.09 per diluted share, for the third quarter of fiscal 2010. The Company recorded a foreign currency transaction loss of $0.2 million in the quarter. On a non-GAAP basis, net loss for the third quarter of fiscal 2011 was $4.3 million, or a loss of $0.16 per diluted share, compared to non-GAAP net income of $3.3 million, or $0.09 per diluted share, for the third quarter of fiscal 2010.
GAAP gross margin for the third quarter of fiscal 2011 was 9%, compared with 51% in the third quarter of fiscal 2010. Operating margin for the third quarter of fiscal 2011 was negative 70%, compared with 36% in the third quarter of fiscal 2010. Margins were negatively impacted by a charge of $1.1 million for the write-downs of inventory.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV