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SemiLEDs Reports Fourth Quarter And Fiscal Year End 2011 Financial Results

Stocks in this article: LEDS

SemiLEDs Corporation (NASDAQ: LEDS), a developer and manufacturer of LED chips and LED components, today announced its financial results for the fourth quarter of fiscal year 2011, ended August 31, 2011.

Revenue for the fourth quarter of fiscal 2011 was $5.3 million, a 54% decrease from $11.5 million in the fourth quarter of fiscal 2010.

GAAP net loss attributable to SemiLEDs stockholders for the fourth quarter of fiscal 2011 was $13.6 million, or a loss of $0.50 per diluted share, compared to GAAP net income attributable to SemiLEDs stockholders of $5.3 million, or $0.18 per diluted share, for the fourth quarter of fiscal 2010. On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the fourth quarter of fiscal 2011 was $13.2 million, or a loss of $0.49 per diluted share, compared to non-GAAP net income attributable to SemiLEDs stockholders of $5.4 million, or $0.18 per diluted share, for the fourth quarter of fiscal 2010.

“As expected, the market remained challenging in Asia for LED chips and components. The China market is not improving due to inflationary and monetary issues together with depressed economic conditions around the world. We continue to see pricing pressure due to the weak demand in the China outdoor street lighting market, together with the overcapacity of backlight that has spilled over to the general lighting market. The ASP erosion is not as extreme as in prior quarters and prices have stabilized somewhat,” said Trung Doan, Chairman and CEO of SemiLEDs. “With so much uncertainty, we remain cautious in our near term outlook but continue to believe in the industry’s long term market opportunities. When the Chinese government releases funds for the five year plan, we expect to benefit given that we are one of the few companies that meets the program’s requirements and that we have local presence with our JV, China SemiLEDs,” continued Doan.

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