SemiLEDs Corporation (NASDAQ: LEDS), a developer and manufacturer of LED chips and LED components, today announced its financial results for the first quarter of fiscal year 2012, ended November 30, 2011. Revenue for the first quarter of fiscal 2012 was $6.7 million, a 48% decrease compared to $13.0 million in the first quarter of fiscal 2011.
“Our strategy of pursuing the indoor lighting market has already proven fruitful as demonstrated by our financial results. While we achieved sequential revenue growth of 27% and we are pleased with our first quarter results, not much has changed, the industry remains very challenging. We believe the steps we are taking will allow us to weather the storm and position us well for when the industry recovers,” said Trung Doan, Chairman and CEO of SemiLEDs.
GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2012 was $7.7 million, or a loss of $0.28 per diluted share, compared to GAAP net income attributable to SemiLEDs stockholders of $3.8 million, or $0.11 per diluted share, for the first quarter of fiscal 2011. On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2012 was $7.1 million, or a loss of $0.26 per diluted share, compared to non-GAAP net income attributable to SemiLEDs stockholders of $3.9 million, or $0.12 per diluted share, for the first quarter of fiscal 2011.
GAAP gross margin for the first quarter of fiscal 2012 was negative 12%, compared with 51% in the first quarter of fiscal 2011. Operating margin for the first quarter of fiscal 2012 was negative 95%, compared with 38% in the first quarter of fiscal 2011. Margins marginally improved from the fourth quarter of fiscal 2011 due to managing expenses.The Company’s cash and cash equivalents were $74.0 million at the end of the first quarter, compared to the prior quarter ending balance of $83.6 million. Cash used in operations was $3.5 million in the first quarter of fiscal 2012.
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