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SemiLEDs Reports First Quarter Of Fiscal Year 2012 Financial Results

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of historic non-GAAP financial measures presented above to GAAP results has been provided in the financial statement tables included in this press release.

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 projections of future revenues, income, margins or other financial information; 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 statement 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 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.


Unaudited Consolidated Balance Sheets

(In thousands of U.S. dollars)
November 30, 2011 August 31, 2011
Cash and cash equivalents $ 73,954 $ 83,619
Accounts receivable, net 3,962 4,655
Accounts receivable from related parties 1,334 825
Inventories 16,843 16,217
Prepaid expenses and other current assets   1,642     1,542  
Total current assets 97,735 106,858
Property, plant and equipment, net 51,892 51,804
Intangible assets, net 1,716 1,853
Goodwill 1,058 1,106
Investments in unconsolidated entities 13,771 15,579
Other assets   1,152     1,126  
TOTAL ASSETS $ 167,324   $ 178,326  
Notes payable to banks $ 961 $ 972
Current installments of long-term debt 942 981
Accounts payable 3,914 4,464
Accrued expenses and other current liabilities 7,664 7,361
Deferred income, current portion   51     51  
Total current liabilities 13,532 13,829
Long-term debt, excluding current installments 5,602 6,105
Deferred income, net of current portion   428     441  
Total liabilities   19,562     20,375  
Commitments and contingencies
SemiLEDs stockholders’ equity
Common stock
Additional paid-in capital 165,047 164,370
Accumulated other comprehensive income 4,016 6,982
Accumulated deficit   (22,695 )   (14,974 )
Total SemiLEDs stockholders’ equity 146,368 156,378
Noncontrolling interests   1,394     1,573  
Total equity   147,762     157,951  
TOTAL LIABILITIES AND EQUITY $ 167,324   $ 178,326  


Unaudited Consolidated Statements of Operations

(In thousands of U.S. dollars and shares, except per share data)
Three Months Ended November 30,
2011     2010
Revenues, net $ 6,747 $ 13,016
Cost of revenues   7,569     6,376  
Gross profit (loss)   (822 )   6,640  
Operating expenses:
Research and development 1,689 447
Selling, general and administrative   3,905     1,287  
Total operating expenses   5,594     1,734  
Income (loss) from operations (6,416 ) 4,906
Other income (expenses):
Equity in losses from unconsolidated entities, net (1,526 ) (222 )
Interest income (expense), net 4 (12 )
Other income, net 48
Foreign currency transaction gain (loss), net   59     (576 )
Total other expenses, net   (1,415 )   (810 )
Income (loss) before income taxes (7,831 ) 4,096
Income tax expense       276  
Net income (loss) (7,831 ) 3,820
Less: Net loss attributable to noncontrolling interests   (110 )    
Net income (loss) attributable to SemiLEDs stockholders $ (7,721 ) $ 3,820  
Net income (loss) attributable to SemiLEDs common stockholders:
Basic $ (7,721 ) $ 847  
Diluted $ (7,721 ) $ 884  
Net income (loss) per share attributable to SemiLEDs common stockholders:
Basic $ (0.28 ) $ 0.11  
Diluted $ (0.28 ) $ 0.11  

Shares used in computing net income (loss) per share attributable to SemiLEDs   common stockholders:
Basic   27,303     7,455  
Diluted   27,303     7,988  
Unaudited Reconciliation of GAAP to Non-GAAP Measure
(In thousands of U.S. dollars, except for per share data)

Three Months Ended

November 30,
2011 2010
GAAP net income (loss) attributable to SemiLEDs stockholders $ (7,721 ) $ 3,820
Stock-based compensation expense 651 107
Income tax effect   0     (7 )
Non-GAAP net income (loss) attributable to SemiLEDs stockholders $ (7,070 ) $ 3,920  
Diluted net income (loss) per share attributable to SemiLEDs common stockholders:
GAAP net income (loss) $ (0.28 ) $ 0.11  
Non-GAAP net income (loss) $ (0.26 ) $ 0.12  

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