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SemiLEDs Reports Third 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 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 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 CORPORATION

Unaudited Consolidated Balance Sheets

(In thousands of U.S. dollars)
 
May 31, 2012 August 31, 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 62,945 $ 83,619
Accounts receivable, net 4,218 4,655
Accounts receivable from related parties 1,177 825
Inventories 14,861 16,217
Prepaid expenses and other current assets   1,565     1,542  
Total current assets 84,766 106,858
Property, plant and equipment, net 54,329 51,804
Intangible assets, net 1,604 1,853
Goodwill 1,075 1,106
Investments in unconsolidated entities 10,574 15,579
Other assets   1,269     1,126  
TOTAL ASSETS $ 153,617   $ 178,326  
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Notes payable to banks $ 1,585 $ 972
Current installments of long-term debt 966 981
Accounts payable 5,028 4,464
Accrued expenses and other current liabilities 7,001 7,361
Deferred income, current portion   51     51  
Total current liabilities 14,631 13,829
Long-term debt, excluding current installments 5,211 6,105
Deferred income, net of current portion   403     441  
Total liabilities   20,245     20,375  
Commitments and contingencies
EQUITY:
SemiLEDs stockholders’ equity
Common stock
Additional paid-in capital 166,566 164,370
Accumulated other comprehensive income 5,499 6,982
Accumulated deficit   (39,812 )   (14,974 )
Total SemiLEDs stockholders’ equity 132,253 156,378
Noncontrolling interests   1,119     1,573  
Total equity   133,372     157,951  
TOTAL LIABILITIES AND EQUITY $ 153,617   $ 178,326  
 
 
       
 

SEMILEDS CORPORATION

Unaudited Consolidated Statements of Operations

(In thousands of U.S. dollars and shares, except per share data)
 
Three Months Ended May 31, Nine Months Ended May 31,
2012   2011 2012   2011
Revenues, net $ 9,178 $ 5,600 $ 23,830 $ 28,573
Cost of revenues   10,232     5,124     26,428     19,128  
Gross profit (loss)   (1,054 )   476     (2,598 )   9,445  
Operating expenses:
Research and development 2,223 1,041 5,935 2,226
Selling, general and administrative 3,205 3,329 10,155 6,814
Provision for potential litigation settlement   1,500         1,500      
Total operating expenses   6,928     4,370     17,590     9,040  
Income (loss) from operations (7,982 ) (3,894 ) (20,188 ) 405
Other income (expenses):
Equity in losses from unconsolidated entities, net (2,173 ) (1,105 ) (4,875 ) (2,002 )
Interest income (expenses), net (6 ) 8 10 10
Other income, net 49 39 144 83
Foreign currency transaction gain (loss), net   10     (181 )   (338 )   (920 )
Total other expenses, net   (2,120 )   (1,239 )   (5,059 )   (2,829 )
Loss before income taxes (10,102 ) (5,133 ) (25,247 ) (2,424 )
Income tax expense (benefit)       (10 )       47  
Net loss (10,102 ) (5,123 ) (25,247 ) (2,471 )
Less: Net loss attributable to noncontrolling interests   (99 )       (409 )    
Net loss attributable to SemiLEDs stockholders $ (10,003 ) $ (5,123 ) $ (24,838 ) $ (2,471 )
Net loss attributable to SemiLEDs common stockholders:
Basic $ (10,003 ) $ (5,123 ) $ (24,838 ) $ (5,541 )
Diluted $ (10,003 ) $ (5,123 ) $ (24,838 ) $ (5,541 )
Net loss per share attributable to SemiLEDs common stockholders:
Basic $ (0.36 ) $ (0.19 ) $ (0.91 ) $ (0.28 )
Diluted $ (0.36 ) $ (0.19 ) $ (0.91 ) $ (0.28 )

Shares used in computing net loss per share attributable to

  SemiLEDs common stockholders:
Basic   27,481     27,256     27,389     20,021  
Diluted   27,481     27,256     27,389     20,021  
 
 
           
 
SEMILEDS CORPORATION
Unaudited Reconciliation of GAAP to Non-GAAP Measures
(In thousands of U.S. dollars, except for per share data)
 
Three Months Ended May 31, Nine Months Ended May 31,
Non-GAAP Net Loss 2012 2011 2012 2011
 
GAAP net loss attributable to SemiLEDs stockholders $ (10,003) $ (5,123) $ (24,838) $ (2,471)
Adjustments:
Stock-based compensation expense 498 848 2,114 1,388
Provision for potential litigation settlement 1,500 0 1,500 0
Income tax effect 0 0 0 0
Non-GAAP net loss attributable to SemiLEDs stockholders $ (8,005) $ (4,275) $ (21,224) $ (1,083)
 
Diluted net loss per share attributable to SemiLEDs common stockholders:
GAAP net loss $ (0.36) $ (0.19) $ (0.91) $ (0.28)
Non-GAAP net loss $ (0.29) $ (0.16) $ (0.77) $ (0.21)
 
 
Three Months Ended May 31, Nine Months Ended May 31,
Free Cash Flow 2012 2011 2012 2011
 
Net cash used in operating activities $ (2,534) $ (3,304) $ (10,537) $ (25)
Less: Capital expenditures 1,252 4,866 10,351 16,490
Total free cash flows $ (3,786) $ (8,170) $ (20,888) $ (16,515)
 
 

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