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SemiLEDs Reports Fourth Quarter And Fiscal Year End 2012 Financial Results

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

Consolidated Balance Sheets

(In thousands of U.S. dollars)

 
August 31, 2012     August 31, 2011
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 47,228 $ 83,619
Short-term investments 8,831
Accounts receivable, net 4,759 4,655
Accounts receivable from related parties, net 157 825
Inventories 13,016 16,217
Prepaid expenses and other current assets   1,130     1,542  
Total current assets 75,121 106,858
Property, plant and equipment, net 46,642 51,804
Intangible assets, net 1,552 1,853
Goodwill 1,072 1,106
Investments in unconsolidated entities 1,821 15,579
Other assets   1,326     1,126  
TOTAL ASSETS $ 127,534   $ 178,326  
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Notes payable to banks $ 1,585 $ 972
Current installments of long-term debt 967 981
Accounts payable 5,768 4,464
Accrued expenses and other current liabilities 4,969 7,361
Deferred income, current portion   51     51  
Total current liabilities 13,340 13,829
Long-term debt, excluding current installments 4,953 6,105
Deferred income, net of current portion   390     441  
Total liabilities   18,683     20,375  
Commitments and contingencies
EQUITY:
SemiLEDs stockholders’ equity
Common stock
Additional paid-in capital 167,070 164,370
Accumulated other comprehensive income 5,179 6,982
Accumulated deficit   (64,431 )   (14,974 )
Total SemiLEDs stockholders’ equity 107,818 156,378
Noncontrolling interests   1,033     1,573  
Total equity   108,851     157,951  
TOTAL LIABILITIES AND EQUITY $ 127,534   $ 178,326  
 

 

SEMILEDS CORPORATION

Consolidated Statements of Operations

(In thousands of U.S. dollars and shares, except per share data)

 
          Three Months Ended August 31,     Years Ended August 31,
2012     2011 2012     2011
(Unaudited) (Unaudited) (Unaudited)
 
Revenues, net $ 5,469 $ 5,329 $ 29,299 $ 33,902
Cost of revenues   8,473     10,306     34,901     29,434  
Gross profit (loss)   (3,004 )   (4,977 )   (5,602 )   4,468  
Operating expenses:
Research and development 1,508 2,330 7,443 4,556
Selling, general and administrative 4,145 4,828 14,300 11,642
Impairment of long-lived assets 7,507 7,507
Provision for litigation settlement           1,500      
Total operating expenses   13,160     7,158     30,750     16,198  
Loss from operations (16,164 ) (12,135 ) (36,352 ) (11,730 )
Other income (expenses):
Equity in losses from unconsolidated entities, net (8,744 ) (1,124 ) (13,619 ) (3,126 )
Interest income, net 27 18 37 28
Other income, net 49 47 193 130
Foreign currency transaction gain (loss), net   130     205     (208 )   (715 )
Total other expenses, net   (8,538 )   (854 )   (13,597 )   (3,683 )
Loss before income taxes (24,702 ) (12,989 ) (49,949 ) (15,413 )
Income tax expense       678         725  
Net loss (24,702 ) (13,667 ) (49,949 ) (16,138 )
Less: Net loss attributable to noncontrolling interests   (83 )   (34 )   (492 )   (34 )
Net loss attributable to SemiLEDs stockholders $ (24,619 ) $ (13,633 ) $ (49,457 ) $ (16,104 )
Net loss attributable to SemiLEDs common stockholders:
Basic and diluted $ (24,619 ) $ (13,633 ) $ (49,457 ) $ (19,174 )

Net loss per share attributable to SemiLEDs commonstockholders:

Basic and diluted $ (0.90 ) $ (0.50 ) $ (1.80 ) $ (0.88 )

Shares used in computing net loss per share attributable toSemiLEDs common stockholders:

Basic and diluted   27,487     27,275     27,414     21,887  
 

 

SEMILEDS CORPORATION

Unaudited Reconciliation of GAAP to Non-GAAP Measures

(In thousands of U.S. dollars, except per share data)

 
    Three Months Ended August 31,     Years Ended August 31,
Non-GAAP Net Loss 2012     2011 2012     2011
 
GAAP net loss attributable to SemiLEDs stockholders $ (24,619 ) $ (13,633 ) $ (49,457 ) $ (16,104 )
Adjustments:
Stock-based compensation expense 502 397 2,616 1,785
Provision for litigation settlement 1,500
Impairment of long-lived assets 7,507 7,507
Income tax effect                
Non-GAAP net loss attributable to SemiLEDs stockholders $ (16,610 ) $ (13,236 ) $ (37,834 ) $ (14,319 )
 
Diluted net loss per share attributable to SemiLEDs common stockholders:
GAAP net loss $ (0.90 ) $ (0.50 ) $ (1.80 ) $ (0.88 )
Non-GAAP net loss $ (0.60 ) $ (0.49 ) $ (1.38 ) $ (0.79 )
 
 
Three Months Ended August 31, Years Ended August 31,
Free Cash Flow   2012     2011     2012     2011  
 
Net cash used in operating activities $ (5,234 ) $ (2,025 ) $ (15,771 ) $ (2,050 )
Less: Capital expenditures   1,218     4,972     11,569     21,462  
Total free cash flows $ (6,452 ) $ (6,997 ) $ (27,340 ) $ (23,512 )
 




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