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SemiLEDs Reports First Quarter Of Fiscal Year 2013 Financial Results

SemiLEDs Corporation (NASDAQ: LEDS), “SemiLEDs” or the “Company,” a developer and manufacturer of LED chips and LED components, today announced its financial results for the first quarter of fiscal year 2013, ended November 30, 2012.

Revenue for the first quarter of fiscal 2013 was $6.2 million, an 8% decrease compared to $6.7 million in the first quarter of fiscal 2012. GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2013 was $8.9 million, or a net loss of $0.32 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $7.7 million, or a net loss of $0.28 per diluted share, for the first quarter of fiscal 2012.

“As more of our customers have qualified our EV products, the demand of our LED chips and LED components has increased. We are seeing pockets of demands while the overall LED market is still weak; we continue to manage cost, inventory and spending with a focus on profitable LED sectors to achieve our positive cash flow goal,” said Trung Doan, Chairman and CEO of SemiLEDs.

On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2013 was $8.6 million, or a net loss of $0.31 per diluted share, compared to non-GAAP net loss attributable to SemiLEDs stockholders of $7.1 million, or a net loss of $0.26 per diluted share, for the first quarter of fiscal 2012.

GAAP gross margin for the first quarter of fiscal 2013 was negative 53%, compared with negative gross margin for the first quarter of fiscal 2012 of 12%. Operating margin for the first quarter of fiscal 2013 was negative 131% compared with negative 95% in the first quarter of fiscal 2012. Gross margin was negatively impacted in the first quarter of fiscal 2013 primarily due to a decrease in average selling prices and excess capacity charges for our LED chips.

The Company’s cash and cash equivalents were $39.3 million at the end of the first quarter of fiscal 2013, compared to the fourth quarter fiscal 2012 ending balance of $47.2 million. The Company also had short-term investments consisting of time deposits with initial maturities of greater than three months but less than one year of $8.3 million at the end of the first quarter of fiscal 2013, compared to the fourth quarter fiscal 2012 ending balance of $8.8 million. Cash used in operating activities was $3.3 million in the first quarter of fiscal 2013.

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