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SemiLEDs Reports Third 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 third quarter of fiscal year 2013, ended May 31, 2013.

Revenue for the third quarter of fiscal 2013 was $3.5 million, a 62% decrease compared to $9.2 million in the third quarter of fiscal 2012. GAAP net loss attributable to SemiLEDs stockholders for the third quarter of fiscal 2013 was $11.0 million, or a net loss of $0.40 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $10.0 million, or a net loss of $0.36 per diluted share, for the third quarter of fiscal 2012.

“Unfortunately the combination of a series of one-time events greatly impacted our business performance this quarter,” said Trung Doan, Chairman, President and CEO. “Despite this brief set-back, we remain confident we have the right strategy in place, focusing on profitable market segments where the performance and quality of our products continues to differentiate us,” concluded Doan.

On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the third quarter of fiscal 2013 was $6.6 million, or a net loss of $0.24 per diluted share, compared to non-GAAP net loss attributable to SemiLEDs stockholders of $8.0 million, or a net loss of $0.29 per diluted share, for the third quarter of fiscal 2012.

GAAP gross margin for the third quarter of fiscal 2013 was negative 129%, compared with gross margin for the third quarter of fiscal 2012 of negative 11%. Operating margin for the third quarter of fiscal 2013 was negative 278% compared with negative 87% in the third quarter of fiscal 2012. Margins for the third quarter of fiscal 2013 were negatively impacted by a reduction in revenues, excess capacity charges for our LED chips, and impairment charges on goodwill and intangible assets that arose from the acquisition of a majority owned subsidiary in August 2011.

The Company’s cash and cash equivalents were $41.4 million at the end of the third quarter of fiscal 2013, compared to the second quarter fiscal 2013 ending balance of $43.9 million. Cash used in operating activities was $2.3 million in the third quarter of fiscal 2013.

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