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SemiLEDs Reports First Quarter Of Fiscal Year 2014 Financial Results

Stocks in this article: LEDS

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 2014, ended November 30, 2013.

Revenue for the first quarter of fiscal 2014 was $3.4 million, a 45% decrease compared to $6.2 million in the first quarter of fiscal 2013. GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2014 was $6.3 million, or a net loss of $0.23 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $8.9 million, or a net loss of $0.32 per diluted share, for the first quarter of fiscal 2013.

“We are encouraged by the progress we have made in the most recent quarter,” said Trung Doan, Chairman, President and CEO. “While we are still in the early stages of executing on our strategy, the sequential improvement in gross margin demonstrates the initial impact of our efforts,” concluded Doan.

On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2014 was $5.8 million, or a net loss of $0.21 per diluted share, compared to non-GAAP net loss attributable to SemiLEDs stockholders of $8.6 million, or a net loss of $0.31 per diluted share, for the first quarter of fiscal 2013.

GAAP gross margin for the first quarter of fiscal 2014 was negative 68%, compared with gross margin for the first quarter of fiscal 2013 of negative 53% and gross margin for the fourth quarter of fiscal 2013 of negative 103%. Operating margin for the first quarter of fiscal 2014 was negative 179% compared with negative 131% in the first quarter of fiscal 2013. Gross margin for the first quarter of fiscal 2014 was negatively impacted by the reduction in revenues and an excess capacity charge for our LED chips and LED components.

The Company’s cash and cash equivalents were $28.1 million at the end of the first quarter of fiscal 2014, compared to the fourth quarter fiscal 2013 ending balance of $36.3 million. Cash used in operating activities was $5.4 million in the first quarter of fiscal 2014.

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