SemiLEDs Reports Second Quarter of Fiscal Year 2013 Financial Results

HSINCHU, Taiwan–(BUSINESS WIRE)– SemiLEDs Corporation (NAS: LEDS) , “SemiLEDs” or the “Company,” a developer and manufacturer of LED chips and LED components, today announced its financial results for the second quarter of fiscal year 2013, ended February 28, 2013.

Revenue for the second quarter of fiscal 2013 was $4.8 million, a 39% decrease compared to $7.9 million in the second quarter of fiscal 2012. GAAP net loss attributable to SemiLEDs stockholders for the second quarter of fiscal 2013 was $6.0 million, or a net loss of $0.22 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $7.1 million, or a net loss of $0.26 per diluted share, for the second quarter of fiscal 2012.

“Demand has improved; however, the pricing environment for the general lighting market remains challenging,” said Trung Doan, Chairman, President and CEO. “I believe we are on the right track and this is a turning point for SemiLEDs. From an execution standpoint, we need to focus on profitable markets and control cost,” concluded Doan.

On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the second quarter of fiscal 2013 was $5.4 million, or a net loss of $0.19 per diluted share, compared to non-GAAP net loss attributable to SemiLEDs stockholders of $6.1 million, or a net loss of $0.22 per diluted share, for the second quarter of fiscal 2012.

GAAP gross margin for the second quarter of fiscal 2013 was negative 69%, compared with gross margin for the second quarter of fiscal 2012 of negative 9%. Operating margin for the second quarter of fiscal 2013 was negative 145% compared with negative 73% in the second quarter of fiscal 2012. Gross margin for the second quarter of fiscal 2013 was negatively impacted by reduction in revenues, a decrease in the average selling price of LED chips, and an excess capacity charges for our LED chips.

The Company’s cash and cash equivalents were $43.9 million at the end of the second quarter of fiscal 2013, compared to the first quarter fiscal 2013, the Company had cash and cash equivalents of $39.3 million and short-term investments consisting of time deposits with initial maturities of greater than three months but less than one year of $8.3 million. Cash used in operating activities was $4.2 million in the second quarter of fiscal 2013.

Conference Call Information

SemiLEDs will discuss these financial results in a conference call today at 8:00 a.m. Eastern Daylight Time (5:00 a.m. Pacific

From: http://www.dailyfinance.com/2013/04/11/semileds-reports-second-quarter-of-fiscal-year-201/