2022-07-12 | NDAQ:DEL | Press release

SemiLEDs Corporation (NASDAQ:LEDS), “SemiLEDs” or the “Company,” a developer and manufacturer of LED chips and LED components, today announced financial results for the third quarter of Fiscal 2022, ended June 31 May 2022.

Revenue for the third quarter of Fiscal 2022 decreased to $1.8 million from $2.2 million in the second quarter of Fiscal 2022. GAAP net loss attributable to SemiLEDs shareholders for the third quarter of fiscal 2022 increased to $916,000, or ($0.20) per diluted share, compared to a net loss of $172,000, or $(0.04) per diluted share, in the second quarter of fiscal 2022. fiscal year 2022.

GAAP gross margin for the third quarter of Fiscal 2022 decreased to 19% from 24% for the second quarter of Fiscal 2022. Operating margin for the third quarter of Fiscal 2022 decreased -43%, compared to -17% for the second quarter of fiscal 2022. The Company’s cash and cash equivalents were $3.0 million as of May 31, 2022, compared to $3.7 million dollars at the end of the second quarter of fiscal year 2022.

We are unable to forecast revenues for the fourth quarter ending August 31, 2022 at this time given the continued uncertain impact of COVID-19 on the economy and the Company.

About SemiLEDs

SemiLEDs develops and manufactures LED chips and LED components for general lighting applications, including street lamps and commercial, industrial, system and residential lighting, as well as specialty industrial applications such as ultraviolet (UV) curing , medical/cosmetic, counterfeit detection, horticulture, architectural lighting and entertainment lighting. SemiLEDs sells blue, white, green and UV LED chips.

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 such as defined in the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact may be deemed forward-looking, including, but not limited to, any statement about historical results that may suggest trends for SemiLEDs’ Company; any statements of plans, the potential impact of the COVID-19 pandemic on our business; management strategies and objectives for future operations; any statements of expectation or belief regarding the recovery of the LED industry, market opportunities and other future events or technological developments; any statements regarding SemiLEDs’ position to capitalize on all 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 could cause actual results to differ materially from those contained in the statements prospective. SemiLED’ 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 can affect SemiLEDs’ business, results of operations and financial condition. SemiLEDs has no intention 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 AND SUBSIDIARIES
Unaudited condensed consolidated balance sheets
(Thousands of United States dollars)

	May 31st,			February 28,
	2022			2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	3,023		$	3,712
Restricted cash and cash equivalents		86			89
Accounts receivable (including related parties), net		1,705			1,437
Inventories		4,095			4,331
Prepaid expenses and other current assets		153			261
Total current assets		9,062			9,830
Property, plant and equipment, net		4,483			4,812
Operating lease right-of-use assets		1,648			1,744
Intangible assets, net		105			112
Investments in non-consolidated entities		966			1,001
other assets		170			172
TOTAL ASSETS	$	16,434		$	17,671
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current installments of long-term debt	$	5,099		$	5,113
Accounts payable		612			997
Accrued expenses and other current liabilities		2,508			2,436
Other payable to related parties		993			916
Operating lease debts, current		136			141
Total current liabilities		9,348			9,603
Long-term debt, excluding current maturities		2,080			2,285
Operating lease liabilities, less the current portion		1,512			1,603
Total responsibilities		12,940			13,491
Commitments and contingencies
EQUITY:
SemiLEDs Shareholders’ Equity
Ordinary actions		—			—
Premium		182,569			182,452
Accumulated other comprehensive income		3,694			3,578
Accumulated deficit		(182,817	)		(181,901	)
Total equity of SemiLEDs		3,446			4,129
Non-majority interests		48			51
Total equity		3,494			4,180
TOTAL LIABILITIES AND EQUITY	$	16,434		$	17,671

SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Income
(In thousands of US dollars and in shares, except per share data)

	Three months completed
	May 31st,			February 28,
	2022			2022
Revenues, net	$	1,784		$	2,176
Revenue cost		1,448			1,653
Gross profit		336			523
Operating costs :
Research and development		357			295
Selling, general and administrative expenses		810			746
Gain on disposal of long-term assets		(57	)		(139	)
Total operating expenses		1,110			902
Operating loss		(774	)		(379	)
Other income (expenses):
Interest expense, net		(94	)		(92	)
Other income, net		264			385
Gain on foreign exchange transaction, net		(307	)		(66	)
Total other (expense) income, net		(137	)		227
Loss before income taxes		(911	)		(152	)
income tax expense		—			—
Net loss		(911	)		(152	)
Less: Net gain attributable to non-controlling interests		5			20
Net loss attributable to shareholders of SemiLEDs	$	(916	)	$	(172	)
Net loss per share attributable to shareholders of SemiLEDs:
Basic and diluted	$	(0.20	)	$	(0.04	)
Shares used in the calculation of net loss per share attributable to shareholders of SemiLEDs:
Basic and diluted		4,517			4,490

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220712005611/en/

2022-07-12 | NDAQ:DEL | Press release

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