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

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