SemiLEDs Reports Second Quarter Fiscal Year 2018 Financial Results
Summary
In the second quarter, we shut down our manufacturing production for two weeks due to the Chinese New Year holiday.During the second quarter ended February 28, 2018, we moved and consolidated our LED packaging facility in HsinAn to our headquarters in Chunan, Taiwan as part of our cost reduction efforts.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 may cause actual results to differ materially from those contained in the forward-looking statements.SemiLEDs undertakes no intent 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 SUBSIDIARIESCondensed Consolidated Balance Sheets(In thousands of U.S. dollars)February 28,November 30,20182017ASSETS CURRENT ASSETS:Cash and cash equivalents$3,857$3,400Accounts receivable (including related parties), net3351,307Inventories2,4112,614Prepaid expenses and other current assets357216Total current assets6,9607,537Property, plant and equipment, net7,9518,099Intangible assets, net109109Investments in unconsolidated entities1,023998Other assets247248TOTAL ASSETS$16,290$16,991 LIABILITIES AND EQUITY CURRENT LIABILITIES:Current installments of long-term debt$349$339Accounts payable882725Advance receipt toward the convertible note500500Accrued expenses and other current liabilities5,7875,632Total current liabilities7,5187,196Long-term debt, excluding current installments2,2962,320Total liabilities9,8149,516Commitments and contingenciesEQUITY:SemiLEDs stockholders’ equityCommon stock——Additional paid-in capital175,434175,410Accumulated other comprehensive income3,8363,727Accumulated deficit(172,794)(171,662)Total equity6,4767,475TOTAL LIABILITIES AND EQUITY$16,290$16,991 SEMILEDS CORPORATION AND SUBSIDIARIESUnaudited Condensed Consolidated Statements of Operations(In thousands of U.S. dollars and shares, except per share data)Three Months EndedFebruary 28,November 30,20182017 Revenues, net$1,543$2,003Cost of revenues1,9871,951Gross profit (loss)(444)52Operating expenses:Research and development223184Selling, general and administrative781733Loss (gain) on disposals of long-lived assets(209)—Total operating expenses795917Loss from operations(1,239)(865)Other income (expenses):Interest expenses, net(7)(8)Other income (loss), net49498Foreign currency transaction gain (loss), net65(17)Total other income (expenses), net107473Loss before income taxes(1,132)(392)Income tax expense——Net loss(1,132)(392)Less: Net loss attributable to noncontrolling interests——Net loss attributable to SemiLEDs stockholders$(1,132)$(392)Net loss per share attributable to SemiLEDs stockholders:Basic and diluted$(0.32)$(0.11)Shares used in computing net loss per share attributable to SemiLEDs stockholders:Basic and diluted3,5453,544