SemiLEDs revenues almost halved
SemiLEDs Corporation has announced its financial results for the first quarter of fiscal year 2012 ended November 30, 2011.
Revenue for the first quarter of fiscal 2012 was $6.7 million, a 48% decrease compared to $13.0 million in the first quarter of fiscal 2011.
According to a the conference call hosted by SemiLEDs executives, LED chips accounted for 30% of revenues while LED components were higher at 45%. The remaining 25% of revenue was attributable to mainly luminaires whose manufacturing were outsourced by the company.
"Our strategy of pursuing the indoor lighting market has already proven fruitful as demonstrated by our financial results. While we achieved sequential revenue growth of 27% and we are pleased with our first quarter results, not much has changed, the industry remains very challenging. We believe the steps we are taking will allow us to weather the storm and position us well for when the industry recovers," said Trung Doan, Chairman and CEO of SemiLEDs.
GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2012 was $7.7 million, or a loss of $0.28 per diluted share, compared to GAAP net income attributable to SemiLEDs stockholders of $3.8 million, or $0.11 per diluted share, for the first quarter of fiscal 2011.
GAAP gross margin for the first quarter of fiscal 2012 was negative 12%, compared with 51% in the first quarter of fiscal 2011. Operating margin for the first quarter of fiscal 2012 was negative 95%, compared with 38% in the first quarter of fiscal 2011. Margins marginally improved from the fourth quarter of fiscal 2011 due to managing expenses.
The Company's cash and cash equivalents were $74.0 million at the end of the first quarter, compared to the prior quarter ending balance of $83.6 million. Cash used in operations was $3.5 million in the first quarter of fiscal 2012.
Financial Outlook
For its second quarter of fiscal 2012 ending February 29, 2012, SemiLEDs expects revenue in a range of $7 million to $8 million with GAAP net loss attributable to SemiLEDs stockholders of $7.6 million to $7.1 million, or a loss of $0.28 to $0.26 per diluted share, based on an estimated 27.4 million diluted weighted average shares. GAAP gross margin is expected to be negative.
SemiLEDs discussed its financial results in a conference call on 11 January 2012.
An audio replay of the conference call is available until Friday, January 13, 2012 at 11:59 p.m. Eastern Standard Time and can be accessed by dialling
888-203-1112 ( from the U.S.) or 719-457-0820 (from outside the U.S.)
and entering the replay pass code 1543778.
A replay of the webcast will be available on the Investors section of the Company's web site for approximately 90 calendar days.
