SemiLEDs revenues not so bright with 21% tumble
SemiLEDs Corporation LEDS has announced its financial results for the second quarter of fiscal year 2012, ended February 29, 2012.
Revenue for the second quarter of fiscal 2012 was $7.9 million, a 21% decrease compared to $10.0 million in the second quarter of fiscal 2011.
“Given the ongoing challenging industry environment, we are pleased with our quarterly financial and operational results. Our strategy of pursuing the indoor lighting market has proved successful as it continues to improve our revenue growth, and we remain cost conscious in areas of the business that won’t impede our innovation and technology advantage,” says Trung Doan, Chairman and CEO of SemiLEDs.
“We look forward to working within a better economic climate but for the time being we continue to maintain the slow, steady growth and improvement that we have shown over the last two quarters,” continues Doan.
GAAP net loss attributable to SemiLEDs stockholders for the second quarter of fiscal 2012 was $7.1 million, or a loss of $0.26 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $1.2 million, or a loss of $0.05 per diluted share, for the second quarter of fiscal 2011.
GAAP gross margin for the second quarter of fiscal 2012 was negative 9%, compared with positive gross margin for the second quarter of fiscal 2011 of 23%. Operating margin for the second quarter of fiscal 2012 was negative 73%, compared with negative 6% in the second quarter of fiscal 2011. Margins continue to improve through continued expense management.
The Company’s cash and cash equivalents were $66.4 million at the end of the second quarter, compared to the prior quarter ending balance of $74.0 million. Cash used in operations was $4.5 million in the second quarter of fiscal 2012.
Financial Outlook
For its third quarter of fiscal 2012 ending May 31, 2012, SemiLEDs expects revenue in a range of $7.9 million to $8.9 million with GAAP net loss attributable to SemiLEDs stockholders of $7.5 million to $7.0 million, or a loss of $0.27 to $0.25 per diluted share, based on an estimated 27.5 million diluted weighted average shares. GAAP gross margin is expected to be negative.
Conference Call Information
SemiLEDs discussed these financial results in a conference call. An audio replay of the conference call replay will remain available until Tuesday, April 10, 2012 at 11:59 p.m. Eastern Daylight Time and can be accessed by dialling
888-203-1112 (from within U.S.) or 719-457-0820 (from outside the U.S.)
and entering the replay pass code 7604422.
A replay of the webcast can be accessed via the Investors section of the Company’s web site and will remain available for approximately 90 calendar days.
