News Article
SemiLEDs suffers 62 percent loss in revenues
The III-nitride innovator says it has beared the brunt of a series of one-time events
SemiLEDs Corporation, a developer and manufacturer of LED chips and LED components, has announced its financial results for the third quarter of fiscal year 2013, ended May 31st, 2013.
Revenue for the third quarter of fiscal 2013 was $3.5 million, a 62 percent decrease compared to $9.2 million in the third quarter of fiscal 2012.
GAAP net loss attributable to SemiLEDs stockholders for the third quarter of fiscal 2013 was $11.0 million, or a net loss of $0.40 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $10.0 million, or a net loss of $0.36 per diluted share, for the third quarter of fiscal 2012.
“Unfortunately the combination of a series of one-time events greatly impacted our business performance this quarter,” said Trung Doan, Chairman, President and CEO. “Despite this brief set-back, we remain confident we have the right strategy in place, focusing on profitable market segments where the performance and quality of our products continues to differentiate us,” concluded Doan.
GAAP gross margin for the third quarter of fiscal 2013 was negative 129 percent, compared with gross margin for the third quarter of fiscal 2012 of negative 11 percent. Operating margin for the third quarter of fiscal 2013 was negative 278 percent compared with negative 87 percent in the third quarter of fiscal 2012.
Margins for the third quarter of fiscal 2013 were negatively impacted by a reduction in revenues, excess capacity charges for our LED chips, and impairment charges on goodwill and intangible assets that arose from the acquisition of a majority owned subsidiary in August 2011.
The company’s cash and cash equivalents were $41.4 million at the end of the third quarter of fiscal 2013, compared to the second quarter fiscal 2013 ending balance of $43.9 million. Cash used in operating activities was $2.3 million in the third quarter of fiscal 2013.
SemiLEDs held a webcast discussing these results yesterday. A replay of the webcast will be available on the Investors section of the company’s website and will remain available for approximately 90 calendar days.
