News Article
SemiLEDs yearly revenues slashed by 38.7 percent
The company will continue to lower its dependency on general lighting chip sales where supply is exceeding demand. SemiLEDs will however broaden its component and UV product lines where pricing pressure is reduced
SemiLEDs Corporation (SemiLEDs) or the 'company,' a developer and manufacturer of LED chips and LED components, has announced its financial results for the fiscal fourth quarter and full year 2013, ended August 31st, 2013.
Revenue for the fourth quarter of fiscal 2013 was $3.4 million, a 38% decrease compared to $5.5 million in the fourth quarter of fiscal 2012. GAAP net loss attributable to SemiLEDs stockholders for the fourth quarter of fiscal 2013 was $17.9 million, or a net loss of $0.64 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $24.6 million, or a net loss of $0.90 per diluted share, for the fourth quarter of fiscal 2012.
"We continue to pursue our strategy of lowering our dependency on general lighting chip sales where supply is exceeding demand, while at the same time broadening our component and UV product lines where pricing pressure is reduced," said Trung Doan, Chairman, President and CEO. "Our goal is to improve gross margin and operating cash flow," concluded Doan.
LED chip revenues represented approximately 27% of the firm's total revenues in the fourth quarter and 30% of our total revenues for the full-year. Revenues attributable to the sale of SemiLEDs' LED components decreased 25% sequentially and decreased 53% year-over-year, representing approximately 34% of its revenues in the fourth quarter and 39% of our revenues for the full-year.
Revenues from our lighting products increased 13% sequentially, but decreased 5% year-over-year representing approximately 29% of revenues in the fourth quarter and 23% of revenues for the full-year.
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Revenue for fiscal 2013 was $18.0 million, a 39% decrease compared to $29.3 million for fiscal 2012. GAAP net loss attributable to SemiLEDs stockholders for fiscal 2013 was $43.7 million, or a net loss of $1.58 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $49.5 million, or a net loss of $1.80 per diluted share, for fiscal 2012.
GAAP gross margin for the fourth quarter of fiscal 2013 was negative 103%, compared with gross margin for the fourth quarter of fiscal 2012 of negative 55%. Operating margin for the fourth quarter of fiscal 2013 was negative 523% compared with negative 296% in the fourth quarter of fiscal 2012. Margins for the fourth quarter of fiscal 2013 were negatively impacted by reduction in revenues, excess capacity charge for our LED chips and impairment of long-lived assets.
The company's cash and cash equivalents were $36.3 million at the end of the fourth quarter of fiscal 2013, compared to the third quarter fiscal 2013 ending balance of $41.4 million. Cash used in operating activities was $4.7 million in the fourth quarter of fiscal 2013.
Outlook for FY Q1 2014
SemiLEDs expects revenues to be approximately $3.5 million, plus or minus 10% and GAAP gross margin to continue to be negative for the quarter as the company will not fully utilise its production capacity.
GAAP net loss attributable to SemiLEDs stockholders for the first quarter is expected to be approximately $7.5 million. GAAP EPS is expected to be approximately negative $0.27 per diluted share. The diluted shares outstanding count is estimated at 27.8 million.
Conference Call Information
SemiLEDs discussed these financial results of its first quarter guidance in a conference call.
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.
SemiLEDs develops and manufactures LED chips and LED components primarily for general lighting applications, including street lights and commercial, industrial and residential lighting, along with specialty industrial applications such as ultraviolet (UV) curing, medical/cosmetic, counterfeit detection, and horticulture. SemiLEDs sells blue, green and UV LED chips.
Revenue for the fourth quarter of fiscal 2013 was $3.4 million, a 38% decrease compared to $5.5 million in the fourth quarter of fiscal 2012. GAAP net loss attributable to SemiLEDs stockholders for the fourth quarter of fiscal 2013 was $17.9 million, or a net loss of $0.64 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $24.6 million, or a net loss of $0.90 per diluted share, for the fourth quarter of fiscal 2012.
"We continue to pursue our strategy of lowering our dependency on general lighting chip sales where supply is exceeding demand, while at the same time broadening our component and UV product lines where pricing pressure is reduced," said Trung Doan, Chairman, President and CEO. "Our goal is to improve gross margin and operating cash flow," concluded Doan.
LED chip revenues represented approximately 27% of the firm's total revenues in the fourth quarter and 30% of our total revenues for the full-year. Revenues attributable to the sale of SemiLEDs' LED components decreased 25% sequentially and decreased 53% year-over-year, representing approximately 34% of its revenues in the fourth quarter and 39% of our revenues for the full-year.
Revenues from our lighting products increased 13% sequentially, but decreased 5% year-over-year representing approximately 29% of revenues in the fourth quarter and 23% of revenues for the full-year.
Revenue for fiscal 2013 was $18.0 million, a 39% decrease compared to $29.3 million for fiscal 2012. GAAP net loss attributable to SemiLEDs stockholders for fiscal 2013 was $43.7 million, or a net loss of $1.58 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $49.5 million, or a net loss of $1.80 per diluted share, for fiscal 2012.
GAAP gross margin for the fourth quarter of fiscal 2013 was negative 103%, compared with gross margin for the fourth quarter of fiscal 2012 of negative 55%. Operating margin for the fourth quarter of fiscal 2013 was negative 523% compared with negative 296% in the fourth quarter of fiscal 2012. Margins for the fourth quarter of fiscal 2013 were negatively impacted by reduction in revenues, excess capacity charge for our LED chips and impairment of long-lived assets.
The company's cash and cash equivalents were $36.3 million at the end of the fourth quarter of fiscal 2013, compared to the third quarter fiscal 2013 ending balance of $41.4 million. Cash used in operating activities was $4.7 million in the fourth quarter of fiscal 2013.
Outlook for FY Q1 2014
SemiLEDs expects revenues to be approximately $3.5 million, plus or minus 10% and GAAP gross margin to continue to be negative for the quarter as the company will not fully utilise its production capacity.
GAAP net loss attributable to SemiLEDs stockholders for the first quarter is expected to be approximately $7.5 million. GAAP EPS is expected to be approximately negative $0.27 per diluted share. The diluted shares outstanding count is estimated at 27.8 million.
Conference Call Information
SemiLEDs discussed these financial results of its first quarter guidance in a conference call.
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.
SemiLEDs develops and manufactures LED chips and LED components primarily for general lighting applications, including street lights and commercial, industrial and residential lighting, along with specialty industrial applications such as ultraviolet (UV) curing, medical/cosmetic, counterfeit detection, and horticulture. SemiLEDs sells blue, green and UV LED chips.
