News Article
SemiLEDs suffers with weak LED market
Revenue for the first quarter of fiscal 2014 was $3.4 million, a 45 percent decrease compared to $6.2 million in the first quarter of fiscal 2013
LED chip manufacturer, SemiLEDs Corporation has announced its financial results for the first quarter of fiscal year 2014, ended November 30th, 2013.
GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2014 was $6.3 million, or a net loss of $0.23 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $8.9 million, or a net loss of $0.32 per diluted share, for the first quarter of fiscal 2013.
“We are encouraged by the progress we have made in the most recent quarter,” said Trung Doan, Chairman, President and CEO. “While we are still in the early stages of executing on our strategy, the sequential improvement in gross margin demonstrates the initial impact of our efforts,” concluded Doan.
GAAP gross margin for the first quarter of fiscal 2014 was negative 68 percent, compared with gross margin for the first quarter of fiscal 2013 of negative 53 percent and gross margin for the fourth quarter of fiscal 2013 of negative 103 percent.
Operating margin for the first quarter of fiscal 2014 was negative 179 percent compared with negative 131 percent in the first quarter of fiscal 2013. Gross margin for the first quarter of fiscal 2014 was negatively impacted by the reduction in revenues and an excess capacity charge for LED chips and LED components.
The company’s cash and cash equivalents were $28.1 million at the end of the first quarter of fiscal 2014, compared to the fourth quarter fiscal 2013 ending balance of $36.3 million. Cash used in operating activities was $5.4 million in the first quarter of fiscal 2014.
GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2014 was $6.3 million, or a net loss of $0.23 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $8.9 million, or a net loss of $0.32 per diluted share, for the first quarter of fiscal 2013.
“We are encouraged by the progress we have made in the most recent quarter,” said Trung Doan, Chairman, President and CEO. “While we are still in the early stages of executing on our strategy, the sequential improvement in gross margin demonstrates the initial impact of our efforts,” concluded Doan.
GAAP gross margin for the first quarter of fiscal 2014 was negative 68 percent, compared with gross margin for the first quarter of fiscal 2013 of negative 53 percent and gross margin for the fourth quarter of fiscal 2013 of negative 103 percent.
Operating margin for the first quarter of fiscal 2014 was negative 179 percent compared with negative 131 percent in the first quarter of fiscal 2013. Gross margin for the first quarter of fiscal 2014 was negatively impacted by the reduction in revenues and an excess capacity charge for LED chips and LED components.
The company’s cash and cash equivalents were $28.1 million at the end of the first quarter of fiscal 2014, compared to the fourth quarter fiscal 2013 ending balance of $36.3 million. Cash used in operating activities was $5.4 million in the first quarter of fiscal 2014.
