SemiLEDs – LEDS – Reports Third Quarter of Fiscal Year 2012 Financial Results
SemiLEDs Corporation (NASDAQ: LEDS), a developer and manufacturer of LED chips and LED components, announced its financial results for the third quarter of fiscal year 2012, ended May 31, 2012. Revenue for the third quarter of fiscal 2012 was $9.2 million, a 64% increase compared to $5.6 million in the third quarter of fiscal 2011.
“While we have been prudent in our spending this past year, we have continued to invest in research and development. We are excited about the prospects for our recently announced Enhanced Vertical (EV) LED product series. These products, which we are introducing globally, increase our addressable market and are the foundation for future revenue growth. We have already received interest and have some customers that have begun the evaluation process,” said Trung Doan, Chairman and CEO of SemiLEDs. “We look forward to announcing more innovative products in the months to come that will further strengthen our position in the market place,” concluded Doan.
GAAP net loss attributable to LEDS stockholders for the third quarter of fiscal 2012 was $10.0 million, or a net loss of $0.36 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $5.1 million, or a net loss of $0.19 per diluted share, for the third quarter of fiscal 2011. On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the third quarter of fiscal 2012 was $8.0 million, or a net loss of $0.29 per diluted share, compared to non-GAAP net loss attributable to SemiLEDs stockholders of $4.3 million, or a net loss of $0.16 per diluted share, for the third quarter of fiscal 2011.
GAAP gross margin for the third quarter of fiscal 2012 was negative 11%, compared with positive gross margin for the third quarter of fiscal 2011 of 9%. Operating margin for the third quarter of fiscal 2012 was negative 87%, compared with negative 70% in the third quarter of fiscal 2011. Margins were negatively impacted in the third quarter of fiscal 2012 by excess capacity charge of $1.6 million and a provision for potential litigation settlement of $1.5 million.
The Company’s cash and cash equivalents were $62.9 million at the end of the third quarter of fiscal 2012, compared to the second quarter ending balance of $66.4 million. Cash used in operating activities was $2.5 million in the third quarter of fiscal 2012.
About SemiLEDs – LEDS
SemiLEDs (LEDS) develops and manufactures LED chips and LED components primarily for general lighting applications, including street lights and commercial, industrial and residential lighting. LEDS sells blue, green and ultraviolet (UV) LED chips under the MvpLED brand.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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