|By Business Wire||
|January 14, 2014 06:30 AM EST||
SemiLEDs Corporation (NASDAQ: LEDS), “SemiLEDs” or the “Company,” a developer and manufacturer of LED chips and LED components, today announced its financial results for the first quarter of fiscal year 2014, ended November 30, 2013.
Revenue for the first quarter of fiscal 2014 was $3.4 million, a 45% decrease compared to $6.2 million in the first quarter of fiscal 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.
On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2014 was $5.8 million, or a net loss of $0.21 per diluted share, compared to non-GAAP net loss attributable to SemiLEDs stockholders of $8.6 million, or a net loss of $0.31 per diluted share, for the first quarter of fiscal 2013.
GAAP gross margin for the first quarter of fiscal 2014 was negative 68%, compared with gross margin for the first quarter of fiscal 2013 of negative 53% and gross margin for the fourth quarter of fiscal 2013 of negative 103%. Operating margin for the first quarter of fiscal 2014 was negative 179% compared with negative 131% 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 our 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.
Conference Call Information
SemiLEDs will discuss these financial results and provide second quarter guidance in a conference call today at 8:00 a.m. Eastern Standard Time (5:00 a.m. Pacific Standard Time, 9:00 p.m. China Standard Time). The public is invited to listen to a live webcast of the conference call on the Investors section of the Company’s website at http://investors.semileds.com/events.cfm.
A replay of the webcast will be available on the Investors section of the Company’s website approximately three hours after the conclusion of the call and 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, horticulture, architectural lighting and entertainment lighting. SemiLEDs sells blue, green and UV LED chips.
Non-GAAP Financial Measures
SemiLEDs has provided in this press release adjusted financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. SemiLEDs uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to, but not as a substitute for, GAAP measures, in evaluating the Company’s operational performance. SemiLEDs believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating operating results and trends, and in comparing its financial results with other companies in SemiLEDs’ industry, many of which present similar non-GAAP financial measures to investors. The historical non-GAAP financial measures presented above exclude the following items required to be included by GAAP: non-cash stock-based compensation charges and the related tax effect, if any. In addition to the non-GAAP financial measures discussed above, SemiLEDs also uses free cash flow as a measure of operating performance. Free cash flow represents cash provided by operating activities less capital expenditures.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of historic non-GAAP financial measures to GAAP results has been provided in the financial statement tables included in this press release.
Forward Looking Statements
This press release contains statements that may constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, any projections of future revenues, income, margins or other financial information; any statements about historical results that may suggest trends for SemiLEDs’ business; any statements of the plans, strategies and objectives of management for future operations; any statements of expectation or belief regarding recovery of the LED industry, market opportunities and other future events or technology developments; any statements regarding SemiLEDs’ position to capitalize on any market opportunities; and any statements of assumptions underlying any of the foregoing. These forward-looking statements are based on current expectations, estimates, forecasts and projections of future SemiLEDs’ or industry performance based on management’s judgment, beliefs, current trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. SemiLEDs’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and other SemiLEDs filings with the SEC (which you may obtain for free at the SEC’s website at http://www.sec.gov) discuss some of the important risks and other factors that may affect SemiLEDs’ business, results of operations and financial condition. SemiLEDs undertakes no intent or obligation to publicly update or revise any of these forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.
|Unaudited Condensed Consolidated Balance Sheets|
|(In thousands of U.S. dollars)|
|Cash and cash equivalents||$||28,122||$||36,272|
|Accounts receivable, net||2,417||2,152|
|Accounts receivable from related parties, net||133||120|
|Prepaid expenses and other current assets||1,149||1,080|
|Total current assets||43,163||50,124|
|Property, plant and equipment, net||29,487||30,473|
|Intangible assets, net||1,431||1,379|
|Investments in unconsolidated entities||2,220||2,275|
|LIABILITIES AND EQUITY|
|Current installments of long-term debt||$||2,243||$||2,294|
|Accrued expenses and other current liabilities||5,802||6,825|
|Deferred income, current portion||51||51|
|Total current liabilities||10,551||12,704|
|Long-term debt, excluding current installments||5,755||6,169|
|Deferred income, net of current portion||327||339|
|Commitments and contingencies|
|SemiLEDs stockholders’ equity|
|Additional paid-in capital||169,505||169,114|
|Accumulated other comprehensive income||6,075||5,557|
|Total SemiLEDs stockholders’ equity||61,133||66,516|
|TOTAL LIABILITIES AND EQUITY||$||77,830||$||85,705|
|Unaudited Condensed Consolidated Statements of Operations|
|(In thousands of U.S. dollars and shares, except per share data)|
|Three Months Ended November 30,|
|Cost of revenues||5,754||9,515|
|Research and development||1,126||1,223|
|Selling, general and administrative||2,644||3,663|
|Total operating expenses||3,770||4,886|
|Loss from operations||(6,107||)||(8,174||)|
|Other income (expenses):|
|Equity in losses from unconsolidated entities, net||(63||)||(75||)|
|Interest income (expenses), net||(37||)||5|
|Other income, net||54||52|
|Foreign currency transaction loss, net||(197||)||(926||)|
|Total other expenses, net||(243||)||(944||)|
|Loss before income taxes||(6,350||)||(9,118||)|
|Income tax expense||—||—|
|Less: Net loss attributable to noncontrolling interests||(58||)||(195||)|
|Net loss attributable to SemiLEDs stockholders||$||(6,292||)||$||(8,923||)|
|Net loss per share attributable to SemiLEDs stockholders:|
|Basic and diluted||$||(0.23||)||$||(0.32||)|
|Shares used in computing net loss per share attributable to SemiLEDs stockholders:|
|Basic and diluted||27,784||27,495|
|Unaudited Reconciliation of GAAP to Non-GAAP Measures|
|(In thousands of U.S. dollars, except per share data)|
Three Months Ended
|Non-GAAP Net Loss||2013||2012|
|GAAP net loss attributable to SemiLEDs stockholders||$||(6,292||)||$||(8,923||)|
|Stock-based compensation expense||533||336|
|Income tax effect||—||—|
|Non-GAAP net loss attributable to SemiLEDs stockholders||$||(5,759||)||$||(8,587||)|
|Diluted net loss per share attributable to SemiLEDs stockholders:|
|GAAP net loss||$||(0.23||)||$||(0.32||)|
|Non-GAAP net loss||$||(0.21||)||$||(0.31||)|
Three Months Ended
|Free Cash Flow||2013||2012|
|Net cash used in operating activities||$||(5,428||)||$||(3,250||)|
|Less: Capital expenditures||483||1,669|
|Total free cash flows||$||(5,911||)||$||(4,919||)|
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Oct. 26, 2016 07:30 AM EDT Reads: 2,777
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 26, 2016 07:30 AM EDT Reads: 11,497
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Oct. 26, 2016 06:45 AM EDT Reads: 3,387
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Oct. 26, 2016 06:15 AM EDT Reads: 2,073
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Oct. 26, 2016 06:00 AM EDT Reads: 1,876
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Oct. 26, 2016 06:00 AM EDT Reads: 2,042
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
Oct. 26, 2016 06:00 AM EDT Reads: 1,549
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
Oct. 26, 2016 06:00 AM EDT Reads: 1,414
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Oct. 26, 2016 05:45 AM EDT Reads: 2,556
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
Oct. 26, 2016 05:30 AM EDT Reads: 1,041
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Oct. 26, 2016 05:30 AM EDT Reads: 1,021
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Oct. 26, 2016 05:00 AM EDT Reads: 2,581
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 26, 2016 05:00 AM EDT Reads: 999
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
Oct. 26, 2016 04:45 AM EDT Reads: 949
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
Oct. 26, 2016 04:30 AM EDT Reads: 1,194