SemiLEDs Releases Its Financial Results for Q3 of 2013

On July 11, SemiLEDs, a developer and manufacturer of LED chips and LED components, issued its financial results for Q3 of fiscal year 2013, ended May 31, 2013.

Revenue for Q3 of 2013 was $3.5 million, a decrease of 62% over the $9.2 million in the third quarter of 2012. GAAP net loss attributable to SemiLEDs stockholders for Q3 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.

On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the third quarter of fiscal 2013 was $6.6 million, or a net loss of $0.24 per diluted share, compared to non-GAAP net loss attributable to SemiLEDs stockholders of $8.0 million, or a net loss of $0.29 per diluted share, for the third quarter of fiscal 2012.

GAAP gross margin for the third quarter of fiscal 2013 was negative 129%, compared with gross margin for the third quarter of fiscal 2012 of negative 11%. Operating margin for the third quarter of fiscal 2013 was negative 278% compared with negative 87% in Q3 of fisical 2012. Margins for Q3 of fiscal 2013 were negatively impacted by a decrease 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 Q3 of 2013, compared to Q2 of 2013 ending balance of $43.9 million. Cash used in operating activities was $2.3 million in the third quarter of fiscal 2013.

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