SemiLEDs Reports Sliding Revenues in 4Q14

SemiLEDs, "SemiLEDs" or the "Company," a developer and manufacturer of LED chips and LED components, today announced its financial results for the fourth quarter and full year of fiscal year 2014, ended August 31, 2014.

Revenue for the fourth quarter of fiscal 2014 was $2.3 million, a 33% decrease compared to $3.4 million in the fourth quarter of fiscal 2013. GAAP net loss attributable to SemiLEDs stockholders for the fourth quarter of fiscal 2014 was $5.4 million, or a net loss of $0.19 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $17.9 million, or a net loss of $0.64 per diluted share, for the fourth quarter of fiscal 2013.

"As we discussed last quarter, in the fourth quarter we experienced a reduction in production capacity as we consolidated manufacturing facilities and relocated production equipment," said Trung Doan, Chairman, President and CEO. "With these actions now largely complete, we look forward to higher revenue in our target markets for the coming quarter," concluded Doan.

On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the fourth quarter of fiscal 2014 was $5.0 million, or a net loss of $0.17 per diluted share, compared to non-GAAP net loss attributable to SemiLEDs stockholders of $7.3 million, or a net loss of $0.26 per diluted share for the fourth quarter of fiscal 2013.

Revenue for fiscal 2014 was $14.5 million, a 19% decrease compared to $18.0 million for fiscal 2013. GAAP net loss attributable to SemiLEDs stockholders for fiscal 2014 was $24.5 million, or a net loss of $0.87 per diluted share, compared to GAAP net loss attributable to SemiLEDs stockholders of $43.7 million, or a net loss of $1.58 per diluted share, for fiscal 2013.

On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for fiscal 2014 was $22.5 million, or a net loss of $0.80 per diluted share, compared to non-GAAP net loss attributable to SemiLEDs stockholders of $27.8 million, or a net loss of $1.01 per diluted share, for fiscal 2013.

GAAP gross margin for the fourth quarter of fiscal 2014 was negative 134%, compared with gross margin for the fourth quarter of fiscal 2013 of negative 103%. Operating margin for the fourth quarter of fiscal 2014 was negative 251%, compared with negative 523% in the fourth quarter of fiscal 2013. The Company's cash and cash equivalents were $12.6 million at the end of the fourth quarter of fiscal 2014, compared to the third quarter fiscal 2014 ending balance of $16.1 million. Cash used in operating activities was $1.9 million in the fourth quarter of fiscal 2014.

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