HSINCHU, Taiwan, Jan. 12, 2017 (GLOBE NEWSWIRE) — SemiLEDs Corporation (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 2017, ended November 30, 2016.
Revenue for the first quarter of fiscal 2017 was $2.7 million, a 43% increase compared to $1.9 million in the fourth quarter of fiscal 2016. GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2017 was $0.7 million, compared to a loss of $12.2 million in the fourth quarter of 2016, or a net loss of $0.20 per diluted share, compared to a net loss of $4.07 per diluted share for the fourth quarter of fiscal 2016. The GAAP net loss of $0.7 million for the first quarter of fiscal 2017 included $0.5 million in other income from a breach of contract lawsuit payments consisting of the $0.3 million advance receipt payment made in March 2015 and the $0.2 million settlement payment made in November 2016.
On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2017 was $0.6 million, or a net loss of $0.17 per diluted share, compared to non-GAAP net loss attributable to SemiLEDs stockholders of $2.8 million, or a loss of $0.94 in the fourth quarter of 2016.
GAAP gross margin for the first quarter of fiscal 2017 was 4%, compared with gross margin for the fourth quarter of fiscal 2016 of negative 66%. Operating margin for the first quarter of fiscal 2017 was negative 41%, compared with negative 614% in the fourth quarter of fiscal 2016, which was negatively impacted by the impairment of long-lived assets and investments. The Company’s cash and cash equivalents was $4.8 million at November 30, 2016, compared to $6.0 million at the end of fiscal 2016. Cash used in operating activities was $1.1 million in the first quarter of fiscal 2017, compared with $0.5 million in the fourth quarter of fiscal 2016.
We expect revenue for the second quarter ending February 28, 2017 to be about $2.1 million +/- 10%.
The Chinese New Year (CNY) of 2017 will begin on January 28, 2017. Our office and factory facilities will be closed from January 27, 2017 until February 12, 2017. We will resume operation on Monday, February 13, 2017.
About SemiLEDs
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, white, green and UV LED chips.