LONDON, UK / ACCESSWIRE / January 22, 2018 / Active-Investors.com has just released a free earnings report on SemiLEDs Corp. (NASDAQ: LEDS). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=LEDS. The Company reported its first quarter fiscal 2018 operating and financial results on January 10, 2018. The developer and manufacturer of LED chips and LED components provided guidance for the upcoming quarter. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, SemiLEDs most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
SemiLEDs' revenues decreased 26% to $2.0 million for the three months ended November 30, 2017, compared to $2.7 million for Q1 FY17. The decline in revenues was driven primarily by a $600,000 drop in sales of LED components and a $100,000 decrease in sales of lighting products.
SemiLEDs' gross profit totaled $52,000 for Q1 FY18 compared to $116,000 for Q1 FY17. The drop in gross profit was a consequence of the reduction in cost of revenues.
SemiLEDs' GAAP net loss was $392,000, or $0.11 per diluted share, for Q1 FY18 compared to a loss of $696,000, or $0.20 per diluted share, for Q1 FY17.
Segment Results
During Q1 FY18, SemiLEDs' LED Chips segment's revenue fell 55% to 76,000 on a y-o-y basis as a result of a decrease in the volume of LED chips sold, primarily due to the Company's strategic plan to place greater emphasis on the sales of LED components instead of LED chips. The revenues attributable to the sales of LED chips products represented 4% and 6% of the Company's revenues for Q1 FY18 and Q1 FY17, respectively.
For Q1 FY18, SemiLEDs' LED Components segment's revenue totaled $1.41 million, down 28% compared to the year ago same period. The decrease in revenues was primarily due to a lower volume sold for the LED components products. The revenues attributable to the sales of LED components represented 70% and 73% of the Company's revenues for Q1 FY18 and Q1 FY17, respectively.
During Q1 FY18, SemiLEDs' LED Lighting segment's revenue totaled $266,000, down 33% on a y-o-y basis, due to a slowdown in demand on LED luminaries and fewer non-recurring project-based orders for LED lighting products. The revenues attributable to the sales of LED lighting products represented 13% and 15% of the Company's revenues for the reported quarter and the year ago comparable period, respectively.
Liquidity and Capital Resources
As of November 30, 2017, SemiLEDs had cash and cash equivalents of $3.4 million, which were predominately held in US dollar denominated demand deposits and/or money market funds. As of January 08, 2018, the Company had no available credit facility. The Company's long-term debt, which consisted of NT dollar denominated long-term notes, totaled $2.6 million as of November 30, 2017.
SemiLEDs' net cash used in operating activities was $60,000 and $1.1 million for Q1 FY18 and Q1 FY17, respectively. The cash flows used in operating activities was substantially lower for the reported quarter compared to the year ago corresponding period, primarily due to a decrease in cash used to pay for salary-related expenses due to a reduction of employees.
Outlook
For the second quarter ending February 28, 2018, SemiLEDs is forecasting to generate revenue of approximately $1.6 million, +/- 10%.
Headquarter Update
SemiLEDs announced that, as part of its cost reduction efforts for the upcoming quarter, the Company intends to move and consolidate its LED packaging facility to its headquarters in Chunan, Taiwan.
Stock Performance Snapshot
January 19, 2018 - At Friday's closing bell, SemiLEDs' stock declined 6.18%, ending the trading session at $4.78.
Volume traded for the day: 216.23 thousand shares.
Stock performance in the last month - up 24.29%; previous three-month period - up 105.36%; past twelve-month period - up 32.92%; and year-to-date - up 28.28%
After last Friday's close, SemiLEDs' market cap was at $16.99 million.
The stock is part of the Technology sector, categorized under the Semiconductor- Memory Chips industry. This sector was up 0.3% at the end of the session.
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