$LEDS
SemiLEDs Corp

2019 Q4 Form 10-Q Financial Statement

#000156459020001132 Filed on January 15, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $1.563M $1.555M $972.0K
YoY Change 60.8% -20.26% -51.47%
Cost Of Revenue $1.045M $1.226M $1.191M
YoY Change -12.26% -43.11% -38.95%
Gross Profit $518.0K $329.0K -$219.0K
YoY Change -336.53% -260.49% -521.15%
Gross Profit Margin 33.14% 21.16% -22.53%
Selling, General & Admin $726.0K $820.0K $757.0K
YoY Change -4.1% -5.75% 3.27%
% of Gross Profit 140.15% 249.24%
Research & Development $430.0K $540.0K $334.0K
YoY Change 28.74% 116.0% 81.52%
% of Gross Profit 83.01% 164.13%
Depreciation & Amortization $207.0K $260.0K $264.0K
YoY Change -21.59% 13.04% 10.92%
% of Gross Profit 39.96% 79.03%
Operating Expenses $1.077M $1.356M $803.0K
YoY Change 34.12% 33.86% -12.43%
Operating Profit -$559.0K -$1.027M -$1.022M
YoY Change -45.3% -15.68% 18.15%
Interest Expense -$78.00K -$60.00K -$5.000K
YoY Change 1460.0% -14.29% -37.5%
% of Operating Profit
Other Income/Expense, Net $157.0K $200.0K $39.00K
YoY Change 302.56% 25.0% -91.75%
Pretax Income -$197.0K -$880.0K -$983.0K
YoY Change -79.96% -22.12% 150.77%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$322.0K -$881.0K -$978.0K
YoY Change -67.08% -22.1% 149.49%
Net Earnings / Revenue -20.6% -56.66% -100.62%
Basic Earnings Per Share
Diluted Earnings Per Share -$88.89K -$245.1K -$275.3K
COMMON SHARES
Basic Shares Outstanding 3.559M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $700.0K $1.400M $2.600M
YoY Change -73.08% -58.82% -23.53%
Cash & Equivalents $688.0K $1.363M $2.665M
Short-Term Investments
Other Short-Term Assets $1.400M $500.0K $400.0K
YoY Change 250.0% 66.67% 100.0%
Inventory $2.300M $2.083M $2.200M
Prepaid Expenses
Receivables $900.0K $703.0K $200.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.300M $4.628M $5.400M
YoY Change -1.85% -21.04% -28.0%
LONG-TERM ASSETS
Property, Plant & Equipment $6.200M $5.878M $6.700M
YoY Change -7.46% -18.51% -17.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $900.0K $900.0K $900.0K
YoY Change 0.0% 0.0% -10.0%
Other Assets $186.0K $169.0K $200.0K
YoY Change -7.0% 3.05% 0.0%
Total Long-Term Assets $7.443M $7.034M $7.800M
YoY Change -4.58% -16.15% -17.89%
TOTAL ASSETS
Total Short-Term Assets $5.300M $4.628M $5.400M
Total Long-Term Assets $7.443M $7.034M $7.800M
Total Assets $12.74M $11.66M $13.20M
YoY Change -3.46% -18.16% -22.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $649.0K $680.0K $600.0K
YoY Change 8.17% -23.94% -14.29%
Accrued Expenses $2.677M $2.342M $5.600M
YoY Change -52.2% -57.46% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $410.0K $398.0K $300.0K
YoY Change 36.67% 18.81% 0.0%
Total Short-Term Liabilities $5.174M $3.920M $7.000M
YoY Change -26.09% -45.81% -2.78%
LONG-TERM LIABILITIES
Long-Term Debt $5.932M $5.954M $1.900M
YoY Change 212.21% 195.78% -17.39%
Other Long-Term Liabilities $200.0K
YoY Change
Total Long-Term Liabilities $5.932M $5.954M $1.900M
YoY Change 212.21% 195.78% -17.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.174M $3.920M $7.000M
Total Long-Term Liabilities $5.932M $5.954M $1.900M
Total Liabilities $11.27M $9.874M $9.000M
YoY Change 25.17% 6.78% -5.42%
SHAREHOLDERS EQUITY
Retained Earnings -$178.1M -$177.8M
YoY Change 2.05%
Common Stock $175.8M $175.8M
YoY Change 0.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.435M $1.741M $4.200M
YoY Change
Total Liabilities & Shareholders Equity $12.74M $11.66M $13.20M
YoY Change -3.46% -18.16% -22.31%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income -$322.0K -$881.0K -$978.0K
YoY Change -67.08% -22.1% 149.49%
Depreciation, Depletion And Amortization $207.0K $260.0K $264.0K
YoY Change -21.59% 13.04% 10.92%
Cash From Operating Activities -$324.0K -$680.0K -$1.266M
YoY Change -74.41% -25.27% 2010.0%
INVESTING ACTIVITIES
Capital Expenditures $50.00K -$50.00K $24.00K
YoY Change 108.33% -50.0% -74.47%
Acquisitions
YoY Change
Other Investing Activities $80.00K $0.00 $510.0K
YoY Change -84.31% -100.0%
Cash From Investing Activities $21.00K -$60.00K $485.0K
YoY Change -95.67% -110.91% -621.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $103.0K $83.00K
YoY Change 24.1% -1.19%
Cash From Financing Activities -103.0K 1.100M -83.00K
YoY Change 24.1% -1671.43% -1.19%
NET CHANGE
Cash From Operating Activities -324.0K -680.0K -1.266M
Cash From Investing Activities 21.00K -60.00K 485.0K
Cash From Financing Activities -103.0K 1.100M -83.00K
Net Change In Cash -610.0K 360.0K -847.0K
YoY Change -27.98% -183.72% 257.38%
FREE CASH FLOW
Cash From Operating Activities -$324.0K -$680.0K -$1.266M
Capital Expenditures $50.00K -$50.00K $24.00K
Free Cash Flow -$374.0K -$630.0K -$1.290M
YoY Change -71.01% -22.22% 737.66%

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ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee
35000
CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
61000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
49237000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
867000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
774000
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1026000
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
933000
CY2019Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
920000
CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Net
DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet
263000
CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Inventory Current
DisposalGroupIncludingDiscontinuedOperationInventoryCurrent
4000
CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Prepaid And Other Assets Current
DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssetsCurrent
72000
CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Other Current Assets
DisposalGroupIncludingDiscontinuedOperationOtherCurrentAssets
1000
CY2019Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
401000
CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Accounts Payable Current
DisposalGroupIncludingDiscontinuedOperationAccountsPayableCurrent
786000
CY2019Q4 leds Disposal Group Including Discontinued Operation Accrued Liabilities And Other Liabilities Current
DisposalGroupIncludingDiscontinuedOperationAccruedLiabilitiesAndOtherLiabilitiesCurrent
4000
CY2019Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
790000
CY2019Q4 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
38000
CY2019Q4 us-gaap Operating Leases Indemnification Agreements Description
OperatingLeasesIndemnificationAgreementsDescription
The Company has several operating leases with unrelated parties, primarily for land, plant and office spaces in Taiwan, which include cancellable and noncancellable leases and which expire at various dates between December 2029 and December 2029.
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
307000
CY2019Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
38000
CY2019Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
38000
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M2D
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0176
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
112000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
95000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
30000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
11000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
11000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
60000
CY2019Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
319000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12000
CY2019Q4 leds Operating Leases Future Minimum Payments Present Value Of Net Minimum Payment
OperatingLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayment
307000
CY2019Q1 us-gaap Loss Contingency Settlement Agreement Date
LossContingencySettlementAgreementDate
January 25, 2019
CY2019Q1 leds Loss Contingency Value Added Tax
LossContingencyValueAddedTax
150000
CY2019Q1 leds Loss Contingency Penalty Amount
LossContingencyPenaltyAmount
200000
CY2019Q4 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
3350000
CY2018Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
7500000
CY2018Q4 leds Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPlans
1
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
250000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
500000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate
2023-11-03
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1021000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
521000
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
684000
CY2018Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
189000
CY2019Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-125000
CY2018Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-833000
CY2019Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
CY2019Q4 leds Tax Cuts And Jobs Act Of2017 One Time Transition Tax Payable Period On Unrepatriated Earnings Of Foreign Subsidiaries
TaxCutsAndJobsActOf2017OneTimeTransitionTaxPayablePeriodOnUnrepatriatedEarningsOfForeignSubsidiaries
P8Y
CY2019Q4 leds Share Based Compensation Arrangement By Share Based Payment Award Estimated Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardEstimatedForfeitureRate
0.00
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q4 us-gaap Share Based Compensation Forfeiture Method Fixed List
ShareBasedCompensationForfeitureMethodFixedList
Estimating expected forfeitures
CY2019Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
35000
CY2018Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
43000

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