For its fiscal second-quarter 2016 (to 29 February), LED chip and component maker SemiLEDs Corp of Hsinchu, Taiwan has reported revenue of $2.92m, down 36% on $4.6m a year ago but only 2% on $2.96m last quarter.
"We have made good progress toward restructuring our business and focus," says chairman, president & CEO Trung Doan. "Compared with the first quarter of fiscal year 2016, cash position and gross margin have improved and our capital spending has reduced in the second quarter of fiscal year 2016," he adds.
Gross margin was negative 27%, an improvement on negative 49% last quarter although still down on negative 14% a year ago. Operating margin has hence improved from negative 106% last quarter to negative 95%, although also still down on negative 62% a year ago.
On a non-GAAP basis, net loss was $2.2m ($0.08 per diluted share), cut from $3.3m ($0.11 per diluted share) last quarter and better than $2.5m a year ago.
Capital expenditure has been cut further, from $0.42m a year ago and $0.34m last quarter to $0.14m. However, cash used in operating activities was $1m, less than $1.4m a year ago but up from $0.6m last quarter. Total free cash outflow hence rose slightly from $0.9m to $1.15m (although this is still less than $1.8m a year ago). Despite this, during the quarter, cash and cash equivalents rebounded from $3.5m to $5.3m.
For fiscal third-quarter 2016 (ending 31 May), SemiLEDs expect revenue of $2.4-3m.
