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SemiLEDs Corporation (LEDS)
F2Q13 Earnings Conference Call
April 11, 2013 8:00 AM ET
Erica Mannion – IR
Trung Doan – President and CEO
Timothy Lin – Interim CFO
Andrew Huang - Sterne Agee
Ben Pang – B. Riley & Company
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As a reminder, today's call is being recorded. You may listen to a webcast replay of this call by going to the Investors section of the SemiLEDs' website, and visiting the Events and Presentations page.
I would now like to turn the call over to Erica Mannion of Sapphire Investor Relations, Investor Relations for SemiLEDs.
Good morning. Thank you for joining us to discuss SemiLEDs' financial and operating results for the fiscal second quarter 2013. With me today are Trung Doan, Chief Executive Officer and President and Timothy Lin, Interim Chief Financial Officer. Today, Trung will begin with a brief overview of industry dynamics and details of the second quarter. Tim will review fiscal Q2 financial results, and then open up the call for questions.
On the call today, you may hear forward-looking statements about events and circumstances that have not yet occurred. Actual outcomes and results may differ materially from these expectations contained in these statements due to a number of risks and uncertainties. Please refer to the Company's recent SEC filings at the SEC's website at www.sec.gov for detailed discussions of the relevant risks and uncertainties.
The Company undertakes no responsibility to update this information in the conference call under any circumstance. The press release distributed today that announced the Company's results is available on the Company's website at www.semileds.com in the Investors section under financial press releases.
The current report on Form 8-K furnished with respect to our press release is available on the Company's website in the Investors section under SEC Filings and on the SEC's website. You'll also hear discussions of non-GAAP financial measures. Reconciliation of these non-GAAP measures to the most comparable GAAP financial measures are contained in the press release distributed today, and available on the Company's website.
Now, I will turn the call over to Trung Doan, Chairman and CEO. Trung, please go ahead.
Good morning and thank you for joining our call today. In the call today, I also have Dr. Ilkan Cokgor, our Executive VP of Sales and Marketing. So I just want to let you know that too. Through the combination of managing our cost structure and our focus on engaging the profitable business, we have achieved a net loss of $6 million in the second fiscal quarter, a significant improvement compared to a loss of $8.9 million in the first fiscal quarter.
Revenue for Q2 2013 came in at $4.8 million. As a reminder, last quarter we guided revenue down sequentially in expectation of revenue softening due to the Chinese holiday and given our keen focus on securing profitable business. With that said, today I am happy to say that the LED market seems to be improving basically within our target markets in particular our UV products are doing very well.
I am more optimistic today compared to past call; my optimism is based on what we have currently experienced in the market and where we are in the qualification process with several customers. As you may recall, we began qualifying our UV and C35 products back in October last year.
The evaluation process typically take a possibly six to nine months, we are expecting our revenue not only to stabilize but to gradually increase over the next few quarters as more customers complete their qualification process and as a result we experienced higher demand for our C35 and UV products.
The pricing environment remains challenging and it is more challenging in certain parts of the market and due post our cost product groups. For example, we are still working down some of our outage inventory at lower pricing. However, I would like to reiterate that our strategy is to focus on the profitable areas of the market to drive profitable and sustainable growth.
We believe industrials and UV specialty applications will be the driver of that growth while our margins remain today due to our revenue level, the industrial and UV specialty markets command higher margins overall. For the China street light market, the market is improving and we have received orders from our China customers and expect this market to resume growth.
In summary, based on what we are experiencing in the market and hearing from our customers, I believe that we are on the right track and this is a turning point for SemiLEDs. From an execution standpoint, we need to focus on profitable markets to drive long-term growth and continue to control costs.
Now I will turn the call over to Tim who will take you through our financial results. Tim?
Thank you, Trung and thanks everyone who are joining us today. As a reminder, I am referring to our fiscal quarter as I walk through the financials. For the second quarter of 2013, revenue was $4.8 million, this is an approximately 22% sequential decrease from the first quarter of 2013.