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SemiLEDs Corporation (LEDS)
F3Q 2013 Earnings Conference Call
July 11, 2013 8:00 a.m. ET
Erica Mannion – IR, Sapphire Investor Relations
Trung Doan – President, Chairman, and CEO
Timothy Lin – CFO
Ilkan Cokgor – EVP of Sales & Marketing
Ben Pang – B. Riley and Company
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This call is the property of SemiLEDs and any recording, reproduction, or transmission of this call, without the express written consent of SemiLEDs, is strictly prohibited.
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 SemiLEDs website and visiting the Events and Presentation page.
I would now like to turn the conference over to Erica Mannion of Sapphire Investor Relations, Investor Relations for SemiLEDs. Please, go ahead, Ma'am.
Good morning. Thank you for joining us to discuss SemiLEDs' financial and operating results for the fiscal third quarter of 2013. With me today are Trung Doan, Chairman, President, and CEO; Timothy Lin, Interim Chief Financial Officer; and Ilkan Cokgor, Executive Vice President of Sales and Marketing.
Today, Trung will begin with a brief overview of industry dynamics and details of the third quarter. Tim will review Q3 financial results, and then all three gentlemen will be available for questions.
Today, on the call, you may hear forward-looking statements about events and circumstances that have not yet occurred. Actual outcomes and results may differ materially from the 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 the information in this 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 will 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, President, and CEO. Trung, please go ahead.
Good morning, and thank you for joining our call today to discuss our first – our finance – fiscal third-quarter results as you saw in the press release we distributed early this morning.
Our revenue came in at $3.5 million, which failed to meet our expectations. I would like to take some time to explain what happened during the quarter.
In March, we saw substantial amount on our remaining legacy chip, finished goods inventory at a (inaudible) resulting in the cannibalization of our chip sales in April and May.
Many of our Eastern European customers were also affected by the Cyprus banking crisis and pushed out their orders, and we expected our new blue EV products will be qualified by major customers resulting in additional sales revenue.
However, this did not happen in Q3. While we are disappointed with our Q3 results, we believe this is a temporary setback.
We have already made progress addressing these issues. In June, we saw the return of orders for our regular and new chip and component customer, including our Eastern European customers, and we continue to work with our major customers to qualify our EV products and expect to see meaningful revenue contribution in our November quarter.
Furthermore, we have upgraded our China distribution channel by adding several new sales agents and have secured some new customers in components.
In June, we also announced, two new product families; the 10-watt, high-power N9 series and the 0.17 watts to 0.50 watts mid-power P50N series. Both product families take advantage of our unique, patented vertical LED structure that delivers superior performance directional industrial applications such as printing, coating, and curing and basic specialty applications including signage and medical or cosmetic use.
The pricing of [raw material] (ph) is stable, and we are ramping out EV products. Although, (inaudible) remains the same, we are focused on EV components and modules in the camera flash market, where we are earning the higher margins on our chips.
In summary, unfortunately, we encountered a stream of events in a single quarter. As a result, our fiscal third quarter was significantly impacted. However, we believe EV is where the (inaudible), we remain optimistic and focused on the opportunities ahead.
Before I turn the call over to Tim, who will walk through – walk you through the details of financial results, I would like to mention that Ilkan Cokgor, our Executive Vice President of Sales and Marketing is with us today and available to address questions you all may have on the call.
Now, I will turn the call over to Tim.
Thank you, Trung, and thanks everyone for joining us today. As a reminder, I am referring to our fiscal quarter as I walk through the financials.