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Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended
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Aug. 31, 2012
Quarterly Results of Operations (Unaudited) |
Schedule of quarterly statement of operations |
|  | Three Months Ended |  |  |
--- | --- | --- | --- | --- | ---
|  | November 30, 2011 |  | February 29, 2012 |  | May 31, 2012(1) |  | August 31, 2012(2) |  | Fiscal 2012 |
Revenues, net |  | $ | 6,747 |  | $ | 7,905 |  | $ | 9,178 |  | $ | 5,469 |  | $ | 29,299 |
Cost of revenues |  |  | 7,569 |  |  | 8,627 |  |  | 10,232 |  |  | 8,473 |  |  | 34,901 |
Gross loss |  |  | (822 | ) |  | (722 | ) |  | (1,054 | ) |  | (3,004 | ) |  | (5,602 | )
Operating expenses |  |  | 5,594 |  |  | 5,068 |  |  | 6,928 |  |  | 13,160 |  |  | 30,750 |
Loss from operations |  |  | (6,416 | ) |  | (5,790 | ) |  | (7,982 | ) |  | (16,164 | ) |  | (36,352 | )
Equity in losses from unconsolidated entities, net |  |  | (1,526 | ) |  | (1,176 | ) |  | (2,173 | ) |  | (8,744 | ) |  | (13,619 | )
Net loss attributable to SemiLEDs stockholders |  | $ | (7,721 | ) | $ | (7,114 | ) | $ | (10,003 | ) | $ | (24,619 | ) | $ | (49,457 | )
Net loss per share attributable to SemiLEDs common stockholders, basic and diluted |  | $ | (0.28 | ) | $ | (0.26 | ) | $ | (0.36 | ) | $ | (0.90 | ) | $ | (1.80 | )
|  | Three Months Ended |  |  |
--- | --- | --- | --- | --- | ---
|  | November 30, 2010 |  | February 28, 2011 |  | May 31, 2011 |  | August 31, 2011(3) |  | Fiscal 2011 |
Revenues, net |  | $ | 13,016 |  | $ | 9,957 |  | $ | 5,600 |  | $ | 5,329 |  | $ | 33,902 |
Cost of revenues |  |  | 6,376 |  |  | 7,628 |  |  | 5,124 |  |  | 10,306 |  |  | 29,434 |
Gross profit (loss) |  |  | 6,640 |  |  | 2,329 |  |  | 476 |  |  | (4,977 | ) |  | 4,468 |
Operating expenses |  |  | 1,734 |  |  | 2,936 |  |  | 4,370 |  |  | 7,158 |  |  | 16,198 |
Income (loss) from operations |  |  | 4,906 |  |  | (607 | ) |  | (3,894 | ) |  | (12,135 | ) |  | (11,730 | )
Equity in losses from unconsolidated entities, net |  |  | (222 | ) |  | (675 | ) |  | (1,105 | ) |  | (1,124 | ) |  | (3,126 | )
Income tax expense (benefit) |  |  | 276 |  |  | (219 | ) |  | (10 | ) |  | 678 |  |  | 725 |
Net income (loss) attributable to SemiLEDs stockholders |  | $ | 3,820 |  | $ | (1,168 | ) | $ | (5,123 | ) | $ | (13,633 | ) | $ | (16,104 | )
Net income (loss) per share attributable to SemiLEDs common stockholders, basic and diluted |  | $ | 0.11 |  | $ | (0.05 | ) | $ | (0.19 | ) | $ | (0.50 | ) | $ | (0.88 | )
(1) Results for the third quarter of fiscal 2012 include an excess capacity charge of $1.6 million as a result of a decrease in customer demand, an inventory write-down of $0.7 million as a result of a decline in average selling prices, a provision for a potential litigation settlement associated with the Cree litigation of $1.5 million, and the net loss reported by China SemiLEDs of $2.1 million. The increase in net loss reported by China SemiLEDs was primarily as a result of excess capacity charges and inventory valuation adjustments. (2) Results for the fourth quarter of fiscal 2012 include an excess capacity charge of $2.0 million as a result of a decrease in customer demand, an inventory write-down of $0.8 million as a result of a decline in average selling prices, an impairment charge on property, plant and equipment of $7.5 million, a charge to bad debt expense of $1.4 million, and the Company's equity in the net loss reported by China SemiLEDs of $8.7 million. The increase in net loss reported by China SemiLEDs was primarily as a result of excess capacity charges, inventory valuation adjustments and an impairment charge on its long-lived assets. (3) Significant fiscal 2011 fourth quarter adjustments include an inventory write-down of $4.3 million as a result of a decline in the average selling prices, and an increase in bad debt expense of $1.1 million, mainly due to a single customer. Because of the significant fiscal 2011 fourth quarter loss before income taxes, the Company recognized a valuation allowance increase of $0.6 million on its net deferred tax assets, resulting in a significant charge to income tax expense in the fiscal 2011 fourth quarter.

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- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 + Details
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