Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

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.