Semileds Corporation (LEDS) saw its loss narrow to $12.17 million, or $4.07 a share for the quarter ended Aug. 31, 2016. In the previous year period, the company reported a loss of $13.27 million, or $0.46 a share. On an adjusted basis, net loss for the quarter stood at $2.80 million, or $0.94 a share.
Revenue during the quarter plunged 86.67 percent to $1.88 million from $14.12 million in the previous year period. Gross margin for the quarter was negative 66.33 percent.
Operating loss for the quarter was $11.56 million, compared with an operating loss of $13.30 million in the previous year period.
Working capital declines
Semileds Corporation has witnessed a decline in the working capital over the last year. It stood at $6.74 million as at Aug. 31, 2016, down 8.44 percent or $0.62 million from $7.36 million on Aug. 31, 2015. Current ratio was at 2.37 as on Aug. 31, 2016, up from 2.17 on Aug. 31, 2015.
Debt comes down significantly
Semileds Corporation has recorded a decline in total debt over the last one year. It stood at $2.91 million as on Aug. 31, 2016, down 25.54 percent or $1 million from $3.91 million on Aug. 31, 2015. Total debt was 13.08 percent of total assets as on Aug. 31, 2016, compared with 10.14 percent on Aug. 31, 2015. Debt to equity ratio was at 0.25 as on Aug. 31, 2016, up from 0.13 as on Aug. 31, 2015.
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