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News Breaks | | | | November 26, 2012 | | 17:53 EDT |  | LEDS | SemiLEDs says assets relating to Xurui Guangdian materially impaired
On November 19, Chief Executive Officer and Chief Financial Officer of SemiLEDs Corporation concluded that the company’s assets relating to Xurui Guangdian, including the company’s 49% equity interest in China SemiLEDs and its accounts and notes receivable from China SemiLEDs, have been materially impaired. As a result, the company expects to reduce the value of its equity investment in China SemiLEDs from $8.7M, as of May 31, to zero, as of August 31, primarily due to such impairment charge. The company also expects to record an impairment charge on its accounts and notes receivable from China SemiLEDs in the amount of $1.4M The impairment charges will be reflected in the company’s financial statements for the year ended August 31. The impairment charges are not expected to result in future cash expenditures by the company. | |
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