Exhibit 99.1

SemiLEDs Reports First Quarter of Fiscal Year 2012

Financial Results

Hsinchu, Taiwan (January 11, 2012) — SemiLEDs Corporation (NASDAQ: LEDS), a developer and manufacturer of LED chips and LED components, today announced its financial results for the first quarter of fiscal year 2012, ended November 30, 2011. Revenue for the first quarter of fiscal 2012 was $6.7 million, a 48% decrease compared to $13.0 million in the first quarter of fiscal 2011.

“Our strategy of pursuing the indoor lighting market has already proven fruitful as demonstrated by our financial results.  While we achieved sequential revenue growth of 27% and we are pleased with our first quarter results, not much has changed, the industry remains very challenging.  We believe the steps we are taking will allow us to weather the storm and position us well for when the industry recovers,” said Trung Doan, Chairman and CEO of SemiLEDs.

GAAP net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2012 was $7.7 million, or a loss of $0.28 per diluted share, compared to GAAP net income attributable to SemiLEDs stockholders of $3.8 million, or $0.11 per diluted share, for the first quarter of fiscal 2011. On a non-GAAP basis, net loss attributable to SemiLEDs stockholders for the first quarter of fiscal 2012 was $7.1 million, or a loss of $0.26 per diluted share, compared to non-GAAP net income attributable to SemiLEDs stockholders of $3.9 million, or $0.12 per diluted share, for the first quarter of fiscal 2011.

GAAP gross margin for the first quarter of fiscal 2012 was negative 12%, compared with 51% in the first quarter of fiscal 2011. Operating margin for the first quarter of fiscal 2012 was negative 95%, compared with 38% in the first quarter of fiscal 2011. Margins marginally improved from the fourth quarter of fiscal 2011 due to managing expenses.

The Company’s cash and cash equivalents were $74.0 million at the end of the first quarter, compared to the prior quarter ending balance of $83.6 million. Cash used in operations was $3.5 million in the first quarter of fiscal 2012.

Financial Outlook

For its second quarter of fiscal 2012 ending February 29, 2012, SemiLEDs expects revenue in a range of $7 million to $8 million with GAAP net loss attributable to SemiLEDs stockholders of $7.6 million to $7.1 million, or a loss of $0.28 to $0.26 per diluted share, based on an estimated 27.4 million diluted weighted average shares. GAAP gross margin is expected to be negative.

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Conference Call Information

SemiLEDs will discuss these financial results in a conference call today at 8:00 a.m. Eastern Standard Time (9:00 p.m. Wednesday, January 11, 2012, China Standard Time). The public is invited to listen to a live webcast of the conference call on the Investors section of the company website at http://investors.semileds.com/events.cfm.

An audio replay of the conference call will be available approximately two hours after the conclusion of the call. The audio replay will remain available until Friday, January 13, 2012 at 11:59 p.m. Eastern Standard Time and can be accessed by dialing 888-203-1112 if you are calling from within the United States or 719-457-0820 if you are calling from outside the United States and entering the replay pass code 1543778. A replay of the webcast will be available on the Investors section of the Company’s web site approximately three hours after the conclusion of the call and remain available for approximately 90 calendar days.

About SemiLEDs

SemiLEDs develops and manufactures LED chips and LED components primarily for general lighting applications, including street lights and commercial, industrial and residential lighting. SemiLEDs sells blue, green and ultraviolet (UV) LED chips under the MvpLED brand.

Non-GAAP Financial Measures

SemiLEDs has provided in this press release adjusted financial information that has not been prepared in accordance with generally accepted accounting principles, or GAAP. SemiLEDs uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to, but not as a substitute for, GAAP measures, in evaluating the Company’s operational performance. SemiLEDs believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating operating results and trends, and in comparing its financial results with other companies in SemiLEDs’ industry, many of which present similar non-GAAP financial measures to investors. The historical non-GAAP financial measures presented above exclude the following item required to be included by GAAP: non-cash stock-based compensation charges and related tax effect.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of historic non-GAAP financial measures presented above to GAAP results has been provided in the financial statement tables included in this press release.

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Forward Looking Statements

This press release contains statements that may constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, any projections of future revenues, income, margins or other financial information; any statements about historical results that may suggest trends for SemiLEDs’ business; any statements of the plans, strategies and objectives of management for future operations; any statements of expectation or belief regarding recovery of the LED industry, market opportunities and other future events or technology developments; any statement regarding SemiLEDs’ position to capitalize on any market opportunities; and any statements of assumptions underlying any of the foregoing. These forward-looking statements are based on current expectations, estimates, forecasts and projections of future SemiLEDs’ or industry performance based on management’s judgment, beliefs, current trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. SemiLEDs’ Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and other SemiLEDs filings with the SEC (which you may obtain for free at the SEC’s website at http://www.sec.gov) discuss some of the important risks and other factors that may affect SemiLEDs’ business, results of operations and financial condition. SemiLEDs undertakes no intent or obligation to publicly update or revise any of these forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts:

David Young

Chief Financial Officer

SemiLEDs Corporation

208-546-9018

investor@semileds.com

Erica Mannion

Investor Relations

Sapphire Investor Relations, LLC

212-766-1800 Ext. 203

investor@semileds.com

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SEMILEDS CORPORATION

Unaudited Consolidated Balance Sheets

(In thousands of U.S. dollars)

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SEMILEDS CORPORATION

Unaudited Consolidated Statements of Operations

(In thousands of U.S. dollars and shares, except per share data)

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SEMILEDS CORPORATION

Unaudited Reconciliation of GAAP to Non-GAAP Measure

(In thousands of U.S. dollars, except for per share data)

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