Business News
Kulicke & Soffa Reports Results for its Third Fiscal Quarter 2009
Thursday 30. July 2009 - Kulicke & Soffa Industries, Inc. (NASDAQ:KLIC) ("K&S") today announced results for the quarter ended June 27, 2009. The Company reported net revenue from continuing operations of $52.1 million and a loss from continuing operations of $13.9 million, or $0.23 per share. This press release contains both GAAP and non-GAAP information.
On a non-GAAP* basis, the Company reported third quarter net revenue from continuing operations of $52.1 million and a loss from continuing operations of $12.2 million, or $0.20 per share.
GAAP Results:
(Dollar amounts in thousands except EPS) Q3 2009 Change vs. Q2 2009 Change vs. Q3 2008
Net Revenue $52,076 106% -28%
Gross Profit $19,669 144% -34%
Gross Margin 37.8% 589 bps (319) bps
Net Income (Loss) from continuing operations $(13,858) 58% -192%
Net Margin -26.6% 10,474 bps (2,007) bps
EPS – Basic and Diluted from Continuing Operations $ (0.23) 57% -156%
Non-GAAP Measures:
(Dollar amounts in thousands except EPS) Q3 2009 Change vs. Q2 2009 Change vs. Q3 2008
Net Revenue $52,076 106% -28%
Gross Profit $19,709 144% -34%
Gross Margin 37.8% 585 bps (320) bps
Net Income (Loss) from continuing operations $(12,244) 53% -209%
Net Margin -23.5% 7,905 bps (1,805) bps
EPS – Basic and Diluted from Continuing Operations
$ (0.20) 53% -170%
*Non-GAAP measures exclude equity-based compensation, amortization of intangibles, cost of severance, goodwill impairment, Swiss pension curtailment, valuation allowance adjustments and related tax effects from expenses, and debt extinguishment (see reconciliations of GAAP results to Non-GAAP measures in the following financial schedules).
Commenting on the results, Scott Kulicke, Chairman and Chief Executive Officer said “The industry is experiencing a faster and more broad-based recovery than any of us would have predicted even a few months ago. Increases in IC unit output have driven improvements in our customers capacity utilization and in increased demand across nearly all our business units. This momentum has carried into our September quarter, resulting in our revenue forecast of $85 to $90 million.”
Other Financial Details
On a non-GAAP basis, operating expenses were $31.5 million, down $2.2 million from the March quarter.
The Company ended the quarter with total cash, cash equivalents and short term investments of $117.3 million.
Highlights
Ball bonder revenue increased 332% over March quarter levels. Approximately 20% of ball bonder units shipped in the June quarter were to the LED market. We continue to optimize our product portfolio for this important and growing segment.
Expendable tools sales increased 76% over the March quarter, consistent with the recovery in customer factory utilization.
Our wedge bonder business saw an increase in customer activity during the June quarter, with sales of wedge bonding tools up significantly and customer interest in wedge bonder equipment increasing.
Transition of final finishing for our capillaries production to our plant in China is proceeding, and we expect will be complete by the end of our September quarter.
Outlook for Fourth Fiscal Quarter 2009
Net revenue is expected to be in the range of $85 to $90 million.