Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke
& Soffa”, “K&S” or the “Company”) today announced results
for its first fiscal quarter ended December 27, 2014.
Quarterly Results
Fiscal Q1 2015
Change vs. Change vs.
Fiscal Q1 2014
Fiscal Q4 2014 Net Revenue $107.4
million up 35.8% down 44.8% Gross
Profit $54.7 million up 42.7% down 40.7% Gross Margin
50.9% up 240 bps up 350 bps Income from
Operations $9.7 million up 540.5% down 74.1% Operating Margin
9.0% up 1,180 bps down
1,030 bps Net Income $7.8 million up 500.7% down 73.2% Net Margin
7.3% up 980 bps down 770
bps EPS – Diluted $0.10 up 433.3%
down 73.7%
Bruno Guilmart, Kulicke & Soffa's President and Chief
Executive Officer, said, “We were pleased to exceed our own
expectations in the December quarter. Ongoing technology shifts
enabling copper and QFN (Quad Flat No-lead) capability, as well as
our broad exposure to macro industry trends such as the
internet-of-things add further support to our core business and
allowed us to surpass the high-end of guidance."
First Quarter Fiscal 2015 Key Product
Trends
- Ball bonder equipment net revenue
decreased 54.9% over the September quarter.
- 72.1% of ball bonder equipment was sold
as copper capable.
- Wedge bonder equipment net revenue
decreased by 9.6% over the September quarter.
First Quarter Fiscal 2015 Financial
Highlights
- Net revenue of $107.4 million.
- Gross margin of 50.9%.
- Net income of $7.8 million or $0.10 per
share.
- Cash, cash equivalents and short-term
investments were $633.4 million as of December 27, 2014.
Second Quarter Fiscal 2015
Outlook
The Company currently expects net revenue in the second fiscal
quarter of 2015, ending March 28, 2015, to be in the range of
approximately $125 million to $145 million.
Looking forward, Bruno Guilmart commented, "We continue to
aggressively execute on our multi-faceted corporate strategy.
Collectively, our solid and entrenched core market positions,
organic development efforts in advanced packaging, active
repurchase program execution and served market expansion through
the recent Assembléon acquisition all demonstrate our ability to
create and deliver meaningful value."
Earnings Conference Call
Details
A conference call to discuss these results will be held today,
January 28, 2015, beginning at 8:00 am (EST). To access the
conference call, interested parties may call +1-877-407-8037 or
internationally +1-201-689-8037. The call will also be available by
live webcast at investor.kns.com.
A replay will be available from approximately one hour after the
completion of the call through February 4, 2015 by calling
toll-free +1-877-660-6853 or internationally +1-201-612-7415 and
using the replay ID number of 13597979. A webcast replay will also
be available at investor.kns.com.
About Kulicke &
Soffa
Kulicke & Soffa (NASDAQ: KLIC) is a global leader in the
design and manufacture of semiconductor, LED and electronic
assembly equipment. As a pioneer in this industry, K&S has
provided customers with market leading packaging solutions for
decades. In recent years, K&S has expanded its product
offerings through strategic acquisitions and organic development,
adding advanced packaging, advanced SMT, wedge bonding and a
broader range of expendable tools to its core ball bonding
products. Combined with its extensive expertise in process
technology, K&S is well positioned to help customers meet the
challenges of assembling the next-generation semiconductor and LED
devices. (www.kns.com)
Caution Concerning Results and Forward Looking
Statements
In addition to historical statements, this press release
contains statements relating to future events and our future
results. These statements are “forward-looking” statements within
the meaning of the Private Securities Litigation Reform Act of
1995, and include, but are not limited to, statements that relate
to our future revenue, sustained, increasing, continuing or
strengthening demand for our products, the continuing transition
from gold to copper wire bonding, replacement demand, our research
and development efforts, our ability to identify and realize new
growth opportunities and our ability to control costs. While these
forward-looking statements represent our judgments and future
expectations concerning our business, a number of risks,
uncertainties and other important factors could cause actual
developments and results to differ materially from our
expectations. These factors include, but are not limited to: the
risk that customer orders already received may be postponed or
canceled, generally without charges; the risk that anticipated
customer orders may not materialize; the risk that our suppliers
may not be able to meet our demands on a timely basis; the
volatility in the demand for semiconductors and our products and
services; a slowdown of transition from gold to copper wire bonding
by our customers and the industry, volatile global economic
conditions, which could result in, among other things, sharply
lower demand for products containing semiconductors and for the
Company’s products, and disruption of capital and credit markets;
the risk of failure to successfully manage our operations; acts of
terrorism and violence; risks, such as changes in trade
regulations, currency fluctuations, political instability and war,
which may be associated with a substantial non-U.S. customer and
supplier base and substantial non-U.S. manufacturing operations;
and the factors listed or discussed in Kulicke and Soffa
Industries, Inc. 2014 Annual Report on Form 10-K and our other
filings with the Securities and Exchange Commission. Kulicke and
Soffa Industries, Inc. is under no obligation to (and expressly
disclaims any obligation to) update or alter its forward-looking
statements whether as a result of new information, future events or
otherwise.
KULICKE & SOFFA INDUSTRIES,
INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share and
employee data)
(Unaudited)
Three months ended
December 27, 2014
December 28, 2013
Net revenue: Equipment $ 90,956 $ 63,145 Expendable Tools
16,482 15,968 Total net revenue 107,438 79,113
Cost of sales: Equipment 46,099 34,473 Expendable Tools
6,605 6,275 Total cost of sales 52,704
40,748 Gross profit: Equipment 44,857 28,672 Expendable
Tools 9,877 9,693 Total gross profit
54,734 38,365 Operating
expenses: Selling, general and administrative 24,098 21,776
Research and development 19,581 17,471 Amortization of intangible
assets 1,329 1,329 Restructuring — (3 ) Total
operating expenses 45,008 40,573
Income / (loss) from operations: Equipment 5,446 (6,880 )
Expendable Tools 4,280 4,672 Total
income / (loss) from operations 9,726 (2,208 ) Other income
(expense): Interest income 262 279 Interest expense (303 )
(119 ) Income / (loss) from operations before income
taxes 9,685 (2,048 ) Provision for income taxes 1,843
(91 ) Net income / (loss) $ 7,842 $ (1,957 )
Net income / (loss) per share: Basic $ 0.10 $ (0.03 )
Diluted $ 0.10 $ (0.03 ) Weighted average shares
outstanding: Basic 76,888 75,912 Diluted 77,432 75,912
Three months ended
Supplemental financial data:
December 27, 2014
December 28, 2013
Depreciation and amortization $ 3,556 $ 2,992 Capital expenditures
2,253 5,429 Equity-based compensation expense: Cost of sales 128
105 Selling, general and administrative 2,499 2,616 Research and
development 808 675 Total equity-based compensation expense $ 3,435
$ 3,396
As of
December 27, 2014
December 28, 2013
Backlog of orders 1 $ 60,545 $ 46,000 Number of employees 2,327
2,173
1. Represents customer purchase commitments. While the Company
believes these orders are firm, they are generally cancellable by
customers without penalty.
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
As of
December 27, 2014
September 27, 2014
ASSETS CURRENT ASSETS Cash and cash equivalents $
622,590 $ 587,981 Short-term investments 10,787 9,105 Accounts and
notes receivable, net of allowance for doubtful accounts of $0 and
$143 respectively 121,854 171,530 Inventories, net 51,930 49,694
Prepaid expenses and other current assets 11,143 15,090 Deferred
income taxes 4,245 4,291
TOTAL CURRENT
ASSETS 822,549 837,691 Property, plant and equipment,
net 52,793 52,755 Goodwill 41,546 41,546 Intangible assets 4,562
5,891 Other assets 6,392 6,565
TOTAL
ASSETS $ 927,842 $ 944,448
LIABILITIES
AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts
payable $ 27,425 $ 35,132 Accrued expenses and other current
liabilities 32,544 43,731 Income taxes payable 2,682
2,488
TOTAL CURRENT LIABILITIES 62,651 81,351
Financing obligation 18,261 19,102 Deferred income taxes 45,261
44,963 Other liabilities 9,666 9,790
TOTAL
LIABILITIES 135,839 155,206
SHAREHOLDERS' EQUITY Common stock, no par value 482,744
479,116 Treasury stock, at cost (54,622 ) (46,984 ) Accumulated
income 362,708 354,866 Accumulated other comprehensive income
1,173 2,244
TOTAL SHAREHOLDERS' EQUITY
792,003 789,242
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY $ 927,842 $ 944,448
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three months ended
December 27, 2014
December 28, 2013
Net cash provided by operating activities $ 46,442 $ 37,249 Net
cash used in investing activities, continuing operations (4,176 )
(8,729 ) Net cash (used in) / provided by financing activities,
continuing operations (7,621 ) 258 Effect of exchange rate changes
on cash and cash equivalents (36 ) 32 Changes
in cash and cash equivalents 34,609 28,810 Cash and cash
equivalents, beginning of period 587,981
521,788 Cash and cash equivalents, end of period $ 622,590
$ 550,598
Kulicke and Soffa Industries, Inc.Joseph ElgindyInvestor
Relations & Strategic PlanningP: +1-215-784-7518F:
+1-215-784-6180jelgindy@kns.com
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