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Kulicke and Soffa: Kulicke & Soffa Pte Ltd

The following excerpt is from the company's SEC filing.

K&S Corporate Headquarters

Singapore 554369



Co. Regn. No. 199902120H

Kulicke & Soffa Reports Fourth Quarter and Fiscal Year 2015 Results

Singapore –

November 17, 2015

– Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke & Soffa”, “K&S” or the “Company”) today announced results for its fourth quarter and fiscal year ended

October 3, 2015

Quarterly Results

Fiscal Q4 2015

Change vs.

Fiscal Q4 2014

Fiscal Q3 2015

N et Revenue

$119.2 million

down 38.8%

down 27.6%

Gross Profit

$58.2 million

down 37.0%

down 25.0%

Gross Margin

up 150 bps

up 180 bps

Income from Operations

$1.6 million

down 95.7%

down 90.1%

Operating Margin

down 1790 bps

down 840 bps

Net Income

$9.8 million

down 66.6%

down 60.8%

Net Margin

down 680 bps

down 700 bps

EPS – Diluted

down 65.8%

down 60.6%

Jonathan Chou, Kulicke & Soffa's Chief Financial Officer and Interim Chief Executive Officer, stated, “While we exceeded our revised fourth quarter revenue guidance of $100 to $110 million and demonstrated strong operational performance, we ended the year in a challenging market environment. Considering this market softness, we drove further improvements to our operating model as well as refinements to our development initiatives which reduces our break-even point and further aligns our R&D efforts with market opportunities expected to drive the most meaningful and long-term shareholder returns.”

The Company's reported fourth quarter net income included favorable non-cash tax benefits of approximately $9.6 million, or approximately $0.13 per share, which was lower than the anticipated non-cash tax benefit of $20 million, or approximately $0.27 per share.

Fourth Quarter Fiscal 2015 Key Product Trends

Ball bonder equipment net revenue decreased 45.3% over the June quarter.

72.6% of ball bonder equipment was sold as copper capable.

Wedge bonder equipment net revenue increased 8.5% over the June quarter.

Advanced packaging mass reflow equipment net revenue increased by 0.7% over the June quarter.

Fiscal Year 2015 Financial Highlights

Net revenue of

$536.5 million

Gross margin of

Net income was

$50.6 million

per diluted share.

Cash, cash equivalents and investments were

$498.6 million

as at

Through fiscal year end, 6.4 million shares, equivalent to over 8% of weighted average shares outstanding, had been repurchased since the stock repurchase program’s August 2014 initiation.

First Quarter Fiscal 2016 Outlook

The Company currently expects net revenue in the first fiscal quarter of 2016 ending January 2, 2016 to be approximately $90 million to $100 million.

Looking forward, Jonathan Chou commented, “Our recent cost reduction efforts provide further enhancements to the flexibility of our established operational model which has been built on driving through-cycle performance. Tactically, our near-term growth initiatives continue to be centered on enhancing market breadth through highly-targeted product and feature releases which serve the deep-rooted core, sizeable Advanced SMT and expanding Advanced Packaging market opportunities. We are well situated to emerge from this softer demand...