SINGAPORE--(BUSINESS WIRE)-- Kulicke & Soffa Industries, Inc. (NASDAQ: KLIC - News) (“K&S” or the “Company”) today announced results for its first fiscal quarter ended December 31, 2011.
Fiscal Q1 2012
Fiscal Q1 2011
Fiscal Q4 2011
Net Revenue $120.0 million -19.4% -33.5%
Gross Profit $55.3 million -23.3% -33.2%
Gross Margin 46.1% -230 bps 20 bps
Income from Operations $12.4 million -43.9% -45.5%
Operating Margin 10.3% -450 bps -230 bps
Net Income $8.5 million -43.7% 344.9%
Net Margin 7.1% -300 bps 600 bps
EPS – Diluted $0.11 -47.6% 266.7%
Bruno Guilmart, Kulicke & Soffa’s President and Chief Executive Officer, said, “Revenue in the December quarter came in at the high end of our guidance but declined sequentially due to the overall macroeconomic market environment combined with weaker demand from our OSAT customers. Despite the challenging environment, we continued to generate healthy levels of operating cash which allowed us to end the quarter with record cash and investments of $403.8 million dollars. We remain focused on operational excellence, expanding our product offerings and managing our business efficiently throughout the cycle.”
First Quarter Fiscal 2012 Key Product Trends
Ball bonder equipment net revenue decreased 37% over the September quarter.
72% of ball bonder equipment was sold as copper capable bonders, compared to 37% in the same period one year ago.
Wedge bonder equipment net revenue decreased 18% from the September quarter.
First Quarter Fiscal 2012 Financial Highlights
Net revenue of $120.0 million.
Gross margin improved sequentially to 46.1%.
Net income was $8.5 million or $0.11 per share.
Cash, cash equivalents and investments increased to $403.8 million up $19.2 million from the prior quarter.
Second Quarter Fiscal 2012 Outlook
The Company expects net revenue for the second quarter of fiscal 2012 to be approximately $125 million to $135 million, reflecting the continued uncertain economic environment and ongoing conservative capital spending by its customers.
Looking forward, Bruno Guilmart commented, “We believe we are well positioned both competitively and financially and continue to work towards our goals and objectives of strengthening our technology leadership, broadening our product offering, developing our employees and leveraging our technical competencies in an effort to maximize shareholder value. These actions are coming to fruition as we look forward to a series of new product launches throughout 2012.”