Kernan on CNBC just reported that K&S beat upwardly revised estimates by .04. Looks good so far. Got to read the press release.
Tuesday January 18, 7:08 am Eastern Time
Company Press Release
Kulicke & Soffa Industries Announces Fiscal 2000 First Quarter Results
First Quarter Earnings Per Share of $0.52
WILLOW GROVE, Pa.--(BUSINESS WIRE)--Jan. 18, 2000--Kulicke & Soffa Industries, Inc. (NASDAQ:KLIC - news) today announced results of the first quarter of fiscal year 2000, the three months ended December 31, 1999.
Record net sales of $179.8 million for the first quarter of fiscal 2000 were 17% higher than the $153.4 million in the prior quarter and 194% higher than the $61.2 million reported in the first quarter of fiscal 1999.
Net income for the first quarter of fiscal 2000 was $12.8 million or $0.52 per diluted share--a sequential increase compared to net income of $7.4 million or $0.30 per diluted share in the fourth quarter of fiscal 1999 and compared to a net loss of ($8.9) million or ($0.38) per diluted share for the first quarter of fiscal 1999.
New orders booked during the first quarter of fiscal 2000 reached a record $207 million, an increase of 31% from the $158 million for the fourth quarter of fiscal 1999 and an increase of 306% from the $51 million for the first quarter of fiscal 1999.
Gross margin increased to 33.3% compared to 30.0% for the fourth quarter of fiscal 1999 and compared to 26.4% for the first quarter of fiscal 1999. Net income as a percent of sales improved to 7.1% for the first quarter of fiscal 2000 compared to 4.8% for the fourth quarter of fiscal 1999 and a loss of 14.5% for the first quarter of fiscal 1999.
``Bookings and net sales in both our equipment and packaging materials businesses were at record levels this quarter and backlog increased from $93 million at the beginning of the quarter to $120 million as of December 31, 1999,' stated C. Scott Kulicke, chairman and chief executive officer. ``Market acceptance of our Model 8028 has been particularly robust. This, combined with an accelerated industry recovery, should position K&S for continued strong operating results in fiscal 2000.'
Kulicke & Soffa is the world's largest supplier of semiconductor assembly equipment. The company provides scaleable solutions for the assembly of chip and wire, flip chip and chip scale packages. Chip and wire solutions combine wire bonding, die bonding and wafer dicing equipment with wire, capillaries, die collets, saw blades and die attach materials.
Flip chip solutions include die placement equipment, flip chip bumping technology, glob top and underfill materials, and thin film laminates. K&S also offers unique CSP packaging technology as well as factory integration products and services. It has sales, service and applications development facilities worldwide. Kulicke & Soffa's web site address is www.kns.com.
Certain matters discussed in this news release, including operating and financial results in fiscal 2000, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to materially differ, either better or worse, from those projected.
Such risks and uncertainties include, but are not limited to, the following: the risk of order postponements or cancellations; the risks associated with a substantial foreign customer base; the risks associated with instability in foreign capital markets and foreign currency fluctuations; the upward and downward volatility in the demand for semiconductors and for the Company's products and services; competitive pricing pressures; the risk of delays in introduction and customer qualification of new products and services; the risk of incurring delays and additional costs in the move of manufacturing to Asia; and the Company's ability to manufacture and ship its products on a timely basis.
Further discussions of risk factors are also available in the Company's Fiscal 1999 Form 10K recently filed with the SEC.
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KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share and employee data)
(unaudited)
Three months ended
December 31,
-------------------------------------
1998 1999
----------------- -----------------
Net sales $ 61,175 $ 179,849
Cost of goods sold 44,999 119,937
----------------- -----------------
Gross profit 16,176 59,912
Selling, general and
administrative 17,247 30,693
Research and development, net 8,814 12,103
Resizing costs 397 -
----------------- -----------------
Income(loss) from operations (10,282) 17,116
Interest income 1,157 1,090
Interest expense (37) (514)
Equity in loss of joint venture (3,501) (346)
----------------- -----------------
Income(loss) before taxes (12,663) 17,346
Provision(benefit) for income
taxes (3,800) 4,978
----------------- -----------------
Income(loss) before minority
interest (8,863) 12,368
Minority interest in net
loss of subsidiary - 433
----------------- -----------------
Net income(loss) $ (8,863) $ 12,801
================= =================
Net income(loss) per share:
Basic ($0.38) $0.54
================= =================
Diluted ($0.38) $0.52
================= =================
Weighted average number of shares:
Basic 23,373 23,549
Diluted 23,373 25,342
December 31, December 31,
Additional financial data: 1998 1999
----------------- -----------------
Backlog of orders $ 44,000 $ 120,000
Number of employees 1,927 2,162
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
September 30, December 31,
1999 1999
(Unaudited)
----------------- -----------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 37,155 $ 177,837
Short-term investments 2,190 21,104
Accounts receivable, net 136,047 159,888
Inventories, net 61,782 70,213
Income tax receivable and
other current assets 12,840 12,299
Deferred income taxes 11,071 6,820
----------------- -----------------
TOTAL CURRENT ASSETS 261,085 448,161
Property, plant and
equipment, net 67,485 71,294
Intangible assets,
primarily goodwill, net 44,637 43,931
Investments in and loans to
joint ventures 2,940 3,417
Other assets 1,998 7,850
----------------- -----------------
TOTAL ASSETS $ 378,145 $ 574,653
================= =================
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Debt due within one year $ 1,178 $ 1,204
Accounts payable to suppliers
and others 61,962 63,924
Accrued expenses 27,210 29,356
Income taxes payable 3,604 5,825
----------------- -----------------
TOTAL CURRENT LIABILITIES 93,954 100,309
Other liabilities 4,373 4,803
Long term debt - 175,000
Minority interest 5,042 4,772
----------------- -----------------
TOTAL LIABILITIES 103,369 284,884
----------------- -----------------
SHAREHOLDERS' EQUITY:
Common stock, without par value 160,108 162,079
Retained earnings 117,018 129,819
Accumulated other comprehensive
loss (2,350) (2,129)
----------------- -----------------
TOTAL SHAREHOLDERS' EQUITY 274,776 289,769
----------------- -----------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 378,145 $ 574,653
================= =================
KULICKE & SOFFA INDUSTRIES, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
(In thousands)
(unaudited)
Fiscal 1999: Advanced
Packaging Packaging
Quarter ended Equipment Materials Technology
Dec. 31, 1998: Segment Segment Segment(1) Corp. Consolidated
-------- -------- ------- ------ ---------
Net sales $ 33,623 $27,552 $ - $ - $ 61,175
Cost of goods sold 24,185 20,814 - - 44,999
-------- -------- ------- ------ --------
Gross profit 9,438 6,738 - - 16,176
Operating costs 19,079 5,583 - 1,399 26,061
Resizing costs 397 397
-------- -------- ------- ------ --------
Income(loss)
from operations $(10,038) $ 1,155 $ - $(1,399) $(10,282)
======== ======== ======= ====== ========
Fiscal 2000: Advanced
Packaging Packaging
Quarter ended Equipment Materials Technology
Dec. 31, 1999: Segment Segment Segment(1) Corp. Consolidated
-------- -------- ------- ------ --------
Net sales $132,531 $42,440 $ 4,878 $ - $179,849
Cost of goods sold 84,333 30,323 5,281 - 119,937
-------- -------- ------- ------ --------
Gross profit (loss) 48,198 12,117 (403) - 59,912
Operating costs 28,291 6,678 4,236 3,591 42,796
-------- -------- ------- ------ --------
Income(loss) from
operations $ 19,907 $ 5,439 $(4,639) $(3,591) $ 17,116
======== ======== ======= ====== ========
Income(loss) from
operations
after minority
interest $ 19,907 $ 5,439 $(4,206) $(3,591) $ 17,549
======== ======== ======= ====== ========
(1) Comprised of Flip Chip Technologies, LLC ("FCT") and the
Company's X-LAM division. Effective May 31, 1999, the Company
increased its ownership of FCT and began consolidating FCT's
results with the operating results of the Company. Accordingly,
the results of FCT are consolidated with the operating results of
the Company for the quarter ended December 31, 1999 but not in
the quarter ended December 31, 1998.
--------------------------------------------------------------------------------
Russ |
