Kulicke & Soffa Reports Second Quarter 2003 Results
A conference call to discuss these results will be held today beginning at 9:00 AM EDT. Interested participants may call 416-695-5261 for the teleconference or log on to kns.com for the live audio feed, and an audio stream replay of this call will remain available on the company’s website.
Willow Grove, PA—April 23, 2003—Kulicke & Soffa Industries, Inc. (Nasdaq: KLIC) today announced financial results for its second quarter of fiscal year 2003 ended March 31, 2003.
Revenue for the second fiscal quarter ended March 31, 2003 was $125.9 million compared to revenue in the second quarter ended March 31, 2002 of $106.9 million, an increase of 17.8%. The loss from operations during the second fiscal quarter of 2003 was $11.7 million versus a loss of $56.5 million during the second fiscal quarter of 2002. The net loss for the second quarter ended March 31, 2003 was $19.3 million or a loss of $0.39 per share versus a net loss of $43.6 million or a loss of $0.89 per share in the same quarter of 2002.
Commenting on the quarter just ended, C. Scott Kulicke, chairman and chief executive officer, stated, “We continued to implement programs and actions intended to return the company to profitability at the expense of short term financial performance. Our financial results for the second fiscal quarter of 2003 reflect the impact of another reduction in workforce, expenses for the termination of a third party contract, and an asset impairment charge associated with the discontinuation of a test product. In total, these actions negatively impacted the quarter by $4.3 million, compared to charges of $29.5 million recorded in the second fiscal quarter of 2002 for inventory write-offs, severance charges, and asset impairment charges.”
Net bookings for the second fiscal quarter ended March 31, 2003 were $109.0 million, compared to $117.0 million recorded in first quarter ended December 31, 2002. Backlog at March 31, 2003 was $44.0 million compared to backlog at December 31, 2002 of $60.0 million.
For the six months ended March 31, 2003, revenue was $237.3 million compared to revenue for the six months ended March 31, 2002 of $210.1 million. The net loss for the six months ended March 31, 2003 was $36.9 million or a loss per share of $0.75 compared to a net loss of $61.0 million or a loss of $1.24 per share for the same period last year.
C. Scott Kulicke said, “Shipments in the March quarter were right in line with our expectations. Our Maxum wire bonder sales continue to demonstrate the market dominance of this product. Orders for this equipment indicate that a much broader spectrum of customers and application needs are being satisfied by the Maxum product.”
He continued, “Our guidance is for flat revenue, plus or minus 5% for the third quarter, ending June 30, 2003.”
Kulicke & Soffa (Nasdaq: KLIC) is the world's leading supplier of semiconductor assembly and test interconnect equipment, materials and technology. We offer unique wire bonding solutions, combining wafer dicing and wire bonding equipment with bonding wire and capillaries. Flip chip solutions include wafer bumping services and technology. Chip scale and wafer level packaging solutions include Ultra CSP® technology. Test interconnect solutions include standard and vertical probe cards, ATE interface assemblies and ATE boards for wafer testing, as well as test sockets and contactors for all types of packages. Kulicke & Soffa's web site address is kns.com. The full text of this earnings release and summary financial statements are available at kns.com.
Caution Concerning Forward Looking Statements
This press release contains forward-looking statements which are found in various places throughout the press release. While these forward-looking statements represent our judgments and future expectations concerning the development of 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, those listed or discussed in Kulicke & Soffa Industries' 2002 Annual Report on Form 10-K and: the risk of failure to successfully manage our operations; the risk that anticipated orders may not materialize or that orders received may be postponed or canceled, generally without charges; the risk that anticipated cost savings will not be achieved; the volatility in the demand for semiconductors and our products and services; acts of terrorism and violence; overall global economic conditions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with a substantial foreign customer and supplier base and substantial foreign manufacturing operations; potential instability in foreign capital markets; and other key factors that could adversely affect our businesses and financial performance contained in past and future filings and reports, including those with the SEC. Kulicke & Soffa Industries 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.
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Company Contact: Michael Sheaffer, 215-784-6411, 215-784-6167 fax, msheaffer@kns.com |
