* 07:21 ET Kulicke & Soffa reports (KLIC) 16.64: Reports Q1
(Dec) earnings of $0.01 per share, which includes a $6.2 mln
charge and is not comparable to the Reuters Research
consensus of $0.05; revenues rose 1307.0% year/year to $160.4
mln vs the $154.1 mln consensus. In touch with Reuters for
comparable actual.
+++++++++++++++++++++++++
Kulicke & Soffa Reports First Quarter 2004 Results
WILLOW GROVE, PA, Jan. 21, 2004 (MARKET WIRE via COMTEX) --
Kulicke & Soffa Industries, Inc. (NASDAQ: KLIC) today
announced financial results for its first quarter of fiscal
year 2004 ended December 31, 2003.
Revenue for the first fiscal quarter ended December 31, 2003
was $160.4 million compared to revenue in the quarter ended
December 2002 of $111.4 million. The income from operations
during the first fiscal quarter ended December 31, 2003 was
$12.5 million versus a loss of $12.6 million during the
quarter ended December 2002. The net income for the first
fiscal quarter ended December 31, 2003 was $0.7 million or
earnings of $0.01 per fully diluted share versus a net loss
of $17.7 million or a loss of $0.36 per fully diluted share
in the quarter ended December 2002.
Included in the results for the first fiscal quarter ended
December 31, 2003 were charges of $6.2 million associated
with the redemption of the Company's 4 3/4% convertible
subordinated notes due 2006. These charges included $2.6
million of non-cash expense related to the write-off of
unamortized debt issuance costs and $3.6 million of call
premium cost for the 4 3/4% notes.
C. Scott Kulicke, chairman and chief executive officer,
commented on the quarter just ended, "The quarter's results
demonstrate both the power of the cyclical recovery of the
semiconductor business, as well as the beneficial effect of
our ongoing cost reduction efforts. We're especially pleased
with the quarter's positive cash flow, in spite of funding
the incremental working capital requirements associated with
the increased revenue we're experiencing."
Net bookings for the first fiscal quarter ended December 31,
2003 were $206.0 million, an increase of $64.0 million,
compared to $142.0 million recorded in the quarter ended
September 30, 2003. Backlog at December 31, 2003 increased to
$114.0 million compared to backlog at September 30, 2003 of
$68.0 million.
A conference call to discuss these results will be held today
beginning at 9:00 AM EST. Interested participants may call
888-789-0089 for the teleconference or log on to
kns.com to listen to the
live audio or access the audio replay of this call, which
will remain available on the company's website.
[snip]
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share and employee data)
(Unaudited)
Three months ended
December 31,
------------------
2002 2003
---- ----
Net revenue $ 111,371 $ 160,398
Cost of sales 84,040 111,932
--------- ---------
Gross profit 27,331 48,466
--------- ---------
Selling, general and administrative 28,326 25,271
Research and development, net 9,643 8,406
Resizing (205) -
Asset impairment (121) -
Amortization of intangibles 2,308 2,315
--------- ---------
Operating expense 39,951 35,992
--------- ---------
Income (loss) from operations (12,620) 12,474
Interest, net (4,009) (4,225)
Charge on early extinguishment
of debt - (6,152)
--------- ---------
Income (loss) before income taxes (16,629) 2,097
Income taxes 1,026 1,350
--------- ---------
Net income (loss) $ (17,655) $ 747
========= =========
Net income (loss) per share:
Basic $ (0.36) $ 0.01
========= =========
Diluted $ (0.36) $ 0.01
========= =========
Weighted average shares outstanding:
Basic 49,514 50,392
Diluted 49,514 56,932
Three months ended
December 31,
------------------
Additional financial data: 2002 2003
---- ----
Depreciation and amortization $ 9,801 $ 8,351
Capital expenditures $ 2,349 $ 2,928
Backlog of orders $ 60,000 $ 114,000
Number of employees 3,219 3,372
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
September 30, December 31,
2003 2003
---- ----
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 65,725 $ 91,797
Restricted cash 2,836 3,257
Short-term investments 4,490 7,914
Accounts and notes receivable
(less allowance for doubtful
accounts: 9/30/03 - $5,929;
12/31/03 - $5,714) 94,144 119,792
Inventories, net 37,906 40,307
Prepaid expenses and other
current assets 11,187 11,836
Deferred income taxes 10,700 11,044
--------- ---------
TOTAL CURRENT ASSETS 226,988 285,947
Property, plant and equipment, net 61,238 64,463
Intangible assets,
(net of accumulated amortization:
9/30/03 - $26,187;
12/31/03 - $28,502) 66,249 63,935
Goodwill 81,440 81,440
Other assets 6,946 8,886
--------- ---------
TOTAL ASSETS $ 442,861 $ 504,671
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Debt due within one year $ 36 $ 223
Accounts payable 45,844 63,144
Accrued expenses 41,885 44,430
Income taxes payable 13,394 14,078
--------- ---------
TOTAL CURRENT LIABILITIES 101,159 121,875
Long term debt 300,338 335,737
Other liabilities 9,865 10,130
Deferred taxes 31,402 31,149
--------- ---------
TOTAL LIABILITIES 442,764 498,891
--------- ---------
SHAREHOLDERS' EQUITY
Common stock, without par value 203,607 207,632
Retained deficit (195,792) (195,045)
Accumulated other comprehensive loss (7,718) (6,807)
--------- ---------
TOTAL SHAREHOLDERS' EQUITY 97 5,780
--------- ---------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 442,861 $ 504,671
========= =========
KULICKE & SOFFA INDUSTRIES, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
(In thousands)
(Unaudited)
Fiscal 2004:
Quarter ended Packaging Advanced
December 31, Equipment Materials Packaging Test Consoli
2003: Segment Segment Segment Segment Corporate -dated
--------- --------- --------- ------- --------- -------
Net revenue $ 81,080 $ 49,508 $ 6,529 $ 23,281 $ - $ 160,398
Cost of sales 49,124 38,090 5,425 19,293 - 111,932
-------- -------- -------- -------- ------- ---------
Gross profit 31,956 11,418 1,104 3,988 - 48,466
Operating costs 14,668 5,224 785 10,783 4,532 35,992
-------- -------- -------- -------- ------- ---------
Income (loss)
from
operations $ 17,288 $ 6,194 $ 319 $ (6,795) $(4,532) $ 12,474
======== ======== ======== ======== ======= =========
Fiscal 2003:
Quarter ended Packaging Advanced
December 31, Equipment Materials Packaging Test Consoli
2002: Segment Segment Segment Segment Corporate -dated
--------- --------- --------- ------- --------- -------
Net revenue $ 44,895 $ 39,557 $ 4,247 $ 22,672 $ - $ 111,371
Cost of sales 30,616 29,284 5,418 18,722 - 84,040
-------- -------- -------- -------- ------- ---------
Gross profit 14,279 10,273 (1,171) 3,950 - 27,331
Operating costs 17,523 7,291 1,618 10,464 3,381 40,277
Resizing costs - - (102) (103) - (205)
Asset Impairment - - (121) - - (121)
-------- -------- -------- -------- ------- ---------
Income (loss)
from
operations $ (3,244) $ 2,982 $ (2,566) $ (6,411) $(3,381) $ (12,620)
======== ======== ======== ======== ======= =========
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