KLIC F1Q09 (Qtr End 12/27/08) Earnings Call Transcript:
seekingalpha.com
Excerpts re macro and industry:
Scott Kulicke: Hi, Brett. How are you doing?
Brett Hodess (Merrill Lynch analyst): Surviving.
Scott Kulicke: I guess that is all, we can all say, right? It’s those kinds of times....
...Our visibility continues to be extremely poor, which precludes us from making any prediction as to when the market will begin to recover.
Excerpts, company-specific:
Results restated back through 2004, due to discontinued wire bonding business.
Net revenue from continuing operations during the quarter was $37.4 million, down from $61.2 million last quarter (compared to $237m in FQE 9/07, the previous cycle high)....Purchases of capital equipment by our customers have gone below maintenance or replacement levels. With that in mind, we are forecasting our March quarter revenues to be about $30 million...customers aren't even buying enough right now to replace machines that wear out the die.
...we launched a tender offer for our 1% note due in June 2010. We offered to purchase these notes (62m$) at 72% of their face value. We do not yet know how many bonds will be tendered.
With the acquisition of Orthodyne, our market leading wedge bonding business, we have expanded our TAM and provided access to power management and power hybrid markets. And Orthodyne is also moving forward as evidenced by their recently agreed to two-year development project with a major European automotive supplier for the qualification and implementation of its PowerRibbon interconnect solution for automotive power modules.
cash/share = $2.89 = $175m cash/60.45m shares
stock at $1.53, up from 10-year low $1.11 in 11/08, down from $12.46 hi in 7/07.
disclosure: I continue to trade KLIC. Bought back at $1.52, limit orders to buy more at $1.41, $1.32. |
