Here is a copy of K&S Fourth Quarter and Fiscal 1996 Year End Release. Full copy can be found on K&S' fax on demand service. Dial 1-800-755-8867.
N E W S For Immediate Release
Company Contact:
Jim Chiafery
215-784-6436
Kulicke & Soffa Reports Fiscal Year 1996 Results
Willow Grove, PA, November 20, 1996 - Kulicke & Soffa Industries, Inc. (NASDAQ: KLIC) announced Wednesday the results of its fiscal year ended September 30, 1996.
Sales for the year were $381,176,000 with net income of $11,847,000 or 60 cents per share compared to sales of $304,509,000 and earnings of $42,822,000 or $2.22 per share in fiscal 1995. The fiscal year 1996 results include American Fine Wire, acquired at the beginning of this fiscal year.
Sales for the fourth quarter were $61,701,000 with a net loss for the quarter of ($12,707,000) or (65) cents per share compared to sales of $100,969,000 and net income of $16,811,000 or 85 cents per share in the September quarter of fiscal 1995. Results for the September 1996 quarter include approximately $7,000,000 of costs related to the previously announced resizing of the Company.
"Bookings for the quarter were $66,000,000 resulting in a book-to-bill ratio above one for the first time in three quarters," said C. Scott Kulicke, chairman and chief executive officer of K&S. "This is consistent with both a significant increase in demand that we are currently experiencing, and with other industry indicators. We believe the worst of this cycle may be behind us and are expanding our manufacturing capacity accordingly. Also, as a result of the improving business picture, the $7,000,000 resizing costs mentioned above are about $1,000,000 less than previously anticipated. The difference is attributable to parts and material we thought we would have to write-off, but which we now believe we will sell in the next few quarters. With increasing demand and a slimmed down cost structure, we look forward to a return to profitability soon."
Certain matters discussed in this news release 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 upward and downward volatility in the demand for semiconductors and for the Company's products and services; the risk of order cancellations; and the risk of delays in introducing new products and services. Further discussions of risk factors are also available in the Company's most recent SEC filings.
Kulicke & Soffa is the world's largest supplier of semiconductor assembly equipment. The Company serves the integrated circuit (IC) assembly market with a product line that includes wire bonding, die bonding and wafer dicing equipment, as well as expendable tools and materials, and has sales and service facilities worldwide.
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