Gottfried and all. Should we roar on this report or what? Wasn't estimate for .24 ? Here we are at .30 Think we're on our way again. Russ
Wednesday November 17, 7:01 am Eastern Time
Company Press Release
Kulicke & Soffa Reports Fourth Quarter and Fiscal Year 1999 Results
WILLOW GROVE, Pa.--(BUSINESS WIRE)--Nov. 17, 1999--Kulicke & Soffa Industries, Inc. (NASDAQ:KLIC - news) today announced the results of its fourth quarter and fiscal year ended September 30, 1999.
``The turnaround in the semiconductor business cycle was clearly apparent in the strength of our fourth quarter results,' said C. Scott Kulicke, chairman and chief executive officer of K&S. Sales for the fourth fiscal quarter of 1999 were $153,375,000 double the sales of $76,176,000 in the September quarter of fiscal 1998.
The Company returned to profitability in the September 1999 quarter with net income of $7,352,000 or $0.30 per diluted share ($.31 per basic share) compared to a net loss of ($18,331,000) or ($0.79) per diluted share in the comparable quarter of 1998.
Bookings for fiscal 1999 were $437,921,000 including $158,000,000 in the September quarter. Ending backlog was $93,000,000 compared to $54,000,000 at the end of FY 1998, and compared to $88,000,000 at the beginning of the quarter.
Sales for the year were $398,917,000, compared to sales of $411,040,000 in fiscal 1998. The net loss for FY 99 was ($16,946,000) or ($0.72) per diluted share compared to a net loss of ($5,440,000) or ($.23) per diluted share for FY 1998.
Mr. Kulicke continued, ``We are optimistic about our prospects for FY 2000 due to a number of steps taken over the last several quarters to better position the Company. Customer receptivity to our new 8028 wire bonder has been excellent; the move of the 8028 production to Singapore is proceeding on schedule; and our packaging materials business continues to produce record revenue and profits. Combined with the cyclical upturn, these factors should drive significant improvement in results through the coming fiscal year.'
Kulicke & Soffa is the world's largest supplier of semiconductor assembly equipment. The Company serves the integrated circuit assembly market with a product line that includes wire bonding, die bonding, wafer dicing and factory automation equipment, as well as expendable tools and materials, including bonding wire, capillaries, wedges, die collets and saw blades, and has sales and service facilities worldwide. It also has investments in next generation packaging technology. The website address is www.kns.com.
Certain matters discussed in this news release, including operating and financial results in fiscal 1999, 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 most recent SEC filings.
-0-
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share and employee data)
Three months ended Twelve months ended
September 30, September 30,
------------------ -------------------
1999 1998 1999 1998
------ ------ ------ ------
Net sales $ 153,375 $ 76,176 $ 398,917 $ 411,040
Cost of goods sold 107,415 60,860 285,382 274,207
------ ------ ------ ------
Gross profit 45,960 15,316 113,535 136,833
------ ------ ------ ------
Selling, general and
administrative 27,407 19,840 86,226 83,854
Research and
development, net 10,140 11,627 37,188 48,715
Resizing and
relocation costs - 8,420 5,918 8,420
Purchased in-process
research and
development - - 3,935 -
------ ------ ------ ------
Income(loss) from
operations 8,413 (24,571) (19,732) (4,156)
Interest income 869 1,688 3,762 5,776
Interest expense (74) (32) (215) (262)
Equity in loss of
joint ventures (397) (1,862) (10,000) (8,715)
------ ------ ------ ------
Income(loss) before
taxes 8,811 (24,777) (26,185) (7,357)
Provision(benefit)
for income taxes 2,195 (6,446) (8,221) (1,917)
------ ------ ------ ------
Income (loss) before
minority interest 6,616 (18,331) (17,964) (5,440)
Minority interest in
net loss of joint
venture 736 - 1,018 -
------ ------ ------ ------
Net income(loss) $ 7,352 $(18,331) $ (16,946) $ (5,440)
====== ====== ====== ======
Net income(loss) per
share:
Basic $ 0.31 $ (0.79) $ (0.72) $ (0.23)
====== ====== ====== ======
Diluted $ 0.30 $ (0.79) $ (0.72) $ (0.23)
====== ====== ====== ======
Weighted average
shares outstanding:
Basic 23,477 23,344 23,423 23,301
Diluted 24,210 23,344 23,423 23,301
June 30
-------------------
Additional financial data: 1999 1998
------ ------
Backlog of orders $ 93,000 $ 54,000
Number of employees 2,239 2,057
KULICKE & SOFFA INDUSTRIES, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
(In Thousands)
(unaudited)
Fiscal 1999: Advanced
Packaging Packaging
Quarter ended Equipment Materials Technology
September 30, 1999: Segment Segment Segment(1)
------------ ------------ ------------
Net sales $ 112,810 $ 36,915 $ 3,650
Cost of goods sold 76,094 26,711 4,610
------------ ------------ ------------
Gross profit 36,716 10,204 (960)
Operating costs 25,365 6,055 3,568
------------ ------------ ------------
Income(loss) from
operations $ 11,351 $ 4,149 $ (4,528)
============ ============ ============
Income(loss) from
operations after
minoity interest $ 11,351 $ 4,149 $ (3,792)
============ ============ ============
Twelve months ended
September 30, 1999:
Net sales $ 269,854 $ 124,450 $ 4,613
Cost of goods sold 188,958 90,326 6,098
------------ ------------ ------------
Gross profit 80,896 34,124 (1,485)
Operating costs 86,239 23,500 5,314
Resizing and relocation
costs 5,918
Purchased in-process
research and development
------------ ------------ ------------
Income(loss) from
operations $ (11,261) $ 10,624 $ (6,799)
============ ============ ============
Income(loss) from
operations after
minoity interest $ (11,261) $ 10,624 $ (5,781)
============ ============ ============
Fiscal 1999:
Corporate,
Quarter ended Other and
September 30, 1999: Eliminations Consolidated
-------------- --------------
Net sales $ 153,375
Cost of goods sold 107,415
------------- --------------
Gross profit 45,960
Operating costs $ 2,559 37,547
------------- --------------
Income(loss) from operations $ (2,559) $ 8,413
============= ==============
Income(loss) from operations after
minoity interest $ (2,559) $ 9,149
============= ==============
Twelve months ended
September 30, 1999:
Net sales $ 398,917
Cost of goods sold 285,382
------------- --------------
Gross profit 113,535
Operating costs 8,361 123,414
Resizing and relocation costs 5,918
Purchased in-process research and
development 3,935 3,935
------------- --------------
Income(loss) from operations $ (12,296) $ (19,732)
============= ==============
Income(loss) from operations after
minoity interes $ (12,296) $ (18,714)
============= ==============
(1) Comprised of Flip Chip Technologies, LLC
("FCT") and the Company's XLAM division.
Effective May 31, 1999, the Company increased
its ownership of FCT to approximately 74% and
began consolidating FCT's results with the
operating results of the Company. Accordingly,
the results of FCT have been included in the
Income(loss) From Operations for the period
June 1 through September 30, 1999. Prior to
June 1999, the Company owned 51% of FCT and
accounted for FCT under the equity method.
Fiscal 1998: Advanced
Packaging Packaging
Quarter ended Equipment Materials Technology
September 30, 1998: Segment Segment Segment
----------- ----------- ------------
Net sales $ 50,427 $ 25,749
Cost of goods sold 41,377 19,483
------------ ------------
Gross profit 9,050 6,266
Operating costs 23,966 5,096
Resizing costs 5,984 1,724
------------ ------------ ------------
Income from operations $ (20,900) $ (554) $ -
============ ============ ============
Twelve months ended
September 30, 1998:
Net sales $ 302,107 $ 108,933
Cost of goods sold 191,948 82,259
------------ ------------
Gross profit 110,159 26,674
Operating costs 101,099 22,829 -
Resizing costs 5,984 1,724
------------ ------------ ------------
Income from operations $ 3,076 $ 2,121 $ -
============ ============ ============
Fiscal 1998:
Corporate
Quarter ended and
September 30, 1998: Eliminations Consolidated
-------------- --------------
Net sales $ 76,176
Cost of goods sold 60,860
--------------
Gross profit 15,316
Operating costs $ 2,405 31,467
Resizing costs 712 8,420
------------- --------------
Income from operations $ (3,117) $ (24,571)
============= ==============
Twelve months ended
September 30, 1998:
Net sales $ 411,040
Cost of goods sold 274,207
--------------
Gross profit 136,833
Operating costs 8,641 132,569
Resizing costs $ 712 8,420
------------- --------------
Income from operations $ (9,353) $ (4,156)
============= ==============
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
September 30, September 30,
1999 1998
------------- -------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 37,155 $ 76,478
Short-term investments 2,190 30,422
Accounts receivable, net 136,047 66,137
Inventories, net 61,782 47,573
Deferred income taxes 11,071 2,608
Other current assets 12,840 10,573
------------- -------------
TOTAL CURRENT ASSETS 261,085 233,791
Property, plant and
equipment, net 67,485 48,269
Intangible assets, primarily
goodwill, net 44,637 38,765
Investments in and loans to
joint ventures 2,940 19,920
Other assets 1,998 1,839
------------- -------------
TOTAL ASSETS $ 378,145 $ 342,584
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Debt due within one year $ 1,178 $ 192
Accounts payable to suppliers
and others 61,962 24,223
Accrued expenses 27,210 23,549
Income taxes payable 3,604 3,646
------------- -------------
TOTAL CURRENT LIABILITIES 93,954 51,610
Other liabilities 4,373 3,064
------------- -------------
TOTAL LIABILITIES 98,327 54,674
------------- -------------
Minority interest in joint venture 5,042 -
------------- -------------
SHAREHOLDERS' EQUITY:
Common stock, without par value 160,108 157,986
Retained earnings 117,018 133,964
Accumulated other comprehensive
loss (2,350) (4,040)
------------- -------------
TOTAL SHAREHOLDERS' EQUITY 274,776 287,910
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 378,145 $ 342,584
============= ============= |
