KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share and employee data)
(Unaudited)
Three months ended Six months ended
March 31, March 31,
------------------- -------------------
2002 2003 2002 2003
--------- --------- --------- ---------
Net revenue $106,917 $125,938 $210,072 $237,309
Cost of sales 96,285 93,420 174,053 177,460
--------- --------- --------- ---------
Gross profit 10,632 32,518 36,019 59,849
--------- --------- --------- ---------
Selling, general and
administrative 35,409 29,749 66,923 58,075
Research and development, net 13,030 10,478 25,954 20,121
Resizing 11,283 - 11,283 (205)
Gain on disposal of assets - - - (121)
Asset impairment 4,890 1,708 4,890 1,708
Amortization of intangibles 2,481 2,321 4,962 4,629
--------- --------- --------- ---------
Operating Expense 67,093 44,256 114,012 84,207
--------- --------- --------- ---------
Loss from operations (56,461) (11,738) (77,993) (24,358)
Interest, net (3,342) (4,235) (6,750) (8,244)
Other income 4 - 10 -
--------- --------- --------- ---------
Loss before income taxes (59,799) (15,973) (84,733) (32,602)
Income taxes (16,244) 3,318 (23,725) 4,344
--------- --------- --------- ---------
Net loss $(43,555) $(19,291) $(61,008) $(36,946)
========= ========= ========= =========
Net loss per share:
Basic $(0.89) $(0.39) $(1.24) $(0.75)
========= ========= ========= =========
Diluted $(0.89) $(0.39) $(1.24) $(0.75)
========= ========= ========= =========
Weighted average shares
outstanding:
Basic 49,137 49,629 49,081 49,575
Diluted 49,137 49,629 49,081 49,575
Three months ended Six months ended
Additional financial data: March 31, March 31,
------------------- -------------------
2002 2003 2002 2003
--------- --------- --------- ---------
Depreciation and amortization $12,733 $9,705 $23,493 $19,506
Capital expenditures $8,813 $1,850 $9,855 $4,199
March 31,
-------------------
2002 2003
--------- ---------
Backlog of orders $63,000 $44,000
Number of employees 3,541 3,168
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
September 30, March 31,
2002 2003
------------- -------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $85,986 $44,588
Restricted cash 3,180 2,880
Short-term investments 22,134 16,132
Accounts and notes receivable (less
allowance for doubtful accounts: 9/30/02
- $6,033; 3/31/03 - $5,769) 89,132 98,410
Inventories, net 50,887 54,784
Prepaid expenses and other current assets 10,508 13,061
Deferred income taxes 16,072 15,245
------------- -------------
TOTAL CURRENT ASSETS 277,899 245,100
Property, plant and equipment, net 89,742 77,925
Intangible assets, (net of accumulated
amortization: 9/30/02 - $16,927; 3/31/03
- $21,575) 75,509 70,880
Goodwill 87,107 87,107
Other assets 8,425 8,050
------------- -------------
TOTAL ASSETS $538,682 $489,062
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Debt due within one year $186 $122
Accounts payable 55,659 49,180
Accrued expenses 52,581 43,777
Income taxes payable 9,660 12,350
------------- -------------
TOTAL CURRENT LIABILITIES 118,086 105,429
Long term debt 300,393 300,437
Other liabilities 14,106 12,596
Deferred taxes 36,774 35,947
------------- -------------
TOTAL LIABILITIES 469,359 454,409
------------- -------------
SHAREHOLDERS' EQUITY
Common stock, without par value 199,886 201,138
Retained deficit (119,103) (156,049)
Accumulated other comprehensive loss (11,460) (10,436)
------------- -------------
TOTAL SHAREHOLDERS' EQUITY 69,323 34,653
------------- -------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $538,682 $489,062
============= =============
KULICKE & SOFFA INDUSTRIES, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
(In thousands)
(Unaudited)
Fiscal 2003:
Packaging Advanced
Equipment Materials Packaging
Quarter ended March 31, 2003: Segment Segment Segment
----------- ----------- -----------
Net revenue $52,569 $43,602 $3,658
Cost of sales 33,338 33,604 5,371
----------- ----------- -----------
Gross profit 19,231 9,998 (1,713)
Operating costs 18,586 6,518 2,076
Asset impairment 17 - -
----------- ----------- -----------
Income (loss) from operations $628 $3,480 $(3,789)
=========== =========== ===========
Six months ended March 31, 2003:
Net revenue $97,464 $83,159 $7,905
Cost of sales 63,954 62,888 10,789
----------- ----------- -----------
Gross profit 33,510 20,271 (2,884)
Operating costs 36,109 13,809 3,694
Resizing - - (102)
Asset impairment 17 - -
Gain on disposal of assets - - (121)
----------- ----------- -----------
Income (loss) from operations $(2,616) $6,462 $(6,355)
=========== =========== ===========
Fiscal 2003:
Test
Quarter ended March 31, 2003: Segment Corporate Consolidated
---------- ---------- -------------
Net revenue $26,109 $- $125,938
Cost of sales 21,107 - 93,420
---------- ---------- -------------
Gross profit 5,002 - 32,518
Operating costs 10,727 4,641 42,548
Asset impairment 1,691 - 1,708
---------- ---------- -------------
Income (loss) from operations $(7,416) $(4,641) $(11,738)
========== ========== =============
Six months ended March 31, 2003:
Net revenue $48,781 $- $237,309
Cost of sales 39,829 - 177,460
---------- ---------- -------------
Gross profit 8,952 - 59,849
Operating costs 21,191 8,022 82,825
Resizing (103) - (205)
Asset impairment 1,691 - 1,708
Gain on disposal of assets - - (121)
---------- ---------- -------------
Income (loss) from operations $(13,827) $(8,022) $(24,358)
========== ========== =============
Fiscal 2002:
Packaging Advanced
Equipment Materials Packaging
Quarter ended March 31, 2002: Segment Segment Segment
----------- ----------- -----------
Net revenue $37,216 $35,408 $5,688
Cost of sales 43,938 27,545 6,444
----------- ----------- -----------
Gross profit (6,722) 7,863 (756)
Operating costs 22,106 5,973 5,125
Resizing costs 6,064 736 1,104
Asset impairment 2,165 1,480 -
----------- ----------- -----------
Income (loss) from operations $(37,057) $(326) $(6,985)
=========== =========== ===========
Six months ended March 31, 2002:
Net revenue $72,900 $69,523 $12,228
Cost of sales 70,541 53,765 13,001
----------- ----------- -----------
Gross profit 2,359 15,758 (773)
Operating costs 41,564 12,209 10,700
Resizing costs 6,064 736 1,104
Asset impairment 2,165 1,480 -
----------- ----------- -----------
Income (loss) from operations $(47,434) $1,333 $(12,577)
=========== =========== ===========
Fiscal 2002:
Test
Quarter ended March 31, 2002: Segment Corporate Consolidated
---------- ---------- -------------
Net revenue $28,605 $- $106,917
Cost of sales 18,358 - 96,285
---------- ---------- -------------
Gross profit 10,247 - 10,632
Operating costs 13,762 3,954 50,920
Resizing costs 2,796 583 11,283
Asset impairment 1,245 - 4,890
---------- ---------- -------------
Income (loss) from operations $(7,556) $(4,537) $(56,461)
========== ========== =============
Six months ended March 31, 2002:
Net revenue $55,421 $- $210,072
Cost of sales 36,746 - 174,053
---------- ---------- -------------
Gross profit 18,675 - 36,019
Operating costs 25,968 7,398 97,839
Resizing costs 2,796 583 11,283
Asset impairment 1,245 - 4,890
---------- ---------- -------------
Income (loss) from operations $(11,334) $(7,981) $(77,993)
========== ========== =============
--------------------------------------------------------------------------------
Contact:
Kulicke & Soffa Industries, Inc.
Michael Sheaffer, 215/784-6411
215/784-6167 fax
msheaffer@kns.com
--------------------------------------------------------------------------------
Source: Kulicke & Soffa Industries, Inc. |
