ALL:
Copied from the KLIC thread.
The entire release:
WILLOW GROVE, Pa.--(BUSINESS WIRE)--Nov. 14, 1997--Kulicke &
Soffa Industries Inc. (NASDAQ:KLIC) announced Friday the results of
its fiscal year ended Sept. 30, 1997.
Sales for the year were $501,907,000 up 32% compared to sales of
$381,176,000 in fiscal 1996. Net income was $38,319,000 or $1.78 per
share compared to $11,847,000 or 60 cents per share for the same
period last year.
Sales for the fourth fiscal quarter were $152,192,000, up 147%
compared to $61,701,000 in the September quarter of fiscal 1996. Net
income for the September 1997 quarter was $15,069,000 or 63 cents per
share compared to a net loss of ($12,707,000) or (65) cents per share
for the September 1996 quarter, which included approximately
$7,000,000 of costs related to resizing the Company.
Bookings for fiscal 1997 were $550 million including $155 million
in the September quarter; and ending backlog was $118 million, all of
which are new company records.
"We are pleased by the dramatic ramp in quarterly sales we
experienced through all of fiscal 1997, and the market share gains we
believe we have made," said C. Scott Kulicke, chairman and chief
executive officer of K&S.
"We see underlying demand for assembly equipment continuing
strong as we begin our fiscal 1998. As we previously announced, we
anticipate that our December quarter sales and earnings will be lower
than our September quarter, as a result of both our customers
assimilating the record deliveries of FY 1997 as well as the longer
than anticipated transition to our new platform of wire bonders.
"However, we expect that the remaining quarters of the fiscal
year will be stronger, and our goal for fiscal 1998 is to deliver
continued record results."
Certain matters discussed in this news release, including
operating and financial results in fiscal 1998, 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; the risk of delays in introduction and
customer qualification of new products and services; the Company's
ability to manufacture and ship its products on a timely basis; the
risks associated with a substantial foreign customer base; and the
risks associated with instability in foreign capital markets and
foreign currency fluctuations.
Further discussions of risk factors are also available in the
Company's most recent SEC filings.
Kulicke & Soffa 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 packaging
materials, including bonding wire, capillaries, wedges, die collets
and saw blades, and has sales and service facilities worldwide. The
Company's web site address is www.kns.com .
*T
Kulicke & Soffa Industries Inc.
Condensed Consolidated Statement of Operations
Three months ended Fiscal Year ended
Sept. 30, Sept. 30,
------------------ -----------------
1997 1996 1997 1996
-------- --------- ------- --------
Net sales $152,192,000 $ 61,701,000 $501,907,000 $381,176,000
Cost of
goods sold 96,139,000 45,390,000 318,002,000 239,491,000
------------ ------------ ------------- -------------
Gross profit 56,053,000 16,311,000 183,905,000 141,685,000
Selling,
general and
administrative 22,722,000 18,427,000 80,212,000 71,863,000
Research and
development,
net 12,157,000 16,036,000 46,030,000 52,404,000
------------ ------------ ------------- -------------
Income (loss)
from
operations 21,174,000 (18,152,000) 57,663,000 17,418,000
Interest
income 1,179,000 733,000 3,151,000 3,124,000
Interest
expense (64,000) (781,000) (2,331,000) (3,288,000)
Equity in
loss of
joint venture (2,109,000) (754,000) (6,701,000) (994,000)
Other expense -- -- -- (630,000)
------------ ------------ ------------- -------------
Income (loss)
before
taxes 20,180,000 (18,954,000) 51,782,000 15,630,000
Provision for
income taxes 5,111,000 (6,247,000) 13,463,000 3,783,000
------------ ------------ ------------- -------------
Net income
(loss) $15,069,000 ($12,707,000) $38,319,000 $11,847,000
============= ============= ============ ============
Net income
(loss) per share:
Primary $0.63 ($0.65) $1.78 $0.60
============= ============= ============ ============
Fully diluted $0.63 ($0.65) $1.78 $0.60
============= ============= ============ ============
Weighted average
shares
outstanding:
Primary 23,877,333 19,683,713 21,551,404 19,773,330
Fully Diluted 23,877,333 19,683,713 21,551,404 19,773,330
Sept. 30,
---------
Additional financial data: 1997 1996
--------- ----------
Backlog of orders $118,000,000 $ 69,000,000
Number of employees 2,229 1,897
Kulicke & Soffa Industries Inc.
Consolidated Balance Sheet
Sept. 30,
-------------------
1997 1996
------------ -----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $107,605,000 $45,344,000
Short-term investments 7,982,000 13,078,000
Accounts receivable, net 105,103,000 47,456,000
Inventories, net 45,602,000 44,519,000
Prepaid expenses and other
current assets 4,391,000 4,277,000
Refundable income taxes -- 6,212,000
Deferred income taxes 1,521,000 1,765,000
------------ -----------
TOTAL CURRENT ASSETS 272,204,000 162,651,000
Property, plant and equipment, net 45,648,000 41,143,000
Intangible assets, primarily
goodwill, net 42,724,000 42,049,000
Long-term investments -- 449,000
Investment in and loans to
joint venture 14,135,000 1,556,000
Other assets 2,108,000 1,706,000
------------ -----------
TOTAL ASSETS $376,819,000 $249,554,000
============ ===========
Liabilities and Shareholders' Equity
CURRENT LIABILITIES:
Debt due within one year $780,000 $491,000
Accounts payable to suppliers
and others 47,408,000 23,032,000
Accrued expenses 24,932,000 18,389,000
Income taxes payable 8,864,000 6,935,000
------------ -----------
TOTAL CURRENT LIABILITIES 81,984,000 48,847,000
Long-term debt 220,000 50,712,000
Other liabilities 2,688,000 2,506,000
------------ -----------
TOTAL LIABILITIES 84,892,000 102,065,000
------------ -----------
SHAREHOLDERS' EQUITY:
Common stock, without par value 155,246,000 48,733,000
Retained earnings 139,404,000 101,085,000
Cumulative translation adjustment (2,723,000) (2,329,000)
------------ -----------
TOTAL SHAREHOLDERS' EQUITY 291,927,000 147,489,000
------------ -----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $376,819,000 $249,554,000
============ ===========
*T |
