Kulicke & Soffa Reports First Quarter 2003 Results.Business Editors/High-Tech Writers WILLOW GROVE Willow Grove may refer to:
Kulicke & Soffa Industries, Inc. (Nasdaq:KLIC) today announced financial results for its first quarter of fiscal year 2003 ended December December: see month. 31, 2002. Revenue for the first fiscal quarter ended December 31, 2002 was $111.4 million compared to revenue in the first quarter ended December 31, 2001 of $103.2 million, an increase of 8.0%. The loss from operations during the first fiscal quarter of 2003 was $12.6 million versus a loss of $21.5 million during the first fiscal quarter of 2002. The net loss for the first quarter ended December 31, 2002 was $17.7 million or a loss of $0.36 per share versus a net loss of $17.5 million or a loss of $0.36 per share in the first quarter ended December 31, 2001. Net bookings for the first fiscal quarter ended December 31, 2002 were $117.0 million, which is an improvement of $7 million over the prior quarter ended September September: see month. 30, 2002. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at December 31, 2002 was $60.0 million compared to backlog at September 30, 2002 of $54.0 million. C. Scott Kulicke, chairman and chief executive officer, stated, "Our order activity in the December quarter exceeded our expectations by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10%. The increase in orders was largely due to higher demand for wire bonders, ordered for new packaging capabilities. This also represents continued growing acceptance of the latest K&S Maxum wire bonder. With that in mind, our guidance for the second quarter ending March 31, 2003, is for revenue of $120.0 million to $130.0 million." A conference call to discuss these results will be held today beginning at 9:00 AM EST EST electroshock therapy. EST abbr. electroshock therapy . Interested participants may call 416-695-5259 for the teleconference or log on to www.kns.com for the audio feed. Kulicke & Soffa is the world's leading supplier of semiconductor assembly and test interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. equipment, materials and technology. Assembly solutions combine wire bonding Wire bonding is a method of making interconnections between a microchip and other electronics as part of semiconductor device fabrication. The wire is generally made up of one of the following:
The smallest arteries which, in the lung, are located next to the alveoli so that they can pick up oxygen from inhaled air. Mentioned in: Adult Respiratory Distress Syndrome, Birthmarks, Platelet Count . Test interconnect solutions include standard and vertical probe cards A probe card is an interface between an electronic test system and a semiconductor wafer. Its purpose is to provide an electrical path between the test system and the circuits on the wafer, thereby permitting the testing and validation of the circuits at the wafer level, usually ; ATE interface assemblies and ATE boards for wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. testing; and test sockets and contactors for all types of packages. Kulicke & Soffa's web site address is www.kns.com. Caution Concerning Forward Looking Statements This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which are found in various places throughout the press release. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, those listed or discussed in Kulicke & Soffa Industries' 2002 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and: the risk of failure to successfully manage our operations; the risk that anticipated orders may not materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. or that orders received may be postponed or canceled, generally without charges; the risk that anticipated cost savings will not be achieved; the volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the in the demand for semiconductors and our products and services; acts of terrorism terrorism, the threat or use of violence, often against the civilian population, to achieve political or social ends, to intimidate opponents, or to publicize grievances. and violence; overall global economic conditions; risks, such as changes in trade regulations, currency fluctuations, political instability instability /in·sta·bil·i·ty/ (-stah-bil´i-te) lack of steadiness or stability. detrusor instability and war, associated with a substantial foreign customer and supplier base and substantial foreign manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. ; potential instability in foreign capital markets; and other key factors that could adversely affect our businesses and financial performance contained in past and future filings and reports, including those with the SEC. Kulicke & Soffa Industries is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share and employee data)
(Unaudited)
Three months ended
December 31,
----------------------
2001 2002
-------- --------
Net revenue $103,155 $111,371
Cost of sales 77,768 84,040
-------- --------
Gross profit 25,387 27,331
-------- --------
Selling, general and administrative 31,514 28,326
Research and development, net 12,924 9,643
Resizing - (205)
Gain on disposal of assets - (121)
Amortization of intangibles 2,481 2,308
-------- --------
Operating Expense 46,919 39,951
-------- --------
Loss from operations (21,532) (12,620)
Interest, net (3,408) (4,009)
Other income 6 -
-------- --------
Loss before income taxes (24,934) (16,629)
Income taxes (7,481) 1,026
-------- --------
Net loss $(17,453) $(17,655)
======== ========
Net loss per share:
Basic $(0.36) $(0.36)
======== ========
Diluted $(0.36) $(0.36)
======== ========
Weighted average shares
outstanding:
Basic 49,055 49,514
Diluted 49,055 49,514
December 31,
----------------------
Additional financial data: 2001 2002
----------------------
Backlog of orders $44,000 $60,000
Number of employees 3,758 3,219
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
September December
30, 31,
2002 2002
-------- --------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $89,166 $69,999
Short-term investments 22,134 15,866
Accounts and notes receivable (less
allowance for doubtful accounts:
9/30/02 - $6,033; 12/31/02 - $5,750) 89,132 79,953
Inventories, net 50,887 51,472
Prepaid expenses and other current
assets 10,508 11,699
Deferred income taxes 16,072 15,154
-------- --------
TOTAL CURRENT ASSETS 277,899 244,143
Property, plant and equipment, net 89,742 84,758
Intangible assets, (net of accumulated
amortization: 9/30/02 - $16,927;
12/31/02 - $19,260) 75,509 73,195
Goodwill 87,107 87,107
Other assets 8,425 8,044
-------- --------
TOTAL ASSETS $538,682 $497,247
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Debt due within one year $186 $122
Accounts payable 55,659 38,374
Accrued expenses 52,581 47,838
Income taxes payable 9,660 9,963
-------- --------
TOTAL CURRENT LIABILITIES 118,086 96,297
Long term debt 300,393 300,419
Other liabilities 14,106 12,053
Deferred taxes 36,774 35,856
-------- --------
TOTAL LIABILITIES 469,359 444,625
-------- --------
SHAREHOLDERS' EQUITY
Common stock, without par value 199,886 200,431
Retained deficit (119,103) (136,758)
Accumulated other comprehensive loss (11,460) (11,051)
-------- --------
TOTAL SHAREHOLDERS' EQUITY 69,323 52,622
-------- --------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $538,682 $497,247
======== ========
KULICKE & SOFFA INDUSTRIES, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
(In thousands)
(Unaudited)
Fiscal 2003:
Packaging Advanced
Quarter ended Equipment Materials Packaging Test Corporate Consol-
December 31, Segment Segment Segment Segment idated
2002: ------- ------- ------- ------- ------- --------
Net revenue $44,895 $39,557 $4,247 $22,672 $- $111,371
Cost of sales 30,616 29,284 5,418 18,722 - 84,040
------- ------- ------- ------- ------- --------
Gross profit 14,279 10,273 (1,171) 3,950 - 27,331
Operating costs 17,523 7,291 1,618 10,464 3,381 40,277
Resizing - - (102) (103) - (205)
Gain on
disposal of
assets - - (121) - (121)
------- ------- ------- ------- ------- --------
Income (loss)
from
operations $(3,244) $2,982 $(2,566) $(6,411) $(3,381) $(12,620)
======= ======= ======= ======= ======= ========
Fiscal 2002:
Packaging Advanced
Quarter ended Equipment Materials Packaging Test Corporate Consol-
December 31, Segment Segment Segment Segment idated
2001: ------- ------- ------- ------- ------- --------
Net revenue $35,684 $34,115 $6,540 $26,816 $- $103,155
Cost of sales 26,603 26,220 6,557 18,388 - 77,768
------- ------- ------- ------- ------- --------
Gross profit 9,081 7,895 (17) 8,428 - 25,387
Operating
costs 19,458 6,236 5,575 12,206 3,444 46,919
------- ------- ------- ------- ------- --------
Income (loss)
from
operations $(10,377) $1,659 $(5,592) $(3,778) $(3,444) $(21,532)
======= ======= ======= ======= ======= ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion