SINGAPORE — (BUSINESS WIRE) — January 31, 2019 — Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke & Soffa”, “K&S” or the “Company”), today announced financial results of its first fiscal quarter ended December 29, 2018. The Company reported first quarter net revenue of $157.2 million, and reported diluted EPS of $0.11 and a non-GAAP diluted EPS of $0.25.
During its first fiscal quarter, K&S repurchased $25.5 million of common stock in open market transactions at an average price of $20.68 per share. The Company also recorded a quarterly dividend equivalent to $0.12 per share during its first fiscal quarter.
| Quarterly Results - U.S. GAAP | |||||||||
|
Fiscal Q1 2019 |
Change vs.
Fiscal Q1 2018 |
Change vs.
Fiscal Q4 2018 |
|||||||
| Net Revenue | $157.2 million | down 26.4% | down 14.9% | ||||||
| Gross Profit | $74.8 million | down 23.0% | down 12.8% | ||||||
| Gross Margin | 47.6% | up 210 bps | up 120 bps | ||||||
| Income from Operations | $14.6 million | down 62.8% | down 40.7% | ||||||
| Operating Margin | 9.3% | down 900 bps | down 400 bps | ||||||
| Net Income | $7.5 million | down 110.8% | down 74.7% | ||||||
| Net Margin | 4.8% | up 3730 bps | down 1120 bps | ||||||
| EPS – Diluted | $0.11 | up 111.1% | down 74.4% | ||||||
|
Quarterly Results - Non-GAAP |
|||||||||
|
Fiscal Q1 2019 |
Change vs.
Fiscal Q1 2018 |
Change vs.
Fiscal Q4 2018 |
|||||||
| Income from Operations | $16.5 million | down 61.1% | down 39.3% | ||||||
| Operating Margin | 10.5% | down 930 bps | down 420 bps | ||||||
| Net Income | $17.0 million | down 56.9% | down 45.5% | ||||||
| Net Margin | 10.8% | down 760 bps | down 610 bps | ||||||
| EPS - Diluted | $0.25 | down 54.5% | down 44.4% | ||||||
* A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Results” section.
Dr. Fusen Chen, Kulicke & Soffa's President and Chief Executive Officer, stated, “Despite the softness in demand experienced throughout the capital equipment space, we were able to generate strong gross margins, deliver shareholder returns and continue driving near-term fundamental progress, specifically new product development and qualifications."
During the December quarter the Company incurred a $7.7 million tax expense primarily related to an adjustment to the one-time transition tax associated with the Tax Cuts and Reform Act of 2017, specifically due to new guidance issued by the U.S. Department of Treasury on November 28, 2018.
First Quarter Fiscal 2019 Financial Highlights
- Net revenue of $157.2 million.
- Gross margin of 47.6%.
- Net income of $7.5 million or $0.11 per share; Non-GAAP net income of $17.0 million or $0.25 per share.
- Cash, cash equivalents, and short-term investments were $632.4 million as of December 29, 2018.
