Pennsylvania | 000-00121 | 23-1498399 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
6 Serangoon North, Avenue 5, #03-16, Singapore | 554,910 | |
(Address of Principal Executive Offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit No. | Description |
99.1 | Press Release dated November 7, 2013. |
KULICKE AND SOFFA INDUSTRIES, INC. | |||
Date: November 7, 2013 | By: | /s/ Jonathan H. Chou | |
Name: | Jonathan H. Chou | ||
Title: | Senior Vice President, Chief Financial Officer | ||
and Principal Accounting Officer |
Exhibit No. | Description |
99.1 | Press Release dated November 7, 2013 |
![]() | Kulicke & Soffa Pte Ltd 6 Serangoon North Ave 5 #03-16 Singapore 554910 |
Quarterly Results | |||
Fiscal Q4 2013 | Change vs. Fiscal Q4 2012 | Change vs. Fiscal Q3 2013 | |
Net Revenue | $173.6 million | (35.5)% | 23.0% |
Gross Profit | $80.7 million | (34.4)% | 22.4% |
Gross Margin | 46.5% | 80 bps | (20) bps |
Income from Operations | $34.5 million | (50.9)% | 83.1% |
Operating Margin | 19.9% | (620) bps | 650 bps |
Net Income | $29.5 million | (56.1)% | 56.4% |
Net Margin | 17.0% | (800) bps | 360 bps |
EPS – Diluted | $0.39 | (56.7)% | 56% |
• | Ball bonder equipment net revenue increased 24.5% over the June quarter. |
• | 80.2% of ball bonder equipment was sold as copper capable. |
• | Wedge bonder equipment net revenue increased 95.5% over the June quarter. |
• | Net revenue of $534.9 million. |
• | Gross margin of 46.2%. |
• | Net income was $59.4 million or $0.78 per share. |
• | Cash, cash equivalents and investments were $525.0 million as at September 28, 2013. |
Three months ended | Twelve months ended | |||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||
Net revenue: | ||||||||||||||||
Equipment | $ | 156,479 | $ | 252,785 | $ | 472,567 | $ | 727,082 | ||||||||
Expendable Tools | 17,129 | 16,381 | 62,371 | 63,941 | ||||||||||||
Total net revenue | 173,608 | 269,166 | 534,938 | 791,023 | ||||||||||||
Cost of sales: | ||||||||||||||||
Equipment | 86,066 | 139,479 | 261,270 | 397,210 | ||||||||||||
Expendable Tools | 6,856 | 6,703 | 26,723 | 26,423 | ||||||||||||
Total cost of sales | 92,922 | 146,182 | 287,993 | 423,633 | ||||||||||||
Gross profit: | ||||||||||||||||
Equipment | 70,413 | 113,306 | 211,297 | 329,872 | ||||||||||||
Expendable Tools | 10,273 | 9,678 | 35,648 | 37,518 | ||||||||||||
Total gross profit | 80,686 | 122,984 | 246,945 | 367,390 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 28,072 | 31,029 | 108,401 | 110,966 | ||||||||||||
Research and development | 15,377 | 17,369 | 61,620 | 63,446 | ||||||||||||
Amortization of intangible assets | 2,292 | 2,295 | 9,175 | 9,178 | ||||||||||||
Restructuring | 401 | 1,959 | 1,943 | 4,574 | ||||||||||||
Total operating expenses | 46,142 | 52,652 | 181,139 | 188,164 | ||||||||||||
Income from operations: | ||||||||||||||||
Equipment | 30,344 | 67,046 | 52,991 | 165,791 | ||||||||||||
Expendable Tools | 4,200 | 3,286 | 12,815 | 13,435 | ||||||||||||
Total income from operations | 34,544 | 70,332 | 65,806 | 179,226 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 254 | 182 | 883 | 833 | ||||||||||||
Interest expense | (20 | ) | — | (21 | ) | (633 | ) | |||||||||
Interest expense: non-cash | — | (1 | ) | — | (5,175 | ) | ||||||||||
Income from operations before income taxes | 34,778 | 70,513 | 66,668 | 174,251 | ||||||||||||
Provision for income taxes | 5,247 | 3,231 | 7,310 | 13,671 | ||||||||||||
Net income | $ | 29,531 | $ | 67,282 | $ | 59,358 | $ | 160,580 | ||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.39 | $ | 0.91 | $ | 0.79 | $ | 2.17 | ||||||||
Diluted | $ | 0.39 | $ | 0.89 | $ | 0.78 | $ | 2.13 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 75,279 | 74,116 | 75,132 | 73,887 | ||||||||||||
Diluted | 76,565 | 75,942 | 76,190 | 75,502 |
Three months ended | Twelve months ended | |||||||||||||||
Supplemental financial data: | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||||
Depreciation and amortization | $ | 4,187 | $ | 4,615 | $ | 18,489 | $ | 17,265 | ||||||||
Capital expenditures | 11,215 | 1,757 | 17,172 | 6,902 | ||||||||||||
Equity-based compensation expense: | ||||||||||||||||
Cost of sales | 20 | 86 | 295 | 312 | ||||||||||||
Selling, general and administrative | 2,049 | 1,575 | 8,457 | 6,602 | ||||||||||||
Research and development | 480 | 461 | 1,918 | 1,777 | ||||||||||||
Total equity-based compensation expense | $ | 2,549 | $ | 2,122 | $ | 10,670 | $ | 8,691 |
As of | ||||||||
September 28, 2013 | September 29, 2012 | |||||||
Backlog of orders | $ | 52,100 | $ | 90,000 | ||||
Number of employees | 2,164 | 2,936 |
As of | ||||||||
September 28, 2013 | September 29, 2012 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 521,788 | $ | 440,244 | ||||
Short-term investments | 3,252 | — | ||||||
Accounts and notes receivable, net of allowance for doubtful accounts of $504 and $937 respectively | 162,714 | 188,986 | ||||||
Inventories, net | 38,135 | 58,994 | ||||||
Prepaid expenses and other current assets | 24,012 | 21,577 | ||||||
Deferred income taxes | 4,487 | 3,515 | ||||||
TOTAL CURRENT ASSETS | 754,388 | 713,316 | ||||||
Property, plant and equipment, net | 47,541 | 28,441 | ||||||
Goodwill | 41,546 | 41,546 | ||||||
Intangible assets | 11,209 | 20,387 | ||||||
Other assets | 8,310 | 11,919 | ||||||
TOTAL ASSETS | $ | 862,994 | $ | 815,609 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 37,030 | $ | 57,231 | ||||
Accrued expenses and other current liabilities | 38,868 | 57,946 | ||||||
Income taxes payable | 1,504 | 8,192 | ||||||
TOTAL CURRENT LIABILITIES | 77,402 | 123,369 | ||||||
Built-to-suit liability | 19,396 | — | ||||||
Deferred income taxes | 40,709 | 37,875 | ||||||
Other liabilities | 8,822 | 10,698 | ||||||
TOTAL LIABILITIES | 146,329 | 171,942 | ||||||
SHAREHOLDERS' EQUITY | ||||||||
Common stock, no par value | 467,525 | 455,122 | ||||||
Treasury stock, at cost | (46,356 | ) | (46,356 | ) | ||||
Accumulated income | 291,878 | 232,520 | ||||||
Accumulated other comprehensive income | 3,618 | 2,381 | ||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 716,665 | $ | 643,667 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 862,994 | $ | 815,609 |
Three months ended | Twelve months ended | |||||||||||||||
September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||
Net cash provided by operations | $ | 26,644 | $ | 59,321 | $ | 94,824 | $ | 183,969 | ||||||||
Net cash used in discontinued operations | — | (29 | ) | — | (1,498 | ) | ||||||||||
Net cash provided by operating activities | 26,644 | 59,292 | 94,824 | 182,471 | ||||||||||||
Net cash used in investing activities, continuing operations | (14,467 | ) | (1,757 | ) | (15,114 | ) | (15,386 | ) | ||||||||
Net cash provided by (used in) financing activities, continuing operations | 865 | 1,834 | 1,733 | (105,138 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | 253 | 178 | 101 | 109 | ||||||||||||
Changes in cash and cash equivalents | 13,295 | 59,547 | 81,544 | 62,056 | ||||||||||||
Cash and cash equivalents, beginning of period | 508,493 | 380,697 | 440,244 | 378,188 | ||||||||||||
Cash and cash equivalents, end of period | $ | 521,788 | $ | 440,244 | $ | 521,788 | $ | 440,244 | ||||||||
Short-term investments & restricted cash | 3,252 | — | 3,252 | — | ||||||||||||
Total cash, cash equivalents, restricted cash and short-term investments | $ | 525,040 | $ | 440,244 | $ | 525,040 | $ | 440,244 |