Pennsylvania | 000-00121 | 23-1498399 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
23A Serangoon North, Avenue 5, #01-01 K&S Corporate Headquarters, Singapore | 554369 | |
(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 6, 2014. |
KULICKE AND SOFFA INDUSTRIES, INC. | |||
Date: November 6, 2014 | By: | /s/ Jonathan H. Chou | |
Name: | Jonathan H. Chou | ||
Title: | Senior Vice President and Chief Financial Officer | ||
Exhibit No. | Description |
99.1 | Press Release dated November 6, 2014 |
K&S Corporate Headquarters Kulicke & Soffa Pte Ltd 23A Serangoon North Avenue 5 #01-01, Singapore 554369 | |
+65-6880-9600 main +65-6880-9580 fax www.kns.com Co. Regn. No. 199902120H |
Quarterly Results | |||
Fiscal Q4 2014 | Change vs. Fiscal Q4 2013 | Change vs. Fiscal Q3 2014 | |
Net Revenue | $194.7 million | 12.2% | 7.9% |
Gross Profit | $92.4 million | 14.5% | 8.5% |
Gross Margin | 47.4% | 90 bps | 20 bps |
Income from Operations | $37.5 million | 8.5% | 18.7% |
Operating Margin | 19.3% | (60) bps | 180 bps |
Net Income | $29.3 million | (0.9)% | 9.9% |
Net Margin | 15.0% | (200) bps | 30 bps |
EPS – Diluted | $0.38 | (2.6)% | 11.8% |
• | Ball bonder equipment net revenue increased 5.0% over the June quarter. |
• | 83.5% of ball bonder equipment was sold as copper capable. |
• | Wedge bonder equipment net revenue increased 47.8% over the June quarter. |
• | Net revenue of $568.6 million. |
• | Gross margin of 48.1%. |
• | Net income was $63.0 million or $0.81 per diluted share. |
• | Cash, cash equivalents and investments were $597.1 million as at September 27, 2014. |
Kulicke & Soffa Industries, Inc. | |
Joseph Elgindy | |
Investor Relations & Strategic Planning | |
P: +1-215-784-7518 | |
F: +1-215-784-6180 | |
jelgindy@kns.com |
Three months ended | Twelve months ended | |||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | |||||||||||||
Net revenue: | ||||||||||||||||
Equipment | $ | 177,279 | $ | 156,479 | $ | 503,049 | $ | 472,567 | ||||||||
Expendable Tools | 17,454 | 17,129 | 65,520 | 62,371 | ||||||||||||
Total net revenue | 194,733 | 173,608 | 568,569 | 534,938 | ||||||||||||
Cost of sales: | ||||||||||||||||
Equipment | 95,001 | 86,066 | 268,934 | 261,270 | ||||||||||||
Expendable Tools | 7,372 | 6,856 | 26,081 | 26,723 | ||||||||||||
Total cost of sales | 102,373 | 92,922 | 295,015 | 287,993 | ||||||||||||
Gross profit: | ||||||||||||||||
Equipment | 82,278 | 70,413 | 234,115 | 211,297 | ||||||||||||
Expendable Tools | 10,082 | 10,273 | 39,439 | 35,648 | ||||||||||||
Total gross profit | 92,360 | 80,686 | 273,554 | 246,945 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 30,774 | 28,072 | 107,077 | 108,401 | ||||||||||||
Research and development | 22,779 | 15,377 | 83,056 | 61,620 | ||||||||||||
Amortization of intangible assets | 1,330 | 2,292 | 5,318 | 9,175 | ||||||||||||
Restructuring | (20 | ) | 401 | 1,119 | 1,943 | |||||||||||
Total operating expenses | 54,863 | 46,142 | 196,570 | 181,139 | ||||||||||||
Income from operations: | ||||||||||||||||
Equipment | 33,552 | 30,344 | 59,769 | 52,991 | ||||||||||||
Expendable Tools | 3,945 | 4,200 | 17,215 | 12,815 | ||||||||||||
Total income from operations | 37,497 | 34,544 | 76,984 | 65,806 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 319 | 254 | 1,197 | 883 | ||||||||||||
Interest expense | (316 | ) | (20 | ) | (1,048 | ) | (21 | ) | ||||||||
Income from operations before income taxes | 37,500 | 34,778 | 77,133 | 66,668 | ||||||||||||
Provision for income taxes | 8,241 | 5,247 | 14,145 | 7,310 | ||||||||||||
Net income | $ | 29,259 | $ | 29,531 | $ | 62,988 | $ | 59,358 | ||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.39 | $ | 0.82 | $ | 0.79 | ||||||||
Diluted | $ | 0.38 | $ | 0.39 | $ | 0.81 | $ | 0.78 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 76,658 | 75,279 | 76,396 | 75,132 | ||||||||||||
Diluted | 77,925 | 76,565 | 77,292 | 76,190 |
Three months ended | Twelve months ended | |||||||||||||||
Supplemental financial data: | September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | ||||||||||||
Depreciation and amortization | $ | 3,525 | $ | 4,187 | $ | 13,520 | $ | 18,489 | ||||||||
Capital expenditures | 2,805 | 11,215 | 12,401 | 17,172 | ||||||||||||
Equity-based compensation expense: | ||||||||||||||||
Cost of sales | 75 | 20 | 344 | 295 | ||||||||||||
Selling, general and administrative | 1,982 | 2,082 | 8,906 | 8,457 | ||||||||||||
Research and development | 462 | 480 | 2,086 | 1,918 | ||||||||||||
Total equity-based compensation expense | $ | 2,519 | $ | 2,582 | $ | 11,336 | $ | 10,670 |
As of | ||||||||
September 27, 2014 | September 28, 2013 | |||||||
Backlog of orders1 | $ | 79,100 | $ | 52,100 | ||||
Number of employees | 2,278 | 2,164 |
As of | ||||||||
September 27, 2014 | September 28, 2013 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 587,981 | $ | 521,788 | ||||
Short-term investments | 9,105 | 3,252 | ||||||
Accounts and notes receivable, net of allowance for doubtful accounts of $143 and $504 respectively | 171,530 | 162,714 | ||||||
Inventories, net | 49,694 | 38,135 | ||||||
Prepaid expenses and other current assets | 15,090 | 24,012 | ||||||
Deferred income taxes | 4,291 | 4,487 | ||||||
TOTAL CURRENT ASSETS | 837,691 | 754,388 | ||||||
Property, plant and equipment, net | 52,755 | 47,541 | ||||||
Goodwill | 41,546 | 41,546 | ||||||
Intangible assets | 5,891 | 11,209 | ||||||
Other assets | 6,565 | 8,310 | ||||||
TOTAL ASSETS | $ | 944,448 | $ | 862,994 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 35,132 | $ | 37,030 | ||||
Accrued expenses and other current liabilities | 43,731 | 38,868 | ||||||
Income taxes payable | 2,488 | 1,504 | ||||||
TOTAL CURRENT LIABILITIES | 81,351 | 77,402 | ||||||
Financing obligation | 19,102 | 19,396 | ||||||
Deferred income taxes | 44,963 | 40,709 | ||||||
Other liabilities | 9,790 | 8,822 | ||||||
TOTAL LIABILITIES | 155,206 | 146,329 | ||||||
SHAREHOLDERS' EQUITY | ||||||||
Common stock, no par value | 479,116 | 467,525 | ||||||
Treasury stock, at cost | (46,984 | ) | (46,356 | ) | ||||
Accumulated income | 354,866 | 291,878 | ||||||
Accumulated other comprehensive income | 2,244 | 3,618 | ||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 789,242 | $ | 716,665 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 944,448 | $ | 862,994 |
Three months ended | Twelve months ended | |||||||||||||||
September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | |||||||||||||
Net cash (used in) provided by operating activities | (1,729 | ) | 26,644 | 82,460 | 94,824 | |||||||||||
Net cash used in investing activities | (7,302 | ) | (14,467 | ) | (15,974 | ) | (15,114 | ) | ||||||||
Net cash (used in) provided by financing activities | (369 | ) | 865 | (164 | ) | 1,733 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | (76 | ) | 253 | (129 | ) | 101 | ||||||||||
Changes in cash and cash equivalents | (9,476 | ) | 13,295 | 66,193 | 81,544 | |||||||||||
Cash and cash equivalents, beginning of period | 597,457 | 508,493 | 521,788 | 440,244 | ||||||||||||
Cash and cash equivalents, end of period | $ | 587,981 | $ | 521,788 | $ | 587,981 | $ | 521,788 | ||||||||
Short-term investments | 9,105 | 3,252 | 9,105 | 3,252 | ||||||||||||
Total cash, cash equivalents and short-term investments | $ | 597,086 | $ | 525,040 | $ | 597,086 | $ | 525,040 |