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 August 3, 2016 |
KULICKE AND SOFFA INDUSTRIES, INC. | |||
Date: Aug 3, 2016 | By: | /s/ Jonathan H. Chou | |
Name: | Jonathan H. Chou | ||
Title: | Interim Chief Executive Officer, Chief Financial Officer | ||
Exhibit No. | Description |
99.1 | Press Release dated August 3, 2016 |
K&S Corporate Headquarters Kulicke & Soffa Pte Ltd 23A Serangoon North Ave 5 #01-01, Singapore 554369 | |
+65-6880-9600 main +65-6880-9580 fax www.kns.com Co. Regn. No. 199902120H |
Quarterly Results | |||
Fiscal Q3 2016 | Change vs. Fiscal Q3 2015 | Change vs. Fiscal Q2 2016 | |
Net Revenue | $216.4 million | up 31.5% | up 38.4% |
Gross Profit | $100.0 million | up 29.0% | up 43.6% |
Gross Margin | 46.2% | down 90 bps | up 170 bps |
Income from Operations | $38.6 million | up 140.1% | up 229.8% |
Operating Margin | 17.8% | up 800 bps | up 1,030 bps |
Net Income | $31.8 million | up 26.9% | up 524.6% |
Net Margin | 14.7% | down 50 bps | up 1,140 bps |
EPS – Diluted | $0.45 | up 36.4% | up 542.9% |
• | Ball bonder equipment net revenue increased 64.2% over the March quarter. |
• | Wedge bonder equipment net revenue increased by 22.3% over the March quarter. |
• | Advanced Packaging Mass Reflow equipment net revenue increased by 0.7% over the March quarter. |
• | Net revenue of $216.4 million. |
• | Gross margin of 46.2%. |
• | Net income of $31.8 million or $0.45 per share. |
• | Cash and cash equivalents were $516.1 million as of July 2, 2016. |
• | 7.9 million shares had been repurchased since the stock repurchase program's August 2014 initiation, equivalent to 10.1% of weighted average shares outstanding at the program's inception. |
Kulicke & Soffa Industries, Inc. | |
Joseph Elgindy | |
Investor Relations & Strategic Initiatives | |
P: +1-215-784-7500 | |
P: +31-40-272-3016 | |
F: +1-215-784-6180 |
Three months ended | Nine months ended | |||||||||||||||
July 2, 2016 | June 27, 2015 | July 2, 2016 | June 27, 2015 | |||||||||||||
Net revenue | $ | 216,414 | $ | 164,634 | $ | 481,348 | $ | 417,299 | ||||||||
Cost of sales | 116,374 | 87,063 | 261,240 | 216,424 | ||||||||||||
Gross profit: | 100,040 | 77,571 | 220,108 | 200,875 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 36,776 | 33,151 | 94,928 | 90,140 | ||||||||||||
Research and development | 22,960 | 25,380 | 69,593 | 68,133 | ||||||||||||
Amortization of intangible assets | 1,665 | 2,946 | 4,996 | 7,032 | ||||||||||||
Restructuring | 17 | 8 | 1,965 | (33 | ) | |||||||||||
Total operating expenses | 61,418 | 61,485 | 171,482 | 165,272 | ||||||||||||
Income from operations: | 38,622 | 16,086 | 48,626 | 35,603 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 972 | 469 | 2,295 | 1,184 | ||||||||||||
Interest expense | (290 | ) | (291 | ) | (839 | ) | (910 | ) | ||||||||
Income from operations before income taxes | 39,304 | 16,264 | 50,082 | 35,877 | ||||||||||||
Income tax expense / (benefit) | 7,519 | (8,775 | ) | 13,299 | (4,935 | ) | ||||||||||
Net income | $ | 31,785 | $ | 25,039 | $ | 36,783 | $ | 40,812 | ||||||||
Net income per share: | ||||||||||||||||
Basic | 0.45 | 0.33 | 0.52 | 0.53 | ||||||||||||
Diluted | 0.45 | 0.33 | 0.52 | 0.53 | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 70,379 | 75,420 | 70,502 | 76,376 | ||||||||||||
Diluted | 70,843 | 75,891 | 70,802 | 76,778 |
Three months ended | Nine months ended | |||||||||||||||
Supplemental financial data: | July 2, 2016 | June 27, 2015 | July 2, 2016 | June 27, 2015 | ||||||||||||
Depreciation and amortization | $ | 4,019 | $ | 5,415 | $ | 12,221 | $ | 13,978 | ||||||||
Capital expenditures | 1,480 | 2,265 | 4,396 | 5,709 | ||||||||||||
Equity-based compensation expense: | ||||||||||||||||
Cost of sales | 98 | 88 | 323 | 304 | ||||||||||||
Selling, general and administrative | 1,331 | 1,914 | 2,021 | 6,389 | ||||||||||||
Research and development | 472 | 518 | 1,592 | 1,843 | ||||||||||||
Total equity-based compensation expense | $ | 1,901 | $ | 2,520 | $ | 3,936 | $ | 8,536 |
As of | ||||||||
July 2, 2016 | June 27, 2015 | |||||||
Backlog of orders 1 | $ | 82,976 | $ | 75,101 | ||||
Number of employees | 2,743 | 2,827 |
1. | Represents customer purchase commitments. While the Company believes these orders are firm, they are generally cancellable by customers without penalty. |
As of | ||||||||
July 2, 2016 | October 3, 2015 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 516,128 | $ | 498,614 | ||||
Accounts and other receivable, net of allowance for doubtful accounts of $488 and $621 respectively | 171,809 | 108,596 | ||||||
Inventories, net | 89,556 | 79,096 | ||||||
Prepaid expenses and other current assets | 17,830 | 16,937 | ||||||
Deferred income taxes | — | 4,126 | ||||||
TOTAL CURRENT ASSETS | 795,323 | 707,369 | ||||||
Property, plant and equipment, net | 50,195 | 53,234 | ||||||
Goodwill | 81,272 | 81,272 | ||||||
Intangible assets | 52,475 | 57,471 | ||||||
Other assets | 7,442 | 5,120 | ||||||
TOTAL ASSETS | $ | 986,707 | $ | 904,466 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 71,116 | $ | 25,521 | ||||
Accrued expenses and other current liabilities | 53,809 | 45,971 | ||||||
Income taxes payable | 6,945 | 2,442 | ||||||
TOTAL CURRENT LIABILITIES | 131,870 | 73,934 | ||||||
Financing obligation | 17,084 | 16,483 | ||||||
Deferred income taxes | 30,908 | 33,958 | ||||||
Other liabilities | 11,173 | 10,842 | ||||||
TOTAL LIABILITIES | 191,035 | 135,217 | ||||||
SHAREHOLDERS' EQUITY | ||||||||
Common stock, no par value | 495,961 | 492,339 | ||||||
Treasury stock, at cost | (139,407 | ) | (124,856 | ) | ||||
Retained earnings | 439,646 | 402,863 | ||||||
Accumulated other comprehensive loss | (528 | ) | (1,097 | ) | ||||
TOTAL SHAREHOLDERS' EQUITY | 795,672 | 769,249 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 986,707 | $ | 904,466 |
Three months ended | Nine months ended | |||||||||||||||
July 2, 2016 | June 27, 2015 | July 2, 2016 | June 27, 2015 | |||||||||||||
Net cash provided by / (used in) operating activities | $ | 35,437 | $ | (214 | ) | $ | 34,458 | $ | 48,346 | |||||||
Net cash used in investing activities, continuing operations | (1,847 | ) | (362 | ) | (3,639 | ) | (90,919 | ) | ||||||||
Net cash used in financing activities, continuing operations | (102 | ) | (51,245 | ) | (14,195 | ) | (69,837 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 647 | 600 | 890 | 354 | ||||||||||||
Changes in cash and cash equivalents | 34,135 | (51,221 | ) | 17,514 | (112,056 | ) | ||||||||||
Cash and cash equivalents, beginning of period | 481,993 | 527,146 | 498,614 | 587,981 | ||||||||||||
Cash and cash equivalents, end of period | $ | 516,128 | $ | 475,925 | $ | 516,128 | $ | 475,925 |