(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Item 9.01 | Financial Statements and Exhibits. | |
(d) | Exhibits. | |
Exhibit No. | Description | |
99.1 | Press Release dated July 29, 2020 | |
104 | Inline XBRL for the cover page of this Current Report on Form 8‑K. | |
KULICKE AND SOFFA INDUSTRIES, INC. | |||
Date: July 30, 2020 | By: | /s/ LESTER WONG | |
Name: | Lester Wong | ||
Title: | Senior Vice President and Chief Financial Officer | ||
Exhibit No. | Description | |
99.1 | ||
104 | Inline XBRL for the cover page of this Current Report on Form 8‑K. |
![]() | 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 - U.S. GAAP | |||
Fiscal Q3 2020 | Change vs. Fiscal Q3 2019 | Change vs. Fiscal Q2 2020 | |
Net Revenue | $150.5 million | up 18.4% | down 0.1% |
Gross Profit | $69.4 million | up 18% | up 0.1% |
Gross Margin | 46.1% | down 10 bps | up 10 bps |
Income from Operations | $11.0 million | up 511.1% | down 0.9% |
Operating Margin | 7.3% | up 590 bps | down 10 bps |
Net Income | $11.2 million | up 761.5% | down 5.9% |
Net Margin | 7.4% | up 640 bps | down 50 bps |
EPS – Diluted(a) | $0.18 | up 800% | down 5.3% |
(a) | GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock units and stock options, but that effect is excluded when calculating GAAP diluted net (loss) per share because it would be anti-dilutive. |
Fiscal Q3 2020 | Change vs. Fiscal Q3 2019 | Change vs. Fiscal Q2 2020 | |
Income from Operations | $12.8 million | up 197.7% | down 0.8% |
Operating Margin | 8.5% | up 520 bps | down 10 bps |
Net Income | $12.9 million | up 258.3% | down 5.8% |
Net Margin | 8.6% | up 580 bps | down 50 bps |
EPS - Diluted | $0.21 | up 250% | down 4.5% |
• | Net revenue of $150.5 million. |
• | Gross margin of 46.1%. |
• | Net income of $11.2 million or $0.18 per share; non-GAAP net income of $12.9 million or $0.21 per share. |
• | Cash, cash equivalents, and short-term investments were $515.8 million as of June 27, 2020. |
Kulicke & Soffa | |
Joseph Elgindy | |
Investor Relations & Strategic Initiatives | |
P: +1-215-784-7518 | |
F: +1-215-784-6180 | |
Three months ended | Nine months ended | ||||||||||||||
June 27, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | ||||||||||||
Net revenue | $ | 150,450 | $ | 127,109 | $ | 445,488 | $ | 400,225 | |||||||
Cost of sales | 81,027 | 68,329 | 236,398 | 211,073 | |||||||||||
Gross profit | 69,423 | 58,780 | 209,090 | 189,152 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative | 26,091 | 26,294 | 79,846 | 82,062 | |||||||||||
Research and development | 30,547 | 28,229 | 87,906 | 87,609 | |||||||||||
Amortization of intangible assets | 1,814 | 1,843 | 5,451 | 5,589 | |||||||||||
Restructuring | — | 587 | 426 | (25 | ) | ||||||||||
Total operating expenses | 58,452 | 56,953 | 173,629 | 175,235 | |||||||||||
Income from operations | 10,971 | 1,827 | 35,461 | 13,917 | |||||||||||
Other income (expense): | |||||||||||||||
Interest income | 1,374 | 3,956 | 6,888 | 11,647 | |||||||||||
Interest expense | (446 | ) | (632 | ) | (1,690 | ) | (1,137 | ) | |||||||
Income before income taxes | 11,899 | 5,151 | 40,659 | 24,427 | |||||||||||
Income tax expense | 690 | 3,864 | 3,985 | 19,106 | |||||||||||
Share of results of equity-method investee, net of tax | 58 | — | 158 | 72 | |||||||||||
Net income | $ | 11,151 | $ | 1,287 | $ | 36,516 | $ | 5,249 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.18 | $ | 0.02 | $ | 0.58 | $ | 0.08 | |||||||
Diluted | $ | 0.18 | $ | 0.02 | $ | 0.57 | $ | 0.08 | |||||||
Cash dividends declared per share | $ | 0.12 | $ | 0.12 | $ | 0.36 | $ | 0.36 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 62,313 | 64,683 | 63,200 | 65,914 | |||||||||||
Diluted | 62,833 | 65,431 | 63,755 | 66,597 |
Three months ended | Nine months ended | ||||||||||||||
Supplemental financial data: | June 27, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | |||||||||||
Depreciation and amortization | $ | 5,069 | $ | 4,995 | $ | 14,597 | $ | 15,001 | |||||||
Capital expenditures | 3,451 | 2,136 | 8,550 | 9,312 | |||||||||||
Equity-based compensation expense: | |||||||||||||||
Cost of sales | 182 | 161 | 597 | 471 | |||||||||||
Selling, general and administrative | 2,676 | 2,616 | 8,106 | 7,871 | |||||||||||
Research and development | 867 | 820 | 2,353 | 2,430 | |||||||||||
Total equity-based compensation expense | $ | 3,725 | $ | 3,597 | $ | 11,056 | $ | 10,772 |
As of | |||||||
June 27, 2020 | June 29, 2019 | ||||||
Backlog of orders 1 | $ | 128,882 | $ | 96,690 | |||
Number of employees | 2,756 | 2,721 |
1. | Represents customer purchase commitments. While the Company believes these orders are firm, they are generally cancellable by customers without penalty. |
As of | |||||||
June 27, 2020 | September 28, 2019 | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 321,775 | $ | 364,184 | |||
Short-term investments | 194,000 | 229,000 | |||||
Accounts and other receivable, net of allowance for doubtful accounts of $1,306 and $597, respectively | 195,489 | 195,830 | |||||
Inventories, net | 114,194 | 89,308 | |||||
Prepaid expenses and other current assets | 13,735 | 15,429 | |||||
TOTAL CURRENT ASSETS | 839,193 | 893,751 | |||||
Property, plant and equipment, net | 55,826 | 72,370 | |||||
Operating right-of-use assets | 22,192 | — | |||||
Goodwill | 56,053 | 55,691 | |||||
Intangible assets, net | 38,207 | 42,651 | |||||
Deferred tax assets | 8,515 | 6,409 | |||||
Equity investments | 7,367 | 6,250 | |||||
Other assets | 2,112 | 2,494 | |||||
TOTAL ASSETS | $ | 1,029,465 | $ | 1,079,616 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Short term debt | $ | — | $ | 60,904 | |||
Accounts payable | 49,659 | 36,711 | |||||
Operating lease liabilities | 5,471 | — | |||||
Accrued expenses and other current liabilities | 74,624 | 64,533 | |||||
Income taxes payable | 13,050 | 12,494 | |||||
TOTAL CURRENT LIABILITIES | 142,804 | 174,642 | |||||
Financing obligation | — | 14,207 | |||||
Deferred income taxes | 34,508 | 32,054 | |||||
Income taxes payable | 74,307 | 80,290 | |||||
Operating lease liabilities | 18,124 | — | |||||
Other liabilities | 10,078 | 9,360 | |||||
TOTAL LIABILITIES | 279,821 | 310,553 | |||||
SHAREHOLDERS' EQUITY | |||||||
Common stock, no par value | 536,487 | 533,590 | |||||
Treasury stock, at cost | (387,302 | ) | (349,212 | ) | |||
Retained earnings | 607,733 | 594,625 | |||||
Accumulated other comprehensive loss | (7,274 | ) | (9,940 | ) | |||
TOTAL SHAREHOLDERS' EQUITY | $ | 749,644 | $ | 769,063 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,029,465 | $ | 1,079,616 |
Three months ended | Nine months ended | ||||||||||||||
June 27, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | ||||||||||||
Net cash provided by operating activities | $ | 23,598 | $ | (154 | ) | $ | 62,681 | $ | 83,181 | ||||||
Net cash provided by/(used in) investing activities | 50,842 | (43,315 | ) | 25,863 | 30,374 | ||||||||||
Net cash (used in)/provided by financing activities | (144,876 | ) | 20,341 | (130,618 | ) | (38,751 | ) | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (96 | ) | (197 | ) | (335 | ) | 60 | ||||||||
Changes in cash, cash equivalents and restricted cash | (70,532 | ) | (23,325 | ) | (42,409 | ) | 74,864 | ||||||||
Cash, cash equivalents and restricted cash, beginning of period | 392,307 | 419,337 | 364,184 | 321,148 | |||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 321,775 | $ | 396,012 | $ | 321,775 | $ | 396,012 | |||||||
Short-term investments | 194,000 | 248,000 | 194,000 | 248,000 | |||||||||||
Total cash, cash equivalents and short-term investments | $ | 515,775 | $ | 644,012 | $ | 515,775 | $ | 644,012 |
Three months ended | ||||||||||||
June 27, 2020 | June 29, 2019 | March 28, 2020 | ||||||||||
Net revenue | $ | 150,450 | $ | 127,109 | $ | 150,741 | ||||||
U.S. GAAP income from operations | 10,971 | 1,827 | 11,076 | |||||||||
U.S. GAAP operating margin | 7.3 | % | 1.4 | % | 7.3 | % | ||||||
Pre-tax non-GAAP items: | ||||||||||||
Amortization related to intangible assets acquired through business combination- selling, general and administrative | 1,814 | 1,843 | 1,820 | |||||||||
Restructuring | — | 587 | 9 | |||||||||
Non-GAAP income from operations | $ | 12,785 | $ | 4,257 | $ | 12,905 | ||||||
Non-GAAP operating margin | 8.5 | % | 3.3 | % | 8.6 | % |
Three months ended | ||||||||||||
June 27, 2020 | June 29, 2019 | March 28, 2020 | ||||||||||
Net revenue | $ | 150,450 | $ | 127,109 | $ | 150,741 | ||||||
U.S. GAAP net income | 11,151 | 1,287 | 11,888 | |||||||||
U.S. GAAP net margin | 7.4 | % | 1.0 | % | 7.9 | % | ||||||
Non-GAAP adjustments: | ||||||||||||
Amortization related to intangible assets acquired through business combination- selling, general and administrative | 1,814 | 1,843 | 1,820 | |||||||||
Restructuring | — | 587 | 9 | |||||||||
Net income tax benefit on non-GAAP items | (23 | ) | (102 | ) | (27 | ) | ||||||
Total non-GAAP adjustments | $ | 1,791 | $ | 2,328 | $ | 1,802 | ||||||
Non-GAAP net income | $ | 12,942 | $ | 3,615 | $ | 13,690 | ||||||
Non-GAAP net margin | 8.6 | % | 2.8 | % | 9.1 | % | ||||||
U.S. GAAP net income per share: | ||||||||||||
Basic | 0.18 | 0.02 | 0.19 | |||||||||
Diluted(a) | 0.18 | 0.02 | 0.19 | |||||||||
Non-GAAP adjustments per share:(b) | ||||||||||||
Basic | 0.03 | 0.04 | 0.03 | |||||||||
Diluted | 0.03 | 0.04 | 0.03 | |||||||||
Non-GAAP net income per share: | ||||||||||||
Basic | $ | 0.21 | $ | 0.06 | $ | 0.22 | ||||||
Diluted(c) | $ | 0.21 | $ | 0.06 | $ | 0.22 |
(a) | GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock units and stock options, but that effect is excluded when calculating GAAP diluted net (loss) per share because it would be anti-dilutive. |
(b) | Non-GAAP adjustments per share includes amortization related to intangible assets acquired through business combinations, costs associated with restructuring, income tax expense related to the Tax Cuts and Jobs Act of 2017 as well as tax benefits or expense associated with the foregoing non-GAAP items. |
(c) | Non-GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock units and stock options. |
Cover |
Jul. 29, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 29, 2020 |
Entity Registrant Name | KULICKE & SOFFA INDUSTRIES INC |
Entity Incorporation, State or Country Code | PA |
Entity File Number | 000-00121 |
Entity Tax Identification Number | 23-1498399 |
Entity Address, Address Line One | 23A Serangoon North Avenue 5 |
Entity Address, Address Line Two | #01-01 |
Entity Address, Address Line Three | K&S Corporate Headquarters |
Entity Address, City or Town | Singapore |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 554369 |
City Area Code | 215 |
Local Phone Number | 784-6000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, Without Par Value |
Trading Symbol | KLIC |
Security Exchange Name | NASDAQ |
Entity Central Index Key | 0000056978 |
Amendment Flag | false |
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