-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Rj54xxOu5QqUGJrrcXHtpQtRo8BluiVM2j8E76uhjCb7kIhBaG3UIDHT1pHmMbBh unfjNh+Q0W6V88Ju1skubA== 0000893220-02-000462.txt : 20020418 0000893220-02-000462.hdr.sgml : 20020418 ACCESSION NUMBER: 0000893220-02-000462 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020418 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020418 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KULICKE & SOFFA INDUSTRIES INC CENTRAL INDEX KEY: 0000056978 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 231498399 STATE OF INCORPORATION: PA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00121 FILM NUMBER: 02614705 BUSINESS ADDRESS: STREET 1: 2101 BLAIR MILL RD CITY: WILLOW GROVE STATE: PA ZIP: 19090 BUSINESS PHONE: 2157846000 MAIL ADDRESS: STREET 1: 2101 BLAIR MILL RD CITY: WILLOW GROVE STATE: PA ZIP: 19090 8-K 1 w59843e8-k.txt KULICKE & SOFFA FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 APRIL 18, 2002 Date of Report (Date of earliest event reported) KULICKE AND SOFFA INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Commission File No. 000-00121 PENNSYLVANIA 23-1498399 ------------ ---------- (State or other jurisdiction of incorporation) (IRS Employer Identification No.) 2101 BLAIR MILL ROAD, WILLOW GROVE, PENNSYLVANIA 19090 - ------------------------------------------------ ----- (Address of principal executive offices) (Zip Code) (215) 784-6000 -------------- (Registrant's telephone number) ITEM 5. OTHER EVENTS On April 18, 2002, Kulicke and Soffa Industries, Inc. announced financial results for its second quarter of fiscal year 2002 ended March 31, 2002. A copy of the press release is filed as Exhibit 99.1 and incorporated in this report by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits.
Exhibit No. Description - ----------- ----------- 99.1 Press Release dated April 18, 2002
-2- SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. KULICKE AND SOFFA INDUSTRIES, INC. Date: April 18, 2002 By: /s/ CLIFFORD G. SPRAGUE - -------------------- --------------------------------- Clifford G. Sprague Senior Vice President, Chief Financial Officer (Principal Financial Officer) -3- EXHIBIT INDEX
Exhibit No. Description - ----------- ----------- 99.1 Press Release dated April 18, 2002
-4- EX-99.1 3 w59843ex99-1.txt PRESS RELEASE DATED APRIL 18, 2002 EXHIBIT 99.1 [KULICKE & SOFFA LETTERHEAD] KULICKE & SOFFA REPORTS SECOND QUARTER 2002 RESULTS A CONFERENCE CALL TO DISCUSS THESE RESULTS WILL BE HELD TODAY BEGINNING AT 9:00 AM EDT. INTERESTED PARTICIPANTS MAY CALL 973-872-3462 FOR THE TELECONFERENCE OR LOG ON TO WWW.KNS.COM FOR THE AUDIO FEED. A REPLAY WILL BE AVAILABLE BEGINNING APPROXIMATELY ONE HOUR AFTER THE CONCLUSION OF THE CALL AND ENDING AT 6:00 P.M. ON THURSDAY, APRIL 25, 2002 AND CAN BE ACCESSED AT 877-519-4471 OR 973-341-3080 (ENTER CODE 3203625), OR BY LOGGING ON TO THE SAME WEBSITE ADDRESS. Willow Grove, PA--April 18, 2002--Kulicke & Soffa Industries, Inc. (Nasdaq: KLIC) today announced financial results for its second quarter of fiscal year 2002 ended March 31, 2002. Revenue for the second fiscal quarter ended March 31, 2002 was $106.9 million compared to revenue for the quarter ended March 31, 2001 of $149.4 million. The net loss for the second quarter of fiscal 2002 was $43.6 million or a loss of $0.89 per share versus a net loss of $11.7 million or a loss of $0.24 per share in the second quarter of fiscal 2001. Financial results for the quarter ended March 31, 2002 included charges of $29.5 million, comprised of the following: an inventory write-off of $13.3 million, $5.2 million of which is associated with the discontinuance of a product; resizing costs of $11.3 million associated with the previously announced functional reorganization and the relocation of manufacturing facilities to Asia; and asset impairment charges of $4.9 million. Net bookings for the second fiscal quarter ended March 31, 2002 were $126.0 million, up 27% compared to the $99.0 million recorded in the first fiscal quarter ended December 31, 2001. Backlog increased by 43% from $44.0 million at December 31, 2001 to $63.0 million at March 31, 2002. For the six months ended March 31, 2002, revenue was $210.1 million compared to revenue for the six months ended March 31, 2001 of $302.9 million. The net loss for the six months ended March 31, 2002 was $61.0 million or a loss per share of $1.24 compared to a net loss of $31.9 million or a loss of $0.65 per share for the same period last year. C. Scott Kulicke, chairman and chief executive officer, commented, "The worst of this severe business cycle appears to be behind us, with recent business activity being markedly robust. Many of the one-time charges recorded this quarter were associated with our strategy to reduce our longer term cost structure which will position K&S for the upturn. Our China initiative is well underway and we began shipment of our newest automatic ball bonder, the Maxum, this month. Recent ordering patterns have been quite encouraging leading us to be more optimistic about a cyclical recovery." He continued, "Our outlook for the quarter ending June 30 is a revenue range of $130 to $140 million." Kulicke & Soffa is the world's leading supplier of semiconductor interconnect equipment, materials and technology. Chip and wire solutions combine wafer dicing and wire bonding equipment with saw blades, die collets, wire and capillaries. Flip chip solutions include wafer bumping technology and Ultravia(TM) high density substrates. Chip scale and wafer level packaging solutions include Ultra CSP(R) technology. Test interconnect solutions include standard and vertical probe cards, ATE interface assemblies and ATE boards for wafer testing, and test sockets and contactors for all types of packages. Kulicke & Soffa's web site address is www.kns.com. Caution Concerning Forward Looking Statements This press release contains forward-looking statements which are found in various places throughout the press release. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, those listed or discussed in Kulicke & Soffa Industries' 2001 Annual Report on Form 10-K and: the risk that anticipated orders may not materialize or that orders received may be postponed or canceled, generally without charges; the volatility in the demand for semiconductors and our products and services; acts of terrorism and violence; overall global economic conditions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with a substantial foreign customer and supplier base and substantial foreign manufacturing operations; potential instability in foreign capital markets; the risk of failure to successfully manage our expanding and more diverse operations; and other key factors that could adversely affect our businesses and financial performance contained in past and future filings and reports, including those with the SEC. Kulicke & Soffa Industries is under no obligation to (and expressly disclaims any such obligations to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. # # # Company Contact: Nancy R. Kyle; 215-784-6436 phone; 215-784-6167 fax; nkyle@kns.com -2- KULICKE & SOFFA INDUSTRIES, INC. CONSOLIDATED STATEMENT OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE AND EMPLOYEE DATA) (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED MARCH 31, MARCH 31, --------------------------- --------------------------- 2001 2002 (1) 2001 2002 (1) ------------ ------------ ------------ ----------- Net revenue $149,425 $106,917 $302,854 $210,072 Cost of sales 107,404 96,285 207,229 174,053 ------------ ------------ ------------ ----------- Gross profit 42,021 10,632 95,625 36,019 ------------ ------------ ------------ ----------- Selling, general and administrative 39,681 35,409 75,021 66,923 Research and development, net 18,472 13,030 36,065 25,954 Resizing 1,709 11,283 1,709 11,283 Asset Impairment - 4,890 - 4,890 Amortization of goodwill and intangibles 6,717 2,481 9,318 4,962 Purchased in-process research and development - - 11,709 - ------------ ------------ ------------ ----------- Loss from operations (24,558) (56,461) (38,197) (77,993) Interest, net (1,656) (3,342) (420) (6,750) Other income 8,016 - 8,016 - ------------ ------------ ------------ ----------- Loss before income taxes (18,198) (59,803) (30,601) (84,743) Benefit for income taxes (6,418) (16,244) (6,580) (23,725) ------------ ------------ ------------ ----------- Loss before minority interest and cumulative effect of change in accounting principle (11,780) (43,559) (24,021) (61,018) Cumulative effect of change in accounting principle, net of tax - - (8,163) - Minority interest in net loss of joint venture 86 4 328 10 ------------ ------------ ------------ ----------- Net loss $ (11,694) $ (43,555) $ (31,856) $ (61,008) ============ ============ ============ =========== Net loss excluding cumulative effect of change in accounting principle per share: Basic $ (0.24) $ (0.89) $ (0.48) $ (1.24) ============ ============ ============ =========== Diluted $ (0.24) $ (0.89) $ (0.48) $ (1.24) ============ ============ ============ =========== Cumulative effect of change in accounting principle, net of tax per share: Basic $ - $ - $ (0.17) $ - ============ ============ ============ =========== Diluted $ - $ - $ (0.17) $ - ============ ============ ============ =========== Net loss per share: Basic $ (0.24) $ (0.89) $ (0.65) $ (1.24) ============ ============ ============ =========== Diluted $ (0.24) $ (0.89) $ (0.65) $ (1.24) ============ ============ ============ =========== Weighted average shares outstanding Basic 48,797 49,137 48,773 49,081 Diluted 48,797 49,137 48,773 49,081 MARCH 31, --------------------------- Additional financial data: 2001 2002 ------------ ----------- Backlog of orders $114,000 $63,000 Number of employees 3,946 3,541
(1) Reflects the adoption of SFAS 142 "Goodwill and Other Intangible Assets" KULICKE & SOFFA INDUSTRIES, INC. CONSOLIDATED BALANCE SHEET (IN THOUSANDS)
(UNAUDITED) SEPTEMBER 30, MARCH 31, 2001 2002 ---------------- --------------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 155,036 $ 126,332 Short-term investments 47,892 39,775 Accounts and notes receivable (less allowance for doubtful accounts: 9/30/01 - $6,242; 3/31/02 - $6,245 79,305 75,470 Inventories, net 74,364 53,354 Prepaid expenses and other current assets 9,013 12,121 Deferred income taxes 15,282 17,061 ---------------- --------------- TOTAL CURRENT ASSETS 380,892 324,113 Property, plant and equipment, net 127,952 117,731 Intangible assets, (net of accumulated amortization: 9/30/01 - $9,416; 3/31/02 - $14,378) 103,525 81,500 Goodwill 150,474 167,655 Other assets 14,583 32,967 ---------------- --------------- TOTAL ASSETS $ 777,426 $ 723,966 ================ =============== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Debt due within one year $ 753 $ 746 Accounts payable 51,420 62,500 Accrued expenses 48,965 49,894 Income taxes payable 14,399 14,970 ---------------- --------------- TOTAL CURRENT LIABILITIES 115,537 128,110 Long term debt 301,511 301,025 Other liabilities 13,736 13,943 Deferred taxes 8,054 - Minority interest 41 31 ---------------- --------------- TOTAL LIABILITIES 438,879 443,109 ---------------- --------------- SHAREHOLDERS' EQUITY Common stock, without par value 193,058 198,170 Retained earnings 155,012 94,004 Accumulated other comprehensive loss (9,523) (11,317) ---------------- --------------- TOTAL SHAREHOLDERS' EQUITY 338,547 280,857 ---------------- --------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 777,426 $ 723,966 ================ ===============
KULICKE & SOFFA INDUSTRIES, INC. OPERATING RESULTS BY BUSINESS SEGMENT (IN THOUSANDS) (UNAUDITED)
FISCAL 2002: PACKAGING ADVANCED EQUIPMENT MATERIALS PACKAGING TEST QUARTER ENDED MARCH 31, 2002: SEGMENT SEGMENT SEGMENT SEGMENT CORPORATE CONSOLIDATED ------------------------------------------------------------------------------ Net revenue $ 37,216 $ 35,408 $ 5,688 $ 28,605 $ - $ 106,917 Cost of sales 43,938 27,545 6,444 18,358 - 96,285 ------------------------------------------------------------------------------ Gross profit (6,722) 7,863 (756) 10,247 - 10,632 Operating costs 22,106 5,973 5,125 13,762 3,954 50,920 Resizing costs 6,064 736 1,104 2,796 583 11,283 Asset impairment 2,165 1,480 - 1,245 - 4,890 ------------------------------------------------------------------------------ Income (loss) from operations $ (37,057) $ (326) $ (6,985) $ (7,556) $ (4,537) $ (56,461) ============================================================================== SIX MONTHS ENDED MARCH 31, 2002: Net revenue $ 72,900 $ 69,523 $ 12,228 $ 55,421 $ - $ 210,072 Cost of sales 70,541 53,765 13,001 36,746 - 174,053 ------------------------------------------------------------------------------ Gross profit 2,359 15,758 (773) 18,675 - 36,019 Operating costs 41,564 12,209 10,700 25,968 7,398 97,839 Resizing costs 6,064 736 1,104 2,796 583 11,283 Asset impairment 2,165 1,480 - 1,245 - 4,890 ------------------------------------------------------------------------------ Income (loss) from operations $ (47,434) $ 1,333 $ (12,577) $ (11,334) $ (7,981) $ (77,993) ============================================================================== FISCAL 2001: PACKAGING ADVANCED EQUIPMENT MATERIALS PACKAGING TEST QUARTER ENDED MARCH 31, 2001: SEGMENT SEGMENT SEGMENT SEGMENT CORPORATE CONSOLIDATED ------------------------------------------------------------------------------ Net revenue $ 57,529 $ 39,932 $ 9,380 $ 42,584 $ - $ 149,425 Cost of sales 41,839 28,733 8,441 28,391 - 107,404 ------------------------------------------------------------------------------ Gross profit 15,690 11,199 939 14,193 - 42,021 Operating costs 28,852 7,896 6,796 17,204 4,122 64,870 Resizing costs 1,424 254 - - 31 1,709 ------------------------------------------------------------------------------ Income (loss) from operations $ (14,586) $ 3,049 $ (5,857) $ (3,011) $ (4,153) $ (24,558) ============================================================================== SIX MONTHS ENDED MARCH 31, 2001: Net revenue $ 140,171 $ 88,139 $ 17,661 $ 56,883 $ - $ 302,854 Cost of sales 88,360 63,224 16,469 39,176 - 207,229 ------------------------------------------------------------------------------ Gross profit 51,811 24,915 1,192 17,707 - 95,625 Operating costs 60,363 16,152 13,295 22,857 7,737 120,404 Resizing costs 1,424 254 - - 31 1,709 Purchased in-process research and development - - - 11,709 - 11,709 ------------------------------------------------------------------------------ Income (loss) from operations $ (9,976) $ 8,509 $ (12,103) $ (16,859) $ (7,768) $ (38,197) ==============================================================================
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