Kulicke & Soffa Third Quarter Fiscal 2011 Results Exceed High-End of Guidance
SINGAPORE, Aug 02, 2011 (BUSINESS WIRE) --
Kulicke & Soffa Industries, Inc. (NASDAQ: KLIC) ("K&S" or the "Company")today announced results for its third fiscal quarter ended July 2, 2011.
For its third quarter of fiscal 2011, the Company reported net revenue of $294.4 million and net income of $70.7 million, or $0.95 per diluted share.
Quarterly Results
Fiscal Q3 2011
Change vs.
Fiscal Q3 2010
Change vs.
Fiscal Q2 2011
Net Revenue $294.4 million 33.1% 42.4%
Gross Profit $134.1 million 35.2% 35.5%
Gross Margin 45.5% 70 bps (240) bps
Income from Operations $81.7 million 63.1% 87.1%
Operating Margin 27.7% 510 bps 660 bps
Net Income $70.7 million 44.1% 77.3%
Net Margin 24.0% 180 bps 470 bps
EPS - Diluted $0.95 46.2% 75.9%
Bruno Guilmart, Kulicke & Soffa's President and Chief Executive Officer, said, "Our results again exceeded the high-end of guidance, with revenue increasing approximately 42% sequentially and net income surpassing the Company's historic record. At the high level, our June quarter results reflect the strong demand generated from our market leadership positions, specifically within our Ball and Wedge bonder equipment lines. The continued success of our copper capable solutions affirms our customers' ongoing adoption of incremental copper capacity and highlights our leadership in the significant transition. Our flexible and efficient manufacturing model enabled us to increase production and meet our customers' record demand, while balancing inventory and maximizing profitability."
Key Product Trends
Ball bonder equipment net revenue increased 70% over the March quarter.
70% of ball bonder equipment shipments were sold as copper capable bonders.
Wedge bonder equipment net revenue decreased 32% over the March quarter.
Financial Highlights
Net revenue increased sequentially to $294.4 million, exceeding the high end of guidance.
Gross margin remained robust at 45.5%.
Operating margin was up 660 bps from the prior quarter to 27.7%.
Net income was $70.7 million.
Diluted EPS was $0.95.
Cash, cash equivalents and investments increased to $335.5 million up $53.7 million from the prior quarter.
Fourth Quarter Fiscal 2011 Outlook
The Company expects net revenue for the fourth quarter of fiscal 2011 to be approximately $155 million to $175 million, mainly due to a softening of OSAT demand. On a full year basis, this would represent revenue growth of approximately 6% to 8% for fiscal year 2011 compared to fiscal year 2010.
Looking forward, Bruno Guilmart, commented, "Our growth has outpaced expectations for the past few quarters given our market leadership and the world class solutions we provide customers. We expect to benefit from longer-term trends, including the copper transition, for the next few years. Our prior efforts to improve efficiency, while increasing the capacity of our supply chain, will enable us to maximize profitability, as we maintain our focus on new and existing market opportunities while leveraging our manufacturing model."
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Hier kan het toch ook niet aan liggen dat de koers in een vrije val zit van reeds 40% vanaf de high.