FORT WASHINGTON, Pa., Jan. 24, 2008 (PRIME NEWSWIRE) -- Kulicke & Soffa Industries, Inc. (Nasdaq:KLIC) ("K&S") today reports results for its quarter ended December 29, 2007. K&S announced quarterly net revenue of $226.3 million, net income of $16.4 million and diluted earnings per share ("EPS") of $0.27. This press release contains both GAAP and non-GAAP financial information.
On a non-GAAP basis, first quarter net revenue was $134.9 million and gross margin was 43.6%, which is up 170 basis points from the prior quarter.
GAAP Results:
---------------------------------------------------------------------
Q1 2008 vs. Q1 2007 vs. Q4 2007
---------------------------------------------------------------------
Net Revenue $226.3 million + 49% - 4%
---------------------------------------------------------------------
Gross Profit $58.7 million + 52% - 13%
Gross Margin 26.0% + 60 basis - 260 basis
points points
---------------------------------------------------------------------
Net Income $16.4 million + 290% - 46%
Net Margin 7.2% + 450 basis - 560 basis
points points
---------------------------------------------------------------------
EPS- Diluted $0.27 + 350% - 43%
----------------------------------------------------------------------
Non-GAAP Measures:
---------------------------------------------------------------------
Q1 2008 vs. Q1 2007 vs. Q4 2007
---------------------------------------------------------------------
Net Revenue $134.9 million + 66% - 17%
---------------------------------------------------------------------
Gross Profit $58.8 million + 52% - 13%
Gross Margin 43.6% - 410 basis + 170 basis
points points
---------------------------------------------------------------------
Net Income $18.3 million + 211% - 36%
Net Margin 13.5% + 630 basis - 420 basis
points points
---------------------------------------------------------------------
EPS- Diluted $0.30 + 233% - 33%
---------------------------------------------------------------------
Note 1- Non-GAAP measures exclude: gold metal cost from both net
revenue and cost of sales; equity-based compensation from expenses;
amortization of intangibles; and gain on debt extinguishment (see
reconciliations of GAAP results to Non-GAAP measures in the attached
financial schedules).
Note 2- Non-GAAP quarterly measures for fiscal 2007 are also
included in the attached financial schedules to provide investors
with a complete reference/benchmark for the prior four quarters and
fiscal year.
---------------------------------------------------------------------
Scott Kulicke, chairman and chief executive officer, commented, "This quarter, our gross margin was 43.6% and net margin was 13.5%, both on a non-GAAP basis. We believe these measures demonstrate the strength of the Company's leadership in technology, product cost, and customer relationships." He added, "We are especially pleased with our packaging materials segment, which produced very good results this quarter. Revenue, unit volumes, gross margins, and operating income all improved over the September quarter."
First Quarter Financial Highlights
* K&S packaging materials segment gross profit margin, on a non-GAAP basis, improved 660 basis points to 62.3% from 55.7% in the prior quarter. The improved gross profit margin was primarily the result of increased volume. * K&S equipment segment maintained its gross profit margin on lower revenue in the first quarter. The prior quarter's gross profit margin was 39.4% on $136.6 million of sales compared to 38.8% on $107.5 million of sales in the first fiscal quarter. * K&S non-GAAP consolidated gross profit margin improved 170 basis points to 43.6% from 41.9% in the prior quarter. On a non-GAAP basis, the improved gross profit margin is primarily the result of a higher percentage of packaging materials in our overall product mix.
Key Product Trends
* The K&S next-generation ball bonder met or exceeded all K&S and customer specifications during a three-week evaluation by a key Japanese semiconductor manufacturer. The extensive test confirmed the new machine had higher throughput while meeting the customer's quality and yield expectations. * K&S copper wire net revenue continued to grow as more customers view copper as an alternative to rising gold wire prices. K&S Maxsoft copper wire revenue grew 5% compared to the prior quarter and 45% compared to the year-ago quarter. * K&S Fortus and Nexxus capillary models experienced high growth rates during the first quarter. Both of these capillaries have demonstrated superior performance.
Outlook for Second Fiscal Quarter
* Net revenue is expected to be about $180 million on a GAAP basis assuming current gold prices. * Net revenue is expected to be about $85 million on a non-GAAP basis, excluding gold metal cost.
Earnings Conference Call Details
A conference call to discuss these results will be held today, January 24, 2008 beginning at 9:00 AM EST. Interested participants may call 877-407-8037 for the teleconference or log on to http://www.kns.com/investors/events for listen-only mode. A replay will be available approximately one hour after the completion of the call by calling toll free 877-660-6853 or internationally 201-612-7415 and using the following replay access codes 5521 (account number) and 268661 (replay ID number). A replay will also be available on the K&S web site at http://www.kns.com/investors/events. The replay will be available via phone and web site through March 30, 2008.
Discussion of Non-GAAP financials
This press release contains non-GAAP financial measures as a supplement to the consolidated financial results presented in accordance with GAAP. The Company believes certain non-GAAP measures provide investors with an additional, useful perspective on the Company's performance as seen through the eyes of management. Management uses non-GAAP financial measures along with GAAP financial results for: analyzing the performance of the Company's businesses; strategic and tactical decision making; and determining compensation. The Company does not consider non-GAAP financial measures to be a substitute for, or superior to, financial results presented in accordance with GAAP. All of the non-GAAP financial measures included herein are reconciled to the most directly comparable GAAP results in the attached financial statements. These non-GAAP measures may be calculated differently from non-GAAP measures used by other companies. In addition, these non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and some of the adjustments reflect the exclusion of items that are recurring and will be reflected in the Company's GAAP financial results for the foreseeable future.
Exclusions from GAAP Results
The Company excludes the following from its GAAP results in presenting non-GAAP financial measures:
-- Gold metal cost. The Company's GAAP net revenue and cost of sales include the value of the gold metal content of wire. The cost of gold metal that is passed-through to customers is excluded from non-GAAP net revenue and cost of sales. Fabrication charges and profit on gold metal are not excluded. The Company believes that excluding the large impact of passed-through gold cost can provide investors with greater visibility into the Company's profit margin percentages.
-- Equity-based compensation expenses. In accordance with Statement of Financial Accounting Standards ("SFAS") No. 123R, Share Based Payments, the Company recognizes the fair value of its equity-based compensation in expenses. Equity-based compensation consists of stock options and performance-based restricted stock granted under the Company's equity compensation plans. Equity-based compensation is a non-cash expense that can vary significantly in amount from period to period.
-- Other. The exclusion of certain other non-GAAP amounts allows for improved comparisons of the Company's results to both prior periods and other companies. The Company excludes the following other items from non-GAAP measures as these items are not reflective of the performance of the Company's ongoing businesses:
* Gains on debt extinguishment, and; * Amortization of intangibles.
-- Tax Adjustment. Non-GAAP results were tax adjusted using the tax rate associated with each period.
Non-GAAP Measures
The specific non-GAAP measures included herein are net revenue, gross profit, gross margin, net income, net margin, and EPS. The Company calculates these measures as follows:
-- Net Revenue. K&S non-GAAP net revenue excludes gold metal cost that is passed-through to customers.
-- Gross Profit. K&S non-GAAP gross profit excludes the effects of equity-based compensation expense recorded within cost of sales. K&S non-GAAP gross profit is not affected by the exclusion of its gold metal cost from its net revenue since the same gold metal cost is also excluded from cost of sales.
-- Gross Margin. K&S non-GAAP gross margin excludes the impact of gold metal cost and equity-based compensation expenses recorded within cost of sales.
-- Net Income and Earnings per Share. K&S non-GAAP net income and EPS exclude equity-based compensation expenses, amortization of intangibles, gains on debt extinguishment, and related tax effects.
-- Net Margin. Non-GAAP net margin reflects the Company's net margin excluding gold metal cost, equity-based compensation, amortization of intangibles, gains on debt extinguishment, and related tax effects.
About Kulicke & Soffa
Kulicke & Soffa (Nasdaq:KLIC) is the world's leading supplier of semiconductor assembly equipment, materials, and technology. K&S provides wire bonders, capillaries, wire, die bonders, and die collets for all types of semiconductor packages using wire as the internal electrical interconnections. K&S is the only major supplier to the semiconductor assembly industry that provides customers with semiconductor assembly equipment along with the complementing packaging materials and process technology that enable our customers to achieve the highest possible yields and throughput. The ability to provide these assembly related products is unique to Kulicke & Soffa, and allows us to develop system solutions to the new technology challenges inherent in assembling and packaging next-generation semiconductor devices. Kulicke & Soffa's web site address is http://www.kns.com.
Caution Concerning Forward Looking Statements
In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and include, but are not limited to, statements that relate to our future revenue, revenue growth, sales, profitability, financial results, unit volumes, product development, release of products, industry forecasts, market share, the semiconductor business cycle, the price of gold metal, and projected continued demand for our products. While these forward-looking statements represent our judgments and future expectations concerning 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: the risk of failure to successfully manage our operations; 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; the risk that we may not be able to develop and manufacture new products and product enhancements on a timely and cost effective basis; 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; and the factors listed or discussed in Kulicke and Soffa Industries, Inc. 2007 Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. Kulicke & Soffa Industries is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share and employee data)
(Unaudited)
Three months ended
Dec. 30, Dec. 29,
----------------------
2006 2007
--------- ---------
Net revenue $ 152,308 $ 226,250
Cost of sales 113,589 167,510
--------- ---------
Gross profit 38,719 58,740
--------- ---------
Selling, general and administrative 22,655 26,348
Research and development 11,825 14,928
--------- ---------
Total operating expenses 34,480 41,276
--------- ---------
Income from operations 4,239 17,464
Interest income 1,457 1,569
Interest expense (636) (872)
Gain on extinguishment of debt -- 170
--------- ---------
Income from operations before income taxes 5,060 18,331
Provision for income taxes 887 1,969
--------- ---------
Net income $ 4,173 $ 16,362
========= =========
Net income per share:
Basic $ 0.07 $ 0.31
========= =========
Diluted $ 0.06 $ 0.27
========= =========
Weighted average shares outstanding:
Basic 57,301 53,264
Diluted 69,456 62,425
Equity-based compensation expense:
Cost of sales $ 67 $ 67
Selling, general and administrative 1,451 1,470
Research and development 548 707
--------- ---------
Total $ 2,066 $ 2,244
========= =========
Three months ended
Dec. 30, Dec. 29,
----------------------
2006 2007
--------- ---------
Additional financial data:
Depreciation and amortization $ 2,305 $ 2,344
Capital expenditures $ 1,100 $ 2,773
Backlog of orders $ 56,000 $ 76,000
Number of employees 2,700 2,770
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
Sept. 29, Dec. 29,
2007 2007
--------- ---------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 150,571 $ 120,995
Short-term investments 19,339 17,832
Accounts and notes receivable, net of
allowance for doubtful accounts of $1,713 and
$2,037, respectively 177,512 199,421
Inventories, net 68,955 65,192
Prepaid expenses and other current assets 14,201 19,977
Deferred income taxes 3,631 3,517
--------- ---------
TOTAL CURRENT ASSETS 434,209 426,934
Property, plant and equipment, net 37,953 39,483
Goodwill 33,212 32,393
Intangible assets 500 458
Other assets 6,726 6,580
--------- ---------
TOTAL ASSETS $ 512,600 $ 505,848
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of long term debt $ -- $ 72,412
Accounts payable 82,615 60,172
Accrued expenses 37,170 33,359
Income taxes payable 22,665 --
--------- ---------
TOTAL CURRENT LIABILITIES 142,450 165,943
Long term debt 251,412 175,000
Other liabilities 12,335 37,434
Deferred income taxes 23,148 23,296
--------- ---------
TOTAL LIABILITIES 429,345 401,673
--------- ---------
SHAREHOLDERS' EQUITY
Common stock, no par value 288,714 291,424
Treasury stock, at cost (46,118) (46,118)
Accumulated deficit (154,094) (136,925)
Accumulated other comprehensive loss (5,247) (4,206)
--------- ---------
TOTAL SHAREHOLDERS' EQUITY 83,255 104,175
--------- ---------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 512,600 $ 505,848
========= =========
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three months ended
Dec. 30, Dec. 29,
2006 2007
--------- ---------
Net cash provided by (used in) continuing
operations $ 11,298 $ (24,525)
Net cash used in discontinued operations (964) (368)
--------- ---------
Net cash provided by (used in) operating
activities 10,334 (24,893)
Net cash used in investing activities (17,591) (1,271)
Net cash provided by (used in) financing
activities 1,037 (3,624)
Effect of exchange rate changes on cash and
cash equivalents 151 212
--------- ---------
Changes in cash and cash equivalents (6,069) (29,576)
Cash and cash equivalents, beginning of
period 133,967 150,571
--------- ---------
Cash and cash equivalents, end of period $ 127,898 $ 120,995
Short-term investments 11,560 17,832
--------- ---------
Total cash, cash equivalents & short-term
investments $ 139,458 $ 138,827
========= =========
KULICKE & SOFFA INDUSTRIES, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
(In thousands)
(Unaudited)
Fiscal 2008:
Packaging
Three months ended Equipment Materials
December 29, 2007: Segment Segment Consolidated
--------- --------- ---------
Net revenue $ 107,458 $ 118,792 $ 226,250
Cost of sales 65,784 101,726 167,510
--------- --------- ---------
Gross profit 41,674 17,066 58,740
Operating expenses 31,793 9,483 41,276
--------- --------- ---------
Income from operations $ 9,881 $ 7,583 $ 17,464
========= ========= =========
Fiscal 2007:
Packaging
Three months ended Equipment Materials
December 29, 2006: Segment Segment Consolidated
--------- --------- ---------
Net revenue $ 58,166 $ 94,142 $ 152,308
Cost of sales 33,176 80,413 113,589
--------- --------- ---------
Gross profit 24,990 13,729 38,719
Operating expenses 25,194 9,286 34,480
--------- --------- ---------
Income (loss) from operations $ (204) $ 4,443 $ 4,239
========= ========= =========
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS - SUMMARY
COMPARISON OF GAAP RESULTS TO NON-GAAP MEASURES
(In thousands, except share amounts)
(Unaudited)
Three Three Three
months months months
ended ended ended
Dec. 30, Sept. 29, Dec. 29,
-------- -------- --------
2006 2007 2007
(GAAP results)
--------------
Net revenue $152,308 $236,757 $226,250
Gross profit 38,719 67,741 58,740
Income from operations 4,239 29,986 17,464
Net income 4,173 30,251 16,362
Weighted average shares
outstanding:
Basic 57,301 53,546 53,264
Diluted 69,456 64,702 62,425
Net income per share
Basic $ 0.07 $ 0.56 $ 0.31
Diluted $ 0.06 $ 0.47 $ 0.27
(Non-GAAP measures)
-------------------
Net revenue $ 81,302 $161,689 $134,881
Gross profit 38,786 67,786 58,807
Income from operations 6,305 30,947 19,752
Net income 5,877 28,610 18,252
Weighted average shares
outstanding:
Basic 57,301 53,546 53,264
Diluted 69,456 64,702 62,425
Net income per share
Basic $ 0.10 $ 0.53 $ 0.34
Diluted $ 0.09 $ 0.45 $ 0.30
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
RECONCILIATION OF GAAP RESULTS TO NON-GAAP MEASURES
(In thousands, except share amounts)
(Unaudited)
Three Three Three
months months months
ended ended ended
Dec. 30, Sept. 29, Dec. 29,
-------- % of -------- % of -------- % of
2006 Revenue 2007 Revenue 2007 Revenue
-------- ------- -------- ------- -------- -------
Net revenue (GAAP
results) $152,308 $236,757 $226,250
- Gold Metal
adjustment (71,006) (75,068) (91,369)
-------- -------- --------
Net revenue (Non-
GAAP measures) 81,302 161,689 134,881
Gross profit (GAAP
results) 38,719 25.4% 67,741 28.6% 58,740 26.0%
- Equity-based
compensation
expense 67 45 67
-------- -------- --------
Gross profit
(Non-GAAP
measures) 38,786 47.7% 67,786 41.9% 58,807 43.6%
Income from
operations (GAAP
results) 4,239 2.8% 29,986 12.7% 17,464 7.7%
- Equity-based
compensation
expense 2,066 917 2,244
- Amortization of
intangibles -- 44 44
-------- -------- --------
Income from
operations (Non-
GAAP measures) 6,305 7.8% 30,947 19.1% 19,752 14.6%
Net income (GAAP
results) 4,173 2.7% 30,251 12.8% 16,362 7.2%
- Equity-based
compensation
expense 2,066 917 2,244
- Amortization of
intangibles -- 44 44
- Gain on
extinguishment of
debt -- (2,802) (170)
- Tax effect of
non-GAAP
adjustments (362) 200 (228)
-------- -------- --------
Net income (Non-
GAAP measures) 5,877 7.2% 28,610 17.7% 18,252 13.5%
Weighted average
shares outstanding
(GAAP & Non-GAAP)
Basic 57,301 53,546 53,264
Diluted 69,456 64,702 62,425
Net income per
share (GAAP
results)
Basic $ 0.07 $ 0.56 $ 0.31
Diluted $ 0.06 $ 0.47 $ 0.27
Adjustments to net
income per share
Basic $ 0.03 $ (0.03) $ 0.03
Diluted $ 0.03 $ (0.02) $ 0.03
Net income per
share (Non-GAAP
measures)
Basic $ 0.10 $ 0.53 $ 0.34
Diluted $ 0.09 $ 0.45 $ 0.30
KULICKE & SOFFA INDUSTRIES, INC.
OPERATING RESULTS BY BUSINESS SEGMENT - SUMMARY
COMPARISON OF GAAP RESULTS TO NON-GAAP MEASURES
(In thousands)
(Unaudited)
Packaging
Equipment Materials
Segment Segment Consolidated
--------- --------- ---------
Fiscal 2008:
Three months ended December 29,
2007:
(GAAP results)
--------------
Net revenue $ 107,458 $ 118,792 $ 226,250
Gross profit 41,674 17,066 58,740
Income from operations 9,881 7,583 17,464
(Non-GAAP measures)
-------------------
Net revenue $ 107,458 $ 27,423 $ 134,881
Gross profit 41,710 17,097 58,807
Income from operations 11,713 8,039 19,752
Fiscal 2007:
Three months ended December 30,
2006:
(GAAP results)
--------------
Net revenue $ 58,166 $ 94,142 $ 152,308
Gross profit 24,990 13,729 38,719
Income (loss) from operations (204) 4,443 4,239
(Non-GAAP measures)
-------------------
Net revenue $ 58,166 $ 23,136 $ 81,302
Gross profit 25,016 13,770 38,786
Income from operations 1,293 5,012 6,305
Three months ended September
29, 2007:
(GAAP results)
--------------
Net revenue $ 136,645 $ 100,112 $ 236,757
Gross profit 53,820 13,921 67,741
Income (loss) from operations 25,537 4,449 29,986
(Non-GAAP measures)
-------------------
Net revenue $ 136,645 $ 25,044 $ 161,689
Gross profit 53,849 13,937 67,786
Income from operations 26,343 4,604 30,947
KULICKE & SOFFA INDUSTRIES, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
RECONCILIATION OF GAAP RESULTS TO NON-GAAP MEASURES
(In thousands)
(Unaudited)
Packaging
Equipment % of Materials % of
Segment Revenue Segment Revenue Consolidated
--------- -------- --------- ------- ---------
Fiscal 2008:
Three months ended
December 29, 2007:
Net revenue (GAAP
results) $ 107,458 $ 118,792 $ 226,250
- Gold metal
adjustment -- (91,369) (91,369)
--------- --------- ---------
Net revenue (Non-
GAAP measures) 107,458 27,423 134,881
Gross profit (GAAP
results) 41,674 38.8% 17,066 14.4% 58,740
- Equity-based
compensation
expense: 36 31 67
--------- --------- ---------
Gross profit (Non-
GAAP measures) 41,710 38.8% 17,097 62.3% 58,807
Income from
operations (GAAP
results) 9,881 9.2% 7,583 6.4% 17,464
- Equity-based
compensation
expense: 1,788 456 2,244
- Amortization of
intangibles 44 -- 44
--------- --------- ---------
Income from
operations (Non-
GAAP measures) 11,713 10.9% 8,039 29.3% 19,752
Fiscal 2007:
Three months ended
December 30, 2006:
Net revenue (GAAP
results) $ 58,166 $ 94,142 $ 152,308
- Gold metal
adjustment -- (71,006) (71,006)
--------- --------- ---------
Net revenue (Non-
GAAP measures) 58,166 23,136 81,302
Gross profit (GAAP
results) 24,990 43.0% 13,729 14.6% 38,719
- Equity-based
compensation
expense: 26 41 67
--------- --------- ---------
Gross profit (Non-
GAAP measures) 25,016 43.0% 13,770 59.5% 38,786
Income (loss) from
operations (GAAP
results) (204) -0.4% 4,443 4.7% 4,239
- Equity-based
compensation
expense: 1,497 569 2,066
--------- --------- ---------
Income from
operations (Non-
GAAP measures) 1,293 2.2% 5,012 21.7% 6,305
Three months ended
September 29, 2007:
Net revenue (GAAP
results) $ 136,645 $ 100,112 $ 236,757
- Gold metal
adjustment -- (75,068) (75,068)
--------- --------- ---------
Net revenue (Non-
GAAP measures) 136,645 25,044 161,689
Gross profit (GAAP
results) 53,820 39.4% 13,921 13.9% 67,741
- Equity-based
compensation
expense: 29 16 45
--------- --------- ---------
Gross profit (Non-
GAAP measures) 53,849 39.4% 13,937 55.7% 67,786
Income from
operations (GAAP
results) 25,537 18.7% 4,449 4.4% 29,986
- Equity-based
compensation
expense: 762 155 917
- Amortization of
intangibles 44 -- 44
--------- --------- ---------
Income from
operations (Non-
GAAP measures) 26,343 19.3% 4,604 18.4% 30,947
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS - SUMMARY
COMPARISON OF GAAP RESULTS TO NON-GAAP MEASURES
(In thousands, except per share amounts)
(Unaudited)
Three Three Three Three Fiscal
months months months months year
ended ended ended ended ended
Dec. 30, March 31, June 30, Sept. 29, Sept. 29,
--------- --------- --------- --------- ---------
2006 2007 2007 2007 2007
(GAAP results)
--------------
Net revenue $ 152,308 $ 142,714 $ 168,625 $ 236,757 $ 700,404
Gross profit 38,719 31,681 42,793 67,741 180,934
Income (loss)
from
operations 4,239 (2,755) 4,976 29,986 36,446
Net income
(loss) 4,173 (2,214) 5,520 30,251 37,730
Net income
(loss) per
share
Basic $ 0.07 $ (0.04) $ 0.10 $ 0.56 $ 0.67
Diluted $ 0.06 $ (0.04) $ 0.08 $ 0.47 $ 0.57
(Non-GAAP measures)
-------------------
Net revenue $ 81,302 $ 71,093 $ 94,601 $ 161,689 $ 408,685
Gross profit 38,786 31,747 42,851 67,786 181,170
Income (loss)
from
operations 6,305 (1,889) 6,733 30,947 42,096
Net income
(loss) 5,877 (1,518) 7,112 28,610 40,081
Net income
(loss) per
share
Basic $ 0.10 $ (0.03) $ 0.13 $ 0.53 $ 0.71
Diluted $ 0.09 $ (0.03) $ 0.11 $ 0.45 $ 0.61
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
RECONCILIATION OF GAAP RESULTS TO NON-GAAP MEASURES
(In thousands, except per share amounts)
(Unaudited)
Three Three Three Three Fiscal
months months months months year
ended ended ended ended ended
Dec. 30, March 31, June 30, Sept. 29, Sept. 29,
-------- -------- -------- -------- --------
2006 2007 2007 2007 2007
Net revenue (GAAP
results) $152,308 $142,714 $168,625 $236,757 $700,404
- Gold Metal
adjustment (71,006) (71,621) (74,024) (75,068) (291,719)
-------- -------- -------- -------- --------
Net revenue (Non-
GAAP measures) 81,302 71,093 94,601 161,689 408,685
Gross profit (GAAP
results) 38,719 31,681 42,793 67,741 180,934
- Equity-based
compensation
expense 67 66 58 45 236
-------- -------- -------- -------- --------
Gross profit (Non-
GAAP measures) 38,786 31,747 42,851 67,786 181,170
Income (loss) from
operations (GAAP
results) 4,239 (2,755) 4,976 29,986 36,446
- Equity-based
compensation
expense 2,066 793 1,714 917 5,490
- Amortization of
intangibles -- 73 43 44 160
-------- -------- -------- -------- --------
Income (loss) from
operations (Non-
GAAP measures) 6,305 (1,889) 6,733 30,947 42,096
Net income (loss)
(GAAP results) 4,173 (2,214) 5,520 30,251 37,730
- Equity-based
compensation
expense 2,066 793 1,714 917 5,490
- Amortization of
intangibles -- 73 43 44 160
- Gain on
extinguishment of
debt -- -- -- (2,802) (2,802)
- Tax effect of
non-GAAP
adjustments (362) (170) (165) 200 (497)
-------- -------- -------- -------- --------
Net income (loss)
(Non-GAAP
measures) 5,877 (1,518) 7,112 28,610 40,081
Weighted average
shares outstanding
(GAAP & Non-GAAP)
Basic 57,301 57,580 56,456 53,546 56,221
Diluted 69,456 57,580 68,951 64,702 68,274
Net income (loss)
per share (GAAP
results)
Basic $ 0.07 $ (0.04) $ 0.10 $ 0.56 $ 0.67
Diluted $ 0.06 $ (0.04) $ 0.08 $ 0.47 $ 0.57
Adjustments to net
income (loss) per
share
Basic $ 0.03 $ 0.01 $ 0.03 $ (0.03) $ 0.04
Diluted $ 0.03 $ 0.01 $ 0.03 $ (0.02) $ 0.04
Net income (loss)
per share (Non-
GAAP measures)
Basic $ 0.10 $ (0.03) $ 0.13 $ 0.53 $ 0.71
Diluted $ 0.09 $ (0.03) $ 0.11 $ 0.45 $ 0.61