Business
Correction Notice of Second Quarter 2023 Results Press Release
SINGAPORE, May 4, 2023 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) ("Kulicke & Soffa," "K&S" or the "Company"), today announced a
About this update from Kulicke And Soffa Industries, Inc.
[{"type":"text","content":"SINGAPORE, May 4, 2023 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (\"Kulicke & Soffa,\" \"K&S\" or the \"Company\"), today announced a correction to its press release originally issued on May 3, 2023, announcing the Company's unaudited financial results for the second fiscal quarter ended April 1, 2023.\nIn the original press release, the GAAP cash from operations and adjusted free cash flow was incorrectly reflected as the six-month periods ended April 1, 2023 and April 2, 2022. This has been corrected to reflect the GAAP cash from operations and adjusted free cash flow for the three-month periods ended April 1, 2023 and April 2, 2022.\nThese corrections are disclosed in the updated \"Second Quarter Fiscal 2023 Financial Highlights\" and the related reconciliation table within the \"Reconciliation of U.S. GAAP Cash provided by Operating Activities to Non-GAAP Adjusted Free Cash Flow\".\nThe unaudited financial statements were correct in the original press release and have not changed. Likewise, the other U.S. GAAP to Non-GAAP reconciliation tables were also correct and have not changed.\nSecond Quarter Fiscal 2023 Financial Highlights\nNet revenue of $173.0 million.Gross margin of 48.6%.Net income of $15.0 million or $0.26 per share; non-GAAP net income of $21.9 million or $0.38 per share.GAAP cash from operations of $1.8 million; Adjusted free cash flow of $(8.6) millionCash, cash equivalents, and short-term investments were $734.1 million as of April 1, 2023.The Company repurchased a total of 0.1 million shares of common stock at a cost of $5.0 million. \nReconciliation of U.S. GAAP Cash provided by Operating Activities to Non-GAAP Adjusted Free Cash Flow \n(In thousands, except percentages) \n(unaudited)\nThree months ended\nApril 1,2023\nApril 2,2022\nDecember 31,2022\nU.S. GAAP net cash provided by operating activities\n$ 1,820\n$ 73,135\n$ 85,116\nExpenditures for property, plant and equipment\n(10,637)\n(2,947)\n(13,878)\nProceeds from sales of property, plant and equipment\n235\n119\n—\nNon-GAAP adjusted free cash flow\n(8,582)\n70,307\n71,238\n \nAbout Kulicke & Soffa\nFounded in 1951, Kulicke & Soffa specializes in developing cutting-edge semiconductor and electronics assembly solutions enabling a smart and more sustainable future. Our ever-growing range of products and services supports growth ...