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Kulicke & Soffa Reports Fourth Quarter 2020 Results
SINGAPORE, Nov. 18, 2020 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) ("Kulicke & Soffa", "K&S" or the "Company"), today announced
About this update from Kulicke And Soffa Industries, Inc.
[{"type":"text","content":"SINGAPORE, Nov. 18, 2020 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (\"Kulicke & Soffa\", \"K&S\" or the \"Company\"), today announced financial results of its fourth fiscal quarter ended October 3, 2020. The Company reported fourth quarter net revenue of $177.7 million, net income of $15.8 million and non-GAAP net income of $18.0 million.\n\n \n \n \n \n \n \n\n \nDuring its fourth fiscal quarter, K&S repurchased $8.8 million of common stock in open market transactions at an average price of $22.68 per share. The Company also recorded a quarterly dividend equivalent of $0.12 per share during its fourth fiscal quarter.\nQuarterly Results - U.S. GAAP\nFiscal Q4 2020\nChange vs.Fiscal Q4 2019 \nChange vs.Fiscal Q3 2020 \nNet Revenue\n$177.7 million\nup 27.1%\nup 18.1%\nGross Profit\n$88.9 million\nup 35.9%\nup 28.1%\nGross Margin\n50.0%\nup 320 bps\nup 390 bps\nIncome from Operations\n$23.0 million\nup 198.7%\nup 109.1%\nOperating Margin\n12.9%\nup 740 bps\nup 560 bps\nNet Income\n$15.8 million\nup 146.9%\nup 41.1%\nNet Margin\n8.9%\nup 430 bps\nup 150 bps\nEPS – Diluted\n$0.25\nup 150%\nup 38.9%\n \nQuarterly Results - Non-GAAP\nFiscal Q4 2020\nChange vs.Fiscal Q4 2019\nChange vs.Fiscal Q3 2020\nIncome from Operations\n$25.2 million\nup 126.2%\nup 96.9%\nOperating Margin\n14.2%\nup 620 bps\nup 570 bps\nNet Income\n$18.0 million\nup 93%\nup 39.5%\nNet Margin\n10.1%\nup 340 bps\nup 150 bps\nEPS - Diluted\n$0.29\nup 107.1%\nup 38.1%\n* A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also \"Use of non-GAAP Financial Results\" section.\nFourth fiscal quarter tax expense of $8.0 million was associated with increased profitability and jurisdictional adjustments. The Company continues to target a long-term effective tax rate of 18%. \nFusen Chen, Kulicke & Soffa's President and Chief Executive Officer, stated, \"During fiscal 2020, we entered into the emerging advanced-LED market, expanded advanced packaging engagements and returned $85 million through the repurchase and dividend programs. Our dedicated global workforce, financial position, and commitment to development have facilitated this progress despite the challenging macro-economic environment through fiscal 2020.\"\nFiscal Year 2020 Financial Highlights \nNet revenue of $623.2 mill...