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Kulicke & Soffa Reports Second Quarter 2024 Results
Focuses on Operational Efficiency; Increases Repurchase Activity SINGAPORE, May 1, 2024 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC)
About this update from Kulicke And Soffa Industries, Inc.
[{"type":"text","content":"Focuses on Operational Efficiency; Increases Repurchase Activity\nSINGAPORE, May 1, 2024 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (\"Kulicke & Soffa,\" \"K&S,\" \"our,\" or the \"Company\"), today announced financial results of its second fiscal quarter ended March 30, 2024. The Company reported second quarter net revenue of $172.1 million, net loss of $102.7 million, representing EPS of $(1.83) per fully diluted share, and non-GAAP net loss of $53.2 million, representing non-GAAP EPS of $(0.95) per fully diluted share.\n\nAs announced on March 11, 2024, the Company had anticipated pre-tax charges, including impairments, relating to the cancellation of Project W (the \"Project\"), to be in the range of $110 million and $130 million (the \"Expected Range\") and to be incurred primarily in the second fiscal quarter 2024. Based on the actual second fiscal quarter 2024 financial results, the pre-tax charges, including impairments, were below the Expected Range at $105.5 million.\nQuarterly Results - U.S. GAAP\n \nFiscal Q2 2024\n \nChange vs.\nFiscal Q2 2023\nChange vs.\nFiscal Q1 2024\nNet Revenue\n$172.1 million\ndown 0.5%\nup 0.5%\nGross Margin\n9.6 %\ndown 3900 bps\ndown 3710 bps\nLoss from Operations\n$(105.2) million\ndown 932.6%\ndown 6311.2%\nOperating Margin\n(61.1) %\ndown 6840 bps\ndown 6210 bps\nNet Loss\n$(102.7) million\ndown 782.7%\ndown 1204.9%\nNet Margin\n(59.7) %\ndown 6840 bps\ndown 6510 bps\nEPS – Diluted\n$(1.83)\ndown 803.8%\ndown 1243.8%\n \nQuarterly Results - Non-GAAP\n \nFiscal Q2 2024\n \nChange vs.\nFiscal Q2 2023\nChange vs.\nFiscal Q1 2024\nLoss from Operations\n$(50.2) million\ndown 345.9%\ndown 560.5%\nOperating Margin\n(29.2) %\ndown 4100 bps\ndown 3560 bps\nNet Loss\n$(53.2) million\ndown 342.8%\ndown 413.6%\nNet Margin\n(30.9) %\ndown 4360 bps\ndown 4080 bps\nEPS – Diluted\n$(0.95)\ndown 350%\ndown 416.7%\nA reconciliation between the GAAP and non-GAAP adjusted results is provided in the financial tables included at the end of this press release. See also the \"Use of non-GAAP Financial Results\" section of this press release.\nFusen Chen, Kulicke & Soffa's President and Chief Executive Officer, stated, \"Despite a shifting Advanced Display market, we remain nimble and efficiency focused. We are preparing for broader Ball Bonder demand recovery and have reallocated Advance...