Business
Kulicke & Soffa Reports Third Quarter 2023 Results
Strengthening Core and Expanding Market Access SINGAPORE, Aug. 8, 2023 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) ("Kulicke & Soffa,"
About this update from Kulicke And Soffa Industries, Inc.
[{"type":"text","content":"Strengthening Core and Expanding Market Access\nSINGAPORE, Aug. 8, 2023 /PRNewswire/ -- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (\"Kulicke & Soffa,\" \"K&S,\" \"our,\" or the \"Company\"), today announced financial results of its third fiscal quarter ended July 1, 2023. The Company reported third quarter net revenue of $190.9 million, net income of $4.2 million, representing EPS of $0.07 per fully diluted share, and non-GAAP net income of $31.9 million, representing non-GAAP EPS of $0.55 per fully diluted share. \n\n \n \n \n \n \n \n\n \nQuarterly Results - U.S. GAAP\nFiscal Q3 2023\nChange vs.\nFiscal Q3 2022\nChange vs.\nFiscal Q2 2023\nNet Revenue\n$190.9 million\ndown 48.7%\nup 10.3%\nGross Profit\n$90.0 million\ndown 52.8%\nup 7%\nGross Margin\n47.2 %\ndown 400 bps\ndown 140 bps\nLoss from Operations\n$(4.5) million\ndown 103.7%\ndown 135.7%\nOperating Margin\n(2.4) %\ndown 3520 bps\ndown 970 bps\nNet Income\n$4.2 million\ndown 96.5%\ndown 72%\nNet Margin\n2.2 %\ndown 2980 bps\ndown 650 bps\nEPS – Diluted\n$0.07\ndown 96.5%\ndown 73.1%\nQuarterly Results - Non-GAAP\nFiscal Q3 2023\nChange vs.\nFiscal Q3 2022\nChange vs.\nFiscal Q2 2023\nIncome from Operations\n$24.3 million\ndown 81.2%\nup 19.1%\nOperating Margin\n12.7 %\ndown 2200 bps\nup 90 bps\nNet Income\n$31.9 million\ndown 74.5%\nup 45.7%\nNet Margin\n16.7 %\ndown 1690 bps\nup 400 bps\nEPS – Diluted\n$0.55\ndown 73.7%\nup 44.7%\n \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, \"Utilization rates and demand have strengthened in our leading core business, which remains closely aligned with long-term assembly trends in high-volume and power semiconductor applications. Additionally, we have reached new customer and technical milestones within our advanced display and advanced packaging portfolios.\"\nThird Quarter Fiscal 2023 Financial Highlights\nNet revenue of $190.9 million.Gross margin of 47.2%.Net income of $4.2 million or $0.07 per share; non-GAAP net income of $31.9 million or $0.55 per fully diluted share.GAAP cash from operations of $9.0 million; Adjusted free cash flow of $(1.6) million.Cash, cash ...