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02.05.2019 23:00:00

Kulicke & Soffa Reports Second Quarter 2019 Results

Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) ("Kulicke & Soffa”, "K&S” or the "Company”), today announced financial results of its second fiscal quarter ended March 30, 2019. The Company reported second quarter net revenue of $115.9 million, net loss of $3.6 million and non-GAAP net income of $0.2 million.

During its second fiscal quarter, K&S repurchased $26.9 million of common stock in open market transactions at an average price of $21.98 per share. The Company also recorded a quarterly dividend equivalent to $0.12 per share during its second fiscal quarter.

Quarterly Results - U.S. GAAP
   
Fiscal Q2 2019 		  Change vs.
Fiscal Q2 2018 		  Change vs.
Fiscal Q1 2019
Net Revenue   $115.9 million   down 47.7%   down 26.3%
Gross Profit   $55.6 million   down 44.1%   down 25.7%
Gross Margin   47.9%   up 310 bps   up 30 bps
Loss from Operations $(2.5) million down 106.5% down 117.1%
Operating Margin   (2.1)%   down 1940 bps   down 1140 bps
Net Loss $(3.6) million down 109.9% down 148.0%
Net Margin   (3.1)%   down 1950 bps   down 790 bps
EPS – Diluted(a)   $(0.05)   down 109.8%   down 145.5%
(a)   GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock units and stock options, but that effect is excluded when calculating GAAP diluted net (loss) per share because it would be anti-dilutive. For the three months ended March 30, 2019, 0.8 million shares of restricted stock units and stock options were excluded due to the Company's net loss.

Quarterly Results - Non-GAAP

   
Fiscal Q2 2019 		  Change vs.
Fiscal Q2 2018 		  Change vs.
Fiscal Q1 2019
Loss from Operations   $(1.2) million   down 103.0%   down 107.3%
Operating Margin   (1.1)%   down 1930 bps   down 1160 bps
Net Income $0.2 million down 99.5% down 98.8%
Net Margin   0.2%   down 1700 bps   down 1060 bps
EPS - Diluted   $—   down 100.0%   down 100.0%

* 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.

Dr. Fusen Chen, Kulicke & Soffa's President and Chief Executive Officer, stated, "We continue to be extremely focused on cost control while we prioritize ongoing business development, drive fundamental business optimization, and also continue to deliver value through our ongoing repurchase and dividend programs."

During the March quarter the Company incurred a $4.7 million tax expense primarily related to an adjustment to the one-time transition tax associated with the Tax Cuts and Reform Act of 2017, specifically due to new guidance issued by the U.S. Department of Treasury in February 2019.

Second Quarter Fiscal 2019 Financial Highlights

  • Net revenue of $115.9 million.
  • Gross margin of 47.9%.
  • Net loss of $(3.6) million or $(0.05) per share; non-GAAP net income of $0.2 million.
  • Cash, cash equivalents, and short-term investments were $626.9 million as of March 30, 2019.

Third Quarter Fiscal 2019 Outlook

The Company currently expects net revenue in the third fiscal quarter of 2019 ending June 29, 2019 to be approximately $120 million to $140 million, representing a 12% sequential improvement.

Looking forward, Dr. Fusen Chen commented, "Improving field utilization rates and also customer sentiment supports our view that the current demand environment is only a short-term headwind. Our core businesses continue to be very aligned with major market trends such as IoT, 5G and advanced packaging. New opportunities in emerging LED technology and our ongoing efforts to enhance recurring revenue and profitability across our broad portfolio provides additional optimism."

Earnings Conference Call Details

A conference call to discuss these results will be held today, May 2, 2019, beginning at 6:00pm EDT. To access the conference call, interested parties may call +1-877-407-8037 or internationally +1-201-689-8037. A live webcast will also be available at investor.kns.com.

A replay will be available from approximately one hour after the completion of the call through May 16th by calling toll-free +1-877-660-6853 or internationally +1-201-612-7415 and using the replay ID number of 13689604. A webcast replay will also be available at investor.kns.com.

Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company's non-GAAP results exclude amortization related to intangible assets acquired through business combinations, goodwill impairment, costs associated with restructuring, income tax expense related to the Tax Cuts and Jobs Act of 2017 as well as tax benefits or expense associated with the foregoing non-GAAP items. These non-GAAP measures are consistent with the way management analyzes and assesses the Company’s operating results. The Company believes these non-GAAP measures enhance investors’ understanding of the Company’s underlying operational performance, as well as their ability to compare the Company’s period-to-period financial results and the Company’s overall performance to that of its competitors.

Management uses both U.S. GAAP metrics as well as non-GAAP operating income, operating margin, net income, net margin and net income per diluted share to evaluate the Company's operating and financial results. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP items is meant to supplement, but not substitute for, GAAP financial measures or information. The Company believes the presentation of non-GAAP results in combination with GAAP results provides better transparency to the investment community when analyzing business trends, providing meaningful comparisons with prior period performance and enhancing investors' ability to view the Company's results from management's perspective. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibit.

About Kulicke & Soffa

Kulicke & Soffa (NASDAQ: KLIC) is a leading provider of semiconductor packaging and electronic assembly solutions supporting the global automotive, consumer, communications, computing and industrial segments. As a pioneer in the semiconductor space, K&S has provided customers with market leading packaging solutions for decades. In recent years, K&S has expanded its product offerings through strategic acquisitions and organic development, adding advanced packaging, electronics assembly, wedge bonding and a broader range of tools to its core offerings. Combined with its extensive expertise in process technology and focus on development, K&S is well positioned to help customers meet the challenges of packaging and assembling the next-generation of electronic devices (www.kns.com).

Caution Concerning Results and 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 expected dividend payouts and growth opportunities. 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 that the Company fails to meet its operational and financial targets in order to adhere to its dividend policy; the risk that customer orders already received may be postponed or canceled, generally without charges; the risk that anticipated customer orders may not materialize; the risk that our suppliers may not be able to meet our demands on a timely basis; the volatility in the demand for semiconductors and our products and services; the risk that identified market opportunities may not grow or developed as we anticipated; volatile global economic conditions, which could result in, among other things, sharply lower demand for products containing semiconductors and for the Company’s products, and disruption of capital and credit markets; the risk of failure to successfully manage our operations; the possibility that we may need to impair the carrying value of goodwill and/or intangibles established in connection with one or more of our prior acquisitions; acts of terrorism and violence; risks, such as changes in trade regulations, currency fluctuations, political instability and war, which may be associated with a substantial non-U.S. customer and supplier base and substantial non-U.S. manufacturing operations; the impact of changes in tax law; the risk that the Company will not identify suitable acquisition opportunities or that any acquisitions will not be successful; the risk that the Company fails to timely remediate the material weaknesses identified in the Company’s internal controls over financial reporting or that new material weaknesses or significant deficiencies emerge; and the factors listed or discussed in Kulicke and Soffa Industries, Inc. 2018 Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. Kulicke and Soffa Industries, Inc. 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 CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share and employee data)

(Unaudited)

 
Three months ended Six months ended
March 30, 2019   March 31, 2018 March 30, 2019   March 31, 2018
Net revenue $ 115,908 $ 221,772 $ 273,116 $ 435,463
Cost of sales 60,335   122,325   142,744   238,814  
Gross profit 55,573   99,447   130,372   196,649  
 
Operating expenses:
Selling, general and administrative 27,235 30,339 55,768 54,875
Research and development 29,577 28,657 59,380 58,907
Amortization of intangible assets 1,869 2,022 3,746 3,965
Restructuring (643 ) (7 ) (612 ) 1,307  
Total operating expenses 58,038   61,011   118,282   119,054  
(Loss)/income from operations (2,465 ) 38,436 12,090 77,595
Other income (expense):
Interest income 3,865 2,986 7,691 4,961
Interest expense (254 ) (270 ) (505 ) (536 )
Income before income taxes 1,146 41,152 19,276 82,020
Income tax expense 4,672 4,800 15,242 115,212
Share of results of equity-method investee, net of tax 29   39   72   23  
Net (loss)/income $ (3,555 ) $ 36,313   $ 3,962   $ (33,215 )
 
Net (loss)/income per share:
Basic $ (0.05 ) $ 0.52   $ 0.06   $ (0.47 )
Diluted $ (0.05 ) $ 0.51   $ 0.06   $ (0.47 )
 
Cash dividends declared per share $ 0.12   $ —   $ 0.24   $ —  
 
Weighted average shares outstanding:
Basic 65,930 70,361 66,530 70,467
Diluted 65,930 71,425 67,344 70,467
 
Three months ended Six months ended
Supplemental financial data: March 30, 2019 March 31, 2018 March 30, 2019 March 31, 2018
Depreciation and amortization $ 5,237 $ 4,744 $ 10,006 $ 9,212
Capital expenditures 2,234 6,153 7,176 12,410
Equity-based compensation expense:
Cost of sales 160 126 310 258
Selling, general and administrative 2,330 1,443 5,255 3,766
Research and development 811   653   1,609   1,307  
Total equity-based compensation expense $ 3,301   $ 2,222   $ 7,174   $ 5,331  
  As of
March 30, 2019   March 31, 2018
Backlog of orders 1 $ 89,439 $ 177,754
Number of employees 2,747 3,276
1.   Represents customer purchase commitments. While the Company believes these orders are firm, they are generally cancellable by customers without penalty.
 

KULICKE & SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)

(Unaudited)

 
As of
March 30, 2019   September 29, 2018
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 418,872 $ 320,630
Restricted cash 465 518
Short-term investments 208,000 293,000
Accounts and other receivable, net of allowance for doubtful accounts of $0 and $385, respectively 138,844 243,373
Inventories, net 102,549 115,191
Prepaid expenses and other current assets 13,638   14,561  
TOTAL CURRENT ASSETS 882,368 987,273
 
Property, plant and equipment, net 76,343 76,067
Goodwill 56,050 56,550
Intangible assets, net 47,421 52,871
Deferred income taxes 9,232 9,017
Equity investments 6,301 1,373
Other assets 2,430   2,589  
TOTAL ASSETS $ 1,080,145   $ 1,185,740  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short term debt $ 10,004 $ —
Accounts payable 33,378 48,527
Accrued expenses and other current liabilities 64,813 105,978
Income taxes payable 14,553   19,571  
TOTAL CURRENT LIABILITIES 122,748 174,076
 
Financing obligation 14,893 15,187
Deferred income taxes 25,263 25,591
Income taxes payable 84,627 81,491
Other liabilities 9,400   9,188  
TOTAL LIABILITIES 256,931   305,533  
 
SHAREHOLDERS' EQUITY
Common stock, no par value 526,419 519,244
Treasury stock, at cost (301,071 ) (248,664 )
Retained earnings 601,913 613,529
Accumulated other comprehensive loss (4,047 ) (3,902 )
TOTAL SHAREHOLDERS' EQUITY $ 823,214   $ 880,207  
   
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,080,145   $ 1,185,740  
   

KULICKE & SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 
Three months ended Six months ended
March 30, 2019   March 31, 2018 March 30, 2019   March 31, 2018
Net cash provided by operating activities $ 27,334 $ 6,740 $ 83,335 $ 57,073
Net cash provided by/(used in) investing activities, continuing operations 138,962 (35,273 ) 73,689 (83,456 )
Net cash used in financing activities, continuing operations (25,176 ) (20,850 ) (59,092 ) (24,241 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash 275   (1,120 ) 257   (1,630 )
Changes in cash, cash equivalents and restricted cash 141,395 (50,503 ) 98,189 (52,254 )
Cash, cash equivalents and restricted cash, beginning of period 277,942   391,189   321,148   392,940  
Cash, cash equivalents and restricted cash, end of period $ 419,337   $ 340,686   $ 419,337   $ 340,686  
 
Short-term investments 208,000   288,000   208,000   288,000  
Total cash, cash equivalents, restricted cash and short-term investments $ 627,337   $ 628,686   $ 627,337   $ 628,686  
 

Reconciliation of U.S. GAAP Income from Operating

to Non-GAAP Income from Operation and Operating Margin

(in thousands, except percentages)

(unaudited)

 
Three months ended
March 30, 2019   March 31, 2018   December 29, 2018
Net revenue $ 115,908 $ 221,772 $ 157,208
U.S. GAAP (loss)/income from operations (2,465 ) 38,436 14,555
U.S. GAAP operating margin (2.1 )% 17.3 % 9.3 %
 
Pre-tax non-GAAP items:
Amortization related to intangible assets acquired through business combination- selling, general and administrative 1,869 2,022 1,877
Restructuring (643 ) (7 ) 31  
Non-GAAP (loss)/income from operations $ (1,239 ) $ 40,451   $ 16,463  
Non-GAAP operating margin (1.1 )% 18.2 % 10.5 %
 

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income and

U.S. GAAP net income per share to Non-GAAP net income per share

(in thousands, except per share data)

(unaudited)

 
Three months ended
March 30, 2019   March 31, 2018   December 29, 2018
Net revenue $ 115,908 $ 221,772 $ 157,208
U.S. GAAP net (loss)/income (3,555 ) 36,313 7,517
U.S. GAAP net margin (3.1 )% 16.4 % 4.8 %
 
Non-GAAP adjustments:
Amortization related to intangible assets acquired through business combination- selling, general and administrative 1,869 2,022 1,877
Restructuring (643 ) (7 ) 31
Income tax expense- Tax Reform 2,499 — 7,712
Net income tax expense/(benefit) on non-GAAP items 28   (111 ) (141 )
Total non-GAAP adjustments 3,753   1,904   9,479  
Non-GAAP net income 198   38,217   16,996  
Non-GAAP net margin 0.2 % 17.2 % 10.8 %
 
U.S. GAAP net (loss)/income per share:
Basic (0.05 ) 0.52 0.11
Diluted(a) (0.05 ) 0.51 0.11
 
Non-GAAP adjustments per share:(b)
Basic 0.05 0.03 0.14
Diluted 0.05 0.03 0.14
 
Non-GAAP net income per share:
Basic $ —   $ 0.54   $ 0.25  
Diluted(c) $ —   $ 0.54   $ 0.25  
(a)   GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock units and stock options, but that effect is excluded when calculating GAAP diluted net (loss) per share because it would be anti-dilutive. For the three months ended March 30, 2019, 0.8 million shares of restricted stock units and stock options were excluded due to the Company's net loss.
(b) Non-GAAP adjustments per share includes amortization related to intangible assets acquired through business combinations, costs associated with restructuring, income tax expense related to the Tax Cuts and Jobs Act of 2017 as well as tax benefits or expense associated with the foregoing non-GAAP items.
(c) Non-GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock units and stock options.

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