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Kulicke & Soffa Industries' CEO Discusses F3Q12 Results - Earnings Call Transcript

Stocks in this article: KLIC

For a complete discussion of the risks associated with Kulicke & Soffa that could affect our future results and financial conditions, please refer to our SEC filings, particularly the 10-K for the year ended October 1, 2011 and our other recent SEC filings.

I’d now like to turn the call over to Mr. Bruno Guilmart. Please go ahead, Bruno.

Bruno Guilmart

Thank you, Joe and thank you all for joining our call today. Results for the quarter were above the high end of our prior guidance, driven by our market leading copper position, as well as strong market demand for our AT Premier solution. The key themes to our continued success include our multi-segment leadership, flexible manufacturing strategy, R&D strength, free cash flow generation, and including debt-free balance sheet.

Our continued operating effectiveness is allowing us to maximize new opportunities that can provide to both near and long-term growth. We are clearly the market leader in the segments we serve. We continue to carefully evaluate synergistic opportunities where we can further broaden our reach by leveraging our technology leadership position.

For the June quarter, revenue came in at $255.5 million. This represents a 35% revenue improvement over the March quarter and was further strengthened by 230 basis points gross margin improvement, which was attributable to strong demand for our AT Premier product as well as pro copper equipment.

Later on during the call, I will provide some insights to the markets served by this unique AT Premier solution. Overall, strong revenue and gross margin results combined with continued operational cost control resulted in operating profits of $76.3 million. Our focus remains on extending our technology and market leadership, while pursuing areas that can reduce the cyclicality of our business.

We continue to capture all opportunities possible related to the ongoing and broadening transition from gold to copper and look ahead at wedge bonder volume improvements, LED expansion and advanced packaging growth opportunities. We are effectively managing our supply chain efficiency and keeping inventory at a healthy level.

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