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Kulicke & Soffa Reports First Quarter 2013 Results

Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke & Soffa”, “K&S” or the Company”) today announced results for its first fiscal quarter ended December 29, 2012.
Quarterly Results

Fiscal Q1 2013
    Change vs.

Fiscal Q1 2012
    Change vs.

Fiscal Q4 2012
Net Revenue     $114.0 million     (5.0%)     (57.6%)
Gross Profit     $51.5 million     (6.8%)     (58.1%)
Gross Margin     45.2%     (90) bps     (50) bps
Income from Operations $4.2 million (66.0%) (94.0%)
Operating Margin     3.7%     (660) bps     (2,240) bps
Net Income $3.6 million (57.6%) (94.6%)
Net Margin     3.2%     (390) bps     (2,180) bps
EPS – Diluted     $0.05     (54.5%)     (94.4%)

Bruno Guilmart, Kulicke & Soffa’s President and Chief Executive Officer, said, “The first fiscal quarter’s revenue came in at the higher end of our guidance range. The pullback from the prior quarter reflects the high degree of seasonality in our business, with the December quarter traditionally the weakest of the fiscal year. We planned for the decline and took appropriate actions at the beginning of the quarter to accelerate our cost- containment programs. As a result, we reduced our operating expenses by 10% compared to the prior quarter, further strengthened our balance sheet and maintained a strong gross margin.”

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