Kulicke & Soffa Industries Inc. (KLIC) Posts Q2 Results and Strong Q3 Guidance
Kulicke & Soffa Industries Inc., a leading designer and manufacturer of LED assembly equipment, today announced results for its second fiscal quarter ended April 2, 2011.
For its second quarter of fiscal 2011, the company reported net revenue of $206.7 million, up 34.4 percent from the comparable quarter of last year. Net income gained 88.5 percent at $39.9 million, or $0.54 per diluted share.
Bruno Guilmart, Kulicke & Soffa’s president and CEO, said the company’s second-quarter performance surpassed previous expectations and reflects solid demand for its equipment.
“Our results exceeded the high-end of prior guidance, with revenue increasing approximately 39 percent compared to the prior quarter led by our OSAT customers. We continue to benefit from strong demand from both our ball and wedge bonder equipment lines from a wide range of customers,” Guilmart stated in the press release.
Guilmart also noted that 71 percent of its ball bonder shipments were copper capable bonders, reflecting shifts in the gold to copper transition.
“We also continue to benefit from ongoing replacement demand for our latest generation of gold only ball bonders. We have also seen an increased demand for large area bondable options, which enable our customers to gain added efficiencies and reduce the cost of packaging. We believe we are maintaining our leadership position by offering the best equipment and tools solutions available on the market, backed by a flexible and efficient manufacturing model that allows us to ramp up production to meet customer demand,” he stated.
The company offered third-quarter guidance, saying it expects net revenue for the third quarter of fiscal 2011 to be approximately $255 million to $275 million.
“We continue to position our business to leverage our R&D leadership and innovation and to focus our efforts to mitigate volatility, improve profitability and ensure our longer-term growth. We expect our overall ball and wedge bonding businesses to remain strong through the third quarter,” Guilmart stated.
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