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Kulicke and Soffa Industries Inc., a leading provider of semiconductor packaging and electronic assembly solutions supporting the global automotive, consumer, communications, computing, and industrial segments, has announced results for its fourth quarter and fiscal year ended October 1, 2016.
Net revenue for the fourth quarter of fiscal year 2016 reached $145.8 million, up by 22.3% compared to the same period last year. Net income was $10.3 million, an increase of 5.1% year-on-year.
For the fiscal year 2016, Kulicke and Soffa achieved a net revenue of $627.2 million and net income of $47.1 million.
“For the September quarter, we have exceeded our revenue guidance and experienced improved demand over the same period in the prior fiscal year. This better-than-expected performance was largely due to the strengthening of the memory segment and new traction within the automotive segment,” said Dr. Fusen Chen, Kulicke & Soffa’s president and CEO.
The company’s reported fourth quarter net income included a unique operating expense reserve in the amount of $7 million related to restructuring of its international operations. This amount was offset by a favorable tax benefit of $7.6 million, related to the same restructuring exercise.
First Quarter Fiscal 2017 Outlook
The company currently expects net revenue in the first fiscal quarter of 2017 ending December 31, 2016 to be approximately $135 million to $145 million.
Looking forward, Dr. Chen commented, “As we continue driving efficiency through our manufacturing process and supply chain, we maintain optimism through the softer near-term outlook. Looking ahead, we anticipate the industry will return to a more normalized growth rate in fiscal 2017. In parallel, we continue to aggressively pursue meaningful opportunities becoming increasingly accessible through our evolving industry, market-facing development and our broadening suite of solutions.”