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Kulicke and Soffa Industries Inc., a global leader in the design and manufacture of semiconductor, LED and electronic assembly equipment, has reported net revenue of $108.5 million for the first quarter of fiscal year 2016, up by 1% from the same period in the previous year. Gross profit, however, fell by 8% to $50.4 million year-on-year, while net income plunged by 101.2%.
Due to cost-containment efforts as well as favorable one-time operating and tax benefits, the company was able to come in below its prior break-even expectation. During the fourth quarter 2015 earnings call, break-even revenue for the first quarter was anticipated to be $125 million.
Kulicke & Soffa currently expects net revenue in the second fiscal quarter of 2016 ending April 2, 2016 to be approximately $130 million to $140 million.
Looking forward, Chou commented, "Stabilizing inventory levels throughout the industry combined with our improved short-term guidance support our view of a recovering market environment. This improving external condition along with our ongoing focus on cost efficiency, prudent capital deployment, targeted development and the initial acceptance of our thermo-compression tool collectively demonstrate our comprehensive effort and execution in driving long-term, sustainable growth."