Kulicke and Soffa Industries, Inc. (KLIC) has reported 5.11 percent rise in profit for the quarter ended Oct. 01, 2016. The company has earned $10.33 million, or $0.15 a share in the quarter, compared with $9.83 million, or $0.13 a share for the same period last year.
Revenue during the quarter grew 22.38 percent to $145.84 million from $119.17 million in the previous year period. Gross margin for the quarter contracted 317 basis points over the previous year period to 45.68 percent. Total expenses were 97.32 percent of quarterly revenues, down from 98.62 percent for the same period last year. This has led to an improvement of 130 basis points in operating margin to 2.68 percent.
Operating income for the quarter was $3.91 million, compared with $1.65 million in the previous year period.
Dr. Fusen Chen, Kulicke & Soffa's president and chief executive officer, stated, "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."
For the first-quarter, Kulicke & Soffa Industries forecasts revenue to be in the range of $135 million to $145 million.
Operating cash flow declines
Kulicke and Soffa Industries, Inc. has generated cash of $68.41 million from operating activities during the year, down 22.15 percent or $19.47 million, when compared with the last year.
The company has spent $5.16 million cash to meet investing activities during the year as against cash outgo of $94.11 million in the last year.
The company has spent $14.49 million cash to carry out financing activities during the year as against cash outgo of $84.46 million in the last year period.
Cash and cash equivalents stood at $547.91 million as on Oct. 01, 2016, up 9.89 percent or $49.29 million from $498.61 million on Oct. 03, 2015.
Working capital increases marginally
Kulicke and Soffa Industries, Inc. has recorded an increase in the working capital over the last year. It stood at $662.34 million as at Oct. 01, 2016, up 4.56 percent or $28.91 million from $633.44 million on Oct. 03, 2015. Current ratio was at 6.58 as on Oct. 01, 2016, down from 9.57 on Oct. 03, 2015.
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