SINGAPORE – Kulicke & Soffa Industries now expects fiscal third quarter revenue to come in at the high-end of previously provided revenue guidance, between $235 million and $245 million.
The company expects one-time, nonrecurring charges and credits in the fiscal third quarter, consisting of a favorable foreign tax credit, goodwill impairment and restructuring charges, collectively resulting in a non-cash expense of $35.2 million and a cash gain of $18.9 million.
Full fiscal year revenue outlook is $790 million, plus or minus $25 million, representing approximately 26% year-over-year growth.
Separately, K&S has determined a portion of the goodwill associated with the January 2015 acquisition of Assembléon BV to be impaired. Specifically, this impairment is due to a softer near-term outlook for the Hybrid Series offerings. During the fiscal third quarter, the company expects to record a non-cash charge for this impairment of approximately $35.2 million.
During the June quarter, the firm will accrue approximately $2.6 million in restructuring-related charges, anticipated to reduce annual spending by approximately $7 million to $8 million going forward.
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