SINGAPORE – Kulicke and Soffa Industries reported fiscal second quarter net revenue of $115.9 million, down 47.7% year-over-year and 26.3% sequentially.

Net loss for the period ended Mar. 30 was $3.6 million, a decrease of 110% compared to the fiscal second quarter of 2018, down 148% sequentially.

During the quarter, K&S repurchased $26.9 million of common stock in open market transactions at an average price of $21.98 per share.

“We continue to be extremely focused on cost control, while we prioritize ongoing business development, drive fundamental business optimization, and also continue to deliver value through our ongoing repurchase and dividend programs," said Fusen Chen, Ph.D.,  president and CEO, Kulicke & Soffa.

During the quarter, the company incurred a $4.7 million tax expense primarily related to an adjustment to the one-time transition tax associated with the Tax Cuts and Reform Act of 2017.

Cash, cash equivalents, and short-term investments were $626.9 million as of Mar. 30.

The firm expects net revenue in the third fiscal quarter to be approximately $120 million to $140 million, representing a 12% sequential improvement.

"Improving field utilization rates and also customer sentiment supports our view that the current demand environment is only a short-term headwind. Our core businesses continue to be very aligned with major market trends such as IoT, 5G and advanced packaging. New opportunities in emerging LED technology and our ongoing efforts to enhance recurring revenue and profitability across our broad portfolio provide additional optimism."