SINGAPORE – Kulicke and Soffa Industries reported fiscal third quarter net revenue of $127.1 million, down 52.7% year-over-year and up 9.7% sequentially.

Net income for the period ended June 29 was $1.3 million, a decrease of 97.8%, compared to the fiscal third quarter of 2018 and an increase of 136.1% sequentially.

During the quarter, K&S repurchased $33.2 million of common stock in open market transactions at an average price of $21.57 per share.

“While the broad macro environment continues to be dynamic, we continue to generate profits, invest in new organic development, reduce our shares outstanding and drive market acceptance of several new offerings,” said Dr. Fusen Chen, president and CEO. “We continue to maintain operational flexibility and are positioned well for long-term growth."

As of June 29, the firm had cash, cash equivalents, and short-term investments of $572.3 million.

The company expects net revenue in the fiscal fourth quarter of $130 million to $150 million.

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