SINGAPORE – Kulicke and Soffa Industries reported fiscal fourth quarter net revenue of $139.8 million, a decrease of 24.3% year-over-year and an increase of 10% sequentially.

For the quarter ended Sept. 28, the company reported net income of $6.4 million, down 78.4% compared to the same period in 2018 and up 392.3% sequentially. Operating income was $7.7 million, down 68.7%, an increase of 327.8% sequentially.

During its fiscal fourth quarter, K&S repurchased $15 million of common stock in open market transactions at an average price of $22.37 per share. The company generated free cash flow of $54.2 million.

“Nearly all of our businesses experienced demand improvements sequentially through the September quarter, and have improved materially since the March quarter,” said Dr. Fusen Chen, Kulicke & Soffa's president and CEO. “In parallel, we have also made meaningful progress in expanding our served markets through customer acceptance and ongoing traction of our multiple advanced packaging offerings, including Pixalux, our mini and microLED solution.”

Net revenue for fiscal 2019 was $540.1 million. Net income was $11.7 million. The firm repurchased a total of 4.7 million shares of common stock at a cost of $100.5 million.

K&S expects fiscal first quarter net revenue of $130 million to $150 million.

"Considering demand improvements within our core business, market traction within our newly developed products, and ongoing customer engagement within our growing base of advanced packaging solutions, we are increasingly optimistic as we look ahead into fiscal year 2020.”

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