SINGAPORE – Kulicke and Soffa Industries reported fiscal second quarter revenue of $150.7 million, up 30% year-over-year and 4.4% sequentially.

Net income for the quarter ended Mar. 28 was $11.9 million, an increase of 430.6% compared to the fiscal second quarter of 2019, down 11.9% sequentially.

“The current global environment remains very fluid and dynamic, but we continue to anticipate gradual demand improvements through our second fiscal half. We anticipate ongoing improvements in the general semiconductor, LED and memory markets,” said Fusen Chen, Ph.D., president and CEO. "While the ongoing Covid-19 pandemic continues to have severe health and economic effects throughout the world, and has created operational challenges for our business, our strong fundamental position and long-term efforts around business continuity planning have allowed us to continue pursuing an aggressive development roadmap, while minimizing operational disruptions. We also remain focused on increasing production and driving market adoption of our new advanced packaging and advanced LED offerings."

The company's manufacturing facility in China was impacted by a government-mandated shutdown but has returned to full capacity within the fiscal second quarter. Its other manufacturing facilities in Singapore and the Netherlands also remain at full capacity.

Cash, cash equivalents, and short-term investments, net of bank overdraft facility, were $524.7 million as of Mar. 28.

The firm currently expects net revenue in the fiscal third quarter to be approximately $140 million to $160 million. This outlook considers currently projected demand impacts of ongoing global semiconductor production disruptions due to regional shelter-in-place and movement control orders.