SINGAPORE – Kulicke and Soffa Industries reported fiscal fourth quarter net revenue of $177.7 million, up 27.1% year-over-year and 18.1% sequentially.

For the quarter ended Oct. 3, the company reported net income of $15.8 million, an increase of 147% compared to the fiscal fourth quarter of 2019 and 41.1% sequentially.

During its fiscal fourth quarter, the firm repurchased $8.8 million of common stock in open market transactions at an average price of $22.68 per share.

As of Oct. 3, cash, cash equivalents, and short-term investments were $530.1 million.

For fiscal 2020, net revenue was $623.2 million, up 15.4% year-over-year. Net income was $52.3 million, up 349%.

During fiscal 2020, the company repurchased a total of approximately 2.5 million shares of common stock at a cost of approximately $55 million.

"During fiscal 2020, we entered into the emerging advanced LED market, expanded advanced packaging engagements and returned $85 million through the repurchase and dividend programs,” said Fusen Chen, president and CEO, K&S. “Our dedicated global workforce, financial position, and commitment to development have facilitated this progress, despite the challenging macro-economic environment through fiscal 2020."

K&S expects net revenue in the fiscal first of approximately $230 million to $250 million.

“Our entry into the advanced display market, combined with 5G adoption, smartphone recovery and general semiconductor unit growth improvement, are increasing demand for our core products and services. In addition to the positive near-term outlook, we remain strategically focused to support fundamental technology transitions in the advanced packaging, automotive and display markets.”