SINGAPORE – Kulicke and Soffa Industries reported fiscal fourth quarter net revenue of $485.3 million, up 173.1% year-over-year and 14.4% sequentially.

During the period, the company was able to exceed revenue expectations by temporarily extending production capacity and delivering additional advanced display systems and services.

Net income for the period ended Oct. 2 was $133.7 million, an increase of 746.2% compared to the fiscal fourth quarter of 2020, up 17.5% sequentially.

Income from operations was $154.8 million, up 573% year-over-year and 28.5% sequentially.

"Throughout fiscal 2021, we continued to support an ongoing period of industry expansion, while carefully navigating global supply chain challenges,” said Fusen Chen, Kulicke & Soffa's president and CEO. “Additionally, we continued our aggressive development efforts, released several new market-ready solutions and also received customer acceptance with several others. These efforts expand our access to favorable long-term trends within the automotive, electronics assembly and advanced display end-markets."

Cash, cash equivalents, and short-term investments were $739.8 million as of Oct. 2.

For fiscal 2021, net revenue was $1.5 billion, up 143.5% year-over-year. Net income was $367.2 million, growth of 602.1%.

The company repurchased a total of approximately 215,000 shares of common stock at a cost of approximately $10.2 million.

K&S expects net revenue in the fiscal first quarter to be approximately $460 million, +/- $20 million.

"We continue to efficiently support strong, ongoing and broad demand across our served end-markets. Throughout fiscal 2022, we anticipate ongoing industry expansion and also rapid growth of our emerging portfolio of solutions, which directly addresses semiconductor, electric vehicle, and advanced LED assembly challenges."

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