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Kulicke and Soffa Industries, Inc. has submitted its 10-K filing for the fiscal year ended September 28, 2024.
The filing reports a decrease in net revenue to $706,232,000 from $742,491,000 in the previous fiscal year. This decline is attributed to lower volumes in Wedge Bonding Equipment, Advanced Solutions, and All Others, partially offset by higher volumes in Ball Bonding Equipment.
The company recorded a gross profit of $268,754,000, down from $358,655,000 in the previous year. The gross profit margin decreased to 38.1% from 48.3%, primarily due to inventory write-downs and less favorable product mix.
Operating expenses increased to $361,250,000 from $319,218,000, driven by higher selling, general and administrative expenses, research and development costs, and impairment charges.
Kulicke and Soffa reported a net loss of $69,006,000 for the fiscal year, compared to a net income of $57,148,000 in the prior year. The loss is largely due to the cancellation of Project W and associated wind down charges.
The company repurchased approximately 3,221,000 shares of common stock at an aggregate cost of $151,000,000 during the fiscal year. As of September 28, 2024, the remaining stock repurchase authorization was approximately $30,300,000.
Kulicke and Soffa declared a quarterly dividend of $0.20 per share of common stock, resulting in an aggregate dividend of $0.80 per share for the fiscal year.
The company continues to focus on technology leadership, investing in research and development to enhance its product offerings and maintain its competitive position in the semiconductor equipment market.
Kulicke and Soffa faces risks from macroeconomic conditions, including geopolitical tensions and supply chain disruptions, which could impact future demand and financial performance.
The company maintains a strong cash position with total cash, cash equivalents, and short-term investments of $577,147,000 as of September 28, 2024, to support ongoing operations and strategic initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kulicke and Soffa Industries Inc. annual 10-K report dated November 14, 2024. To report an error, please email earnings@qz.com.