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Kulicke and Soffa Industries Inc. (KLIC-2.45%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing includes financial statements for the quarter, showing a decrease in net revenue to $166,124,000 from $171,189,000 in the same quarter the previous year. The decrease is attributed to lower volume in Ball Bonding Equipment, APS, and All Others segments.
Gross profit for the quarter was $87,084,000, up from $79,896,000 in the previous year, with an increase in gross profit margin to 52.4% from 46.7%. This increase is primarily due to a favorable product mix in the Advanced Solutions segment.
Operating expenses for the quarter were $435,000, significantly down from $78,203,000 in the previous year, primarily due to a gain of $71,100,000 relating to the cessation of a business project.
The company reported an income from operations of $86,649,000 for the quarter, compared to $1,693,000 in the previous year, reflecting the gain from the cessation of business.
Net income for the quarter was $81,642,000, up from $9,293,000 in the previous year. The effective tax rate decreased to 12.2% from 19.7% due to a reimbursement from a project cancellation.
Cash provided by operating activities was $18,902,000, while cash used in investing and financing activities was $82,039,000 and $48,452,000, respectively.
Kulicke and Soffa had cash, cash equivalents, and short-term investments totaling $538,325,000 as of December 28, 2024, down from $577,147,000 at the end of the previous fiscal year.
The filing also details a new share repurchase program authorized to repurchase up to $300 million of the company's common stock, following the completion of a prior program.
The company declared a quarterly dividend of $0.205 per share, with total dividends paid during the quarter amounting to $10,800,000.
Kulicke and Soffa does not anticipate any significant changes to its liquidity and capital resources in the near term, despite ongoing macroeconomic headwinds.
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. quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.