Kulicke & Soffa Industries, in Willow Grove, Pa., reported a 17 percent increase in revenue from the first quarter of 1999, but a net loss of more than twice the previous quarter's and for the comparable period in 1998.
Revenues for the second quarter, ended March 31, were $73.5 million with a net loss of $14.8 million, or $0.63 per share, compared to sales of $120.0 million and net income of $9.2 million or $0.39 per share for the 1998 second quarter. The company lost $6.8 million on sales of $61 million in the first quarter of 1999.
About half of the second-quarter loss -- $7.2 million -- was non-recurring items, including $3.8 million or associated with the planned move of all of K&S's ball-bonder manufacturing to Asia. Another $2.7 million was related to purchased in-process R&D associated with the acquisition of XLAM Technology, and a one-time expense incurred by Flip Chip Technologies, K&S's chip packaging joint venture with Delco Electronics.
The worst could be over for K&S. "Reflecting what appears to be the start of a new semiconductor cycle, we have seen a strong rebound in orders, with bookings of $98 million, almost double the previous quarter," said C. Scott Kulicke, chairman and CEOofficer of K&S. "This increase in orders should lead to a return to profitability later this year."