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Kulicke and Soffa swings to loss in Q1

Looking ahead on the year, Chousaid said stabilizing inventory levels across the industry supports its view of a market recovery.

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Kulicke and Soffa is a semiconductor and LED manufacturer

Semiconductor and LED manufacturer Kulicke and Soffa Industries (NASDAQ:KLIC) swung to a loss in the first quarter of the New Year, it revealed on Wednesday.

The firm announced results for its first fiscal quarter ended January 2, 2016, which showed net income dropped to a loss of US$100,000 from a profit the year before.

This was despite revenues increasing by 1% to US$108.5mln, which the firm said was due to cost-containment efforts as well as favorable one-time operating and tax benefits.

Jonathan Chou, interim chief executive, said: “Throughout this period of industry softness our entire organization continues to be extremely disciplined on managing costs while we maintain our aggressive development efforts within both our core and emerging advanced packaging opportunities.”

Looking ahead on the year, Chousaid said stabilizing inventory levels across the industry supports its view of a market recovery.

He added that its ongoing focus on cost efficiency, prudent capital deployment and targeted development “demonstrate our comprehensive effort and execution in driving long-term, sustainable growth.”

Quick facts: Kulicke and Soffa Industries Inc.

Price: 30.45 USD

NASDAQ:KLIC
Market: NASDAQ
Market Cap: $1.89 billion
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