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KULICKE & SOFFA CORRECTS PREVIOUSLY ANNOUNCED RESULTS FOR ITS FOURTH QUARTER AND FISCAL YEAR 2009

Kulicke & Soffa Corrects Previously Announced Results for Its Fourth Quarter and Fiscal Year 2009

December 16, 2009 at 12:00 AM EST
Kulicke & Soffa Corrects Previously Announced Results for Its Fourth Quarter and Fiscal Year 2009 FORT WASHINGTON, Pa., Dec 16, 2009 (BUSINESS WIRE) -- On November 19, 2009, Kulicke & Soffa Industries, Inc. (NASDAQ: KLIC) ("K&S") (the "Company") issued a press release announcing its financial results for its fourth fiscal quarter and for its fiscal year ended October 3, 2009. Subsequent to the issuance of its press release, the Company identified an error in calculating income tax expense included in net income for the Company's fourth fiscal quarter. The correction of the error reduced income tax expense by $750,000, which resulted in an increase to net income after tax of $750,000, and increased other assets by $750,000.

For the fourth fiscal quarter 2009, the Company's corrected income from continuing operations of $7.2 million, or $0.10 per diluted share, resulted in an increase of $0.01 per share from the per share amount previously announced on November 19, 2009. On a non-GAAP basis* for the fourth fiscal quarter of 2009, the Company's corrected income from continuing operations of $10.9 million, or $0.16 per diluted share, resulted in an increase of $0.02 per share. Net revenue from continuing operations of $110.5 million is unchanged.

For fiscal 2009, the Company's corrected loss from continuing operations of $58.0 million, or $0.93 per diluted share, resulted in an increase of $0.02 per share from the previously announced per share amount. On a non-GAAP basis*, the Company's corrected loss from continuing operations of $49.4 million, or $0.79 per diluted share, resulted in an increase of $0.02 per share. Net revenue from continuing operations of $225.2 million is unchanged.

*Non-GAAP measures from continuing operations exclude: equity-based compensation; amortization of intangibles; severance; Switzerland pension plan curtailment; tax settlement; U.S. pension plan termination; impairment of goodwill; facilities contractual commitments; gain on extinguishment of debt; other tax adjustments and related tax effects on non-GAAP adjustments (see reconciliations of GAAP results to Non-GAAP measures in the following financial schedules).

Discussion of Non-GAAP Measures

This press release contains non-GAAP financial measures as a supplement to the consolidated financial results presented in accordance with GAAP. The Company believes certain non-GAAP measures provide investors with an additional, useful perspective on the Company's performance as seen through the eyes of management. Management uses non-GAAP financial measures along with GAAP financial results for: analyzing the performance of the Company's businesses; strategic and tactical decision making; and determining compensation. The Company does not consider non-GAAP financial measures to be a substitute for, or superior to, financial results presented in accordance with GAAP. All of the non-GAAP financial measures included herein are reconciled to the most directly comparable GAAP results in the following financial statements. These non-GAAP measures may be calculated differently from non-GAAP measures used by other companies. In addition, these non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and some of the adjustments reflect the exclusion of items that are recurring and will be reflected in the Company's GAAP financial results for the foreseeable future.

Exclusions from GAAP Results

The Company excludes the following from its GAAP results in presenting non-GAAP financial measures:

- Equity-based compensation expenses. The Company recognizes the fair value of its equity-based compensation in expenses. Equity-based compensation consists of common stock, stock options and performance-based restricted stock granted under the Company's equity compensation plans. Equity-based compensation is a non-cash expense that can vary significantly in amount from period to period.

- Other. The exclusion of certain other non-GAAP amounts allows for improved comparisons of the Company's results to both prior periods and other companies. The Company excludes the following other items from non-GAAP measures as these items are not reflective of the performance of the Company's ongoing businesses:

  • U.S. pension plan termination
  • Debt extinguishment
  • Amortization of intangibles
  • Severance
  • Goodwill impairment
  • Facilities contractual commitments
  • Switzerland pension plan curtailment
  • Tax settlements
  • Other tax adjustments

- Tax Adjustment. Non-GAAP measures are tax adjusted using the GAAP tax rate associated with each quarterly period. The tax rate is calculated by dividing each quarter's GAAP tax expense, adjusted for discrete quarterly items, by the GAAP operating income for that quarter. Non-GAAP year-to-date measures are calculated by summing the associated quarterly non-GAAP measures, without further tax adjustments.

Non-GAAP Measures

The specific non-GAAP measures included herein are gross profit, gross margin, net income, net margin, and EPS. The Company calculates these measures as follows:

--Gross Profit. K&S non-GAAP gross profit excludes the effects of equity-based compensation expense recorded within cost of sales.

--Gross Margin. K&S non-GAAP gross margin excludes the impact of equity-based compensation expense recorded within cost of sales.

--Net Income (Loss) and Earnings per Share. K&S non-GAAP net income (loss) and EPS exclude equity-based compensation, amortization of intangibles, severance, facilities contractual commitments, Switzerland pension plan curtailment, goodwill impairment, U.S pension plan termination, tax settlements, debt extinguishment, other tax adjustments and related tax effects on non-GAAP adjustments.

--Net Margin. K&S non-GAAP net margin reflects the Company's net margin excluding equity-based compensation, amortization of intangibles, severance, facilities contractual commitments, Switzerland pension plan curtailment, goodwill impairment, U.S pension plan termination, tax settlements, debt extinguishment, other tax adjustments and related tax effects on non-GAAP adjustments.

About Kulicke & Soffa

Kulicke & Soffa (NASDAQ: KLIC) is a global leader in the design and manufacture of semiconductor assembly equipment. As one of the pioneers of the industry, K&S has provided customers with market leading packaging solutions for decades. In recent years K&S has expanded its product offerings through strategic acquisitions, adding die bonding, wedge bonding and a broader range of expendable tools to its core ball bonding products. Combined with its extensive expertise in process technology, K&S is well positioned to help customers meet the challenges of assembling the next-generation semiconductor devices. (www.kns.com)

KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share and employee data)
(Unaudited)
Three months ended Twelve months ended
September 27, October 3, September 27, October 3,
2008 2009 2008 2009
Net revenue $ 61,230 $ 110,516 $ 328,050 $ 225,240
Cost of sales 36,364 63,315 194,257 136,397
Gross profit 24,866 47,201 133,793 88,843
Selling, general and administrative 22,304 26,600 89,356 106,175
Research and development 14,683 12,561 59,917 53,483
Impairment of goodwill - - - 2,709
U.S. pension plan termination - - 9,152 -
Total operating expenses 36,987 39,161 158,425 162,367
Income (loss) from operations (12,121 ) 8,040 (24,632 ) (73,524 )
Interest income 1,004 84 4,732 1,106
Interest expense (892 ) (620 ) (3,499 ) (2,601 )
Gain on extinguishment of debt - - 170 3,965
Income (loss) from continuing operations (12,009 ) 7,504 (23,229 ) (71,054 )
before income taxes
Income tax (benefit) expense (992 ) 285 (3,610 ) (13,029 )
Income (loss) from continuing operations (11,017 ) 7,219 (19,619 ) (58,025 )
Income (loss) from discontinued operations, net of tax 6,408 (716 ) 23,441 22,011
Net income (loss) $ (4,609 ) $ 6,503 $ 3,822 $ (36,014 )
Income (loss) per share from continuing operations:
Basic $ (0.21 ) $ 0.11 $ (0.37 ) $ (0.93 )
Diluted $ (0.21 ) $ 0.10 $ (0.37 ) $ (0.93 )
Income per share from discontinued operations:
Basic $ 0.12 $ (0.01 ) $ 0.44 $ 0.35
Diluted $ 0.12 $ (0.01 ) $ 0.44 $ 0.35
Net income (loss) per share:
Basic $ (0.09 ) $ 0.10 $ 0.07 $ (0.58 )
Diluted $ (0.09 ) $ 0.09 $ 0.07 $ (0.58 )
Weighted average shares outstanding:
Basic 53,621 65,754 53,449 62,188
Diluted 53,621 70,082 53,449 62,188
Equity-based compensation expense included in continuing operations:
Cost of sales $ 65 $ 25 $ 252 $ 64
Selling, general and administrative 513 401 3,711 649
Research and development 192 199 1,442 674
Total $ 770 $ 625 $ 5,405 $ 1,387
Three months ended Twelve months ended
September 27, October 3, September 27, October 3,
Additional financial data: 2008 2009 2008 2009
Depreciation and amortization
Continuing operations $ 2,336 $ 5,861 $ 9,080 $ 22,233
Discontinued operations $ 241 $ - $ 968 $ -
Capital expenditures
Continuing operations $ 1,544 $ 865 $ 7,850 $ 5,264
Discontinued operations $ 32 $ - $ 151 $ -
September 27, October 3,
2008 2009
Backlog of orders
Continuing operations $ 50,000 $ 42,000
Discontinued operations $ 22,000 $ -
Number of employees
Continuing operations 2,496 2,202
Discontinued operations 293 -

Note - Statements of operations and additional financial data reflect the sale of the company's Wire business as a discontinued operation.

KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
September 27, October 3,
2008 2009
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 144,932 $ 144,560
Restricted cash 35,000 281
Short-term investments 6,149 -
Accounts and notes receivable, net of allowance for doubtful
accounts of $1,376 and $1,378 respectively 56,643 95,779
Inventories, net 27,236 41,489
Prepaid expenses and other current assets 18,729 11,566
Deferred income taxes 2,118 1,786
Current assets of discontinued operations 127,958 -
TOTAL CURRENT ASSETS 418,765 295,461
Property, plant and equipment, net 36,900 36,046
Intangible assets 386 48,656
Goodwill 2,709 26,698
Other assets 5,468 6,215
Non-current assets of discontinued operations 32,909 -
TOTAL ASSETS $ 497,137 $ 413,076
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of long term debt $ 72,412 $ 48,964
Accounts payable 25,028 39,908
Accrued expenses and other current liabilities 27,255 32,576
Income taxes payable 569 1,612
Current liabilities of discontinued operations 34,411 -
TOTAL CURRENT LIABILITIES 159,675 123,060
Long term debt 175,000 110,000
Other liabilities 37,780 10,273
Deferred income taxes 21,591 16,282
Other liabilities of discontinued operations 624 -
TOTAL LIABILITIES 394,670 259,615
SHAREHOLDERS' EQUITY
Common stock, no par value 295,841 383,417
Treasury stock, at cost (46,118 ) (46,356 )
Accumulated deficit (149,465 ) (185,479 )
Accumulated other comprehensive income 2,209 1,879
TOTAL SHAREHOLDERS' EQUITY 102,467 153,461
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 497,137 $ 413,076
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three months ended Twelve months ended
September 27, 2008 October 3, 2009 September 27, 2008 October 3, 2009
Net cash provided by (used in) operating activities, continuing operations $ 1,999 $ (10,161 ) $ 26,936 $ (51,406 )
Net cash provided by (used in) operating activities, discontinued operations 3,020 (417 ) 1,126 (2,116 )
Net cash provided by (used in) operating activities $ 5,019 $ (10,578 ) $ 28,062 $ (53,522 )
Net cash provided by (used in) investing activities, continuing operations (24,155 ) 1,441 (29,599 ) (51,453 )
Net cash provided by (used in) investing activities, discontinued operations (37 ) - (193 ) 149,857
Net cash provided by (used in) investing activities $ (24,192 ) $ 1,441 $ (29,792 ) $ 98,404
Net cash provided by (used in) financing activities 5 38,865 (3,282 ) (45,439 )
Effect of exchange rate changes on cash and cash equivalents (96 ) 145 (627 ) 185
Changes in cash and cash equivalents $ (19,264 ) $ 29,873 $ (5,639 ) $ (372 )
Cash and cash equivalents, beginning of period 164,196 114,687 150,571 144,932
Cash and cash equivalents, end of period $ 144,932 $ 144,560 $ 144,932 $ 144,560
Short-term investments 6,149 - 6,149 -
Restricted cash 35,000 281 35,000 281
Total Cash, cash equivalents, restricted cash and short-term investments $ 186,081 $ 144,841 $ 186,081 $ 144,841
KULICKE & SOFFA INDUSTRIES, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
(In thousands)
(Unaudited)
Fiscal 2009:
Expendable
Equipment Tools
Three months ended October 3, 2009 Segment Segment Consolidated
Net revenue $ 92,356 $ 18,160 $ 110,516
Cost of sales 56,270 7,045 63,315
Gross profit 36,086 11,115 47,201
Operating expenses 32,958 6,203 39,161
Income from continuing operations $ 3,128 $ 4,912 $ 8,040
Fiscal year ended October 3, 2009
Net revenue $ 170,536 $ 54,704 $ 225,240
Cost of sales 111,103 25,294 136,397
Gross profit 59,433 29,410 88,843
Operating expenses 135,465 24,193 159,658
Impairment of goodwill 2,709 - 2,709
Income (loss) from continuing operations $ (78,741 ) $ 5,217 $ (73,524 )
Fiscal 2008:
Expendable
Equipment Tools
Three months ended September 27, 2008 Segment Segment Consolidated
Net revenue $ 46,958 $ 14,272 $ 61,230
Cost of sales 28,949 7,415 36,364
Gross profit 18,009 6,857 24,866
Operating expenses 31,234 5,753 36,987
Income (loss) from continuing operations $ (13,225 ) $ 1,104 $ (12,121 )
Fiscal year ended September 27, 2008
Net revenue $ 271,019 $ 57,031 $ 328,050
Cost of sales 165,499 28,758 194,257
Gross profit 105,520 28,273 133,793
Operating expenses 122,302 26,971 149,273
U.S. pension plan termination 9,152 - 9,152
Income (loss) from continuing operations $ (25,934 ) $ 1,302 $ (24,632 )
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS - SUMMARY
COMPARISON OF GAAP RESULTS TO NON-GAAP MEASURES
(In thousands, except share amounts)
(Unaudited)
Three months ended Three months ended Twelve months ended Twelve months ended
September 27, October 3, September 27, October 3,
2008 2009 2008 2009

(GAAP results)

Net revenue $ 61,230 $ 110,516 $ 328,050 $ 225,240
Gross profit 24,866 47,201 133,793 88,843
Income (loss) from operations (12,121 ) 8,040 (24,632 ) (73,524 )
Net income (loss) from continuing operations (11,017 ) 7,219 (19,619 ) (58,025 )
Weighted average shares outstanding, continuing operations
Basic 53,621 65,754 53,449 62,188
Diluted 53,621 70,082 53,449 62,188
Net income (loss) per share from continuing operations
Basic $ (0.21 ) $ 0.11 (0.37 ) $ (0.93 )
Diluted $ (0.21 ) $ 0.10 (0.37 ) $ (0.93 )

(Non-GAAP measures)

Net revenue $ 61,230 $ 110,516 $ 328,050 $ 225,240
Gross profit 24,931 47,226 134,045 88,907
Income (loss) from operations (11,310 ) 12,275 (9,889 ) (47,011 )
Net income (loss) from continuing operations (10,273 ) 10,933 (9,573 ) (49,354 )
Weighted average shares outstanding, continuing operations
Basic 53,621 65,754 53,449 62,188
Diluted 53,621 70,082 53,449 62,188
Net income (loss) per share from continuing operations
Basic $ (0.19 ) $ 0.17 $ (0.18 ) $ (0.79 )
Diluted $ (0.19 ) $ 0.16 $ (0.18 ) $ (0.79 )
KULICKE & SOFFA INDUSTRIES, INC.
OPERATING RESULTS BY BUSINESS SEGMENT - SUMMARY
COMPARISON OF GAAP RESULTS TO NON-GAAP MEASURES
(In thousands)
(Unaudited)
Expendable
Equipment Tools
Segment Segment Consolidated
Fiscal 2009:
Three months ended October 3, 2009

(GAAP results)

Net revenue $ 92,356 $ 18,160 $ 110,516
Gross profit 36,086 11,115 47,201
Income from operations 3,128 4,912 8,040

(Non-GAAP measures)

Net revenue $ 92,356 $ 18,160 $ 110,516
Gross profit 36,107 11,119 47,226
Income from operations 6,605 5,670 12,275
Fiscal year ended October 3, 2009

(GAAP results)

Net revenue $ 170,536 $ 54,704 $ 225,240
Gross profit 59,433 29,410 88,843
Income (loss) from operations (78,741 ) 5,217 (73,524 )

(Non-GAAP measures)

Net revenue $ 170,536 $ 54,704 $ 225,240
Gross profit 59,519 29,388 88,907
Income (loss) from operations (59,773 ) 12,762 (47,011 )
Fiscal 2008:
Three months ended September 27, 2008

(GAAP results)

Net revenue $ 46,958 $ 14,272 $ 61,230
Gross profit 18,009 6,857 24,866
Income (loss) from operations (13,225 ) 1,104 (12,121 )

(Non-GAAP measures)

Net revenue $ 46,958 $ 14,272 $ 61,230
Gross profit 18,043 6,888 24,931
Income (loss) from operations (12,631 ) 1,321 (11,310 )
Fiscal year ended September 27, 2008

(GAAP results)

Net revenue $ 271,019 $ 57,031 $ 328,050
Gross profit 105,520 28,273 133,793
Income (loss) from operations (25,934 ) 1,302 (24,632 )

(Non-GAAP measures)

Net revenue $ 271,019 $ 57,031 $ 328,050
Gross profit 105,657 28,388 134,045
Income (loss) from operations (12,474 ) 2,585 (9,889 )
KULICKE & SOFFA INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
RECONCILIATION OF GAAP RESULTS TO NON-GAAP MEASURES
(In thousands, except share amounts)
(Unaudited)
Three months ended Three months ended Twelve months ended Twelve months ended
September 27, % of October 3, % of September 27, % of October 3, % of
2008 Revenue 2009 Revenue 2008 Revenue 2009 Revenue
Net revenue (GAAP results) $ 61,230 $ 110,516 $ 328,050 $ 225,240
Net revenue (Non-GAAP measures) 61,230 110,516 328,050 225,240
Gross profit (GAAP results) 24,866 40.6 % 47,201 42.7 % 133,793 40.8 % 88,843 39.4 %
- Equity-based compensation expense 65 25 252 64
Gross profit (Non-GAAP measures) 24,931 40.7 % 47,226 42.7 % 134,045 40.9 % 88,907 39.5 %
Loss from operations (GAAP results) (12,121 ) -19.8 % 8,040 7.3 % (24,632 ) -7.5 % (73,524 ) -32.6 %
- Equity-based compensation expense 770 625 5,405 1,387
- Severance plan - 1,229 - 8,351
- Impairment of goodwill - - - 2,709
- Facilities contractual commitments - - - 2,608
- Switzerland pension plan curtailment - - - (1,446 )
- Tax settlement expense - (400 ) - 1,812
- U.S. pension plan termination - - 9,152 -
- Amortization of intangibles 41 2,781 186 11,092
Income (loss) from operations (Non-GAAP measures) (11,310 ) -18.5 % 12,275 11.1 % (9,889 ) -3.0 % (47,011 ) -20.9 %
Net loss (GAAP results) (11,017 ) -18.0 % 7,219 6.5 % (19,619 ) -6.0 % (58,025 ) -25.8 %
- Equity-based compensation expense 770 625 5,405 1,387
- Severance plan - 1,229 - 8,351
- Impairment of goodwill - - - 2,709
- Facilities contractual commitments - - - 2,608
- Switzerland pension plan curtailment - - - (1,446 )
- Tax settlement expense - (400 ) - 1,812
- U.S. pension plan termination - - 9,152 -
- Amortization of intangibles 41 2,781 186 11,092
- Gain on extinguishment of debt - - (170 ) (3,965 )
- Tax settlement benefit - - - (12,154 )
- Other tax adjustments - - - (1,047 )
- Tax effect of non-GAAP adjustments (67 ) (521 ) (4,527 ) (676 )
Net income (loss) (Non-GAAP measures) (10,273 ) -16.8 % 10,933 9.9 % (9,573 ) -2.9 % (49,354 ) -21.9 %
Weighted average shares outstanding, continuing operations (GAAP & Non-GAAP)
Basic 53,621 65,754 53,449 62,188
Diluted 53,621 70,082 53,449 62,188
Net income (loss) per share from continuing operations (GAAP results)
Basic $ (0.21 ) $ 0.11 $ (0.37 ) $ (0.93 )
Diluted $ (0.21 ) $ 0.10 $ (0.37 ) $ (0.93 )
Adjustments to net income per share
Basic $ 0.02 $ 0.06 $ 0.19 $ 0.14
Diluted $ 0.02 $ 0.06 $ 0.19 $ 0.14
Net income (loss) per share from continuing operations (Non-GAAP measures)
Basic $ (0.19 ) $ 0.17 $ (0.18 ) $ (0.79 )
Diluted $ (0.19 ) $ 0.16 $ (0.18 ) $ (0.79 )
KULICKE & SOFFA INDUSTRIES, INC.
OPERATING RESULTS BY BUSINESS SEGMENT
RECONCILIATION OF GAAP RESULTS TO NON-GAAP MEASURES
(In thousands)
(Unaudited)
Expendable
Equipment % of Tools % of
Segment Revenue Segment Revenue Consolidated
Fiscal 2009:
Three months ended October 3, 2009
Net revenue (GAAP results) $ 92,356 $ 18,160 $ 110,516
Net revenue (Non-GAAP measures) 92,356 18,160 110,516
Gross profit (GAAP results) 36,086 39.1 % 11,115 61.2 % 47,201
- Equity-based compensation expense 21 4 25
Gross profit (Non-GAAP measures) 36,107 39.1 % 11,119 61.2 % 47,226
Income from operations (GAAP results) 3,128 3.4 % 4,912 27.0 % 8,040
- Equity-based compensation expense 536 89 625
- Severance plan 817 412 1,229
- Tax settlement expense - (400 ) (400 )
- Amortization of intangibles 2,124 657 2,781
Income from operations (Non-GAAP measures) 6,605 7.2 % 5,670 31.2 % 12,275
Fiscal year ended October 3, 2009
Net revenue (GAAP results) $ 170,536 $ 54,704 $ 225,240
Net revenue (Non-GAAP measures) 170,536 54,704 225,240
Gross profit (GAAP results) 59,433 34.9 % 29,410 53.8 % 88,843
- Equity-based compensation expense 86 (22 ) 64
Gross profit (Non-GAAP measures) 59,519 34.9 % 29,388 53.7 % 88,907
Income (loss) from operations (GAAP results) (78,741 ) -46.2 % 5,217 9.5 % (73,524 )
- Equity-based compensation expense 1,218 169 1,387
- Severance plan 5,858 2,493 8,351
- Impairment of goodwill 2,709 - 2,709
- Facilities contractual commitments 2,165 443 2,608
- Switzerland pension plan curtailment (1,446 ) - (1,446 )
- Tax settlement expense - 1,812 1,812
- Amortization of intangibles 8,464 2,628 11,092
Income (loss) from operations (Non-GAAP measures) (59,773 ) -35.1 % 12,762 23.3 % (47,011 )
Fiscal 2008:
Three months ended September 27, 2008
Net revenue (GAAP results) $ 46,958 $ 14,272 $ 61,230
Net revenue (Non-GAAP measures) 46,958 14,272 61,230
Gross profit (GAAP results) 18,009 38.4 % 6,857 48.0 % 24,866
- Equity-based compensation expense 34 31 65
Gross profit (Non-GAAP measures) 18,043 38.4 % 6,888 48.3 % 24,931
Income (loss) from operations (GAAP results) (13,225 ) -28.2 % 1,104 7.7 % (12,121 )
- Equity-based compensation expense 553 217 770
- Amortization of intangibles 41 - 41
Income (loss) from operations (Non-GAAP measures) (12,631 ) -26.9 % 1,321 9.3 % (11,310 )
Fiscal year ended September 27, 2008
Net revenue (GAAP results) $ 271,019 $ 57,031 $ 328,050
Net revenue (Non-GAAP measures) 271,019 57,031 328,050
Gross profit (GAAP results) 105,520 38.9 % 28,273 49.6 % 133,793
- Equity-based compensation expense 137 115 252
Gross profit (Non-GAAP measures) 105,657 39.0 % 28,388 49.8 % 134,045
Income (loss) from operations (GAAP results) (25,934 ) -9.6 % 1,302 2.3 % (24,632 )
- Equity-based compensation expense 4,122 1,283 5,405
- U.S. pension plan termination 9,152 - 9,152
- Amortization of intangibles 186 - 186
Income (loss) from operations (Non-GAAP measures) (12,474 ) -4.6 % 2,585 4.5 % (9,889 )

SOURCE: Kulicke & Soffa Industries, Inc.

Kulicke & Soffa
Tom Johnson, 215-784-6411
F: 215-784-6167
Director - Investor Relations & Corporate Communications
tjohnson@kns.com