MIRA INFORM REPORT

 

 

Report Date :

26.10.2012

 

IDENTIFICATION DETAILS

 

Name :

KULICKE AND SOFFA INDUSTRIES INC.

 

 

Registered Office :

1005 Virginia Drive Fort Washington, PA 19034

 

 

 

 

Country :

United States

 

 

 

 

Financials (as on) :

01.10.2011

 

 

 

 

Year of Establishment :

1956

 

 

 

 

Legal Form :

Public Parent

 

 

 

 

Line of Business :

Designs, manufactures and sells capital equipment and expendable tools used to assemble semiconductor devices, including integrated circuits (IC), high and low powered discrete devices, light-emitting diodes (LEDs), and power modules

 

 

 

 

No. of Employees :

3,208

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

Payment Behaviour :

Regular

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

United States

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED STATES - ECONOMIC OVERVIEW

 

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $48,100. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices increased another 50% between 2006 and 2008. In 2008, soaring oil prices threatened inflation and caused a deterioration in the US merchandise trade deficit, which peaked at $840 billion. In 2009, with the global recession deepening, oil prices dropped 40% and the US trade deficit shrank, as US domestic demand declined, but in 2011 the trade deficit ramped back up to $803 billion, as oil prices climbed once more. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP; total government revenues from taxes and other sources are lower, as a percentage of GDP, than that of most other developed countries. The wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the US budget deficit and public debt - through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform bill that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable current account and budget deficits - including significant budget shortages for state governments - energy shortages, and stagnation of wages for lower-income families.

Source : CIA

Company name and address

 

Top of Form

Bottom of Form

Top of Form

 

Kulicke and Soffa Industries Inc.

                                                                                                                                                    

 

1005 Virginia Drive

 

 

Fort Washington, PA 19034

United States

 

 

 

Tel:

215-784-6000

Fax:

215-784-6001

Toll Free:

800-445-5671

 

www.kns.com

 

Employees:

3,208

Company Type:

Public Parent

Corporate Family:

15 Companies

Traded:

NASDAQ:

KLIC

Incorporation Date:

1956

Auditor:

PricewaterhouseCoopers LLP

Financials in:

USD (mil)

 

 

Fiscal Year End:

01-Oct-2011

Reporting Currency:

US Dollar

Annual Sales:

830.4  1

Net Income:

127.6

Total Assets:

728.4  2

Market Value:

715.1

 

(12-Oct-2012)

                                     

Business Description       

 

Kulicke and Soffa Industries, Inc. (K&S) designs, manufactures and sells capital equipment and expendable tools used to assemble semiconductor devices, including integrated circuits (IC), high and low powered discrete devices, light-emitting diodes (LEDs), and power modules. The Company also services, maintains, repairs and upgrades its equipment. Its customers primarily consist of semiconductor device manufacturers, outsourced semiconductor assembly and test providers (OSAT), other electronics manufacturers and automotive electronics suppliers. K&S operates in two main business segments: Equipment and Expendable Tools. K&S manufactures and sells a line of ball bonders, heavy wire wedge bonders, stud bumpers, and die bonders. The Company manufactures and sells a variety of expendable tools for a range of semiconductor packaging applications. For the 38 weeks ended 30 June 2012, Kulicke and Soffa Industries Inc. revenues decreased 35% to $521.9M. Net income decreased 34% to $93.3M. Revenues reflect Equipment Segment decrease of 21% to $474.3M, Expendable Tools Segment decrease of 8% to $47.6M. Net income also reflects Equipment Segment income decrease of 28% to $98.7M. Basic Earnings per Share excluding Extraordinary Items decreased from $1.96 to $1.26.

          

Industry                                                                                                                                      

 

Industry

Semiconductors

ANZSIC 2006:

2429 - Other Electronic Equipment Manufacturing

NACE 2002:

3210 - Manufacture of electronic valves and tubes and other electronic components

NAICS 2002:

333295 - Semiconductor Machinery Manufacturing

UK SIC 2003:

3210 - Manufacture of electronic valves and tubes and other electronic components

UK SIC 2007:

2611 - Manufacture of electronic components

US SIC 1987:

3674 - Semiconductors and Related Devices

                                         

Key Executives   (Emails Available)    

                      

 

Name

Title

Bruno Guilmart

President, Chief Executive Officer, Director

Jonathan H. Chou

Chief Financial Officer, Senior Vice President, Principal Accounting Officer

Tek Chee Mak

Vice President - Global Sales

Clay Miller

Senior Vice President & Chief Information Officer

Alan Schindler

Senior Vice President, Global Operations

   

Significant Developments                                                                                                                

 

Topic

#*

Most Recent Headline

Date

Negative Earnings Pre-Announcement

2

Kulicke and Soffa Industries, Inc. Issues Q2 2012 Revenue Guidance Below Analysts' Estimates

31-Jan-2012

Positive Earnings Pre-Announcement

2

Kulicke and Soffa Industries, Inc. Issues Q4 2012 Revenue Guidance Above Analysts' Estimates

31-Jul-2012

    

News                                      

 

Title

Date

Kulicke & Soffa Industries Inc. Files SEC Form 4, Statement of Changes in Beneficial Ownership of Securities (Oct. 16, 2012)
Economics Week (248 Words)

24-Oct-2012

Kulicke & Soffa Schedules Fourth Quarter & Fiscal Year 2012 Conference Call for 8AM EST, November 8th, 2012
Business Wire (282 Words)

24-Oct-2012

KULICKE & SOFFA INDUSTRIES REPORTS MULTIPLE TRANSACTIONS BY VP VORONA (Singapore)
U.S. Fed News (121 Words)

22-Oct-2012

KULICKE & SOFFA INDUSTRIES REPORTS DISPOSITION BY VP SALES MAK (Singapore)
U.S. Fed News (116 Words)

22-Oct-2012

Kulicke & Soffa Industries Inc. Files SEC Form 4, Statement of Changes in Beneficial Ownership of Securities (Oct. 4, 2012)
Economics Week (248 Words)

17-Oct-2012

      

Financial Summary                                                                                                                       

 

As of 30-Jun-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

4.80

3.90

Quick Ratio (MRQ)

4.32

3.02

Debt to Equity (MRQ)

0.0000

0.21

Sales 5 Year Growth

16.91

11.04

Net Profit Margin (TTM) %

13.56

19.30

Return on Assets (TTM) %

12.52

15.21

Return on Equity (TTM) %

18.34

21.72

 

 

 

  Stock Snapshot                                 

 

Traded: NASDAQ: KLIC

 

As of 12-Oct-2012

   Financials in: USD

Recent Price

9.65

 

EPS

1.78

52 Week High

13.69

 

Price/Sales

0.86

52 Week Low

8.05

 

Price/Earnings

6.93

Avg. Volume (mil)

0.91

 

Price/Book

1.49

Market Value (mil)

715.11

 

Beta

2.73

 

Price % Change

Rel S&P 500%

4 Week

-19.58%

-17.48%

13 Week

13.66%

7.95%

52 Week

7.82%

-9.16%

Year to Date

4.32%

-8.17%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1

 

 

Corporate Overview

 

Location
1005 Virginia Drive
Fort Washington, PA, 19034
Montgomery County
United States

 

Tel:

215-784-6000

Fax:

215-784-6001

Toll Free Tel:

800-445-5671

 

www.kns.com

Quote Symbol - Exchange

KLIC - NASDAQ

Sales USD(mil):

830.4

Assets USD(mil):

728.4

Employees:

3,208

Fiscal Year End:

01-Oct-2011

 

Industry:

Semiconductors

Incorporation Date:

1956

Company Type:

Public Parent

Quoted Status:

Quoted

 

President, Chief Executive Officer, Director:

Bruno Guilmart

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

 

Executives

Financial Information

Home Page

 

Investor Relations

News Releases

Products/Services

Contents

Industry Codes

Business Description

Product Codes

Financial Data

Market Data

Key Corporate Relationships

Additional Information

 

Industry Codes

 

ANZSIC 2006 Codes:

2429

-

Other Electronic Equipment Manufacturing

9429

-

Other Machinery and Equipment Repair and Maintenance

2469

-

Other Specialised Machinery and Equipment Manufacturing

2149

-

Other Basic Non-Ferrous Metal Product Manufacturing

2132

-

Aluminium Smelting

6999

-

Other Professional, Scientific and Technical Services Not Elsewhere Classified

 

NACE 2002 Codes:

3210

-

Manufacture of electronic valves and tubes and other electronic components

2753

-

Casting of light metals

2924

-

Manufacture of other general purpose machinery not elsewhere classified

7487

-

Other business activities not elsewhere classified

5274

-

Repair not elsewhere classified

2745

-

Other non-ferrous metal production

 

NAICS 2002 Codes:

333295

-

Semiconductor Machinery Manufacturing

331521

-

Aluminum Die-Casting Foundries

561990

-

All Other Support Services

331422

-

Copper Wire (except Mechanical) Drawing

333298

-

All Other Industrial Machinery Manufacturing

811310

-

Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance

 

US SIC 1987:

3674

-

Semiconductors and Related Devices

3363

-

Aluminum Die-Castings

3559

-

Special Industry Machinery, Not Elsewhere Classified

7699

-

Repair Shops and Related Services, Not Elsewhere Classified

7389

-

Business Services, Not Elsewhere Classified

3357

-

Drawing and Insulating of Nonferrous Wire

 

UK SIC 2003:

3210

-

Manufacture of electronic valves and tubes and other electronic components

2753

-

Casting of light metals

5274

-

Repair not elsewhere classified

2745

-

Other non-ferrous metal production

7487

-

Other business activities not elsewhere classified

2924

-

Manufacture of other general purpose machinery not elsewhere classified

 

UK SIC 2007:

2611

-

Manufacture of electronic components

2829

-

Manufacture of other general-purpose machinery n.e.c.

9529

-

Repair of other personal and household goods

8299

-

Other business support service activities n.e.c.

2445

-

Other non-ferrous metal production

2453

-

Casting of light metals

 

Business Description

Kulicke and Soffa Industries, Inc. (K&S), incorporated in 1956, designs, manufactures and sells capital equipment and expendable tools used to assemble semiconductor devices, including integrated circuits (IC), high and low powered discrete devices, light-emitting diodes (LEDs), and power modules. The Company also services, maintains, repairs and upgrades its equipment. Its customers primarily consist of semiconductor device manufacturers, outsourced semiconductor assembly and test providers (OSAT), other electronics manufacturers and automotive electronics suppliers. K&S operates in two main business segments: Equipment and Expendable Tools.

Equipment

The Company manufactures and sells a line of ball bonders, heavy wire wedge bonders, stud bumpers, and die bonders that are sold to semiconductor device manufacturers, OSATs, other electronics manufacturers and automotive electronics suppliers. Ball bonders are used to connect very fine wires, typically made of gold or copper, between the bond pads of the semiconductor device, or die, and the leads on its package. Wedge bonders use either aluminum wire or ribbon to perform the same function in packages that cannot use gold or copper wire because of either high electrical current requirements or other package reliability issues. Stud bumpers mechanically apply bumps to die, typically while still in the wafer format, for some variants of the flip chip assembly process. Die bonders are used to attach a die to the substrate or lead frame, which will house the semiconductor device. The Company’s equipment segment products include ball bonders, wedge bonders, and die bonders.

Automatic ball bonders represent the largest portion of its semiconductor equipment business. K&S is engaged in the design and manufacture of heavy wire wedge bonders for the power semiconductor and automotive power module markets. Its die bonder, the iStackPS focuses on stacked die applications for both memory and subcontract assembly customers. The Company also sells manual wire bonders, and it offers spare parts, equipment repair, training services, and upgrades for its equipment through its support services business unit.

Expendable Tools

The Company manufactures and sells a variety of expendable tools for a range of semiconductor packaging applications. Its principal expendable tools segment products include capillaries, bonding wedges, and saw blades. Capillaries are expendable tools used in ball bonders. Its features help control the bonding process. It designs and builds capillaries suitable for a range of applications. In addition, its capillaries are used with both gold and copper wire. Bonding wedges are expendable tools used in wedge bonders. K&S designs and builds bonding wedges for use both in its own equipment. Saw blades are expendable tools used by semiconductor manufacturers to cut silicon wafers into individual semiconductor die and to cut semiconductor devices that have been molded in a matrix configuration into individual units.

The Company competes with ASM Pacific Technology, Shinkawa, F& K Delvotec, Hesse & Knipps, Cho-Onpa, BE Semiconductor Industries N.V., Hitachi, Canon, PECO, Small Precision Tools, Inc. and Disco Corporation

 

More Business Descriptions

Kulicke and Soffa Industries, Inc. (K&S) designs, manufactures and sells capital equipment and expendable tools used to assemble semiconductor devices, including integrated circuits (IC), high and low powered discrete devices, light-emitting diodes (LEDs), and power modules. The Company also services, maintains, repairs and upgrades its equipment. Its customers primarily consist of semiconductor device manufacturers, outsourced semiconductor assembly and test providers (OSAT), other electronics manufacturers and automotive electronics suppliers. K&S operates in two main business segments: Equipment and Expendable Tools. K&S manufactures and sells a line of ball bonders, heavy wire wedge bonders, stud bumpers, and die bonders. The Company manufactures and sells a variety of expendable tools for a range of semiconductor packaging applications. For the 38 weeks ended 30 June 2012, Kulicke and Soffa Industries Inc. revenues decreased 35% to $521.9M. Net income decreased 34% to $93.3M. Revenues reflect Equipment Segment decrease of 21% to $474.3M, Expendable Tools Segment decrease of 8% to $47.6M. Net income also reflects Equipment Segment income decrease of 28% to $98.7M. Basic Earnings per Share excluding Extraordinary Items decreased from $1.96 to $1.26.

 

Semiconductor Wire Bonding Assembly Equipment Mfr

 

Establishments primarily engaged in manufacturing semiconductors and related solid- state devices. Important products of this industry are semiconductor diodes and stacks, including rectifiers, integrated microcircuits (semiconductor networks), transistors, solar cells, and light sensing and emitting semi-conductor (solid-state) devices.

 

Kulicke & Soffa incorporated in 1951 and comprising of approximately 2100 employees worldwide provides equipment and tools and that are used in the production of a wide range of semiconductor devices. Our customers produce the chips that drive the information economy and enable products such as computers cellular phones and pacemakers.

 

Kulicke and Soffa Industries, Inc. (K&S) designs, manufactures and sells capital equipment and expendable tools used to assemble semiconductor devices. It provides packaging assemble products for the semiconductor industry. K&S also offers services including repairs, maintenance and up gradation of equipment required in assembling semiconductor devices. The company provide services to semiconductor device manufacturers, outsourced semiconductor assembly and test providers (OSAT), other electronics manufacturers and automotive electronics suppliers. The company, together with its technology centers and sales and customer support centers, operates Asia, Europe and the US. The company operates its business through two reportable segments, namely, Equipment and Expendable Tools .The Equipment segment is engaged in the manufacture of a range of semiconductor assembly products. The key products offered by this segment include ball bonders, heavy wire wedge bonders, stud bumpers, and die bonders. These products are sold to semiconductor device manufacturers, OSATs, other electronics manufacturers and automotive electronics suppliers. Ball bonders find their application in connecting wires between bond pads of semiconductor devices while die bonders are used in attaching die to the package that stores the semiconductor devices. The company involves in design and manufacture of heavy wire wedge bonders for the power semiconductor and automotive power module markets. It sell manual wire bonders, and offer spare parts, equipment repair, training services, and upgrades for its equipment through its Support Services business unit. For the fiscal year ended 2011, the segment reported revenue of $759.33m, reflecting an increase of 9.7% over the previous fiscal year 2010. The segment accounted for 91.44% of the company’s total revenue in 2011. Through Expendable Tools segment, the company manufacture and sell a variety of expendable tools for a wide range of semiconductor packaging applications. The key products offered under this segment includes Capillaries used in ball bonders made of ceramic. The company design and build capillaries suitable for a wide range of applications, and capillaries are used with both gold and copper wire. It also offers Bonding wedges, which is used in wedge bonders like capillaries and Saw blades used by semiconductor manufacturers to cut silicon wafers into individual semiconductor die and to cut semiconductor devices. For the fiscal year ended 2011, the company reported revenue of $70.79m for the Equipment segment, reflecting an increase of 0.4% over revenue in 2010. The segment accounted for 8.56% of the company’s total revenue in 2011. The major customers include IDMs and OSAT companies, industrial manuacturers and automotive electronics suppliers. The company's sales and customer support resources are located in Taiwan, China, Korea, Singapore, Thailand, Malaysia, the Philippines, Japan, the US, and Germany. In addition, the company's technology centers are located in China, Singapore, Japan, Israel, the US, and Switzerland.The research and development (R&D) activities focuses on production solutions to projected packaging technology requirements. It also focuses on introducing improved versions of existing products or by developing next-generation products. During the fiscal year ended December 2011, the company recorded R&D expenses of $65.13m.The key subsidiaries of the company include, Kulicke and Soffa Pte , Limited, Orthodyne Electronics Corporation, Kulicke and Soffa Global Holdings Corporation, Kulicke and Soffa Die Bonding GmbH, Kulicke & Soffa (Asia) Limited, Kulicke and Soffa (Japan) Ltd., among others.

 

Kulicke and Soffa Industries, Inc. (K&S) is a semiconductor device company. The company engages in designs, manufactures and sells capital equipment and expendable tools used to assemble semiconductor devices, including integrated circuits, discrete devices, light-emitting diodes (LEDs), and power modules. It also service, maintain, repair and upgrade its equipment. The company provide services to semiconductor device manufacturers, outsourced semiconductor assembly and test providers (OSAT), other electronics manufacturers and automotive electronics suppliers. The company categorizes its business operations into two reportable segments, namely, Equipment and Expendable Tools. The company aims at increasing its market position through offering its major products at the possible low cost. In the process, the company focuses on investing in R&D and engineering projects. The company also focuses on its cost structure through consolidating operations to Asia. The company, together with its technology centers and sales and customer support centers, operates Asia, Europe and the US. K&S is headquartered in Singapore.The company reported revenues of (U.S. Dollars) USD 830.40 million during the fiscal year ended October 2011, an increase of 8.86% over 2010. The operating profit of the company was USD 170.06 million during the fiscal year 2011, an increase of 14.88% over 2010. The net profit of the company was USD 127.61 million during the fiscal year 2011, a decrease of 10.22% from 2010.

 

Kulicke & Soffa Industries Inc (USA) is the world's leading supplier of semiconductor assembly equipment, tools and materials.

 

Manufacturer and supplier of semiconductor assembly equipment. The company serves the integrated circuit assembly market with products that include wire bonding, die bonding, wafer dicing, and factory automation equipment, as well as expendable tools and materials, and has sales and service facilities worldwide. Also a manufacturer of testing and quality control instruments, including cable assemblies and probe cards for wafer test, interfaces, and performance boards. Parent/holding company with high-tech operating units involved in manufacturing wires, wafer dicing saws, and wafer bumping services. Products and services are sold to the integrated circuit assembly industry.

 

 

 

 

 

 

 

Product Codes

Product Code

Product Description

AUT-AT-A

Probe cards

AUT-AT-A

Probe-to-tester interfaces

AUT-AT-DI

Integrated circuit automatic test equipment

AUT-AT-DI

Semiconductor test equipment

AUT-AT-PW

Wafer test equipment

AUT-MT-A

Expandable machine tools

AUT-MT-A

Die collets

MAN-EP-B

Dicing saws

MAN-EP-B

Wafer sawing systems

MAN-EP-CW

Wafer dicing systems

MAN-EP-CZ

Wafer preparation systems

MAN-EP-W

Wire bonding systems

ZZZ-HC

Parent/Holding company

 

 

 

 

 

 

Financial Data

Financials in:

USD(mil)

 

Revenue:

830.4

Net Income:

127.6

Assets:

728.4

Long Term Debt:

0.0

 

Total Liabilities:

258.5

 

Working Capital:

0.3

 

 

 

Date of Financial Data:

01-Oct-2011

 

1 Year Growth

8.9%

-9.8%

25.5%

 

Market Data

Quote Symbol:

KLIC

Exchange:

NASDAQ

Currency:

USD

Stock Price:

9.7

Stock Price Date:

10-12-2012

52 Week Price Change %:

7.8

Market Value (mil):

715,113.5

 

SEDOL:

2498001

ISIN:

US5012421013

 

Equity and Dept Distribution:

Common Stock no Par, 1/11, 200M auth., 75,972,000 issd., less 4,954,000 shs. in Treas. @ $46.4M. Insiders own 2.56% Public Offering 10/79, 400K shares @ $19.50 by Rhoades Shearson. PO 5/97, 3M shares @ $31 by Montgomery Securities. 8/00, 7/95, 2-for-1 stock splits. FY'03-'04 Q's are being restated.

 

 

 

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

Bank:

Ibm Credit Llc, Key Equipment Finance

 

Auditor:

PricewaterhouseCoopers LLP

 

 

 

 

 

 

 

 

Additional information

 

 

Kulicke and Soffa Industries Inc.

 

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives

 

Strategic Initiatives

 

Partnerships

This option is available on all of our Power Series models and allows our customers to gain added efficiencies by increasing throughput and reducing setup times. By leveraging our strategic partnerships with customers, suppliers and research institutes, we intend to stay ahead of the curve as we develop our R&D roadmap. Staying at the forefront of technology remains a key strategy to both strengthen our leadership positions and to provide our customers with next generation solutions. Our competitive advantage becomes a broader total solution that is supported by our knowledge base, service history and innovative offerings that are not easily replicated or replaced. Building Our Growth Platform In addition to our focus on operational excellence, continued innovation, cash generation and participating in new industry trends, we have also expanded our corporate growth platform in an effort to broaden our product portfolio.
Source: GlobalData, September 28, 2012

 

In addition, we expanded our business development group and created a clear methodical process to evaluate and prioritize organic and external growth opportunities. During this past fiscal year we launched a culture effort and a set of core values which are now becoming part of our company’s DNA. As a truly global organization with a rich multi-cultural heritage, a transparent and well communicated set of core corporate values is essential in creating a unified culture capable of fostering cross-functional and departmental collaboration. In addition to improving collaboration and efficiency among current employees, a strong corporate identity will also help new employees and potential future acquisitions smoothly and efficiently integrate within Kulicke & Soffa. We have taken this initiative very seriously through in-depth employee training and we are committed to incorporate these core values on a daily basis.
Source: GlobalData, September 28, 2012

 

During this past fiscal year we launched a culture effort and a set of core values which are now becoming part of our company’s DNA. As a truly global organization with a rich multi-cultural heritage, a transparent and well communicated set of core corporate values is essential in creating a unified culture capable of fostering cross-functional and departmental collaboration. In addition to improving collaboration and efficiency among current employees, a strong corporate identity will also help new employees and potential future acquisitions smoothly and efficiently integrate within Kulicke & Soffa. We have taken this initiative very seriously through in-depth employee training and we are committed to incorporate these core values on a daily basis. We have also greatly enhanced our business development group and long-term strategic action plan.
Source: GlobalData, September 28, 2012

 

Resource Management

 

Our competitive advantage becomes a broader total solution that is supported by our knowledge base, service history and innovative offerings that are not easily replicated or replaced. Building Our Growth Platform In addition to our focus on operational excellence, continued innovation, cash generation and participating in new industry trends, we have also expanded our corporate growth platform in an effort to broaden our product portfolio. We have strengthened our long-term growth strategy by establishing and communicating a strong set of core values aimed at further enhancing our corporate culture. In addition, we expanded our business development group and created a clear methodical process to evaluate and prioritize organic and external growth opportunities. During this past fiscal year we launched a culture effort and a set of core values which are now becoming part of our company’s DNA.
Source: GlobalData, September 28, 2012

 

 

 

 

Location

1005 Virginia Dr
Fort Washington, PA 19034-3101
United States

 

County:

Montgomery

MSA:

Philadelphia, PA

 

Phone:

215-784-6000

Fax:

215-784-6001

Toll Free:

800-445-5671

URL:

http://kns.com

 

ABI©:

000668004

 

Annual Sales:

$102,780,000 (USD)

Employees:

180

 

Facility Size(ft2):

40,000+

 

Business Type:

Private

Location Type:

Single Location

 

 

Primary Line of Business:

SIC:

3674-01 - Semiconductor Devices (Mfrs)

NAICS:

334413 - Semiconductors & Related Devices Mfg

Secondary Lines of Business:

NAICS:

333319 - Other Commercial & Svc Machinery Mfg

 

423990 - All Other Durable Goods Merchant Whols

 

541613 - Marketing Consulting Svcs

 

423690 - Other Electronic Parts Merchant Whols

 

322214 - Fiber, Can, Tube, & Drum Mfg

 

423830 - Industrial Machinery Merchant Whols

SICs:

2655-03 - Packaging Containers (Mfrs)

 

3559-09 - Special Industry Machinery NEC (Mfrs)

 

5065-19 - Electronic Equipment & Supplies-Whls

 

5084-38 - Packaging Machinery-Wholesale

 

5099-05 - Importers (Whls)

 

8742-13 - Marketing Programs & Services

 

9999-66 - Federal Government Contractors

 

 

 

 

Corporate Structure News

 

Kulicke and Soffa Industries Inc.
Total Corporate Family Members: 15

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Kulicke and Soffa Industries Inc.

Parent

Fort Washington, PA

United States

Semiconductors

830.4

3,208

Kulicke & Soffa (Suzhou) Limited

Subsidiary

Suzhou

China

Electronic Instruments and Controls

1.0

1,000

Kulicke & Soffa Pte Ltd

Subsidiary

Singapore

Singapore

Electronic Instruments and Controls

150.0

500

Kulicke & Soffa Technology (Malaysia) Sdn. Bhd.

Subsidiary

Subang Jaya, Selangor

Malaysia

Semiconductors

56.5

180

Kulicke & Soffa (Israel) Ltd.

Subsidiary

Yokneam

Israel

Semiconductors

 

300

Kulicke & Soffa Industries Inc.

Subsidiary

Fort Washington, PA

United States

Semiconductors

 

300

Orthodyne Electronics Corporation

Subsidiary

Irvine, CA

United States

Electronic Instruments and Controls

114.2

280

Alphasem Corp.

Subsidiary

Gilbert, AZ

United States

Miscellaneous Capital Goods

60.0

260

Kulicke & Soffa Orthodyne GmbH

Subsidiary

Nürnberg, Bayern

Germany

Semiconductors

 

20

Kulicke & Soffa (Japan) Ltd.

Subsidiary

Tokyo

Japan

Scientific and Technical Instruments

 

20

Kulicke & Soffa Malaysia Sdn Bhd

Subsidiary

Petaling Jaya, Selangor

Malaysia

Electronic Instruments and Controls

3.9

 

Kulicke & Soffa (Shanghai) International Trading Co., Ltd.

Subsidiary

Shanghai

China

Semiconductors

 

 

Kulicke & Soffa Asiapac Inc.

Subsidiary

Kaohsiung

Taiwan

Semiconductors

 

 

Kulicke & Soffa (Phils.) Inc.

Subsidiary

Muntinlupa

Philippines

Semiconductors

 

 

Kulicke & Soffa Korea Inc.

Subsidiary

Seoul

Korea, Republic of

Semiconductors

 

 

 

 

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

Advanced Systems Group

Fort Wayne, Indiana, United States

 

Private

ASM Pacific Technology Limited

, Hong Kong

16,500

Public

BE Semiconductor Industries NV

Duiven, Netherlands

1,543

Public

Brooks Automation, Inc.(USA)

Chelmsford, Massachusetts, United States

1,433

Public

CANON INC.

Ohta-Ku, Suzhou, Japan

201,959

Public

CoorsTek, Inc.

Golden, Colorado, United States

2,400

Private

DISCO CORPORATION

Tokyo, Japan

2,745

Public

FSI International, Inc.

Chaska, Minnesota, United States

407

Public

HERAEUS HOLDING GmbH

Hanau, Germany

12,830

Private

Hitachi, Ltd.

Tokyo, Japan

323,540

Public

Lam Research Corporation

Fremont, California, United States

6,600

Public

Mattson Technology, Inc.

Fremont, California, United States

382

Public

Palomar Technologies Inc.

Carlsbad, California, United States

50

Private

Peco Industries

Ahmedabad, India

 

Private

Photronics, Inc.

Brookfield, Connecticut, United States

1,350

Public

Renesas Electronics Corporation

Tokyo, Japan

42,800

Public

Samsung Group

Seoul, Korea, Republic of

263,000

Private

SHINKAWA LTD.

Musashimurayama-Shi, Japan

658

Public

Suess MicroTec AG

Garching Bei Muenchen, Germany

689

Public

Sumitomo Metal Mining Co., Ltd.

Tokyo, Japan

8,658

Public

Ultratech, Inc.

San Jose, California, United States

322

Public

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

 

MacDonnell Roehm

 

Non Executive Chairman

Chairman

 

Biography:

Mr. MacDonnel Roehm, Jr. is Chairman of the Board of Kulicke & Soffa Industries Inc. since May 2010. Mr. Roehm is Chairman and Chief Executive Officer of Crooked Creek Capital LLC, a provider of strategic, operational and financial restructuring services, a position he has held since 1998. In addition, Mr. Roehm is a director of Next Capital International, an Australian private equity fund, a position he has held since 2009. From September 2002 to April 2003, Mr. Roehm also served as Chief Executive Officer of CH4 Gas Limited, a natural resources company. From 2000 to 2001, Mr. Roehm served as Chairman and Chief Executive Officer of Mackenzie-Childs Ltd., a manufacturer and retailer of furniture and home accessories. From 1999 to 2007, Mr. Roehm also served as Chairman of Australian Ventures LLC, a private equity fund. From 1994 until 1998, Mr. Roehm served as Chairman, President and Chief Executive Officer of Bill’s Dollar Stores, Inc., a chain of retail convenience stores. Before that time, he served as Managing Director of AEA Investors, Inc., a private investment firm. He has experience of serving as chief executive officer of companies.

 

Age: 72

 

Brian R. Bachman

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. Brian R. Bachman is Independent Director of Kulicke and Soffa Industries Inc. Mr. Bachman is a private investor and has served as the Managing Partner of River Farm LLC, which provides advisory services and is an agricultural business, since 2004. From 2000 to 2002, Mr. Bachman served as Chief Executive Officer and Vice Chairman of Axcelis Technologies, which produces equipment used in the fabrication of semiconductors. Mr. Bachman also serves as a director of Trident Microsystems Inc. He formerly served as a director of Ultra Clean Technologies from 2004 to 2009 and Keithley Instruments, Inc. from 1996 to 2010. Mr. Bachman’s executive leadership experience at semiconductor, semiconductor equipment and other high technology businesses, culminating with his role as Chief Executive Officer and Vice Chairman of Axcelis Technologies.Mr. Bachman’s has 16 years of service as a director at publicly-listed small and mid-cap technology companies. He is continuing education in corporate governance with the Harvard Improving Corporate Governance Program in 2008 and Compensation Committee Program in 2010.

 

Age: 66

 

Education:

University of Chicago, MBA
National Institutes of Technology, Bhopal, BS (Engineering)

Bruno Guilmart

View Email

President, Chief Executive Officer, Director

Director/Board Member

 

 

Biography:

Mr. Bruno Guilmart is the President, Chief Executive Officer, Director of Kulicke and Soffa Industries Inc. since October 1, 2010. From June 2008 until he joined the Company, Mr. Guilmart served as President, Chief Executive Officer and director of Lattice Semiconductor Corporation, a developer of programmable logic devices and related software. From August 2007 until June 2008, Mr. Guilmart served as President, Chief Executive Officer and director of Unisem (M) Berhad Group, a provider of semiconductor assembly and test services. From September 2003 to August 2007, Mr. Guilmart served as President, Chief Executive Officer and director of Advanced Interconnect Technologies, Inc., a TPG-Newbridge Company, provider of semiconductor assembly and test services, which was acquired by Unisem (M) Berhad Group in August 2007. Before joining Advanced Interconnect Technologies, Inc., Mr. Guilmart was Senior Vice President of Worldwide Sales for Chartered Semiconductor Manufacturing, Ltd. Mr. Guilmart also has held senior management and business development positions at Cadence Design Systems, Temic Semiconductors and Hewlett-Packard Company. Mr. Guilmart also served as a director of Chartered Silicon Partners, a subsidiary of Chartered Semiconductor Manufacturing, Ltd., a wafer foundry, from 2001 to 2003. Mr. Guilmart also provides the perspective of a chief executive officer of three semiconductor industry companies, including the Company.

 

Age: 51

 

Education:

Universit Paris-Sud 11, M (Electronics)
Universit Paris-Sud 11, B (Electrical Engineering)

 

Compensation/Salary:$667,689

Compensation Currency: USD

 

Chin Hu Lim

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. Chin Hu Lim is Independent Director of Kulicke and Soffa Industries Inc. Mr. Lim has served as the Managing Partner of Stream Global Venture Catalyst Pte Ltd., a venture fund providing seed funding for startups in the social and interactive digital media space, since 2011. Mr. Lim was Chief Executive Officer of BT Frontline Pte Ltd., a subsidiary of British Telecommunications Plc that provides information technology services, from 2008 until his retirement in 2010. Thereafter, Mr. Lim served as advisor and board member of BT Frontline Pte Ltd. from 2010 to 2011. He previously served as Chief Executive Officer and as a director of Frontline Pte Ltd., a Singapore exchange listed company that provided IT services throughout Asia, from 2000 until 2008. Before that time, Mr. Lim held various sales, marketing and management positions with Sun Microsystems and Hewlett-Packard. Mr. Lim also serves as a director of Changi General Hospital Pte. Ltd., G-Able (Thailand) Ltd, an IT services company in Thailand, and Si2i Limited, a Singapore exchange listed company. He previously served as a director of the Infocomm Development Authority of Singapore and as a council member of the Singapore Infocomm Technology Federation, IT Standards Committee and National Infocomm Manpower Council of Singapore. He has experience as Chief Executive Officer of BT Frontline Pte Ltd. and also of Frontline Pte Ltd. and his 28 years of experience in information technology in the Asia Pacific region.

 

Age: 53

 

Education:

La Trobe University, B

John A. O'Steen

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. John A. O'Steen is Independent Director of Kulicke and Soffa Industries Inc. Mr. O’Steen served as Executive Vice President, Business Development of Cornerstone Brands, Inc., a consumer catalog company from March 2003 until his retirement in May 2004. From 1998 to 2003, Mr. O’Steen served as Executive Vice President of Cornerstone Brands, Inc. From 1991 to 1998, Mr. O’Steen served as Chairman and Chief Executive Officer of Cinmar, L.P., a mail order catalog company that was acquired by the predecessor of Cornerstone Brands, Inc. in September 1995. Before that time, Mr. O’Steen served as President, Chief Executive Officer and a director of Cincinnati Microwave, Inc., a manufacturer of electronic products. Mr. O’Steen also serves as a director of Riggs Heinrich Media, Inc. He has experience as President and Chief Executive Officer of Cincinnati Microwave, Inc. and as Chairman and Chief Executive of Cinmar, L.P., as well in senior leadership roles at numerous other companies.

 

Age: 67

 

Garrett E. Pierce

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. Garrett E. Pierce is Independent Director of Kulicke and Soffa Industries Inc. Mr. Pierce has served as Vice Chairman and Chief Financial Officer of Orbital Sciences Corporation, a developer and manufacturer of small rockets and space systems, since April 2002 and as a member of its board of directors since August 2000. Between August 2000 and April 2002, he was Executive Vice President and Chief Financial Officer of Orbital Sciences Corporation. From 1996 until August 2000, Mr. Pierce was Executive Vice President and Chief Financial Officer of Sensormatic Electronics Corp., a producer of electronic surveillance systems, and in July 1998 was also named its Chief Administrative Officer. Before that, Mr. Pierce was the Executive Vice President and Chief Financial Officer of California Microwave, Inc. He has also served as Chief Financial Officer, President and Chief Executive Officer of Materials Research Corporation which was acquired by Sony Corporation in 1989. From 1972 to 1980, Mr. Pierce held various management positions with The Signal Companies. He has 27 years experience as a chief financial officer of publicly-traded, technology-based businesses. Mr. Pierce also has approximately 15 years experience in the semiconductor equipment industry, as both a chief financial officer and a chief executive officer. Mr. Pierce is currently the chief financial officer of a publicly-traded technology company and is a certified public accountant.

 

Age: 67

 

Education:

Southern Illinois University, bachelor's (Economics)
Southern Illinois University, master's (Economics)
Southern Illinois University, bachelor's (Economics)

 

Barry Waite

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. Barry Waite is Independent Director of Kulicke and Soffa Industries Inc. Mr. Waite served as President and Chief Executive Officer of Chartered Semiconductor Manufacturing, Ltd, a wafer foundry, from May 1998 until his retirement in May 2002. From 1982 to 1998, Mr. Waite held positions of increasing responsibility with Motorola Corporation, Semiconductor Products Sector, including Senior Vice President and General Manager, Europe, Middle East and Africa (from 1997 to 1998) and Senior Vice President and General Manager Microprocessor and Memory Technology Group (from 1993 to 1997). Mr. Waite also serves as a director of Innovative Micro Technology and GlobalFoundries and as a senior advisor to Investor Growth Capital, an investment fund, and to Advanced Technology Investment Company, which is wholly-owned by the Abu Dhabi government for the purpose of investing in the advanced technology sector. Mr. Waite also previously served as a director of ZETEX PLC, a manufacturer of analog semiconductor products, from June 2003 to June 2008. He has 40 years of experience in the semiconductor industry at all levels of management, culminating with his tenure as President and Chief Executive Officer at Chartered Semiconductor Manufacturing, Ltd.

 

Age: 64

 

Education:

Sheffield University, honors (Economics)
Sheffield University, honors (Economics)

 

Mui Sung Yeo

 

Independent Director

Director/Board Member

 

 

Biography:

Ms. Mui Sung Yeo has been appointed as Independent Director of Kulicke and Soffa Industries, Inc., effective October 01, 2012. Ms. Yeo has more than 30 years of experience spanning financial, management and operations responsibilities. She is currently Chief Financial Officer of MediaCorp Pte Ltd., a position she has held since September 2007. Ms. Yeo previously served as Chief Financial Officer and Group Vice President at United Test & Assembly Center Ltd. from October 1999 to September 2007. Earlier in her career she held positions at F&N Coca Cola, Baxter Healthcare, Archive and Texas Instruments. Ms. Yeo graduated magna cum laude with a Bachelor of Science in Business Administration, majoring in Accounting, from the University of San Francisco.

 

Education:

University of San Francisco, BS (Business Administration)

 

 

Executives

 

Name

Title

Function

Bruno Guilmart

View Email

President, Chief Executive Officer, Director

Chief Executive Officer

Biography:

Mr. Bruno Guilmart is the President, Chief Executive Officer, Director of Kulicke and Soffa Industries Inc. since October 1, 2010. From June 2008 until he joined the Company, Mr. Guilmart served as President, Chief Executive Officer and director of Lattice Semiconductor Corporation, a developer of programmable logic devices and related software. From August 2007 until June 2008, Mr. Guilmart served as President, Chief Executive Officer and director of Unisem (M) Berhad Group, a provider of semiconductor assembly and test services. From September 2003 to August 2007, Mr. Guilmart served as President, Chief Executive Officer and director of Advanced Interconnect Technologies, Inc., a TPG-Newbridge Company, provider of semiconductor assembly and test services, which was acquired by Unisem (M) Berhad Group in August 2007. Before joining Advanced Interconnect Technologies, Inc., Mr. Guilmart was Senior Vice President of Worldwide Sales for Chartered Semiconductor Manufacturing, Ltd. Mr. Guilmart also has held senior management and business development positions at Cadence Design Systems, Temic Semiconductors and Hewlett-Packard Company. Mr. Guilmart also served as a director of Chartered Silicon Partners, a subsidiary of Chartered Semiconductor Manufacturing, Ltd., a wafer foundry, from 2001 to 2003. Mr. Guilmart also provides the perspective of a chief executive officer of three semiconductor industry companies, including the Company.

 

Age: 51

 

Education:

Universit Paris-Sud 11, M (Electronics)
Universit Paris-Sud 11, B (Electrical Engineering)

 

Compensation/Salary:$667,689

Compensation Currency: USD

 

Ran Bareket

 

Interim Principal Acctg Office

President

 

 

Biography:

Mr. Bareket was appointed interim Principal Accounting Officer in August 2009. Prior to this appointment Mr. Bareket served as the Companys Vice President and Corporate Controller since 2006. In addition he served as Vice President of Financial Operations since 2005. Prior to 2005 Mr. Bareket served as our Director of Worldwide Financial Operations.

 

Alan Schindler

View Email

Senior Vice President, Global Operations

Operations Executive

 

 

Biography:

Mr. Alan B. Schindler has been appointed as Senior Vice President - Global Operations of Kulicke and Soffa Industries Inc. since April 1, 2011. He previously served as Vice President, Integrated Supply Chain and Operations from 2009 to 2011 and Vice President, Global Supply Chain from 2002 to 2009. Prior to joining the Company, Mr. Schindler spent eight years working in multiple manufacturing locations for Unis Corporation. Mr. Schindler earned his Bachelor of Science in Economics from Villanova University and his Master of Science from the University of Pennsylvania. He is also a graduate of Stanford executive institutes program on managing technology companies.

 

Education:

University of Pennsylvania, MS
Villanova University, BS (Economics)

 

Compensation/Salary:$269,697

Compensation Currency: USD

Shay Torton

 

Senior Vice President-Worldwide Operations

Operations Executive

 

 

Biography:

Mr. Torton has served as Senior Vice President Worldwide Operations since 2009 after serving as Vice President Worldwide Operations and Supply Chain (2005-2009) Vice President China Operations and K&S Suzhou General Manager (2002-2005) Vice President and General Manager Materials Business Unit (2001-2002) K&S Bonding Wire Unit Managing Director Singapore (1997) and General Manager K&S Bonding Wire-U.S. (1996). Mr. Torton holds a Bachelor of Science degree in Industrial Engineering and Management from the Israel Institute of Technology.

 

Education:

Israel Institute of Technology, BS (Industrial Engineering And Management)

 

Darlene Allison

 

Administrator

Administration Executive

 

 

Terry Doty

 

Administrator

Administration Executive

 

 

Janet Einhorn

View Email

Senior Database Administrator

Administration Executive

 

 

Bobby Qua

 

Network Administrator

Administration Executive

 

 

Susan Waters

View Email

Secretary

Administration Executive

 

 

Bob Amweg

 

Finance VP

Finance Executive

 

 

Jonathan H. Chou

 

Chief Financial Officer, Senior Vice President, Principal Accounting Officer

Finance Executive

 

 

Biography:

Mr. Jonathan H. Chou is the Chief Financial Officer, Senior Vice President, Principal Accounting Officer of Kulicke and Soffa Industries Inc. Mr. Chou was appointed Senior Vice President and Chief Financial Officer effective December 13, 2010 and was appointed Principal Accounting Officer effective December 22, 2010. From April 2008 until his resignation to join the Company, Mr. Chou served as Chief Financial Officer of Feihe International, Inc. (f/k/a American Dairy, Inc.), a producer and distributor of premium infant formula, milk powder, soybean, rice cereal and walnut products in China. From February 2006 to June 2007, Mr. Chou served as the Asia Pacific Corporate Chief Financial Officer and Vice President of Mergers & Acquisitions for Honeywell International, a diversified technology company. From September 2003 to January 2006, Mr. Chou served as the Asia Regional Chief Financial Officer of Tyco Fire & Security (ADT), a division of Tyco International. From May 2000 to September 2003, Mr. Chou held several senior finance positions at Lucent Technologies including Asia Pacific Chief Financial Officer. Mr. Chou has also served as a director of Microport Scientific Corporation, a medical product company, since September 2010. Mr. Chou received a bachelor’s degree from the State University of New York at Buffalo and a Master of Business Administration degree from Fuqua School of Business at Duke University.

 

Age: 48

 

Education:

Duke University, M (Business Administration)
University of New York, BA

 

Compensation/Salary:$235,418

Compensation Currency: USD

 

Tonya Jennings

View Email

Financial Analyst

Finance Executive

 

 

Pui Yee Lee

 

Vice President, Corporate Treasurer

Treasurer

 

 

Biography:

Ms. Pui Yee Lee has been appointed as Vice President, Corporate Treasurer of Kulicke and Soffa Industries Inc., effective June 11, 2012. Pui Yee has 20 years of international financial experience and is a CFA charterholder. She received her Bachelor of Social Sciences (Hons) with a major in Economics, from the National University of Singapore and received an MBA from INSEAD. She joins K&S from Flextronics Manufacturing (HK) Ltd., where she provided leadership oversight for its treasury organization in Asia.

 

Education:

INSEAD, MBA
National University of Singapore, B (Economics)

 

Pui Yee Lee

 

Vice President & Corporate Treasurer

Treasurer

 

 

Kevin Grando

View Email

Payroll Manager

Benefits & Compensation Executive

 

 

Lisa Lim

 

VP-Global HR

Human Resources Executive

 

 

Bill Lion

 

Human Resources Director

Human Resources Executive

 

 

Paul Keehn

View Email

Americas Country Sales Manager

Sales Executive

 

 

Tek Chee Mak

 

Vice President - Global Sales

Sales Executive

 

 

Biography:

Mr. Tek Chee Mak is Vice President - Global Sales of Kulicke and Soffa Industries Inc. since September 2006. He previously served as Vice President of Sales for the Equipment and Expendable Tools businesses from November 2004 to September 2006 and as Vice President of Asia Sales from February 2001 to November 2004. Mr. Mak was educated in Hong Kong and holds a Higher Diploma in Electronic Engineering from Hong Kong Polytechnic University.

 

Age: 57

 

Education:

Hong Kong Polytechnic University, Higher Diploma (Electronic Engineering)

 

Compensation/Salary:$255,509

Compensation Currency: USD

Shawn Sarbacker

View Email

Global Director Systems Engineering

International Executive

 

 

Joe Berger

 

Marketing Manager

Marketing Executive

 

 

Cheam Tong Liang

 

Vice President Strategic Marketing & Business Development

Marketing Executive

 

 

Christian Rheault

 

Senior Vice President-Marketing

Marketing Executive

 

 

Biography:

Christian Rheault was named Senior Vice President of Kulicke & Soffas Equipment Segment in 2006. He has responsibility for the automatic ball bonder business the recently acquired die bonder business (Alphasem) and other equipment segments.

 

Education:

Laval University, Electrical Engineering
Sherbrooke University, Electrical Engineering

 

Miriam Scholl

View Email

Marketing

Marketing Executive

 

 

Mark Sullivan

 

Marketing Director

Marketing Executive

 

 

Thomas Johnson

 

Director-Investor Relations & Corporate Communications

Corporate Communications Executive

 

 

Ryan Gamo

View Email

Information Technology Solution Architect

Information Executive

 

 

Jeffery Hartigan

 

CIO

Information Executive

 

 

Education:

Amos Tuck Graduate School
Iona College

 

Clay Miller

View Email

Senior Vice President & Chief Information Officer

Information Executive

 

 

Biography:

Mr. Miller has been the chief information officer and senior vice president , Shared Resources (HR & IT) of the company since 2011. He has wealth of global experience as senior management in both Human Resource and IT areas. Prior to joining K&S, he was the chief information officer and corporate vice president of Shared Services of Lattice Semiconductor. Mr. Miller held numerous senior positions at Paradigm Geophysical, AMD, AIT (now Unisem), Chartered Semiconductor (now GLOBALFOUNDRIES), Motorola and IBM.

 

Education:

Griffith University, MBA

 

David Beatson

 

CTO

Engineering/Technical Executive

 

 

Education:

Drexel University, BS (Mechanical Engineering)
Drexel University, MS (Mechanical Engineering)
Pennsylvania State University, Masters (Business Management)

 

Bruce Bram

 

Software Engineering Management

Engineering/Technical Executive

 

 

Cathal Flanagan

View Email

Director - Equipment Engineering

Engineering/Technical Executive

 

 

Minoru Gakuhari

View Email

Software Engineer

Engineering/Technical Executive

 

 

Gary Gillotti

View Email

Engineer Manager

Engineering/Technical Executive

 

 

Bruce Griffing

 

Vice President-Engineering

Engineering/Technical Executive

 

 

Education:

Miami University, BS (Physics)
Purdue University, PhD (Physics)

 

Stephen Jaeschke

View Email

Design Engineer

Engineering/Technical Executive

 

 

John Molnar

 

Director, Mechanical Engineering

Engineering/Technical Executive

 

 

Matthew Odhner

View Email

Staff Software Engineer

Engineering/Technical Executive

 

 

Florina Sacagiu

View Email

Process Engineer Kulicke&Soffa

Engineering/Technical Executive

 

 

Charles J. Salmons

View Email

Senior Vice President - Engineering

Engineering/Technical Executive

 

 

Biography:

Mr. Charles J. Salmons is Senior Vice President - Engineering of Kulicke and Soffa Industries Inc. since March 2008. He previously served as Senior Vice President, Acquisition Integration from September 2006 to March 2008, Senior Vice President, Wafer Test from November 2004 to September 2006, Senior Vice President, Product Development from September 2002 to November 2004, Senior Vice President Operations from 1999 to 2004, General Manager, Ball Bonder operations from 1998 to 1999, and Vice President of Operations from 1994 to 1998. Mr. Salmons holds a Bachelor of Arts degree in Economics from Temple University and a Masters in Business Administration degree from LaSalle University.

 

Age: 56

 

Education:

LaSalle University, M (Business Administration)
Temple University, BA (Economics)

 

Compensation/Salary:$327,122

Compensation Currency: USD

 

Roger Sneddon

View Email

Advanced Design Engineer

Engineering/Technical Executive

 

 

Deepak Sood

View Email

Software Professional

Engineering/Technical Executive

 

 

Horst Clauberg

View Email

Senior Scientist

Research & Development Executive

 

 

Lester A. Wong

 

Senior Vice President - Legal Affairs, General Counsel

Legal Executive

 

 

Biography:

Mr. Lester A. Wong is Senior Vice President - Legal Affairs, General Counsel of Kulicke And Soffa Industries Inc. since September 2011. Prior to joining the Company, Mr. Wong was General Counsel at GigaMedia Limited, a provider of online entertainment software, from May 2008 to August 2011. He previously served as Senior Legal Counsel at CDC Corporation, a software and media company, from June 2003 to November 2007, and as an executive with Cowen Latitude Asia, the wholly-owned Asia subsidiary of Cowen Group, a diversified financial services company, from April 2001 to June 2003. Mr. Wong obtained a Bachelors Degree from the University of Western Ontario and a Bachelor of Law Degree from the University of British Columbia in Canada. He was admitted to the Law Society of Upper Canada (Ontario) in 1993, Law Society of British Columbia in 1993 and Law Society of Hong Kong in 1997.

 

Age: 45

 

Education:

University of British Columbia, LLB
University of Western Ontario, B

 

John Harrell

 

Facilities Manager

Facilities Executive

 

 

Clark Martino

View Email

Manager-Facilities

Facilities Executive

 

 

Jeff Amtman

 

Manager-Purchasing

Purchasing Executive

 

 

Irene Lee

 

Chief Quality Officer

Quality Executive

 

 

Jennifer Teong

 

Vice President Quality Assurance

Quality Executive

 

 

Jason Livingston

 

Vice President

Other

 

 

Biography:

Jason Livingston was appointed Vice President of the K&S Wedge Bonding Business Unit in October 2009 after serving as Vice President of Finance for the Wedge Bonding Business Unit. Mr. Livingston joined K&S through the acquisition of Orthodyne Electronics where he served as Chief Financial Officer since April 1998. Prior to joining Orthodyne Electronics Mr. Livingston was with McGladrey & Pullen LLP. Mr. Livingston is a CPA and holds a Bachelor of Arts degree in Accounting from California State University.

 

Matthew Vorona

 

Vice President - Wedge Bonder Business Unit

Other

 

 

Biography:

Mr. Matthew Vorona is Vice President - Wedge Bonder Business Unit of Kulicke And Soffa Industries Inc. Mr. Vorona joined the Company upon the acquisition of Orthodyne Electronics. Mr. Vorona previously served as Director of Sales & Marketing from October 2009 to October 2010 and as Global Sales Director from September 2008 to October 2009. Before that, Mr. Vorona had served as Director of International Sales for Orthodyne Electronics since 2001. Mr. Vorona earned his Bachelors of Arts from the University of Virginia and his Masters in International Affairs from Columbia University.

 

Age: 52

 

Education:

Columbia University, M (International Affairs)
Virginia University, BA

 

Nelson Wong

 

Vice President - Ball and Die Bonder Business Unit Management

Other

 

 

Biography:

Mr. Nelson Wong is Vice President - Ball and Die Bonder Business Unit Management of Kulicke And Soffa Industries Inc. He is responsible for Ball Bonder, Die Bonder, Tools, Blades and Support Services Business Units. He previously served as Director of Marketing — Ball Bonder from 2000 to 2006 and Application Manager from 1997 to 2006. Mr. Wong holds a Masters of Business Administration and a degree in Physics from the National University of Singapore.

 

Age: 51

 

 

 

Significant Developments

 

 

 

 

Kulicke and Soffa Industries, Inc. Issues Q4 2012 Revenue Guidance Above Analysts' Estimates

Jul 31, 2012


Kulicke and Soffa Industries, Inc. announced that for the fourth quarter of 2012, it expects net revenue to be approximately $250-$270 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $190 million for the fourth quarter of 2012.

Kulicke and Soffa Industries, Inc. Issues Q3 2012 Revenue Guidance Above Analysts' Estimates

May 01, 2012


Kulicke and Soffa Industries, Inc. announced that for third quarter of 2012, it expects net revenue to be approximately $220 million to $240 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $197 million for third quarter of 2012.

Kulicke and Soffa Industries, Inc. Issues Q2 2012 Revenue Guidance Below Analysts' Estimates

Jan 31, 2012


Kulicke and Soffa Industries, Inc. announced that for the second quarter of 2012, it expects net revenue to be approximately $125 million to $135 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $138 million for the second quarter of 2012.

Kulicke and Soffa Industries, Inc. Issues Q1 2012 Revenue Guidance Below Analysts' Estimates

Nov 10, 2011


Kulicke and Soffa Industries, Inc. announced that it expects net revenue for the first quarter of 2012 to be approximately $100 million to $120 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $159 million for the first quarter of 2012.

 

 

Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

01-Oct-2011

02-Oct-2010

03-Oct-2009

27-Sep-2008

29-Sep-2007

Period Length

53 Weeks

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
01-Oct-2011

Updated Normal
02-Oct-2010

Restated Normal
02-Oct-2010

Restated Normal
02-Oct-2010

Restated Normal
02-Oct-2010

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

830.4

762.8

225.2

328.1

370.5

Revenue

830.4

762.8

225.2

328.1

370.5

Total Revenue

830.4

762.8

225.2

328.1

370.5

 

 

 

 

 

 

    Cost of Revenue

442.5

427.1

136.4

194.3

215.1

Cost of Revenue, Total

442.5

427.1

136.4

194.3

215.1

Gross Profit

387.9

335.7

88.8

133.8

155.4

 

 

 

 

 

 

    Selling/General/Administrative Expense

138.3

128.6

95.2

89.4

-

Total Selling/General/Administrative Expenses

138.3

128.6

95.2

89.4

-

Research & Development

65.1

56.7

53.5

59.9

-

    Amortization of Intangibles

9.5

0.0

-

-

-

Depreciation/Amortization

9.5

0.0

-

-

-

    Restructuring Charge

4.9

2.4

11.0

-

-

    Impairment-Assets Held for Use

0.0

0.0

2.7

0.0

0.0

    Other Unusual Expense (Income)

0.0

0.0

-4.0

9.0

-2.8

Unusual Expense (Income)

4.9

2.4

9.7

9.0

-2.8

    Other Operating Expense

-

-

-

-

137.9

Other Operating Expenses, Total

-

-

-

-

137.9

Total Operating Expense

660.3

614.7

294.8

352.5

350.2

 

 

 

 

 

 

Operating Income

170.1

148.0

-69.6

-24.5

20.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-8.3

-8.3

-8.2

-8.6

-

    Interest Expense, Net Non-Operating

-8.3

-8.3

-8.2

-8.6

-

        Interest Income - Non-Operating

0.6

0.4

1.1

4.7

-

    Interest/Investment Income - Non-Operating

0.6

0.4

1.1

4.7

-

    Interest Income (Expense) - Net Non-Operating

-

-

-

-

2.3

Interest Income (Expense) - Net Non-Operating Total

-7.6

-7.9

-7.1

-3.9

2.3

Income Before Tax

162.4

140.1

-76.6

-28.3

22.7

 

 

 

 

 

 

Total Income Tax

34.8

-2.0

-13.0

-3.6

5.4

Income After Tax

127.6

142.1

-63.6

-24.7

17.2

 

 

 

 

 

 

Net Income Before Extraord Items

127.6

142.1

-63.6

-24.7

17.2

    Discontinued Operations

-

0.0

22.0

23.4

18.9

Total Extraord Items

-

0.0

22.0

23.4

18.9

Net Income

127.6

142.1

-41.6

-1.3

36.1

 

 

 

 

 

 

    Miscellaneous Earnings Adjustment

-0.7

-1.5

-

-

-

Total Adjustments to Net Income

-0.7

-1.5

-

-

-

Income Available to Common Excl Extraord Items

126.9

140.6

-63.6

-24.7

17.2

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

126.9

140.6

-41.6

-1.3

36.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

71.8

70.0

62.2

53.4

56.2

Basic EPS Excl Extraord Items

1.77

2.01

-1.02

-0.46

0.31

Basic/Primary EPS Incl Extraord Items

1.77

2.01

-0.67

-0.02

0.64

Dilution Adjustment

0.0

0.3

0.0

0.0

1.3

Diluted Net Income

126.9

140.9

-41.6

-1.3

37.4

Diluted Weighted Average Shares

73.3

73.5

62.2

53.4

68.3

Diluted EPS Excl Extraord Items

1.73

1.92

-1.02

-0.46

0.27

Diluted EPS Incl Extraord Items

1.73

1.92

-0.67

-0.02

0.55

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

8.3

8.3

8.2

8.6

-

Depreciation, Supplemental

8.2

8.0

10.1

7.4

-

Total Special Items

4.9

2.4

9.7

9.0

-2.8

Normalized Income Before Tax

167.3

142.5

-66.9

-19.3

19.9

 

 

 

 

 

 

Effect of Special Items on Income Taxes

1.0

0.8

3.4

3.1

-0.7

Inc Tax Ex Impact of Sp Items

35.9

-1.2

-9.6

-0.5

4.8

Normalized Income After Tax

131.5

143.7

-57.3

-18.9

15.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

130.7

142.2

-57.3

-18.9

15.1

 

 

 

 

 

 

Basic Normalized EPS

1.82

2.03

-0.92

-0.35

0.27

Diluted Normalized EPS

1.78

1.94

-0.92

-0.35

0.24

Amort of Intangibles, Supplemental

9.5

9.5

11.1

0.2

-

Rental Expenses

7.7

6.7

6.2

5.1

-

Research & Development Exp, Supplemental

65.1

56.7

53.5

59.9

-

Normalized EBIT

175.0

150.4

-59.9

-15.5

17.5

Normalized EBITDA

192.7

168.0

-38.6

-7.9

17.5

    Current Tax - Domestic

-0.1

0.7

-0.3

0.0

-

    Current Tax - Foreign

14.8

1.4

-6.1

-0.5

-

    Current Tax - Local

1.1

0.6

0.2

0.1

-

Current Tax - Total

15.8

2.7

-6.2

-0.5

-

    Deferred Tax - Domestic

17.5

0.2

0.4

-3.0

-

    Deferred Tax - Foreign

1.6

-5.5

-7.2

0.3

-

    Deferred Tax - Local

0.0

0.5

0.0

-0.4

-

Deferred Tax - Total

19.0

-4.7

-6.8

-3.2

-

Income Tax - Total

34.8

-2.0

-13.0

-3.6

-

Defined Contribution Expense - Foreign

-

3.4

0.4

10.7

-

Total Pension Expense

-

3.4

0.4

10.7

-

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

01-Oct-2011

02-Oct-2010

03-Oct-2009

27-Sep-2008

29-Sep-2007

UpdateType/Date

Updated Normal
01-Oct-2011

Reclassified Normal
01-Oct-2011

Restated Normal
02-Oct-2010

Updated Normal
27-Sep-2008

Reclassified Normal
27-Sep-2008

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate

1

1

1

1

1

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

378.2

178.1

144.6

144.9

150.6

    Short Term Investments

6.4

3.0

0.0

6.1

19.3

Cash and Short Term Investments

384.6

181.1

144.6

151.1

169.9

        Accounts Receivable - Trade, Gross

140.8

197.0

97.2

58.0

118.3

        Provision for Doubtful Accounts

-2.2

-1.0

-1.4

-1.4

-1.6

    Trade Accounts Receivable - Net

138.6

196.0

95.8

56.6

116.7

Total Receivables, Net

138.6

196.0

95.8

56.6

116.7

    Inventories - Finished Goods

16.1

15.7

13.2

6.7

2.6

    Inventories - Work In Progress

26.2

26.7

10.8

8.3

13.7

    Inventories - Raw Materials

45.9

41.7

30.0

18.7

30.0

    LIFO Reserve

-15.1

-10.1

-12.5

-6.5

-8.4

Total Inventory

73.1

73.9

41.5

27.2

37.8

Prepaid Expenses

21.9

16.0

11.6

18.7

12.0

    Restricted Cash - Current

0.0

0.2

0.3

35.0

0.0

    Deferred Income Tax - Current Asset

1.7

5.4

1.8

2.1

3.5

    Other Current Assets

-

-

-

128.0

94.2

Other Current Assets, Total

1.7

5.7

2.1

165.1

97.7

Total Current Assets

619.8

472.7

295.5

418.8

434.2

 

 

 

 

 

 

        Buildings

20.4

21.6

26.0

23.9

23.1

        Land/Improvements

2.1

2.1

2.7

2.7

2.4

        Machinery/Equipment

61.1

59.3

62.4

59.8

59.7

    Property/Plant/Equipment - Gross

83.6

82.9

91.2

86.5

85.2

    Accumulated Depreciation

-57.1

-52.9

-55.2

-49.6

-51.1

Property/Plant/Equipment - Net

26.5

30.1

36.0

36.9

34.1

Goodwill, Net

41.5

26.7

26.7

2.7

3.5

    Intangibles - Gross

59.6

59.6

59.6

0.8

0.7

    Accumulated Intangible Amortization

-30.0

-20.5

-10.9

-0.4

-0.2

Intangibles, Net

29.6

39.1

48.7

0.4

0.5

    Discontinued Operations - Long Term Asset

-

-

-

32.9

33.7

    Other Long Term Assets

10.9

11.6

5.8

5.5

6.6

Other Long Term Assets, Total

10.9

11.6

5.8

38.4

40.3

Total Assets

728.4

580.2

412.6

497.1

512.6

 

 

 

 

 

 

Accounts Payable

36.3

82.4

39.9

25.0

62.9

Accrued Expenses

23.7

25.4

15.8

25.7

32.5

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

105.2

0.0

49.0

72.4

0.0

    Customer Advances

11.4

8.9

3.5

1.5

2.2

    Income Taxes Payable

14.3

1.3

1.6

0.6

22.7

    Other Payables

14.8

0.0

-

-

-

    Discontinued Operations - Current Liability

-

-

-

34.4

22.2

    Other Current Liabilities

8.5

7.2

13.3

-

-

Other Current liabilities, Total

48.9

17.4

18.4

36.5

47.1

Total Current Liabilities

214.2

125.1

123.1

159.7

142.5

 

 

 

 

 

 

    Long Term Debt

0.0

98.5

92.2

175.0

251.4

Total Long Term Debt

0.0

98.5

92.2

175.0

251.4

Total Debt

105.2

98.5

141.2

247.4

251.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

32.1

20.4

16.3

21.6

22.5

Deferred Income Tax

32.1

20.4

16.3

21.6

22.5

    Reserves

-

-

-

1.8

1.5

    Pension Benefits - Underfunded

-

-

-

5.8

6.5

    Other Long Term Liabilities

12.3

13.7

10.3

27.6

0.6

    Discontinued Operations - Liabilities

-

-

-

3.2

4.3

Other Liabilities, Total

12.3

13.7

10.3

38.4

13.0

Total Liabilities

258.5

257.7

241.8

394.7

429.3

 

 

 

 

 

 

    Common Stock

441.7

423.7

413.1

295.8

288.7

Common Stock

441.7

423.7

413.1

295.8

288.7

Retained Earnings (Accumulated Deficit)

71.9

-55.7

-197.8

-149.5

-154.1

Treasury Stock - Common

-46.4

-46.4

-46.4

-46.1

-46.1

    Translation Adjustment

2.8

1.8

0.7

-

-

    Minimum Pension Liability Adjustment

-0.2

-1.0

1.1

2.2

-5.2

Other Equity, Total

2.5

0.8

1.9

2.2

-5.2

Total Equity

469.9

322.5

170.8

102.5

83.3

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

728.4

580.2

412.6

497.1

512.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

72.8

70.5

69.4

53.6

53.2

Total Common Shares Outstanding

72.8

70.5

69.4

53.6

53.2

Treasury Shares - Common Stock Primary Issue

5.0

5.0

5.0

4.9

4.9

Employees

2,200

2,250

2,132

2,496

2,646

Number of Common Shareholders

351

380

406

426

441

Accumulated Intangible Amort, Suppl.

30.0

20.5

10.9

0.4

0.2

Deferred Revenue - Current

11.4

8.9

3.5

1.5

2.2

Total Long Term Debt, Supplemental

110.0

110.0

-

175.0

-

Long Term Debt Maturing within 1 Year

110.0

0.0

-

0.0

-

Long Term Debt Maturing in Year 2

0.0

55.0

-

32.5

-

Long Term Debt Maturing in Year 3

0.0

55.0

-

32.5

-

Long Term Debt Maturing in Year 4

0.0

0.0

-

55.0

-

Long Term Debt Maturing in Year 5

0.0

0.0

-

55.0

-

Long Term Debt Maturing in 2-3 Years

0.0

110.0

-

65.0

-

Long Term Debt Maturing in 4-5 Years

0.0

0.0

-

110.0

-

Long Term Debt Matur. in Year 6 & Beyond

0.0

0.0

-

0.0

-

Total Operating Leases, Supplemental

32.0

32.6

38.9

35.9

-

Operating Lease Payments Due in Year 1

10.1

8.7

9.2

7.5

-

Operating Lease Payments Due in Year 2

7.6

7.2

8.2

6.2

-

Operating Lease Payments Due in Year 3

2.9

4.6

5.8

5.4

-

Operating Lease Payments Due in Year 4

2.6

2.8

4.2

3.4

-

Operating Lease Pymts. Due in 2-3 Years

10.5

11.8

14.1

11.7

-

Operating Lease Pymts. Due in 4-5 Years

2.6

2.8

4.2

3.4

-

Oper. Lse. Pymts. Due in Year 6 & Beyond

8.8

9.3

11.4

13.5

-

Pension Obligation - Domestic

-

-

-

12.7

11.8

Plan Assets - Domestic

-

-

-

10.2

8.4

Funded Status - Domestic

-

-

-

-2.5

-3.5

Accumulated Obligation - Domestic

-

-

-

12.7

11.8

Total Funded Status

-

-

-

-2.5

-3.5

Discount Rate - Domestic

-

-

-

3.90%

3.55%

Expected Rate of Return - Domestic

-

-

-

4.46%

4.10%

Total Plan Obligations

-

-

-

12.7

11.8

Total Plan Assets

-

-

-

10.2

8.4

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

01-Oct-2011

02-Oct-2010

03-Oct-2009

27-Sep-2008

29-Sep-2007

Period Length

53 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
01-Oct-2011

Updated Normal
02-Oct-2010

Reclassified Normal
02-Oct-2010

Reclassified Normal
02-Oct-2010

Reclassified Normal
27-Sep-2008

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

127.6

142.1

-41.6

-1.3

37.7

    Depreciation

17.8

17.5

21.2

7.6

9.7

Depreciation/Depletion

17.8

17.5

21.2

7.6

9.7

Deferred Taxes

19.8

-4.7

-6.8

-3.2

-2.0

    Discontinued Operations

-1.9

-1.8

-24.1

-22.3

14.9

    Unusual Items

3.0

0.0

-2.7

9.0

-2.8

    Other Non-Cash Items

22.7

17.5

17.2

17.6

8.1

Non-Cash Items

23.9

15.6

-9.6

4.2

20.2

    Accounts Receivable

55.3

-101.1

-16.6

61.0

-60.1

    Inventories

-6.1

-34.1

2.3

6.9

-8.1

    Prepaid Expenses

-5.6

-4.7

8.0

-5.1

-0.9

    Other Assets

-1.8

1.3

1.1

0.3

-4.9

    Payable/Accrued

-43.4

54.1

14.0

-44.0

36.8

    Taxes Payable

13.1

-0.3

-25.6

1.6

3.4

Changes in Working Capital

11.4

-84.8

-16.7

20.7

-33.9

Cash from Operating Activities

200.4

85.8

-53.5

28.1

31.8

 

 

 

 

 

 

    Purchase of Fixed Assets

-7.7

-6.3

-5.3

-7.9

-5.6

Capital Expenditures

-7.7

-6.3

-5.3

-7.9

-5.6

    Acquisition of Business

0.0

0.0

-87.0

0.0

-28.2

    Sale of Fixed Assets

0.0

4.6

0.0

0.0

-

    Sale/Maturity of Investment

0.0

0.0

8.5

44.6

39.3

    Purchase of Investments

-3.7

-3.0

-2.4

-31.3

-37.3

    Other Investing Cash Flow

0.2

-1.8

184.6

-35.2

1.8

Other Investing Cash Flow Items, Total

-3.4

-0.2

103.7

-21.9

-24.4

Cash from Investing Activities

-11.1

-6.4

98.4

-29.8

-30.0

 

 

 

 

 

 

        Repurchase/Retirement of Common

-

-

-

-

-46.1

    Common Stock, Net

0.0

0.0

38.7

0.0

-46.1

    Options Exercised

9.3

2.9

0.2

0.5

4.5

Issuance (Retirement) of Stock, Net

9.3

2.8

38.9

0.5

-41.6

        Long Term Debt Issued

-

-

-

-

106.4

        Long Term Debt Reduction

0.0

-49.0

-84.4

-3.8

-50.4

    Long Term Debt, Net

0.0

-49.0

-84.4

-3.8

56.0

Issuance (Retirement) of Debt, Net

0.0

-49.0

-84.4

-3.8

56.0

Cash from Financing Activities

9.3

-46.1

-45.4

-3.3

14.4

 

 

 

 

 

 

Foreign Exchange Effects

1.5

0.3

0.2

-0.6

0.4

Net Change in Cash

200.1

33.6

-0.4

-5.6

16.6

 

 

 

 

 

 

Net Cash - Beginning Balance

178.1

144.6

144.9

150.6

134.0

Net Cash - Ending Balance

378.2

178.1

144.6

144.9

150.6

Cash Interest Paid

1.0

1.5

1.7

2.0

1.4

Cash Taxes Paid

11.5

3.1

11.0

4.7

2.7

 

 

 

 

Annual Income Statement

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

01-Oct-2011

02-Oct-2010

03-Oct-2009

27-Sep-2008

29-Sep-2007

Period Length

53 Weeks

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
01-Oct-2011

Updated Normal
02-Oct-2010

Restated Normal
02-Oct-2010

Restated Normal
02-Oct-2010

Restated Normal
02-Oct-2010

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

830.4

762.8

225.2

328.1

370.5

Total Revenue

830.4

762.8

225.2

328.1

370.5

 

 

 

 

 

 

    Cost of Sales

442.5

427.1

136.4

194.3

215.1

    Sell./Gen./Admin.

138.3

128.6

95.2

89.4

-

    Amortization of intangible assets

9.5

0.0

-

-

-

    Research/Development

65.1

56.7

53.5

59.9

-

    U S pension plan termination

-

0.0

0.0

9.2

-

    Operating expenses

-

-

-

-

137.9

    Restructuring Cost

4.9

2.4

11.0

-

-

    Impairment of goodwill

0.0

0.0

2.7

0.0

0.0

    Gain on extinguishment of debt

0.0

0.0

-4.0

-0.2

-2.8

Total Operating Expense

660.3

614.7

294.8

352.5

350.2

 

 

 

 

 

 

    Interest Income (Expense) Net

-

-

-

-

2.3

    Interest Income

0.6

0.4

1.1

4.7

-

    Interest expense: non-cash

-7.3

0.0

-

-

-

    Interest Expense

-1.0

-8.3

-8.2

-8.6

-

Net Income Before Taxes

162.4

140.1

-76.6

-28.3

22.7

 

 

 

 

 

 

Provision for Income Taxes

34.8

-2.0

-13.0

-3.6

5.4

Net Income After Taxes

127.6

142.1

-63.6

-24.7

17.2

 

 

 

 

 

 

Net Income Before Extra. Items

127.6

142.1

-63.6

-24.7

17.2

    Income from discontinued operations net

-

0.0

22.0

23.4

18.9

Net Income

127.6

142.1

-41.6

-1.3

36.1

 

 

 

 

 

 

    Income Applicable to Participating Secur

-0.7

-1.5

-

-

-

Income Available to Com Excl ExtraOrd

126.9

140.6

-63.6

-24.7

17.2

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

126.9

140.6

-41.6

-1.3

36.1

 

 

 

 

 

 

Basic Weighted Average Shares

71.8

70.0

62.2

53.4

56.2

Basic EPS Excluding ExtraOrdinary Items

1.77

2.01

-1.02

-0.46

0.31

Basic EPS Including ExtraOrdinary Item

1.77

2.01

-0.67

-0.02

0.64

Dilution Adjustment

0.0

0.3

0.0

0.0

1.3

Diluted Net Income

126.9

140.9

-41.6

-1.3

37.4

Diluted Weighted Average Shares

73.3

73.5

62.2

53.4

68.3

Diluted EPS Excluding ExtraOrd Items

1.73

1.92

-1.02

-0.46

0.27

Diluted EPS Including ExtraOrd Items

1.73

1.92

-0.67

-0.02

0.55

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

167.3

142.5

-66.9

-19.3

19.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

35.9

-1.2

-9.6

-0.5

4.8

Normalized Income After Taxes

131.5

143.7

-57.3

-18.9

15.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

130.7

142.2

-57.3

-18.9

15.1

 

 

 

 

 

 

Basic Normalized EPS

1.82

2.03

-0.92

-0.35

0.27

Diluted Normalized EPS

1.78

1.94

-0.92

-0.35

0.24

Research & Development Exp

65.1

56.7

53.5

59.9

-

Amort of Intangibles

9.5

9.5

11.1

0.2

-

Interest Expense

8.3

8.3

8.2

8.6

-

Depreciation

8.2

8.0

10.1

7.4

-

Rental Expense

7.7

6.7

6.2

5.1

-

    Federal Tax

-0.1

0.7

-0.3

0.0

-

    State Tax

1.1

0.6

0.2

0.1

-

    Foreign Tax

14.8

1.4

-6.1

-0.5

-

Current Tax - Total

15.8

2.7

-6.2

-0.5

-

    Federal Tax

17.5

0.2

0.4

-3.0

-

    State Tax

0.0

0.5

0.0

-0.4

-

    Foreign Tax

1.6

-5.5

-7.2

0.3

-

Deferred Tax - Total

19.0

-4.7

-6.8

-3.2

-

Income Tax - Total

34.8

-2.0

-13.0

-3.6

-

Defined Contribution Plans - Foreign

-

3.4

0.4

10.7

-

Total Pension Expense

-

3.4

0.4

10.7

-

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

01-Oct-2011

02-Oct-2010

03-Oct-2009

27-Sep-2008

29-Sep-2007

UpdateType/Date

Updated Normal
01-Oct-2011

Reclassified Normal
01-Oct-2011

Restated Normal
02-Oct-2010

Updated Normal
27-Sep-2008

Reclassified Normal
27-Sep-2008

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate

1

1

1

1

1

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash/Equivalents

378.2

178.1

144.6

144.9

150.6

    Restricted Cash

0.0

0.2

0.3

35.0

0.0

    Short term investments

6.4

3.0

0.0

6.1

19.3

    Accounts Rcvbl.

140.8

197.0

97.2

58.0

113.7

    Other accounts receivable

-

-

-

0.0

4.6

    Doubtful Accts.

-2.2

-1.0

-1.4

-1.4

-1.6

    Raw Materials

45.9

41.7

30.0

18.7

30.0

    Work in Progress

26.2

26.7

10.8

8.3

13.7

    Finished Goods

16.1

15.7

13.2

6.7

2.6

    Inventory Reserves

-15.1

-10.1

-12.5

-6.5

-8.4

    Prepaid/Other

21.9

16.0

11.6

18.7

12.0

    Deferred Taxes

1.7

5.4

1.8

2.1

3.5

    Assets Held for Sale

-

-

-

-

94.2

    Discontinued Operations

-

-

-

128.0

-

Total Current Assets

619.8

472.7

295.5

418.8

434.2

 

 

 

 

 

 

    Land

2.1

2.1

2.7

2.7

2.4

    Bldgs. & Improv.

5.0

8.7

14.4

14.4

13.7

    Leasehold Imps.

15.4

12.9

11.7

9.6

9.4

    Data processing and hardware equipment

22.8

22.3

21.8

13.4

17.4

    Mach./Equipment

38.3

37.0

40.6

46.4

42.2

    Depreciation

-57.1

-52.9

-55.2

-49.6

-51.1

    Goodwill, Net

41.5

26.7

26.7

2.7

3.5

    Trademarks and Technology

59.6

59.6

59.6

0.8

0.7

    Amort.-Intang.

-30.0

-20.5

-10.9

-0.4

-0.2

    Other assets

10.9

11.6

5.8

5.5

6.6

    Noncurrent assets of discontinued operat

-

-

-

32.9

33.7

Total Assets

728.4

580.2

412.6

497.1

512.6

 

 

 

 

 

 

    Cur.Port.LT Debt

105.2

0.0

49.0

72.4

0.0

    Accounts Payable

36.3

82.4

39.9

25.0

62.9

    Customer Advances

11.4

8.9

3.5

1.5

2.2

    Accrued Expenses

23.7

25.4

15.8

25.7

32.5

    Other

8.5

7.2

13.3

-

-

    Taxes Payable

14.3

1.3

1.6

0.6

22.7

    Earnout agreement payable

14.8

0.0

-

-

-

    Current liabilities of discontinued oper

-

-

-

34.4

22.2

Total Current Liabilities

214.2

125.1

123.1

159.7

142.5

 

 

 

 

 

 

    Long Term Debt

0.0

98.5

92.2

175.0

251.4

Total Long Term Debt

0.0

98.5

92.2

175.0

251.4

 

 

 

 

 

 

    Deferred Tax

32.1

20.4

16.3

21.6

22.5

    Other liabilities of discontinued operat

-

-

-

0.6

0.8

    Facility accrual related to discontinued

-

-

-

2.5

3.5

    Long-term income taxes payable

-

-

-

26.7

0.0

    Switzerland pension plan obligation

-

-

-

2.5

3.5

    Operating lease retirement obligations

-

-

-

1.8

1.5

    Post employment foreign severance obliga

-

-

-

3.3

3.0

    Other

12.3

13.7

10.3

0.9

0.6

Total Liabilities

258.5

257.7

241.8

394.7

429.3

 

 

 

 

 

 

    Common Stock

441.7

423.7

413.1

295.8

288.7

    Accumulated deficit

71.9

-55.7

-197.8

-149.5

-154.1

    Unrecognized actuarial gain (loss), Swit

0.1

-0.6

1.1

2.2

-5.2

    Switzerland pension plan curtailment

-0.4

-0.4

-

-

-

    Gain from foreign currency translation a

2.8

1.8

0.7

-

-

    Treasury Stock

-46.4

-46.4

-46.4

-46.1

-46.1

Total Equity

469.9

322.5

170.8

102.5

83.3

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

728.4

580.2

412.6

497.1

512.6

 

 

 

 

 

 

    S/O-Common Stock

72.8

70.5

69.4

53.6

53.2

Total Common Shares Outstanding

72.8

70.5

69.4

53.6

53.2

T/S-Common Stock

5.0

5.0

5.0

4.9

4.9

Accumulated Intangible Amortization

30.0

20.5

10.9

0.4

0.2

Deferred Revenue

11.4

8.9

3.5

1.5

2.2

Full-Time Employees

2,200

2,250

2,132

2,496

2,646

Number of Common Shareholders

351

380

406

426

441

L.T Debt Due within 1 year

110.0

0.0

-

0.0

-

L.T Debt Due between 2 to 3 years

0.0

110.0

-

65.0

-

L.T Debt Due between 4 to 5 years

0.0

0.0

-

110.0

-

L.T Debt Due after 5 years

0.0

0.0

-

-

-

Total Long Term Debt, Supplemental

110.0

110.0

-

175.0

-

Operating Lease Due within 1 year

10.1

8.7

9.2

7.5

-

Operating Lease Due within 2 years

7.6

7.2

8.2

6.2

-

Operating Lease Due within 3 years

2.9

4.6

5.8

5.4

-

Operating Lease Due within 4 years

2.6

2.8

4.2

3.4

-

Operating Lease Due after 5 years

8.8

9.3

11.4

13.5

-

Total Operating Leases

32.0

32.6

38.9

35.9

-

Accumulated benefit obligation - Pension

-

-

-

12.7

11.8

Projected Benefit Obligation - Pension

-

-

-

12.7

11.8

FV of Plan Assets - Pension

-

-

-

10.2

8.4

Funded Status - Pension

-

-

-

-2.5

-3.5

Total Funded Status

-

-

-

-2.5

-3.5

Discount Rate - Pension

-

-

-

3.90%

3.55%

Expected Rate of Return - Pension

-

-

-

4.46%

4.10%

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

01-Oct-2011

02-Oct-2010

03-Oct-2009

27-Sep-2008

29-Sep-2007

Period Length

53 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
01-Oct-2011

Updated Normal
02-Oct-2010

Reclassified Normal
02-Oct-2010

Reclassified Normal
02-Oct-2010

Reclassified Normal
27-Sep-2008

Filed Currency

USD

USD

USD

USD

USD

Exchange Rate (Period Average)

1

1

1

1

1

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

127.6

142.1

-41.6

-1.3

37.7

    Depreciation

17.8

17.5

21.2

7.6

9.7

    Income from discontinued operation

0.0

0.0

-22.0

-23.4

-18.9

    Equity based compensation and employee b

7.5

8.9

2.2

6.6

7.0

    Gain on extinguishment of debt

0.0

0.0

-4.0

-0.2

-2.8

    Amortization of debt discount and debt i

7.3

7.0

6.6

6.6

-

    Impairment of building and building impr

3.0

0.0

0.0

-

-

    Impairment of goodwill

0.0

0.0

2.7

0.0

0.0

    Loss Provision

1.2

0.0

0.3

0.4

0.6

    Sale of Product Line

-

-

-

-

0.0

    Provision for inventory valuation

6.7

1.5

8.2

4.0

2.4

    Deferred Taxes

19.8

-4.7

-6.8

-3.2

-2.0

    U S pension plan termination

-

0.0

-

9.2

0.0

    Contribution to U S defined benefit pens

-

-

-

-

-1.9

    Switzerland pension plan curtailment

0.0

0.0

-1.4

0.0

0.0

    Accounts and notes receivable

55.3

-101.1

-16.6

61.0

-60.1

    Inventories

-6.1

-34.1

2.3

6.9

-8.1

    Prepaid expenses and other current asset

-5.6

-4.7

8.0

-5.1

-0.9

    Accounts payable accrued expenses and o

-43.4

54.1

14.0

-44.0

36.8

    Taxes Payable

13.1

-0.3

-25.6

1.6

3.4

    Other Assets

-1.8

1.3

1.1

0.3

-4.9

    Discontinued Operations

-1.9

-1.8

-2.1

1.1

33.8

Cash from Operating Activities

200.4

85.8

-53.5

28.1

31.8

 

 

 

 

 

 

    Purchase of Orthodyne

0.0

0.0

-87.0

0.0

0.0

    Purchase Of Alphasem

-

-

-

-

-28.2

    Purch./Avail./Sale

0.0

0.0

8.5

44.6

39.3

    Proc./Avail./Sale

-3.7

-3.0

-2.4

-31.3

-37.3

    Proceeds from sale of property, plant, a

0.0

4.6

0.0

0.0

-

    Capital Expenditures

-7.7

-6.3

-5.3

-7.9

-5.6

    Restricted Cash

0.2

0.0

34.7

-35.0

2.0

    Discontinued Operations

0.0

-1.8

149.9

-0.2

-0.2

Cash from Investing Activities

-11.1

-6.4

98.4

-29.8

-30.0

 

 

 

 

 

 

    Net proceeds from sale of common stock

0.0

0.0

38.7

0.0

0.0

    Net proceeds from debt offering

-

-

-

-

106.4

    Proceeds from exercise of stock options

9.3

2.9

0.2

0.5

4.5

    Purchase of treasury stock

-

-

-

-

-46.1

    Payments on borrowings

0.0

-49.0

-84.4

-3.8

-50.4

Cash from Financing Activities

9.3

-46.1

-45.4

-3.3

14.4

 

 

 

 

 

 

Foreign Exchange Effects

1.5

0.3

0.2

-0.6

0.4

Net Change in Cash

200.1

33.6

-0.4

-5.6

16.6

 

 

 

 

 

 

Net Cash - Beginning Balance

178.1

144.6

144.9

150.6

134.0

Net Cash - Ending Balance

378.2

178.1

144.6

144.9

150.6

    Cash Interest Paid

1.0

1.5

1.7

2.0

1.4

    Cash Taxes Paid

11.5

3.1

11.0

4.7

2.7

 

 

 

 

Financial Health

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2012

Quarter
Ending
Yr Ago

Annual
Year End
01-Oct-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue (?)

255.5

-

830.4

8.86%

36.29%

16.91%

Research & Development (?)

16.0

-

65.1

14.96%

2.82%

12.41%

Operating Income (?)

76.3

-

170.1

14.88%

-

19.84%

Income Available to Common Excl Extraord Items (?)

68.2

-

126.9

-9.76%

-

15.58%

Basic EPS Excl Extraord Items (?)

0.92

-

1.77

-12.04%

-

9.60%

Capital Expenditures (?)

5.1

-

7.7

22.60%

-0.70%

-2.24%

Cash from Operating Activities (?)

123.2

-

200.4

133.56%

92.57%

25.96%

Free Cash Flow (?)

118.0

-

192.7

142.31%

112.05%

28.69%

Total Assets (?)

748.7

12.28%

728.4

25.55%

13.58%

12.43%

Total Liabilities (?)

175.8

-36.98%

258.5

0.32%

-13.15%

-4.54%

Total Long Term Debt (?)

0.0

-

0.0

-

-

-

Employees (?)

-

-

2200

-2.22%

-4.12%

-2.16%

Total Common Shares Outstanding (?)

74.1

3.16%

72.8

3.27%

10.70%

4.93%

Market Cap (?)

660.8

-0.84%

702.3

60.22%

42.65%

6.79%

Key Ratios

 

01-Oct-2011

02-Oct-2010

03-Oct-2009

27-Sep-2008

29-Sep-2007

Profitability

Gross Margin (?)

46.71%

44.01%

39.44%

40.78%

41.95%

Operating Margin (?)

20.48%

19.41%

-30.88%

-7.46%

5.48%

Pretax Margin (?)

19.56%

18.37%

-34.03%

-8.64%

6.12%

Net Profit Margin (?)

15.28%

18.44%

-28.24%

-7.54%

4.65%

Financial Strength

Current Ratio (?)

2.89

3.78

2.40

2.62

3.05

Long Term Debt/Equity (?)

0.00

0.31

0.54

1.71

3.02

Total Debt/Equity (?)

0.22

0.31

0.83

2.41

3.02

Management Effectiveness

Return on Assets (?)

19.50%

28.63%

-13.98%

-4.90%

3.75%

Return on Equity (?)

32.03%

57.02%

-46.56%

-26.62%

21.18%

Efficiency

Receivables Turnover (?)

4.96

5.23

2.96

3.79

3.12

Inventory Turnover (?)

6.02

7.40

3.97

5.97

5.02

Asset Turnover (?)

1.27

1.54

0.50

0.65

0.81

Market Valuation USD (mil)

P/E (TTM) (?)

7.68

.

Enterprise Value (?)

334.4

Price/Sales (TTM) (?)

1.02

.

Enterprise Value/Revenue (TTM) (?)

0.48

Price/Book (MRQ) (?)

1.25

.

Enterprise Value/EBITDA (TTM) (?)

2.25

Market Cap as of 12-Oct-2012 (?)

715.1

.

 

 

 

 

 

Ratio Comparisons

 

 

 

 

Traded: NASDAQ: KLIC

Financials in: USD (actual units)

Industry: Semiconductors

As of 12-Oct-2012

Sector: Technology

 

 

Company

Industry

Sector

S&P 500

Valuation Ratios

P/E Excluding Extraordinary (TTM) (?)

7.68

19.99

22.09

19.68

P/E High Excluding Extraordinary - Last 5 Yrs (?)

31.32

36.86

42.91

32.79

P/E Low Excluding Extraordinary - Last 5 Yrs (?)

3.27

12.99

12.36

10.71

Beta (?)

2.73

1.28

1.19

1.00

Price/Revenue (TTM) (?)

1.02

3.44

4.07

2.57

Price/Book (MRQ) (?)

1.25

3.87

4.73

3.67

Price to Tangible Book (MRQ) (?)

1.41

4.36

6.85

5.21

Price to Cash Flow Per Share (TTM) (?)

6.37

15.83

17.48

14.22

Price to Free Cash Flow Per Share (TTM) (?)

4.31

26.54

23.00

26.26

 

 

 

 

 

Dividends

Dividend Yield (?)

-

2.44%

1.65%

2.26%

Dividend Per Share - 5 Yr Avg (?)

0.00

1.35

0.71

1.99

Dividend 5 Yr Growth (?)

-

21.22%

7.13%

0.08%

Payout Ratio (TTM) (?)

0.00%

18.90%

10.38%

25.98%

 

 

 

 

 

Growth Rates (%)

Revenue (MRQ) vs Qtr 1 Yr Ago (?)

-13.22%

32.22%

28.50%

15.58%

Revenue (TTM) vs TTM 1 Yr Ago (?)

-22.77%

40.54%

18.25%

17.69%

Revenue 5 Yr Growth (?)

16.91%

11.04%

16.94%

8.97%

EPS (MRQ) vs Qtr 1 Yr Ago (?)

-5.43%

50.47%

41.24%

19.49%

EPS (TTM) vs TTM 1 Yr Ago (?)

-49.42%

130.87%

49.53%

32.55%

EPS 5 Yr Growth (?)

13.62%

7.09%

20.44%

9.86%

Capital Spending 5 Yr Growth (?)

-

-26.65%

9.78%

-2.04%

 

 

 

 

 

Financial Strength

Quick Ratio (MRQ) (?)

4.32

3.02

1.98

1.24

Current Ratio (MRQ) (?)

4.80

3.90

2.38

1.79

LT Debt/Equity (MRQ) (?)

0.00

0.19

0.31

0.64

Total Debt/Equity (MRQ) (?)

0.00

0.21

0.36

0.73

Interest Coverage (TTM) (?)

18.58

11.34

11.30

13.80

 

 

 

 

 

Profitability Ratios (%)

Gross Margin (TTM) (?)

46.59%

54.52%

55.32%

45.21%

Gross Margin - 5 Yr Avg (?)

43.77%

49.69%

53.24%

44.91%

EBITD Margin (TTM) (?)

21.18%

27.82%

25.78%

24.43%

EBITD Margin - 5 Yr Avg (?)

12.64%

18.02%

21.39%

22.84%

Operating Margin (TTM) (?)

18.74%

24.80%

22.29%

20.63%

Operating Margin - 5 Yr Avg (?)

9.71%

13.57%

17.62%

18.28%

Pretax Margin (TTM) (?)

17.73%

24.89%

22.54%

17.95%

Pretax Margin - 5 Yr Avg (?)

8.75%

14.88%

18.75%

17.10%

Net Profit Margin (TTM) (?)

13.56%

19.30%

17.35%

13.65%

Net Profit Margin - 5 Yr Avg (?)

7.89%

10.91%

12.72%

12.10%

Effective Tax Rate (TTM) (?)

23.53%

21.71%

23.73%

28.45%

Effective Tax rate - 5 Yr Avg (?)

9.80%

23.58%

24.82%

29.92%

 

 

 

 

 

Management Effectiveness (%)

Return on Assets (TTM) (?)

12.52%

15.21%

12.89%

8.54%

Return on Assets - 5 Yr Avg (?)

7.73%

8.48%

10.70%

8.40%

Return on Investment (TTM) (?)

16.99%

15.22%

13.09%

7.90%

Return on Investment - 5 Yr Avg (?)

10.65%

8.60%

11.50%

8.27%

Return on Equity (TTM) (?)

18.34%

21.72%

25.23%

19.72%

Return on Equity - 5 Yr Avg (?)

20.60%

11.50%

21.05%

20.06%

 

 

 

 

 

Efficiency

Revenue/Employee (TTM) (?)

319,194.50

514,699.51

617,868.03

927,613.77

Net Income/Employee (TTM) (?)

43,277.27

106,063.20

132,630.14

116,121.92

Receivables Turnover (TTM) (?)

3.57

10.12

8.08

13.25

Inventory Turnover (TTM) (?)

4.95

5.67

19.61

14.53

Asset Turnover (TTM) (?)

0.92

0.82

0.75

0.93

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 



 

 

01-Oct-2011

02-Oct-2010

03-Oct-2009

27-Sep-2008

29-Sep-2007

Financial Strength

Current Ratio (?)

2.89

3.78

2.40

2.62

3.05

Quick/Acid Test Ratio (?)

2.44

3.01

1.95

1.30

2.01

Working Capital (?)

405.7

347.6

172.4

259.1

291.8

Long Term Debt/Equity (?)

0.00

0.31

0.54

1.71

3.02

Total Debt/Equity (?)

0.22

0.31

0.83

2.41

3.02

Long Term Debt/Total Capital (?)

0.00

0.23

0.30

0.50

0.75

Total Debt/Total Capital (?)

0.18

0.23

0.45

0.71

0.75

Payout Ratio (?)

0.00%

0.00%

0.00%

0.00%

0.00%

Effective Tax Rate (?)

21.44%

-1.45%

-

-

24.04%

Total Capital (?)

575.1

421.0

312.0

349.9

334.7

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

1.27

1.54

0.50

0.65

0.81

Inventory Turnover (?)

6.02

7.40

3.97

5.97

5.02

Days In Inventory (?)

60.62

49.30

91.95

61.14

72.72

Receivables Turnover (?)

4.96

5.23

2.96

3.79

3.12

Days Receivables Outstanding (?)

73.55

69.82

123.50

96.43

116.90

Revenue/Employee (?)

377,455

339,015

105,647

131,430

140,033

Operating Income/Employee (?)

77,300

65,793

-32,626

-9,800

7,677

EBITDA/Employee (?)

85,373

73,585

-22,671

-6,758

7,677

 

 

 

 

 

 

Profitability

Gross Margin (?)

46.71%

44.01%

39.44%

40.78%

41.95%

Operating Margin (?)

20.48%

19.41%

-30.88%

-7.46%

5.48%

EBITDA Margin (?)

22.62%

21.71%

-21.46%

-5.14%

5.48%

EBIT Margin (?)

20.48%

19.41%

-30.88%

-7.46%

5.48%

Pretax Margin (?)

19.56%

18.37%

-34.03%

-8.64%

6.12%

Net Profit Margin (?)

15.28%

18.44%

-28.24%

-7.54%

4.65%

R&D Expense/Revenue (?)

7.84%

7.43%

23.74%

18.26%

-

COGS/Revenue (?)

53.29%

55.99%

60.56%

59.22%

58.05%

SG&A Expense/Revenue (?)

16.65%

16.86%

42.27%

27.24%

-

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

19.50%

28.63%

-13.98%

-4.90%

3.75%

Return on Equity (?)

32.03%

57.02%

-46.56%

-26.62%

21.18%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share (?)

2.65

1.13

-0.85

0.38

0.49

Operating Cash Flow/Share  (?)

2.75

1.22

-0.77

0.52

0.60

 

Current Market Multiples

Market Cap/Earnings (TTM) (?)

7.68

Market Cap/Equity (MRQ) (?)

1.25

Market Cap/Revenue (TTM) (?)

1.02

Market Cap/EBIT (TTM) (?)

5.43

Market Cap/EBITDA (TTM) (?)

4.81

Enterprise Value/Earnings (TTM) (?)

3.59

Enterprise Value/Equity (MRQ) (?)

0.58

Enterprise Value/Revenue (TTM) (?)

0.48

Enterprise Value/EBIT (TTM) (?)

2.54

Enterprise Value/EBITDA (TTM) (?)

2.25

 

 

 

 

Stock Report

  

 

Stock Snapshot    

 

 

Traded: NASDAQ: KLIC  

As of 12-Oct-2012    US Dollars

Recent Price

$9.65

 

EPS

$1.78

52 Week High

$13.69

 

Price/Sales

0.86

52 Week Low

$8.05

 

Price/Earnings

6.93

Avg. Volume (mil)

0.91

 

Price/Book

1.49

Market Value (mil)

$715.11

 

Beta

2.73

 

Price % Change

Rel S&P 500%

4 Week

-19.58%

-17.48%

13 Week

13.66%

7.95%

52 Week

7.82%

-9.16%

Year to Date

4.32%

-8.17%

 

 

2 Year Weekly End Price & Volume

 

 

 

 

 

Stock History    

 

 

Market Cap History

 

30-Jun-12

% Chg

31-Mar-12

% Chg

31-Dec-11

% Chg

1-Oct-11

% Chg

2-Jul-11

% Chg

Total Common Shares Outstanding

74

0.1

74

0.4

74

1.2

73

0.5

72

0.9

Market Cap

660.8

-28.2

919.9

35.0

681.6

-3.0

702.3

5.4

666.4

2.4

Yearly Price History

 

2012

% Chg

2011

% Chg

2010

% Chg

2009

% Chg

2008

% Chg

High Price

13.69

7.6

12.72

32.8

9.58

43.4

6.68

-16.0

7.95

-36.2

Low Price

8.05

20.0

6.71

47.5

4.55

295.7

1.15

3.6

1.11

-82.8

Year End Price

9.65

4.3

9.25

28.5

7.20

33.6

5.39

217.1

1.70

-75.2

Monthly Price History

Price Ending Date

Open

High

Low

Close

Volume

 

12-Oct-12

10.43

10.63

9.49

9.65

6,187,130

 

28-Sep-12

11.28

12.07

9.99

10.41

15,084,431

 

31-Aug-12

10.93

12.05

10.55

11.33

20,547,434

 

31-Jul-12

8.92

11.94

8.05

11.07

23,300,061

 

29-Jun-12

10.26

10.82

8.30

8.92

35,252,455

 

31-May-12

13.32

13.69

10.39

10.52

17,012,098

 

30-Apr-12

12.34

13.39

11.81

13.10

14,710,366

 

30-Mar-12

11.28

12.78

10.60

12.43

16,224,501

 

29-Feb-12

10.96

11.94

10.87

11.26

17,069,893

 

31-Jan-12

9.52

11.47

9.32

10.81

18,457,408

 

30-Dec-11

9.06

9.73

8.52

9.25

20,939,443

 

30-Nov-11

9.23

11.10

8.09

9.10

36,058,698

 

31-Oct-11

7.48

10.60

6.71

9.65

28,269,957

 

 

Standard & Poor’s

United States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising Debt Burden; Outlook Negative

Publication date: 05-Aug-2011 20:13:14 EST

 

·        We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating.

·         We have also removed both the short- and long-term ratings from CreditWatch negative.

·         The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.

·         More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

·         Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon.

·         The outlook on the long-term rating is negative. We could lower the long-term rating to 'AA' within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

 

TORONTO (Standard & Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it lowered its long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the long-term rating is negative. At the same time, Standard & Poor's affirmed its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's removed both ratings from CreditWatch, where they were placed on July 14, 2011, with negative implications.

 

The transfer and convertibility (T&C) assessment of the U.S.--our assessment of the likelihood of official interference in the ability of U.S.-based public- and private-sector issuers to secure foreign exchange for

debt service--remains 'AAA'.

 

We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.

 

Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria (see "Sovereign Government Rating Methodology and Assumptions ," June 30, 2011, especially Paragraphs 36-41). Nevertheless, we view the U.S. federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged.

 

We have taken the ratings off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment of 2011 has removed any perceived immediate threat of payment default posed by delays to raising the government's debt ceiling. In addition, we believe that the act provides sufficient clarity to allow us to evaluate the likely course of U.S. fiscal policy for the next few years.

 

The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements,

the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.

 

Our opinion is that elected officials remain wary of tackling the structural issues required to effectively address the rising U.S. public debt burden in a manner consistent with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and Assumptions," June 30, 2011, especially Paragraphs 36-41). In our view, the difficulty in framing a consensus on fiscal policy weakens the government's ability to manage public finances and diverts attention from the debate over how to achieve more balanced and dynamic economic growth in an era of fiscal stringency and private-sector deleveraging (ibid). A new political consensus might (or might not) emerge after the 2012 elections, but we believe that by then, the government debt burden will likely be higher, the needed medium-term fiscal adjustment potentially greater, and the inflection point on the U.S. population's demographics and other age-related spending drivers closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely Cost Even More Green, Now," June 21, 2011).

 

Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing.

 

The act calls for as much as $2.4 trillion of reductions in expenditure growth over the 10 years through 2021. These cuts will be implemented in two steps: the $917 billion agreed to initially, followed by an additional $1.5 trillion that the newly formed Congressional Joint Select Committee on Deficit Reduction is supposed to recommend by November 2011. The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.

 

The act further provides that if Congress does not enact the committee's recommendations, cuts of $1.2 trillion will be implemented over the same time period. The reductions would mainly affect outlays for civilian discretionary spending, defense, and Medicare. We understand that this fall-back mechanism is designed to encourage Congress to embrace a more balanced mix of expenditure savings, as the committee might recommend.

 

We note that in a letter to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated total budgetary savings under the act to be at least $2.1 trillion over the next 10 years relative to its baseline assumptions. In updating our own fiscal projections, with certain modifications outlined below, we have relied on the CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to include the CBO assumptions contained in its Aug. 1 letter to Congress. In general, the CBO's "Alternate Fiscal Scenario" assumes a continuation of recent Congressional action overriding existing law.

 

We view the act's measures as a step toward fiscal consolidation. However, this is within the framework of a legislative mechanism that leaves open the details of what is finally agreed to until the end of 2011, and Congress and the Administration could modify any agreement in the future. Even assuming that at least $2.1 trillion of the spending reductions the act envisages are implemented, we maintain our view that the U.S. net general government debt burden (all levels of government combined, excluding liquid financial assets) will likely continue to grow. Under our revised base case fiscal scenario--which we consider to be consistent with a 'AA+' long-term rating and a negative outlook--we now project that net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of sovereign indebtedness is high in relation to those of peer credits and, as noted, would continue to rise under the act's revised policy settings.

 

Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade.

 

Our revised upside scenario--which, other things being equal, we view as consistent with the outlook on the 'AA+' long-term rating being revised to stable--retains these same macroeconomic assumptions. In addition, it incorporates $950 billion of new revenues on the assumption that the 2001 and 2003 tax cuts for high earners lapse from 2013 onwards, as the Administration is advocating. In this scenario, we project that the net general government debt would rise from an estimated 74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.

 

Our revised downside scenario--which, other things being equal, we view as being consistent with a possible further downgrade to a 'AA' long-term rating--features less-favorable macroeconomic assumptions, as outlined below and also assumes that the second round of spending cuts (at least $1.2 trillion) that the act calls for does not occur. This scenario also assumes somewhat higher nominal interest rates for U.S. Treasuries. We still believe that the role of the U.S. dollar as the key reserve currency confers a government funding advantage, one that could change only slowly over time, and that Fed policy might lean toward continued loose monetary policy at a time of fiscal tightening. Nonetheless, it is possible that interest rates could rise if investors re-price relative risks. As a result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in 10-year bond yields relative to the base and upside cases from 2013 onwards. In this scenario, we project the net public debt burden would rise from 74% of GDP in 2011 to 90% in 2015 and to 101% by 2021.

 

Our revised scenarios also take into account the significant negative revisions to historical GDP data that the Bureau of Economic Analysis announced on July 29. From our perspective, the effect of these revisions underscores two related points when evaluating the likely debt trajectory of the U.S. government. First, the revisions show that the recent recession was deeper than previously assumed, so the GDP this year is lower than previously thought in both nominal and real terms. Consequently, the debt burden is slightly higher. Second, the revised data highlight the sub-par path of the current economic recovery when compared with rebounds following previous post-war recessions. We believe the sluggish pace of the current economic recovery could be consistent with the experiences of countries that have had financial crises in which the slow process of debt deleveraging in the private sector leads to a persistent drag on demand. As a result, our downside case scenario assumes relatively modest real trend GDP growth of 2.5% and inflation of near 1.5% annually going forward.

 

When comparing the U.S. to sovereigns with 'AAA' long-term ratings that we view as relevant peers--Canada, France, Germany, and the U.K.--we also observe, based on our base case scenarios for each, that the trajectory of the U.S.'s net public debt is diverging from the others. Including the U.S., we estimate that these five sovereigns will have net general government debt to GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%. By 2015, we project that their net public debt to GDP ratios will range between 30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at 79%. However, in contrast with the U.S., we project that the net public debt burdens of these other sovereigns will begin to decline, either before or by 2015.

 

Standard & Poor's transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment reflects our view of the likelihood of the sovereign restricting other public and private issuers' access to foreign exchange needed to meet debt service. Although in our view the credit standing of the U.S. government has deteriorated modestly, we see little indication that official interference of this kind is entering onto the policy agenda of either Congress or the Administration. Consequently, we continue to view this risk as being highly remote.

 

The outlook on the long-term rating is negative. As our downside alternate fiscal scenario illustrates, a higher public debt trajectory than we currently assume could lead us to lower the long-term rating again. On the other hand, as our upside scenario highlights, if the recommendations of the Congressional Joint Select Committee on Deficit Reduction--independently or coupled with other initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high earners--lead to fiscal consolidation measures beyond the minimum mandated, and we believe they are likely to slow the deterioration of the government's debt dynamics, the long-term rating could stabilize at 'AA+'.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.63

UK Pound

1

Rs.86.17

Euro

1

Rs.69.74

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

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NB

New Business

 

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This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.