$KLIC
Kulicke and Soffa Industries Inc

2013 Q2 Form 10-Q Financial Statement

#000005697813000032 Filed on July 31, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $141.2M $255.5M
YoY Change -44.75% 23.6%
Cost Of Revenue $75.27M $133.1M
YoY Change -43.44% 23.48%
Gross Profit $65.91M $122.4M
YoY Change -46.17% 23.73%
Gross Profit Margin 46.69% 47.92%
Selling, General & Admin $31.26M $30.15M
YoY Change 3.7% -22.26%
% of Gross Profit 47.43% 24.62%
Research & Development $15.78M $16.02M
YoY Change -1.47% -3.06%
% of Gross Profit 23.94% 13.08%
Depreciation & Amortization $2.504M $1.876M
YoY Change 33.48% -6.71%
% of Gross Profit 3.8% 1.53%
Operating Expenses $47.05M $46.17M
YoY Change 1.91% -16.53%
Operating Profit $18.87M $76.28M
YoY Change -75.26% 74.75%
Interest Expense $0.00 $1.455M
YoY Change -100.0% -28.01%
% of Operating Profit 0.0% 1.91%
Other Income/Expense, Net
YoY Change
Pretax Income $19.13M $75.02M
YoY Change -74.5% 79.54%
Income Tax $247.0K $6.847M
% Of Pretax Income 1.29% 9.13%
Net Earnings $18.89M $68.17M
YoY Change -72.3% 70.93%
Net Earnings / Revenue 13.38% 26.68%
Basic Earnings Per Share $0.25 $0.92
Diluted Earnings Per Share $0.25 $0.90
COMMON SHARES
Basic Shares Outstanding 75.23M shares 74.07M shares
Diluted Shares Outstanding 76.47M shares 75.99M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $508.5M $380.7M
YoY Change 33.57% 35.1%
Cash & Equivalents $508.5M $380.7M
Short-Term Investments $0.00
Other Short-Term Assets $25.40M $24.60M
YoY Change 3.25% 38.98%
Inventory $48.09M $65.20M
Prepaid Expenses
Receivables $147.0M $177.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $729.0M $648.4M
YoY Change 12.43% 18.73%
LONG-TERM ASSETS
Property, Plant & Equipment $32.88M $25.50M
YoY Change 28.95% -16.67%
Goodwill $41.55M
YoY Change
Intangibles $13.50M
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.622M $10.60M
YoY Change -9.23% -10.92%
Total Long-Term Assets $97.55M $100.3M
YoY Change -2.74% -16.9%
TOTAL ASSETS
Total Short-Term Assets $729.0M $648.4M
Total Long-Term Assets $97.55M $100.3M
Total Assets $826.5M $748.7M
YoY Change 10.4% 12.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.25M $70.00M
YoY Change -33.93% -7.89%
Accrued Expenses $35.10M $23.00M
YoY Change 52.61% -2.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $97.73M $135.1M
YoY Change -27.66% -5.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $9.100M $9.700M
YoY Change -6.19% -25.95%
Total Long-Term Liabilities $9.100M $9.700M
YoY Change -6.19% -91.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.73M $135.1M
Total Long-Term Liabilities $9.100M $9.700M
Total Liabilities $143.3M $175.8M
YoY Change -18.48% -36.99%
SHAREHOLDERS EQUITY
Retained Earnings $262.3M
YoY Change
Common Stock $464.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $46.36M
YoY Change
Treasury Stock Shares 4.954M shares
Shareholders Equity $683.2M $572.9M
YoY Change
Total Liabilities & Shareholders Equity $826.5M $748.7M
YoY Change 10.4% 12.28%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $18.89M $68.17M
YoY Change -72.3% 70.93%
Depreciation, Depletion And Amortization $2.504M $1.876M
YoY Change 33.48% -6.71%
Cash From Operating Activities $11.40M $66.30M
YoY Change -82.81% -12.76%
INVESTING ACTIVITIES
Capital Expenditures -$2.600M -$2.200M
YoY Change 18.18% 15.79%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.500M -$2.200M
YoY Change 13.64% 10.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 400.0K -109.5M
YoY Change -100.37% -2907.69%
NET CHANGE
Cash From Operating Activities 11.40M 66.30M
Cash From Investing Activities -2.500M -2.200M
Cash From Financing Activities 400.0K -109.5M
Net Change In Cash 9.300M -45.40M
YoY Change -120.48% -158.28%
FREE CASH FLOW
Cash From Operating Activities $11.40M $66.30M
Capital Expenditures -$2.600M -$2.200M
Free Cash Flow $14.00M $68.50M
YoY Change -79.56% -12.07%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2012Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
62098000 USD
CY2013Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
62989000 USD
CY2013Q2 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
227000 USD
CY2012Q3 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
227000 USD
CY2012Q3 us-gaap Accounts Notes And Loans Receivable Net Current
AccountsNotesAndLoansReceivableNetCurrent
188986000 USD
CY2013Q2 us-gaap Accounts Notes And Loans Receivable Net Current
AccountsNotesAndLoansReceivableNetCurrent
147038000 USD
CY2013Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
46246000 USD
CY2012Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
57231000 USD
CY2013Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2974000 USD
CY2012Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
8192000 USD
CY2013Q2 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
3780000 USD
CY2012Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
2996000 USD
CY2012Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
2381000 USD
CY2013Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
3169000 USD
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2596000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6569000 USD
CY2012Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2077000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8088000 USD
CY2012Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
937000 USD
CY2013Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
817000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
5174000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
0 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000 shares
CY2012Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2012Q2 us-gaap Area Of Land
AreaOfLand
198134 sqft
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
206000 USD
CY2012Q3 us-gaap Assets
Assets
815609000 USD
CY2013Q2 us-gaap Assets
Assets
826548000 USD
CY2013Q2 us-gaap Assets Current
AssetsCurrent
728995000 USD
CY2012Q3 us-gaap Assets Current
AssetsCurrent
713316000 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These consolidated financial statements include the accounts of Kulicke and Soffa Industries, Inc. and its subsidiaries (the &#8220;Company&#8221;), with appropriate elimination of intercompany balances and transactions. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The interim consolidated financial statements are unaudited and, in management's opinion, include all adjustments (consisting only of normal and recurring adjustments) necessary for a fair presentation of results for these interim periods. The interim consolidated financial statements do not include all of the information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) and should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended September 29, 2012, filed with the Securities and Exchange Commission, which includes Consolidated Balance Sheets as of September 29, 2012 and October 1, 2011, and the related Consolidated Statements of Operations, Cash Flows, and Changes in Shareholders' Equity for each of the years in the three-year period ended September 29, 2012. The results of operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for a full year.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Each of the Company's first three fiscal quarters end on the Saturday that is 13 weeks after the end of the immediately preceding fiscal quarter. The fourth quarter of each fiscal year ends on the Saturday closest to September 30</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:10pt;">. Fiscal 2013 quarters end on December 29, 2012, March 30, 2013, June 29, 2013 and September 28, 2013. Fiscal 2012 quarters ended on December 31, 2011, March 31, 2012, June 30, 2012 and September 29, 2012. In fiscal years consisting of 53 weeks, the fourth quarter will consist of 14 weeks.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Nature of Business</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company designs, manufactures and sells capital equipment and expendable tools as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. The Company's operating results depend upon the capital and operating expenditures of semiconductor manufacturers and outsourced semiconductor assembly and test providers (&#8220;OSATs&#8221;) worldwide which, in turn, depend on the current and anticipated market demand for semiconductors and products utilizing semiconductors. The semiconductor industry is highly volatile and experiences downturns and slowdowns which have a severe negative effect on the semiconductor industry's demand for semiconductor capital equipment, including assembly equipment manufactured and sold by the Company and, to a lesser extent, expendable tools, including those sold by the Company. These downturns and slowdowns have in the past adversely affected the Company's operating results. The Company believes such volatility will continue to characterize the industry and the Company's operations in the future.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets and liabilities, net revenue and expenses during the reporting periods, and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. On an on-going basis, management evaluates estimates, including but not limited to, those related to accounts receivable, reserves for excess and obsolete inventory, carrying value and lives of fixed assets, goodwill and intangible assets, valuation allowances for deferred tax assets and deferred tax liabilities, repatriation of un-remitted foreign subsidiary earnings, equity-based compensation expense, restructuring, and warranties. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of its assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates, and on an ongoing basis, management evaluates these estimates. Actual results may differ from these estimates under different assumptions or conditions.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Vulnerability to Certain Concentrations</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments which may subject the Company to concentrations of credit risk as of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">June&#160;29, 2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">September&#160;29, 2012</font><font style="font-family:inherit;font-size:10pt;"> consisted primarily of short-term investments and trade receivables. The Company manages credit risk associated with investments by investing its excess cash in highly rated debt instruments of the U.S. Government and its agencies, financial institutions, and corporations. The Company has established investment guidelines relative to diversification and maturities designed to maintain safety and liquidity. These guidelines are periodically reviewed and modified as appropriate. The Company does not have any exposure to sub-prime financial instruments or auction rate securities. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's trade receivables result primarily from the sale of semiconductor equipment, related accessories and replacement parts, and expendable tools to a relatively small number of large manufacturers in a highly concentrated industry. Write-offs of uncollectible accounts have historically not been significant; however, the Company closely monitors its customers' financial strength to reduce the risk of loss. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's products are complex and require raw materials, components and subassemblies having a high degree of reliability, accuracy and performance. The Company relies on subcontractors to manufacture many of these components and subassemblies and it relies on sole source suppliers for some important components and raw material inventory.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's international operations are exposed to changes in foreign currency exchange rates due to transactions denominated in currencies other than the location's functional currency. The Company is also exposed to foreign currency fluctuations that impact the remeasurement of net monetary assets of those operations whose functional currency, the U.S. dollar, differs from their respective local currencies, most notably in Israel, Malaysia, Singapore and Switzerland. In addition to net monetary remeasurement, the Company has exposures related to the translation of subsidiary financial statements from their functional currency, the local currency, into its reporting currency, the U.S. dollar, most notably in China, Taiwan, Japan and Germany. The Company's U.S. operations also have foreign currency exposure due to net monetary assets denominated in currencies other than the U.S. dollar.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Foreign Currency Translation</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The majority of the Company's business is transacted in U.S. dollars; however, the functional currencies of some of the Company's subsidiaries are their local currencies. In accordance with ASC No. 830, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Foreign Currency Matters</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASC 830&#8221;), for a subsidiary of the Company that has a functional currency other than the U.S. dollar, gains and losses resulting from the translation of the functional currency into U.S. dollars for financial statement presentation are not included in determining net income, but are accumulated in the cumulative translation adjustment account as a separate component of shareholders' equity (accumulated other comprehensive income (loss)). Under ASC 830, cumulative translation adjustments are not adjusted for income taxes as they relate to indefinite investments in non-U.S. subsidiaries. Gains and losses resulting from foreign currency transactions are included in the determination of net income.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Cash Equivalents </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash equivalents are measured at fair value based on level one measurement, or quoted market prices, as defined by ASC No. 820, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurements and Disclosures</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">June&#160;29, 2013</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">September&#160;29, 2012</font><font style="font-family:inherit;font-size:10pt;">, fair value approximated the cost basis for cash equivalents. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Investments </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investments, other than cash equivalents, are classified as &#8220;trading,&#8221; &#8220;available-for-sale&#8221; or &#8220;held-to-maturity,&#8221; in accordance with ASC No. 320, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Investments-Debt &amp; Equity Securities</font><font style="font-family:inherit;font-size:10pt;">, and depending upon the nature of the investment, its ultimate maturity date in the case of debt securities, and management's intentions with respect to holding the securities. Investments classified as &#8220;trading&#8221; are reported at fair market value, with unrealized gains or losses included in earnings. Investments classified as &#8220;available-for-sale&#8221; are reported at fair market value, with net unrealized gains or losses reflected as a separate component of shareholders' equity (accumulated other comprehensive income (loss)). The fair market value of trading and available-for-sale securities is determined using quoted market prices at the balance sheet date. Investments classified as held-to-maturity are reported at amortized cost. Realized gains and losses are determined on the basis of specific identification of the securities sold.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Allowance for Doubtful Accounts</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company maintains allowances for doubtful accounts for estimated losses resulting from its customers' failure to make required payments. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. The Company is also subject to concentrations of customers and sales to a few geographic locations, which could also impact the collectability of certain receivables. If global economic conditions deteriorate or political conditions were to change in some of the countries where the Company does business, it could have a significant impact on the results of operations, and the Company's ability to realize the full value of its accounts receivable.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Inventories</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Inventories are stated at the lower of cost (on a first-in first-out basis) or market value. The Company generally provides reserves for obsolete inventory and for inventory considered to be in excess of demand. Demand is generally defined as </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">18 months</font><font style="font-family:inherit;font-size:10pt;"> future consumption for equipment, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">24 months</font><font style="font-family:inherit;font-size:10pt;"> consumption for all spare parts, and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">12 months</font><font style="font-family:inherit;font-size:10pt;"> consumption for expendable tools. Forecasted demand is based upon internal projections, historical sales volumes, customer order activity and a review of consumable inventory levels at customers' facilities. The Company communicates forecasts of its future demand to its suppliers and adjusts commitments to those suppliers accordingly. If required, the Company reserves the difference between the carrying value of its inventory and the lower of cost or market value, based upon assumptions about future demand, and market conditions. If actual market conditions are less favorable than projections, additional inventory reserves may be required.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Property, Plant and Equipment </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property, plant and equipment are carried at cost. The cost of additions and those improvements which increase the capacity or lengthen the useful lives of assets are capitalized while repair and maintenance costs are expensed as incurred. Depreciation and amortization are provided on a straight-line basis over the estimated useful lives as follows: buildings </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">25 years</font><font style="font-family:inherit;font-size:10pt;">; machinery and equipment </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">3</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">10 years</font><font style="font-family:inherit;font-size:10pt;">; and leasehold improvements are </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">based on the shorter of the life of lease or life of asset</font><font style="font-family:inherit;font-size:10pt;">. </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">Purchased computer software costs related to business and financial systems are amortized over a five-year period on a straight-line basis.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Valuation of Long-Lived Assets </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with ASC No. 360, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Property, Plant &amp; Equipment</font><font style="font-family:inherit;font-size:10pt;"> ("ASC 360"), the Company's property, plant and equipment is tested for impairment based on undiscounted cash flows when triggering events occur, and if impaired, written-down to fair value based on either discounted cash flows or appraised values. ASC 360 also provides a single accounting model for long-lived assets to be disposed of by sale and establishes additional criteria that would have to be met to classify an asset as held for sale. The carrying amount of an asset or asset group is not recoverable to the extent it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. Estimates of future cash flows used to test the recoverability of a long-lived asset or asset group must incorporate the entity's own assumptions about its use of the asset or asset group and must factor in all available evidence.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ASC 360 requires that long-lived assets be tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Such events include significant under-performance relative to the expected historical or projected future operating results; significant changes in the manner of use of the assets; significant negative industry or economic trends and significant changes in market capitalization.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Accounting for Impairment of Goodwill</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates two reportable segments: Equipment and Expendable Tools. Goodwill was recorded in 2009 for the acquisition of Orthodyne Electronics Corporation ("Orthodyne"), which added wedge bonder products to the Equipment business. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Standard Update 2011-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Testing Goodwill for Impairment (&#8220;ASU 2011-08&#8221;),</font><font style="font-family:inherit;font-size:10pt;"> provides companies with the option to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value.&#160;If, after assessing the qualitative factors, a company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value, then performing the two-step impairment test is unnecessary.&#160;However, if a company concludes otherwise, then it is required to perform the first step of the two-step goodwill impairment test.&#160;If the carrying value of a reporting unit exceeds its fair value, then a company is required to perform the second step of the two-step goodwill impairment test.&#160; </font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As part of the annual evaluation, the Company performs an impairment test of its goodwill in the fourth quarter of each fiscal year to coincide with the completion of its annual forecasting and refreshing of business outlook process. On an on-going basis, the Company monitors if a &#8220;triggering&#8221; event has occurred that may have the effect of reducing the fair value of a reporting unit below its respective carrying value. Adverse changes in expected operating results and/or unfavorable changes in other economic factors used to estimate fair values could result in a non-cash impairment charge in the future. During the three and nine months ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">June&#160;29, 2013</font><font style="font-family:inherit;font-size:10pt;">, no triggering events occurred.&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impairment assessments inherently involve judgment as to assumptions about expected future cash flows and the impact of market conditions on those assumptions. Future events and changing market conditions may impact the assumptions as to prices, costs, growth rates or other factors that may result in changes in the estimates of future cash flows. Although the Company believes the assumptions that it has used in testing for impairment are reasonable, significant changes in any one of the assumptions could produce a significantly different result. Indicators of potential impairment may lead the Company to perform interim goodwill impairment assessments including, significant and unforeseen customer losses, a significant adverse change in legal factors or in the business climate, a significant adverse action or assessment by a regulator, a significant stock price decline or unanticipated competition. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For further information on goodwill and other intangible assets, see Note 3 below.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with ASC No. 605, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font><font style="font-family:inherit;font-size:10pt;">, the Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, the collectability is reasonably assured, and equipment installation obligations have been completed and customer acceptance, when applicable, has been received or otherwise released from installation or customer acceptance obligations. If terms of the sale provide for a customer acceptance period, revenue is recognized upon the expiration of the acceptance period or customer acceptance, whichever occurs first. The Company&#8217;s standard terms are </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">ex works</font><font style="font-family:inherit;font-size:10pt;"> (the Company&#8217;s factory), with title transferring to its customer at the Company&#8217;s loading dock or upon embarkation. The Company has a small percentage of sales with other terms, and revenue is recognized in accordance with the terms of the related customer purchase order. Revenue related to services is recognized upon performance of the services requested by a customer order. Revenue for extended maintenance service contracts with a term more than one month is recognized on a prorated straight-line basis over the term of the contract.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Shipping and handling costs billed to customers are recognized in net revenue. Shipping and handling costs paid by the Company are included in cost of sales.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Research and Development </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company charges research and development costs associated with the development of new products to expense when incurred. In certain circumstances, pre-production machines which the Company intends to sell are carried as inventory until sold.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with ASC No. 740, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Taxes</font><font style="font-family:inherit;font-size:10pt;">, deferred income taxes are determined using the liability method</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">. </font><font style="font-family:inherit;font-size:10pt;">The Company records a valuation allowance to reduce its deferred tax assets to the amount it expects is more likely than not to be realized. While the Company has considered future taxable income and its ongoing tax planning strategies in assessing the need for the valuation allowance, if it were to determine that it would be able to realize its deferred tax assets in the future in excess of its net recorded amount, an adjustment to the deferred tax asset would increase income in the period such determination was made. Likewise, should the Company determine it would not be able to realize all or part of its net deferred tax assets in the future, an adjustment to the deferred tax asset would decrease income in the period such determination was made. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with ASC No. 740 Topic 10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Taxes, General </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASC 740.10&#8221;), the Company accounts for uncertain tax positions taken or expected to be taken in its income tax return. Under ASC 740.10, the Company utilizes a two-step approach for evaluating uncertain tax positions. Step one, or recognition, requires a company to determine if the weight of available evidence indicates a tax position is more likely than not to be sustained upon audit, including resolution of related appeals or litigation processes, if any. Step two, or measurement, is based on the largest amount of benefit, which is more likely than not to be realized on settlement with the taxing authority.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Equity-Based Compensation </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company accounts for equity-based compensation under the provisions of ASC No. 718,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Compensation - Stock Compensation</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASC 718&#8221;). ASC 718 requires the recognition of the fair value of the equity-based compensation in net income. Compensation expense associated with market-based restricted stock is determined using a Monte-Carlo valuation model, and compensation expense associated with time-based and performance-based restricted stock is determined based on the number of shares granted and the fair value on the date of grant. The fair value of the Company's stock option awards are estimated using a Black-Scholes option valuation model. In addition, the calculation of equity-based compensation costs requires that the Company estimate the number of awards that will be forfeited during the vesting period. The fair value of equity-based awards is amortized over the vesting period of the award and the Company elected to use the straight-line method for awards granted after the adoption of ASC 718.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Earnings per Share </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Earnings per share (&#8220;EPS&#8221;) are calculated in accordance with ASC No. 260,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Earnings per Share</font><font style="font-family:inherit;font-size:10pt;">. Basic EPS include only the weighted average number of common shares outstanding during the period. Diluted EPS includes the weighted average number of common shares and the dilutive effect of stock options, restricted stock and share unit awards and convertible subordinated notes outstanding during the period, when such instruments are dilutive.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with ASC No. 260.10.55, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Earnings per Share - Implementation &amp; Guidance</font><font style="font-family:inherit;font-size:10pt;">, the Company treats all outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends as participating in undistributed earnings with common shareholders. Awards of this nature are considered participating securities and the two-class method of computing basic and diluted EPS must be applied. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Prior Period Adjustment</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the three months ended December 29, 2012, the Company identified a prior period adjustment of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$1.1 million</font><font style="font-family:inherit;font-size:10pt;"> relating to the recognition of government grants that resulted in increased R&amp;D expenses and a reduction of grants receivable. This error was corrected during the quarter ended December 29, 2012 and management deemed that the adjustment was not material to the previous fiscal year ended September 29, 2012 or the expected full year results of the current fiscal year ending September 28, 2013. This amount impacted the nine month period ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">June&#160;29, 2013</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">There were no new accounting pronouncements during the three months ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">June&#160;29, 2013</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
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CY2013Q2 us-gaap Buildings And Improvements Gross
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CashAndCashEquivalentsAtCarryingValue
440244000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2012Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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2509000 USD
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us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2012Q3 us-gaap Commitments And Contingencies
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CY2013Q2 us-gaap Commitments And Contingencies
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0
CY2013Q2 us-gaap Common Stock No Par Value
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CY2012Q3 us-gaap Common Stock Shares Authorized
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CY2013Q2 us-gaap Common Stock Shares Authorized
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CY2013Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2012Q3 us-gaap Common Stock Shares Issued
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CY2013Q2 us-gaap Common Stock Shares Outstanding
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CY2012Q3 us-gaap Common Stock Shares Outstanding
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CY2013Q2 us-gaap Common Stock Value
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CY2012Q3 us-gaap Common Stock Value
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CY2012Q2 us-gaap Comprehensive Income Net Of Tax
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67783000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
30615000 USD
us-gaap Income Taxes Paid
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CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2013Q2 us-gaap Construction In Progress Gross
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14078000 USD
CY2012Q3 us-gaap Construction In Progress Gross
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3219000 USD
CY2013Q2 us-gaap Contractual Obligation
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14078000 USD
CY2012Q3 us-gaap Contractual Obligation
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3219000 USD
us-gaap Cost Of Goods And Services Sold
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us-gaap Cost Of Goods And Services Sold
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CY2013Q2 us-gaap Cost Of Goods And Services Sold
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CY2012Q2 us-gaap Cost Of Goods And Services Sold
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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CY2013Q2 us-gaap Deferred Tax Assets Net Current
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CY2012Q3 us-gaap Deferred Tax Assets Net Current
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CY2013Q2 us-gaap Deferred Tax Liabilities Noncurrent
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CY2012Q3 us-gaap Deferred Tax Liabilities Noncurrent
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us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
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0 USD
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
1820000 USD
CY2011Q4 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements And Curtailments1
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1800000 USD
CY2013Q2 us-gaap Depreciation
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2504000 USD
us-gaap Depreciation
Depreciation
7419000 USD
CY2012Q2 us-gaap Depreciation
Depreciation
1876000 USD
us-gaap Depreciation
Depreciation
5766000 USD
us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2013Q2 us-gaap Earnings Per Share Basic
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0.25
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.92
CY2013Q2 us-gaap Earnings Per Share Diluted
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0.25
us-gaap Earnings Per Share Diluted
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CY2012Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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1.24
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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17053000 USD
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2295000 USD
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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5318000 USD
CY2013Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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5318000 USD
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13504000 USD
us-gaap Fiscal Period
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us-gaap Gains Losses On Sales Of Assets
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147000 USD
us-gaap Gains Losses On Sales Of Assets
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CY2013Q2 us-gaap Goodwill
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CY2012Q3 us-gaap Goodwill
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us-gaap Gross Profit
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166259000 USD
us-gaap Gross Profit
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CY2012Q2 us-gaap Gross Profit
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CY2012Q2 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
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CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
19134000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
31890000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2063000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10440000 USD
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6847000 USD
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
247000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
8060000 USD
us-gaap Increase Decrease In Accounts And Notes Receivable
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us-gaap Increase Decrease In Accounts And Notes Receivable
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40088000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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-5454000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
2117000 USD
us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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-5244000 USD
us-gaap Increase Decrease In Other Operating Capital Net
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258000 USD
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Interest Expense
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us-gaap Interest Paid
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us-gaap Inventory Write Down
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us-gaap Investment Income Interest
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Land
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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18887000 USD
us-gaap Number Of Reportable Segments
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us-gaap Operating Expenses
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CY2012Q2 us-gaap Operating Expenses
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2011Q4 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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14848000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Pension Contributions
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us-gaap Pension Contributions
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CY2013Q2 us-gaap Pension Contributions
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CY2012Q3 us-gaap Preferred Stock Shares Authorized
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5000000 shares
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0 shares
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us-gaap Proceeds From Repayments Of Debt
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us-gaap Proceeds From Repayments Of Debt
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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0 USD
us-gaap Proceeds From Stock Options Exercised
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3028000 USD
us-gaap Proceeds From Stock Options Exercised
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CY2012Q2 us-gaap Product Warranty Accrual
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CY2013Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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CY2012Q1 us-gaap Product Warranty Accrual
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CY2011Q4 us-gaap Product Warranty Accrual
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CY2013Q1 us-gaap Product Warranty Accrual
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us-gaap Product Warranty Accrual Payments
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468000 USD
us-gaap Product Warranty Accrual Payments
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1781000 USD
CY2012Q2 us-gaap Product Warranty Accrual Payments
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1514000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
443000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2366000 USD
CY2013Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
379000 USD
CY2013Q2 us-gaap Property Plant And Equipment Gross
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95870000 USD
CY2012Q3 us-gaap Property Plant And Equipment Gross
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90539000 USD
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32881000 USD
CY2012Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28441000 USD
CY2013Q2 us-gaap Property Plant And Equipment Other
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CY2012Q3 us-gaap Property Plant And Equipment Other
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2012Q2 us-gaap Research And Development Expense
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CY2013Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2013Q2 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Sales Revenue Net
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CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
30149000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31264000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Offering Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate
1
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
1037000 shares
CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
14000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
61000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
1184000 shares
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
683238000 USD
CY2013Q2 us-gaap Supplemental Unemployment Benefits Severance Benefits
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1719000 USD
CY2012Q3 us-gaap Supplemental Unemployment Benefits Severance Benefits
SupplementalUnemploymentBenefitsSeveranceBenefits
2840000 USD
CY2013Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2012Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
4954000 shares
CY2012Q3 us-gaap Treasury Stock Value
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46356000 USD
CY2013Q2 us-gaap Treasury Stock Value
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46356000 USD
us-gaap Undistributed Earnings Allocated To Participating Securities
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us-gaap Undistributed Earnings Allocated To Participating Securities
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0 USD
CY2012Q2 us-gaap Undistributed Earnings Allocated To Participating Securities
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0 USD
CY2013Q2 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
0 USD
CY2013Q2 us-gaap Unrecognized Tax Benefits
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1700000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
900000 USD
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets and liabilities, net revenue and expenses during the reporting periods, and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. On an on-going basis, management evaluates estimates, including but not limited to, those related to accounts receivable, reserves for excess and obsolete inventory, carrying value and lives of fixed assets, goodwill and intangible assets, valuation allowances for deferred tax assets and deferred tax liabilities, repatriation of un-remitted foreign subsidiary earnings, equity-based compensation expense, restructuring, and warranties. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable. As a result, management makes judgments regarding the carrying values of its assets and liabilities that are not readily apparent from other sources. Authoritative pronouncements, historical experience and assumptions are used as the basis for making estimates, and on an ongoing basis, management evaluates these estimates. Actual results may differ from these estimates under different assumptions or conditions.</font></div></div>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75994000 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76473000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76204000 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75231000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75083000 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
74067000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73811000 shares
CY2012Q3 klic Accrued Expenses And Other Current Liabilities
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57946000 USD
CY2013Q2 klic Accrued Expenses And Other Current Liabilities
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48509000 USD
CY2013Q2 klic Accrued Liabilities For Commission And Professional Fees Current
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2241000 USD
CY2012Q3 klic Accrued Liabilities For Commission And Professional Fees Current
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2776000 USD
CY2012Q3 klic Accumulated Other Comprehensive Income Loss Curtailment Of Pension And Other Postretirement Benefit Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCurtailmentOfPensionAndOtherPostretirementBenefitPlansNetOfTax
388000 USD
CY2013Q2 klic Accumulated Other Comprehensive Income Loss Curtailment Of Pension And Other Postretirement Benefit Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCurtailmentOfPensionAndOtherPostretirementBenefitPlansNetOfTax
384000 USD
CY2008Q4 klic Additional Earn Out Payment Term
AdditionalEarnOutPaymentTerm
P3Y
klic Annual Rent And Service Charge Maximum Range
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5000000 SGD
klic Annual Rent And Service Charge Minimum Range
AnnualRentAndServiceChargeMinimumRange
4000000 SGD
klic Defined Benefit Plan Employer Contribution Percentage Match Of Compensation
DefinedBenefitPlanEmployerContributionPercentageMatchOfCompensation
employee contributions and matching Company contributions up to 4% or 6%
klic Earnings Per Share Diluted Adjustment
EarningsPerShareDilutedAdjustment
-0.01
klic Earnings Per Share Diluted Adjustment
EarningsPerShareDilutedAdjustment
-0.02
CY2013Q2 klic Earnings Per Share Diluted Adjustment
EarningsPerShareDilutedAdjustment
0.00
CY2012Q2 klic Earnings Per Share Diluted Adjustment
EarningsPerShareDilutedAdjustment
-0.02
CY2013Q2 klic Equipment And Software Gross
EquipmentAndSoftwareGross
24096000 USD
CY2012Q3 klic Equipment And Software Gross
EquipmentAndSoftwareGross
23819000 USD
klic Goodwill Adjustment Related To Acquisitions
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14800000 USD
CY2013Q2 klic Ground Leases Accrued Lease Expense
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400000 USD
klic Increase Decrease In Accounts Payable Accrued Expenses And Other Liabilities
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40349000 USD
klic Increase Decrease In Accounts Payable Accrued Expenses And Other Liabilities
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klic Incremental Common Shares Attributableto Dilutive Effectof Sharebased Payment Arrangements Marketbased Restricted Stock
IncrementalCommonSharesAttributabletoDilutiveEffectofSharebasedPaymentArrangementsMarketbasedRestrictedStock
942000 shares
klic Incremental Common Shares Attributableto Dilutive Effectof Sharebased Payment Arrangements Marketbased Restricted Stock
IncrementalCommonSharesAttributabletoDilutiveEffectofSharebasedPaymentArrangementsMarketbasedRestrictedStock
511000 shares
CY2012Q2 klic Incremental Common Shares Attributableto Dilutive Effectof Sharebased Payment Arrangements Marketbased Restricted Stock
IncrementalCommonSharesAttributabletoDilutiveEffectofSharebasedPaymentArrangementsMarketbasedRestrictedStock
1043000 shares
CY2013Q2 klic Incremental Common Shares Attributableto Dilutive Effectof Sharebased Payment Arrangements Marketbased Restricted Stock
IncrementalCommonSharesAttributabletoDilutiveEffectofSharebasedPaymentArrangementsMarketbasedRestrictedStock
599000 shares
klic Incremental Common Shares Attributableto Dilutive Effectof Sharebased Payment Arrangements Stock Options
IncrementalCommonSharesAttributabletoDilutiveEffectofSharebasedPaymentArrangementsStockOptions
111000 shares
klic Incremental Common Shares Attributableto Dilutive Effectof Sharebased Payment Arrangements Stock Options
IncrementalCommonSharesAttributabletoDilutiveEffectofSharebasedPaymentArrangementsStockOptions
152000 shares
CY2012Q2 klic Incremental Common Shares Attributableto Dilutive Effectof Sharebased Payment Arrangements Stock Options
IncrementalCommonSharesAttributabletoDilutiveEffectofSharebasedPaymentArrangementsStockOptions
144000 shares
CY2013Q2 klic Incremental Common Shares Attributableto Dilutive Effectof Sharebased Payment Arrangements Stock Options
IncrementalCommonSharesAttributabletoDilutiveEffectofSharebasedPaymentArrangementsStockOptions
108000 shares
klic Incremental Common Shares Attributableto Dilutive Effectof Sharebased Payment Arrangements Timebased Restricted Stock
IncrementalCommonSharesAttributabletoDilutiveEffectofSharebasedPaymentArrangementsTimebasedRestrictedStock
499000 shares
klic Incremental Common Shares Attributableto Dilutive Effectof Sharebased Payment Arrangements Timebased Restricted Stock
IncrementalCommonSharesAttributabletoDilutiveEffectofSharebasedPaymentArrangementsTimebasedRestrictedStock
611000 shares
CY2013Q2 klic Incremental Common Shares Attributableto Dilutive Effectof Sharebased Payment Arrangements Timebased Restricted Stock
IncrementalCommonSharesAttributabletoDilutiveEffectofSharebasedPaymentArrangementsTimebasedRestrictedStock
535000 shares
CY2012Q2 klic Incremental Common Shares Attributableto Dilutive Effectof Sharebased Payment Arrangements Timebased Restricted Stock
IncrementalCommonSharesAttributabletoDilutiveEffectofSharebasedPaymentArrangementsTimebasedRestrictedStock
740000 shares
CY2013Q2 klic Inventory Purchase Obligation Future Minimum Payments Due
InventoryPurchaseObligationFutureMinimumPaymentsDue
107654000 USD
CY2013Q2 klic Inventory Purchase Obligation Future Minimum Payments Due Current
InventoryPurchaseObligationFutureMinimumPaymentsDueCurrent
107654000 USD
CY2013Q2 klic Inventory Purchase Obligation Future Minimum Payments Due In Four Years
InventoryPurchaseObligationFutureMinimumPaymentsDueInFourYears
0 USD
CY2013Q2 klic Inventory Purchase Obligation Future Minimum Payments Due In Three Years
InventoryPurchaseObligationFutureMinimumPaymentsDueInThreeYears
0 USD
CY2013Q2 klic Inventory Purchase Obligation Future Minimum Payments Due In Two Years
InventoryPurchaseObligationFutureMinimumPaymentsDueInTwoYears
0 USD
CY2013Q2 klic Inventory Purchase Obligation Future Minimum Payments Due Thereafter
InventoryPurchaseObligationFutureMinimumPaymentsDueThereafter
0 USD
klic Lease Agreement Term
LeaseAgreementTerm
P10Y
CY2013Q2 klic Lease Contractual Obligation Expected
LeaseContractualObligationExpected
14400000 USD
klic Lease Expiration Year
LeaseExpirationYear
2018
klic Lessee Leasing Arrangements Operating Leases Numberof Renewal Options
LesseeLeasingArrangementsOperatingLeasesNumberofRenewalOptions
2 renewal_option
CY2012Q3 klic Liability For Consulting Arrangement With Ceo Current
LiabilityForConsultingArrangementWithCeoCurrent
300000 USD
CY2013Q2 klic Liability For Consulting Arrangement With Ceo Current
LiabilityForConsultingArrangementWithCeoCurrent
100000 USD
CY2012 klic Number Of Employees Included In Workforce Reduction Plan
NumberOfEmployeesIncludedInWorkforceReductionPlan
41 employee
CY2012Q2 klic Percentage Of Building Area Agreed To Lease From Landlord
PercentageOfBuildingAreaAgreedToLeaseFromLandlord
0.69
klic Period Of Warranty For Manufacturing Defects
PeriodOfWarrantyForManufacturingDefects
P1Y
klic Professionaland Contract Services Arrangement Term
ProfessionalandContractServicesArrangementTerm
P3Y
klic Pte Renewed Two Additional Terms
PteRenewedTwoAdditionalTerms
P10Y
klic Relative Total Shareholder Return Average Stock Price Calculation Period
RelativeTotalShareholderReturnAverageStockPriceCalculationPeriod
P90D
klic Sale Of Building Completion Period
SaleOfBuildingCompletionPeriod
P12M
klic Share Based Compensation Arrangement By Share Based Payment Award Options Vesting Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestingPeriod
P3Y
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-28
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-06-29
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000056978
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
75277538 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
KULICKE & SOFFA INDUSTRIES INC
dei Trading Symbol
TradingSymbol
klic

Files In Submission

Name View Source Status
0000056978-13-000032-index-headers.html Edgar Link pending
0000056978-13-000032-index.html Edgar Link pending
0000056978-13-000032.txt Edgar Link pending
0000056978-13-000032-xbrl.zip Edgar Link pending
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Financial_Report.xls Edgar Link pending
klic-20130629.xml Edgar Link completed
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