Kulicke and Soffa Industries, Inc. (NASDAQ:KLIC) Q4 2015 Earnings Conference Call Transcript

Nov 17, 2015 • 08:00 am ET

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Kulicke and Soffa Industries, Inc. (NASDAQ:KLIC) Q4 2015 Earnings Conference Call Transcript

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Presentation
Operator
operator

Greetings and welcome to Kulicke and Soffa Fourth Fiscal Quarter 2015 Results Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Joseph Elgindy, Director of Investor Relations and Strategic Initiatives for Kulicke and Soffa. Thank you. You may begin.

Executive
Joseph Elgindy

Thanks Christine. Welcome everyone to Kulicke and Soffa's fiscal 2015 fourth quarter and full year conference call. Joining us on the call today is Jonathan Chou, CFO and Interim CEO. For those of you who have not received a copy of today's results the release as well as the latest Investor presentation, are both available in the Investor Relations section of our website at kns.com.

(Forward-looking Statements) But first I will turn the call over to Jonathan Chou for the business overview. Please go ahead Jonathan.

Executive
Jonathan H. Chou

Thank you, Joe. While the current market environment continues to be challenging, I am pleased to share that our global sales team exceeded our adjusted revenue guidance of $100 million to $110 million issued in early September. This positive improvement was achieved by aggressively pursuing all possible sales opportunities during this soft event quarter.

I will provide more insight from the market and business standpoint surely but first I want to take a few minutes to speak about the recent departure of our CEO. Effective October 5, 2015 Bruno Guilmart has decided to retire from the company as President and CEO as well as from his Executive Director position. While his departure is clearly a loss, we will like to remind investors how our functional organization is structured. With the strength of the management team build by Bruno and how we are inherently prepared for changes like this.

The effective management team has and continues to be functionally organized. This global leadership team includes all of our key functional leads as well as our business head who represents the voice and direction of their respective business lines. This approach has provided us the opportunity to standardize our global processes and drive operational efficiencies at the functional level while also creating sales and marketing opportunities at the business level.

The additional benefit with this approach is that our leadership team is highly capable to continue business and operational execution throughout transition such as this. While Bruno will clearly will be missed, I am very confident that the management team who have been intimately involved in developing the current corporate strategy under Bruno's leadership will continue to pursue and execute on current strategy as well as make a refinement as needed under our strategic planning process.

With that said I'd like to switch topic to our fourth quarter business results. During the fourth quarter we booked revenue of $119 million. While still relatively soft this is above our adjusted revenue guidance range of $100 million to $110 million. Since our adjusted guidance, our ball bonded business pulled through and