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SINGAPORE – Kulicke and Soffa Industries reported fiscal third quarter net revenue of $150.5 million, up 18.4% year-over-year and down 0.1% sequentially.

For the quarter ended June 27, the company reported net income of $11.2 million, an increase of 761.5% compared to the fiscal third quarter of 2019, down 5.9% sequentially.

"During the June quarter, we maintained our pace of development, ramped production of Pixalux, increased share repurchase activity and also delivered strong financial performance," said Fusen Chen, Ph.D., Kulicke & Soffa's president and CEO.

During the quarter, the company recognized revenue on 25 Pixalux mini and micro LED systems. The Company's global manufacturing facilities are operating at nearly full capacity, and the company believes prior Covid-19-related supply-chain risks have been reduced significantly from the March quarter.

Cash, cash equivalents, and short-term investments were $515.8 million as of June 27.

The firm expects fiscal fourth quarter net revenue of approximately $165 million +/- $10 million.

"Despite broad industry challenges, we have consistently maintained or increased our business outlook since March 2019 and have also successfully entered the display market, which provides a new set of near and longer-term opportunities. While our industry may continue to face near-term, episodic and unpredictable Covid-19-related headwinds, through calendar year 2021 we anticipate a broader recovery in our core market as semiconductor unit growth returns positive."

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