Kulicke & Soffa catches tax error, hikes 4Q profit

AP News
Posted: Dec 16, 2009 12:28 PM

Kulicke & Soffa Industries Inc. said Wednesday that an accounting error led it to overstate the company's tax expense by $750,000 in its fiscal fourth-quarter results.

The adjustment puts Kulicke & Soffa's net income for the quarter ended Oct. 3 at roughly $6.5 million, up from a previously reported $5.8 million.

That profit reversed a year-earlier loss of $4.6 million, or 9 cents per share.

The chip manufacturing equipment maker saw sales grow 80 percent to $110.5 million from $61.2 million in the year-ago quarter.

The company's shares rose 18 cents, or 3.4 percent, to $5.48 in midday trading.