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Technology Stocks : Cohu, Inc. (COHU)
COHU 23.52+0.9%Dec 19 9:30 AM EST
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To: Henry D who wrote (1882)4/20/2000 5:13:00 PM
From: geoffrey Wren  Read Replies (2) of 7827
 
Earnings analyzed:

4th Q 1st Q

Earnings per share .58 .47
earnings 12.2 9.9
Research 6.76 5.39
gross margin 40% 38%
New Orders 75.9 84.3
Backlog 72.9 84.7
Sales 74.1 72.5
Adjusted sales* 85.8 84.8
Adjusted earnings
on adjusted sales ?? ??
my guess 15.5 15.0
/eps .74 .71

*Adjusted means treating Summit Handlers as being sold once
delivered, rather than when accepted. 4th Q had 11.8 in
such deliveries, which apparently were booked as income in
1st Q, but are here added to 4th Q sales. 1st Q had 24.1
in such deliveries. Additional Summit handler sales = 24.1
minus what was booked as income in 1st Q for deliveries made
in 4th Q (the 11.8).

Overall, it looks like orders are great. I think Cohu is
being overwhelmed by the orders, to account for slightly
lower profit margin. Adjusted profit is would have been
pretty much the same except for the extra Research expense.

Backlog and orders are up. Looks like Rambus is ramping up.
Once Cohu adjusts, earnings should be rising. Overall, a
good report.

However, I fear we shall get a large drop on Monday, as the
EPS reported stands out as a big negative. Just like COHU
management not to explain the significance of the practice
of reporting income on acceptance.

Other ideas?
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