Earnings out:
Looks like orders are growing pretty well.
Thursday April 15, 4:29 pm Eastern Time
Company Press Release
Cohu Reports First Quarter Results
SAN DIEGO--(BUSINESS WIRE)--April 15, 1999--Cohu, Inc. (NASDAQ:COHU -
news) today announced that sales were $29.5 million for the first quarter ended March 31,
1999 compared to $56.7 million for the first quarter of 1998 and $25.3 million for the fourth
quarter of 1998.
Net income for the first quarter of 1999 was $1.4 million, or $.14 per share, compared to net income of $8.2 million or $.82
per share for the first quarter of 1998 and a net loss of $2.3 million or $.24 per share in the fourth quarter of 1998.
New orders for the first quarter of 1999 were $38.9 million compared to $54.6 million for the first quarter of 1998 and $29.4
million for the fourth quarter of 1998. Backlog was $37.5 million at March 31, 1999 compared to $28.1 million at December
31, 1998.
First quarter 1999 sales of semiconductor test handling equipment accounted for 76% of total sales. Sales of television cameras
and related equipment were 14% of sales and metal detection and microwave equipment contributed 10% of sales.
Charles A. Schwan, president and chief executive officer, stated, ''The continued improvement in new orders, from the $17.7
million in orders received in the third quarter of 1998, the low point in the 1998 semiconductor equipment industry-wide
downturn, to the $38.9 million in new orders in the first quarter of 1999 is encouraging. This improvement resulted from
increased orders from semiconductor manufacturers for Delta Design's broad line of pick and place test handlers.''
Schwan further stated, ''We believe our strong balance sheet and global market presence place the Company in a position to
benefit from the positive long-term outlook of the semiconductor and semiconductor equipment industries.''
Certain matters discussed in this report are forward-looking statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those projected or forecasted. Such risks and uncertainties include, but are not
limited to, the Company's ability to convert new products under development into production on a timely basis, realize
acceptable profit margins on such products and support product development and meet customer requirements for next
generation equipment; the effect of competitive products; the concentration of revenues in a limited number of customers; the
impact of instability in global economic markets, particularly in Asia; the cyclical and volatile nature of capital expenditures by
semiconductor manufacturers; and other risks addressed in filings with the Securities and Exchange Commission. The Company
assumes no obligation to update the information in this report.
Cohu is the largest U.S. based and one of the world's largest suppliers of test handling equipment used by semiconductor
manufacturers in final test operations. The Company, with sales and service personnel worldwide, also manufactures closed
circuit television, metal detection and microwave equipment.
COHU, Inc.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts) (unaudited)
Three Months Ended
March 31,
1999 1998
Net Sales $ 29,526 $ 56,691
Cost and expenses:
Cost of sales 19,164 33,367
Research and development 4,297 5,401
Selling, general and administrative 5,087 6,176
28,548 44,944
Income from operations 978 11,747
Interest income 1,113 769
Income before income taxes 2,091 12,516
Provision for income taxes 700 4,300
Net income $ 1,391 $ 8,216
Earnings per share:
Basic $ .14 $ .85
Diluted $ .14 $ .82
Weighted average number of shares:
Basic 9,807 9,687
Diluted 10,059 10,067
Condensed Consolidated Balance Sheets
(in thousands) (unaudited)
March 31, December 31,
1999 1998
Assets:
Current assets:
Cash and investments $ 86,994 $ 86,703
Accounts receivable 18,356 18,800
Inventories 28,046 25,877
Deferred taxes and other 11,966 12,018
145,362 143,398
Property, plant & equipment, net 17,275 17,613
Other assets 1,147 1,220
Total assets $163,784 $162,231
Liabilities & Stockholders' Equity:
Current liabilities $23,980 $23,255
Noncurrent liabilities 1,519 1,513
Stockholders' equity 138,285 137,463
Total liabilities & equity $163,784 $162,231
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