earnings out:
Thursday April 20, 4:06 pm Eastern Time
Company Press Release
Cohu Reports First Quarter 2000 Operating Results
SAN DIEGO--(BUSINESS WIRE)--April 20, 2000--Cohu, Inc. (Nasdaq:COHU - news)
today announced that sales were $72.5 million for the first quarter ended March 31, 2000
compared to $29.5 million for the first quarter of 1999 and $74.1 million for the fourth
quarter of 1999. Net income for the first quarter of 2000 was $9.9 million, or $.47 per share, compared to net income of $1.4
million or $.07 per share for the first quarter of 1999 and $12.2 million or $.58 per share in the fourth quarter of 1999.
Net sales for the quarter ended March 31, 2000 included $11.8 million of sales from the Company's new Summit test handlers.
Through March 31, 2000, additional Summit handlers with a sales value of $24.1 million had been shipped. Revenue on these
shipments will be recognized subsequent to March 31, 2000 upon customer acceptance. Customer payments received on these
shipments totaled $17.0 million at March 31, 2000 and have been recorded as customer advances.
New orders for the first quarter of 2000 were a record $84.3 million compared to $38.9 million for the first quarter of 1999
and $75.9 million for the fourth quarter of 1999. Backlog was a record $84.7 million at March 31, 2000 compared to $72.9
million at December 31, 1999.
First quarter 2000 sales of semiconductor test handling equipment accounted for 87% of total sales. Sales of television cameras
and related equipment were 9% of sales and metal detection and microwave equipment contributed 4% of sales.
Charles A. Schwan, Chairman and Chief Executive Officer, stated ``Demand for our semiconductor equipment remained
strong, as evidenced by the record orders in the first quarter. We have programs underway to address product cost reduction
to improve gross margins and further increase market opportunities.'
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 delivery requirements for
next generation equipment; the impact of recently issued accounting rules (SAB 101) that may delay the recognition of revenue;
the effect of competitive products; inventory exposure as a result of product transitions; the concentration of revenues in a
limited number of customers; the cyclical and unpredictable 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 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,
2000 1999
Net Sales $72,467 $29,526
Cost and expenses:
Cost of sales 44,743 19,164
Research and development 6,755 4,297
Selling, general and
administrative 7,139 5,087
58,637 28,548
Income from operations 13,830 978
Interest income 1,293 1,113
Income before income taxes 15,123 2,091
Provision for income taxes 5,200 700
Net income $ 9,923 $ 1,391
Earnings per share(1):
Basic $ .49 $ .07
Diluted $ .47 $ .07
Weighted average number of
shares(1):
Basic 20,051 19,614
Diluted 21,305 20,118
(1) 1999 amounts restated for two-for-one stock split effective
September 1999
Condensed Consolidated Balance Sheets
(in thousands) (unaudited)
March 31, Dec. 31,
2000 1999
Assets:
Current assets:
Cash and investments $ 89,255 $ 81,600
Accounts receivable 48,302 52,262
Inventories 60,429 55,646
Deferred taxes and other 13,600 13,261
211,586 202,769
Property, plant &
equipment, net 16,849 17,016
Other assets 876 948
Total assets $229,311 $220,733
Liabilities & Stockholders' Equity:
Current liabilities:
Customer advances $ 16,985 $ 18,530
Other current liabilities 37,371 38,189
54,356 56,719
Noncurrent liabilities 1,651 1,658
Stockholders' equity 173,304 162,356
Total liabilities & equity $229,311 $220,733 |
