To: Glenn D. Rudolph who wrote (102013 ) 4/24/2000 11:36:00 AM From: H James Morris Read Replies (1) | Respond to of 164684
Added to Cohu @ 31 because I think its a steal. Great revenue growth... excellent real earnings...plus over $80 mil in the bank. Why the Street doesn't like these #'s is beyond me. > SAN DIEGO--(BUSINESS WIRE)--April 20, 2000--Cohu, Inc. (Nasdaq:COHU) 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."