Cohu, Inc.
Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)
Three Months Ended Years Ended December 31 December 31 ---------------------------------------------------------------------- 2001 2000 2001 2000 ---------------------------------------------------------------------- Net sales $ 28,121 $ 55,883 $ 126,550 $ 289,564 Cost and expenses: Cost of sales 18,288 36,359 93,594 176,961 Research and development 7,603 8,371 29,674 32,562 Selling, general and administrative 5,280 6,408 24,972 29,734 Gain on sale of facilities -- -- (7,746) -- Acquired in-process research and development -- -- 2,050 -- ---------------------------------------------------------------------- 31,171 51,138 142,544 239,257 ---------------------------------------------------------------------- Income (loss) from operations (3,050) 4,745 (15,994) 50,307 Interest income 898 1,555 4,427 5,731 ---------------------------------------------------------------------- Income (loss) before income taxes (2,152) 6,300 (11,567) 56,038 Provision (credit) for income taxes (1,300) 1,680 (5,100) 19,000 ---------------------------------------------------------------------- Income (loss) before cumulative effect of change in accounting principle (852) 4,620 (6,467) 37,038 Cumulative effect of change in accounting principle, net of $1,700 tax benefit -- -- -- (3,299) ---------------------------------------------------------------------- Net income (loss) $ (852) $ 4,620 $ (6,467) $ 33,739 ---------------------------------------------------------------------- Earnings (loss) per share (diluted): Income (loss) before cumulative effect of change in accounting principle $ (.04) $ .22 $ (.32) $ 1.76 Cumulative effect of change in accounting principle -- -- -- (.16) ---------------------------------------------------------------------- Net income (loss) $ (.04) $ .22 $ (.32) $ 1.60 ---------------------------------------------------------------------- Weighted average shares used in diluted per share calculation 20,509 20,727 20,434 21,048 ----------------------------------------------------------------------
Condensed Consolidated Balance Sheets (in thousands) (unaudited) Dec. 31, Dec. 31, 2001 2000 ---------------------------------------------------------------------- Assets: Current assets: Cash and investments $ 89,967 $ 92,587 Accounts receivable 25,904 37,164 Note receivable 9,375 -- Inventories 30,404 46,039 Deferred taxes and other 20,773 16,926 ---------------------------------------------------------------------- 176,423 192,716 Property, plant & equipment, net 35,849 38,117 Other assets, primarily goodwill 9,287 662 ---------------------------------------------------------------------- Total assets $221,559 $231,495 ---------------------------------------------------------------------- Liabilities & Stockholders' Equity: Current liabilities: Deferred profit $ 3,108 $ 5,960 Other current liabilities 22,511 26,173 ---------------------------------------------------------------------- 25,619 32,133 Deferred taxes and other noncurrent liabilities 5,409 1,522 Stockholders' equity 190,531 197,840 ---------------------------------------------------------------------- Total liabilities & equity $221,559 $231,495 ----------------------------------------------------------------------
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-------------------------------------------------------------------------------- Contact: Cohu Inc., Poway John Allen, 858/848-8106 |