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Technology Stocks : Cohu, Inc. (COHU) -- Ignore unavailable to you. Want to Upgrade?

To: Eric Lee Smith who wrote (1228)	3/5/1999 2:06:00 AM
From: Henry D	Read Replies (1) \| Respond to of 7826

Needham Analyst still ranks COHU #1 in the back-end Test, Assembly, Packaging stock picks according to Infrastructure Feb 99 SEMInvest conference notes. unfortunately, COHU was not at the conference ;-( anybody nervous about the AD Line and the new lows we been getting even on up days??? Luck to all Longs

To: Eric Lee Smith who wrote (1228)	4/16/1999 5:46:00 AM
From: KLINVESTOR	Read Replies (2) \| Respond to of 7826

Great Quarterly Numbers! The EPS was .14 cents vs analyst estimates of a loss of 11 cents. Very good news although not totally unexpected given the backlog of the prior quarter. Just the typical lag factor of Cohu analysts. The total year earnings estimates before this announcement were 52 cents. Cohu exceeded the quarterly estimate by 25 cents for the first quarter it could be extrapolated that 1999 earnings in the $1.52 range if they beat the current quarterly estimates by 25 cents per quarter. This may be a better guess although the big question will be whether bookings continue to increase during the remainder of the year. The BTB for the quarter was 1.31 with total bookings of $37.5 million versus sales of $29.5 million. This was probably the best news of all as there is clearly a very significant increase in bookings being recorded and the 2nd quarter is looking relatively strong compared to the disaster we saw in late 1998. Generally Cohu sales for a quarter are approximately the previous quarter-end backlog. Sales were up by $4.2 million from the previous quarter and the EPS was up 18 cents on a normalized basis. Since the backlog is up $9.4 million if sales for next quarter jump in that range we could be looking at roughly $38 million of sales in the 2nd quarter. Since the earnings jumped by 18 cents with a $4.2 million sales increase if we have a roughly $ 9 million increase in sales during the 2nd quarter we might be looking at an increase in earnings during the 2nd quarter of 36 cents (double the increase of the lst quarter). That is probably optimistic. Thus we might be looking at $.50 cents of EPS during the 2nd quarter although it might be safer to expect something in the 45 cent range versus the 4 cents currently projected. The analysts for Cohu will definitely not increase their estimates to that range so we should be looking at the company beating analyst estimates in the 2nd quarter also. This year could be a lot stronger on a earnings basis than most would have reasonably expected a few months ago. Hopefully the market reaction will be very favorable to the earnings release. It is always hard to predict the reaction but clearly we have some very very good news here and the next quarter also looks to be strong. The only negative right now is the DRAM market is not holding up to strong but the rest of the semi-sector looks pretty strong. If the semi-manufacturing sector is conservative in this next cycle we may be looking at a longer positive cycle than we saw in 1997. Good luck to all.