Cohu Inc. announces quarterly results.SAN DIEGO--(BUSINESS WIRE)--Oct. 18, 1996--Cohu Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :COHU) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant announced that sales for the first nine months of 1996 totalled $130.9 million with net income of $20.7 million or $2.13 per share. This compared with sales of $126.4 million with net income of $14.9 million or $1.56 per share for the first nine months of 1995. Third quarter sales totalled $34.8 million with net income of $5.2 million or 54 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared with 1995 third quarter sales of $49 million with net income of $6.5 million or 67 cents per share. Orders for the first nine months of 1996 were $112.8 million compared with year earlier orders of $134.8 million. Orders for the third quarter of 1996 of $23.9 million were lower than orders for the 1996 second quarter of $41.6 million and orders for the 1996 first quarter of $47.2 million. Backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at the end of the third quarter was $27.3 million compared with year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1995 backlog of $45.4 million and June June: see month. 30, 1996, backlog of $38.1 million. New records for sales and net income were established for the nine months ended Sept. 30, 1996. However, sales and net income for the third quarter of 1996 were well below the third quarter of 1995 and the second quarter of 1996, mainly due to the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in demand for semiconductor test handling equipment as semiconductor manufacturers reduced capital equipment spending due to weak demand or depressed prices Depressed price In the context of stocks, stock whose market price is low in comparison to stocks in its sector. of semiconductors. Charles A. Schwan, president and chief executive officer, stated: "Although the semiconductor book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can has improved in the last few months, the recovery in the semiconductor equipment business is not expected for some time. The reduced level of backlog at September 30, 1996, indicates that the company's downward trend in sales and net income will continue in the 1996 fourth quarter. "We have instituted cost reduction programs and will continue to review production capacity, work force and other aspects of our cost structure." Schwan also noted: "Despite the current slowdown in the semiconductor industry, we believe that the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. outlook for this industry and its related suppliers remains promising. Accordingly, we continue to invest heavily in research and development which increased 41 percent in the first nine months of 1996 compared to 1995. "Cohu's global market presence, our strong balance sheet including a record $45.4 million in cash and the increased investment in research and development places the company in a position to maintain its leadership in the semiconductor test handling market." The company's board of directors, at a meeting on Oct. 17, 1996, declared a quarterly cash dividend of 5 cents per share, payable on Jan. 17, 1997, to shareholders of record on Dec. 2, 1996. The company has paid consecutive quarterly cash dividends since 1977. Certain matters discussed in this report are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 impact of cost reduction programs, the results of new product development, reduced capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. by semiconductor manufacturers, the effect of competitive products and other risks indicated in filings with the Securities and Exchange Commission. Cohu Inc., with sales and service facilities worldwide, is the largest U.S.-based, and one of the world's largest suppliers of semiconductor test handling equipment that is used by semiconductor manufacturers in final test operations. The company also manufactures closed-circuit television closed-circuit television Noun a television system used within a limited area such as a building Noun 1. closed-circuit television , metal detection and microwave equipment. -0-
COHU INC.
CONSOLIDATED SUMMARY FINANCIAL INFORMATION
(in thousands, except per share amounts)
(Unaudited)
STATEMENT OF INCOME
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1996 1995 1996 1995
Net sales $ 34,763 $ 49,035 $ 130,859 $ 126,429
Cost and expenses:
Cost of sales 19,887 30,130 72,033 77,975
Research and
development 3,340 2,635 10,691 7,560
Selling, general and
administrative 3,758 5,808 16,061 16,727
Interest income, net (513) (238) (1,293) (353)
Income before income
taxes 8,291 10,700 33,367 24,520
Provision for income
taxes 3,100 4,200 12,700 9,600
Net income $ 5,191 $ 6,500 $ 20,667 $ 14,920
Net income per share $ 0.54 $ 0.67 $ 2.13 $ 1.56
Average common shares
and equivalents 9,642 9,670 9,683 9,535
-0-
BALANCE SHEET
Sept. 30, Dec. 31,
1996 1995
(Unaudited)
Assets
Current assets $ 94,661 $ 88,076
Property, plant & equipment, net 16,705 13,171
Other assets 2,569 2,687
Total assets $ 113,935 $ 103,934
Liabilities & Stockholders' Equity
Current liabilities $ 20,665 $ 30,848
Noncurrent liabilities 1,123 1,057
Stockholders' equity 92,147 72,029
Total liabilities & equity $ 113,935 $ 103,934
-0- CONTACT: Cohu Inc., San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. John H. Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. , 619/277-6700 |
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