Cohu Reports First Quarter 2001 Operating Results and Sale of San Diego Facilities.Business Editors SAN DIEGO--(BUSINESS WIRE)--April 24, 2001 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) today announced that sales were $43.7 million for the first quarter ended March 31, 2001 compared to $72.7 million for the first quarter of 2000 and $55.9 million for the fourth quarter of 2000. The net loss for the first quarter of 2001 was $1.3 million, or $.07 per share, compared to net income of $7.2 million or $.33 per share for the first quarter of 2000 and $4.6 million or $.22 per share in the fourth quarter of 2000. In the quarter ended March 31, 2001 the Company recorded a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charge for excess and obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. of approximately $4.2 million primarily as a result of changes in customer forecasts. Excluding the impact of this charge, net income per share would have been $.06 for the quarter ended March 31, 2001. All amounts included in this press release reflect the application of SEC Staff Accounting Bulletin 101 ("SAB SAB Spontaneous abortion. See Abortion. 101"). SAB 101 became effective in the fourth quarter of 2000 and sets forth guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. on the timing of revenue recognition based upon factors such as passage of title, installation, payment and customer acceptance. Prior to SAB 101 revenue was generally recognized upon shipment once customer acceptance provisions had been met. Amounts previously reported for the quarter ended March 31, 2000 have been restated for SAB 101 and include a cumulative effect adjustment of $3.3 million or $.16 per share. The Company also announced that in April 2001 it sold its land and buildings in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. for $12.5 million, excluding commissions and other related expenses. The Company expects to recognize a pretax gain on the transaction of approximately $7 million in the second or third quarter of 2001 after the Company vacates the facilities. As previously announced, the Company will consolidate the 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. operations of Delta Design in a recently purchased 338,000 sq. ft. facility in Poway, California Poway is a city in San Diego County, California, United States. As of the latest 2000 census the city had a population of 48,044 (see Demographics section below). The ZIP code is 92064. . New orders for the first quarter of 2001 were $34.3 million compared to $43.3 million for the fourth quarter of 2000. 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. was $41.5 million at March 31, 2001 compared to $50.9 million at December December: see month. 31, 2000. First quarter 2001 sales of semiconductor test handling equipment accounted for 81% of total sales. Sales of television cameras and related equipment were 13% of sales and metal detection and microwave equipment contributed 6% of sales. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. A. Donahue, President and Chief Executive Officer, stated, "Numerous technology companies have announced significant reductions in orders, sales and earnings as a result of the dramatic 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 the technology sector. Until conditions improve, we anticipate that our customers will continue to provide us with only short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. visibility. We have reduced our headcount, are carefully controlling expenses and will continue to closely monitor business conditions. Despite the challenging business environment, our strong financial condition allows us to invest aggressively in new product development and continue to provide our customers with exceptional service and support." Certain matters discussed in this report including statements concerning the Company's expectations of industry conditions and its potential responses 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 cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. and unpredictable nature of capital expenditures by semiconductor manufacturers; inventory write-offs; the Company's ability to convert new products under development into production on a timely basis, support product development and meet customer delivery and acceptance requirements for next generation equipment; the effect of competitive products; the concentration of revenues in a limited number of customers; increased electricity costs and power shortages; and other risks addressed in the Company's filings with the Securities and Exchange Commission including the most recently filed Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Form 10-Q Form 10-Q See 10-Q. . The Company assumes no obligation to update the information in this report. Cohu is a leading supplier of test handling solutions used by the global semiconductor industry as well as a supplier of closed circuit television, metal detection and microwave radio equipment. Cohu will be conducting their conference call on Tuesday, April 24, 2001 at 2:00 PM PST PST Paroxysmal supraventricular tachycardia, see there . The call will be webcast at www.cohu.com. Replays of the call can be accessed at www.cohu.com.
(Financial Tables Follow)
Cohu, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited)
Quarters ended March 31
2001 2000(1)
Net sales $43,718 $72,732
Cost and expenses:
Cost of sales 32,233 44,202
Research and development 8,430 6,755
Selling, general and administrative 6,514 7,139
47,177 58,096
Income (loss) from operations (3,459) 14,636
Interest income 1,317 1,293
Income (loss) before income taxes (2,142) 15,929
Provision (credit) for income taxes (800) 5,476
Income (loss) before cumulative effect of
change in accounting principle (1,342) 10,453
Cumulative effect of change in accounting
principle, net of $1,700 tax benefit -- (3,299)
Net income (loss) $ (1,342) $ 7,154
Earnings per share (diluted):
Income (loss) before cumulative effect
of change in accounting principle $ (.07) $ .49
Cumulative effect of change in accounting
principle -- (.16)
Net income (loss) $ (.07) $ .33
Weighted average shares used in diluted
per share calculation 20,341 21,305
(1) Restated for SAB 101
Condensed Consolidated Balance Sheets
(in thousands) (unaudited) March 31, December 31,
2001 2000
Assets:
Current assets:
Cash and investments $ 94,950 $ 92,587
Accounts receivable 29,335 37,164
Inventories 43,240 46,039
Deferred taxes and other 17,756 16,926
185,281 192,716
Property, plant & equipment, net 37,889 38,117
Other assets 670 662
Total assets $223,840 $231,495
Liabilities & Stockholders' Equity:
Current liabilities:
Deferred profit $ 3,479 $ 5,960
Other current liabilities 22,936 26,173
26,415 32,133
Noncurrent liabilities 1,514 1,522
Stockholders' equity 195,911 197,840
Total liabilities & equity $223,840 $231,495
For press releases and other information of interest to investors, please visit Cohu's website at www.cohu.com. |
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