Cohu Reports First Quarter 2007 Operating Results.POWAY Pow·ay A community of southern California north of San Diego. It is near a large naval air base. Population: 49,100. , Calif. -- 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 net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $53.4 million for the first quarter ended March 31, 2007 compared to $56.8 million for the first quarter ended March 25, 2006 and $76.6 million for the fourth quarter ended December 30, 2006. Net income for the first quarter of 2007 was $1.7 million, or $0.07 per share compared to $3.4 million or $0.15 per share for the first quarter of 2006 and $5.3 million or $0.23 per share in the fourth quarter of 2006. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the first quarter of 2007 was $1.7 million or $0.07 per share compared to $3.6 million or $0.16 per share for the first quarter of 2006 and $5.4 million or $0.23 per share for the fourth quarter of 2006. Sales of semiconductor test handling equipment accounted for 81.2% of total first quarter 2007 sales. Microwave communications equipment contributed 10.9% of sales and closed circuit television cameras and related equipment were 7.9% of sales for the same period. Cohu consolidated orders for the first quarter of 2007 were $46.5 million compared to $58.4 million for the fourth quarter of 2006. First quarter 2007 orders for semiconductor equipment decreased from $51.6 million in the fourth quarter of 2006 to $37.9 million in the first quarter of 2007. 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 $79.4 million at March 31, 2007 compared to $86.3 million at December 30, 2006. Cohu expects second quarter 2007 sales to be approximately $50 million. These sales exclude approximately $25 million in revenue for burn-in related thermal sub-systems that have been shipped and may be recognized in the second quarter upon customer acceptance. James A. Donahue, President and Chief Executive Officer, stated "Gross margin improved sequentially, primarily as a result of product mix and lower product support costs. Orders for semiconductor test handling equipment and thermal sub-systems declined during the first quarter, reflecting a continuation of the general softness in the back-end semiconductor equipment industry that began in late 2006." Donahue concluded, "During the first quarter we delivered initial pre-production units of our new thermal sub-system. Qualification at the customer's facility is progressing well and we plan to begin production shipments in the second quarter. We expect demand for our thermal handlers handlers persons involved in the handling of, for example, circus animals. Includes grooms, milkers, herdsmen, strappers. Used mostly in referring to persons handling animals for show or auction. to continue to be soft in the near term, however forecasts from customers for our high speed handlers are improving and we are encouraged by the recent increase in quote activity for these systems." Certain matters discussed in this release, including statements concerning Cohu's expectations of 2007 industry conditions and revenues 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 concentration of our revenues from a limited number of customers; our 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; failure to obtain customer acceptance resulting in the inability to recognize revenue and accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying collection problems; inventory write-offs; intense competition in the semiconductor test handler A software routine that performs a particular task. It often refers to a routine that "handles" an exception of some kind, such as an error, but it can refer to mainstream processes as well. The term is typically used in operating systems and other system software. industry; our reliance on patents and intellectual property; 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; difficulties in integrating acquisitions and new technologies and other risks addressed in Cohu'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. . Cohu assumes no obligation to update the information in this release. Cohu is a supplier of test handling, burn-in and thermal solutions used by the global semiconductor industry, microwave communications and closed circuit television equipment. Cohu will be conducting their conference call on Thursday, April 26, 2007 at 2:00 p.m. Pacific Time. The call will be webcast at www.cohu.com. Replays of the call can be accessed at www.cohu.com. [TABLE OMITTED] [TABLE OMITTED] For press releases and other information of interest to investors, please visit Cohu's website at www.cohu.com |
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