Cohu Reports Record Fourth Quarter Revenues and Earnings and Full Year 1999 Results.Business Editors SAN DIEGO--(BUSINESS WIRE)--Jan. 27, 2000 Cohu, Inc. (Nasdaq:COHU) today announced record sales of $74.1 million for the fourth quarter of 1999, an increase of 192% over sales of $25.3 million for the fourth quarter of 1998 and an increase of 20% over sales of $61.7 million for the third quarter of 1999. Net income for the fourth quarter of 1999 was a record $12.2 million or $.58 per share compared to a net loss of $2.3 million or $.12 per share for the fourth quarter of 1998 and net income of $7.5 million or $.36 per share for the third quarter of 1999. New orders for the fourth quarter of 1999 were $75.9 million compared to $29.4 million for the fourth quarter 1998 and $76.5 million for the third quarter of 1999. New orders for 1999 increased 76% to $253.6 million from $144.1 million in 1998. 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. increased 159% to $72.9 million at December December: see month. 31, 1999 from $28.1 million at December 31, 1998 and $71.1 million at September September: see month. 30, 1999. Sales for 1999 were a record $208.8 million, an increase of 22% over 1998 sales of $171.5 million. Net income for 1999 was $25.9 million or $1.26 per share, increases of 123% and 117% respectively, when compared to net income of $11.6 million or $.58 per share in 1998. Sales of test handling equipment accounted for 84% of 1999 total sales. Sales of television cameras and related equipment accounted for 10% and metal detection and microwave microwave, electromagnetic wave having a frequency range from 1,000 megahertz (MHz) to 300,000 MHz, corresponding to a wavelength range from 300 mm (about 12 in.) to 1 mm (about 0.04 in.). Like light waves, microwaves travel essentially in straight lines. equipment contributed 6% of sales. During 1999 the Company shipped a significant number of its new Summit test 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. . Revenue on these shipments will be recognized in 2000 upon customer acceptance. Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by A. Schwan Schwan may refer to:
The Company's Board of Directors announced that it has approved an increase of 11% in the quarterly cash dividend to $.05 per share payable on April 26, 2000 to shareholders of record on March 20, 2000. 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 Company's ability to convert new products under development into production on a timely basis, realize acceptable profit margins on such products and support product development and meet customer delivery requirements The stipulation that requires that an item of materiel must be delivered in the total quantity required by the date required. for next generation equipment; the effect of competitive products; the concentration of revenues in a limited number of customers; 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; and other risks addressed in filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information in this report. Cohu is the largest U.S. based and one of the world's largest suppliers of test handling equipment used by semiconductor manufacturers in final test operations. The Company also manufactures closed circuit television, metal detection and microwave equipment. (Financial Tables Follow)
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts) (unaudited)
Three Months Ended Years Ended
December 31 December 31
1999 1998 1999 1998
Net Sales $ 74,055 $ 25,341 $ 208,780 $171,511
Cost and expenses:
Cost of sales 44,722 21,829 126,712 116,427
Research and
development 5,389 4,368 20,534 20,400
Selling,
general and
administrative 7,199 4,466 26,879 21,107
Goodwill
write-down -- 1,000 -- 1,000
57,310 31,663 174,125 158,934
Income (loss) from
operations 16,745 (6,322) 34,655 12,577
Interest income 1,038 1,073 4,271 3,469
Income (loss)
before income
taxes 17,783 (5,249) 38,926 16,046
Provision (credit)
for income taxes 5,600 (2,900) 13,000 4,400
Net income
(loss) $12,183 $(2,349) $25,926 $11,646
Earnings (loss)
per share (a):
Basic $ .61 $ (.12) $ 1.31 $ .60
Diluted $ .58 $ (.12) $ 1.26 $ .58
Weighted average number of shares (a):
Basic 19,895 19,512 19,763 19,452
Diluted 20,846 19,512 20,502 19,940
(a) Restated for two-for-one stock split effective September 1999
Condensed Consolidated Balance Sheets
(in thousands) (unaudited)
December 31, December 31,
1999 1998
Assets:
Current assets:
Cash and investments $81,600 $86,703
Accounts receivable 52,262 18,800
Inventories 55,646 25,877
Deferred taxes and
other 13,261 12,018
Total current
assets 202,769 143,398
Property, plant &equipment,
net 17,016 17,613
Other assets 948 1,220
Total assets $220,733 $162,231
Liabilities &Stockholders' Equity:
Current liabilities:
Customer advances $18,530 $ 3,978
Other current
liabilities 38,189 19,277
Total current
liabilities 56,719 23,255
Noncurrent liabilities 1,658 1,513
Stockholders' equity 162,356 137,463
Total liabilities
&equity $220,733 $162,231
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