Cohu Reports Third Quarter 2018 Results

For press releases and other information of interest to investors, please visit Cohu’s website at www.cohu.com.


COHU, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in thousands, except per share amounts)


	Three Months Ended ⁽¹⁾				Nine Months Ended⁽¹⁾
	September 29,		September 30,		September 29,		September 30,
	2018		2017		2018		2017

Net sales	$	86,164	$	93,651	$	281,131	$	268,614
Cost and expenses:
Cost of sales		51,786		56,742		165,701		162,319
Research and development		11,088		9,609		33,914		28,851
Selling, general and administrative ⁽²⁾		16,511		16,882		50,926		47,362
		79,385		83,233		250,541		238,532
Income from operations		6,779		10,418		30,590		30,082
Interest and other, net		326		174		880		417
Income from continuing operations before taxes		7,105		10,592		31,470		30,499
Income tax provision		2,302		1,837		6,897		4,273
Income from continuing operations		4,803		8,755		24,573		26,226

Discontinued operations:
Loss from discontinued operations before taxes ⁽³⁾		-		-		-		(278	)
Income tax provision		-		-		-		-
Loss from discontinued operations		-		-		-		(278	)
Net income	$	4,803	$	8,755	$	24,573	$	25,948


Income per share:
Basic:
Income from continuing operations	$	0.17	$	0.31	$	0.85	$	0.95
Loss from discontinued operations		-		-		-		(0.01	)
	$	0.17	$	0.31	$	0.85	$	0.94

Diluted:
Income from continuing operations	$	0.16	$	0.30	$	0.83	$	0.92
Loss from discontinued operations		-		-		-		(0.01	)
	$	0.16	$	0.30	$	0.83	$	0.91

Weighted average shares used in
computing income per share: ⁽⁴⁾
Basic		28,948		28,155		28,814		27,614
Diluted		29,770		29,105		29,650		28,640


⁽¹⁾				The three- and nine-month periods ended September 29, 2018 were comprised of 13 weeks and 39 weeks, respectively. The three- and nine-month periods ended September 30, 2017 were comprised of 14 weeks and 39 weeks, respectively. Excludes operating results from Xcerra acquired on October 1, 2018.
⁽²⁾				SG&A expense for the three- and nine-month periods ended September 29, 2018 include Xcerra transaction costs totaling $1.0 million and $5.2 million, respectively.
⁽³⁾				All amounts presented result from an adjustment to the fair value of a contingent consideration receivable recorded in conjunction with the sale of BMS in 2015.
⁽⁴⁾				The Company has utilized the "control number" concept in the computation of diluted earnings per share to determine whether a potential common stock instrument is dilutive. The control number used is income from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories.


COHU, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS ⁽¹⁾
(in thousands) (Unaudited)



	September 29,		December 30,
	2018		2017
Assets:
Current assets:
Cash and investments	$	171,244	$	155,615
Accounts receivable		78,575		71,125
Inventories		63,824		62,085
Other current assets		8,643		8,613
Total current assets		322,286		297,438
Property, plant & equipment, net		32,922		34,172
Goodwill		64,579		65,613
Intangible assets, net		13,512		16,748
Other assets		9,707		6,486
Total assets	$	443,006	$	420,457

Liabilities & Stockholders’ Equity:
Current liabilities:
Deferred profit	$	1,894	$	6,608
Other current liabilities		88,031		78,659
Total current liabilities		89,925		85,267
Other noncurrent liabilities		44,074		46,099
Stockholders’ equity		309,007		289,091
Total liabilities & stockholders’ equity	$	443,006	$	420,457

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