CEO reports current facility has ample capacity
POWAY, Calif., April 25, 2003 -- Cohu, Inc. (NASDAQ:COHU) today announced it had sold its land in Poway, California that had been held for future development. The cash sales price was approximately $9 million, resulting in a pretax financial statement gain of approximately $7.9 million that will be recognized in the second quarter ending June 30, 2003.
James A. Donahue, President and Chief Executive Officer, commented, "We purchased the Poway land in 1996 in anticipation of building on the property as our business needs required. Instead of building on this property, in 2000 we purchased our 338,000 square foot facility in Poway that houses our Cohu corporate offices and Delta Design and BMS subsidiaries. This facility provides us with ample capacity for the foreseeable future and as a result we had no development plans for the additional Poway land."
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 communications equipment.
For press releases and other information of interest to investors, please visit Cohu's website at www.cohu.com. Contact: John Allen - Investor Relations (858) 848-8106.