Net Sales 8% Above Guidance; Schedules Earnings Call for
Sales of approximately
$93 million, above prior guidance of approximately $86 million, representing a 22% increase as compared to prior year second quarter sales of $76.4 million.
- Gross margin in-line with previous non-GAAP guidance of approximately 40%.
Operating expenses approximately
$1 millionhigher than previous non-GAAP guidance of approximately $22 million, due to foreign currency losses.
Cohuprojects second half 2017 sales to be approximately the same as first half 2017, with the typical seasonality between the third and fourth quarters.
Luis Müller, President and Chief Executive Officer of
Preliminary results remain subject to the completion of customary
quarter-end financial close and review procedures and are subject to
change. This press release refers to forward-looking non-GAAP guidance
for gross margin and operating expenses.
As previously announced,
Second Quarter 2017 Earnings Release and Conference Call:
The teleconference replay will be available through August 27, 2017 and can be accessed by dialing 1-877-481-4010 and using passcode 16197. International callers should dial 1-919-882-2331 and enter the same pass code at the prompt. The webcast replay will be available on the Company’s website through July 27, 2018.
Certain matters discussed in this release, including statements
regarding preliminary sales, gross margin and operating expenses,
strength of markets and results, expectations of business, orders,
second half 2017 sales and operating results, are forward-looking
statements 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, risks
associated with acquisitions; inventory, goodwill and other asset
write-downs; our ability to convert new products into production on a
timely basis and to support product development and meet customer
delivery and acceptance requirements for new products; our reliance on
third-party contract manufacturers and suppliers; failure to obtain
customer acceptance resulting in the inability recognize revenue and
accounts receivable collection problems; market demand and adoption of
our new products; customer orders may be canceled or delayed; the
concentration of our revenues from a limited number of customers;
intense competition in the semiconductor equipment industry; our
reliance on patents and intellectual property; compliance with U.S.
export regulations; ERP system implementation issues; the seasonal,
volatile and unpredictable nature of capital expenditures by
semiconductor manufacturers; and rapid technological change. These and
other risks and uncertainties are discussed more fully in Cohu’s filings
Jeffrey D. Jones