GAAP Results | |||||||||
Q1 FY 2013 | Q4 FY 2012 | Q1 FY 2012 | |||||||
Net sales | $ 56.0 million | $ 50.7 million |
$ 53.3 million |
||||||
Net loss | $ (12.1) million | $ (5.2) million |
$ (3.2) million |
||||||
Loss per share | $(0.49) | $(0.21) | $(0.13) | ||||||
Non-GAAP Results | |||||||||
Q1 FY 2013 | Q4 FY 2012 |
Q1 FY 2012 (1) |
|||||||
Non-GAAP net loss | $ (8.0) million | $ (1.7) million |
$ (1.4) million |
||||||
Non-GAAP loss per share | $(0.32) | $(0.07) | $(0.06) | ||||||
(1) | Non-GAAP results for the first quarter of 2012 were revised in the current period to exclude the impact of other acquisition costs incurred in connection with the acquisition of Ismeca. | ||||||||
Results for Q1 2013 include Ismeca, acquired on
Orders were
Donahue concluded, “Equipment utilization on customers’ test floors reached 80% in March, for the first time in two years and as the quarter progressed, customer activity increased. These are encouraging indicators that industry business conditions are improving. With our broad product line, which spans pick and place, gravity, test in strip and turret handlers, as well as key enabling technologies that provide customers with cost-effective solutions and critical capabilities, we are in an excellent position to benefit from improved conditions in the semiconductor industry.”
Use of Non-GAAP Financial Information:
Included within this press release are non-GAAP financial measures that supplement the Company's Condensed Consolidated Statements of Operations prepared under generally accepted accounting principles (GAAP). These non-GAAP financial measures adjust the Company's actual results prepared under GAAP to exclude charges and the related income tax effect for share-based compensation, the amortization of acquired intangible assets, manufacturing transition costs, other acquisition costs and the purchase accounting inventory step-up included in cost of goods sold. Reconciliations of GAAP to non-GAAP amounts for the periods presented herein are provided in schedules accompanying this release and should be considered together with the Condensed Consolidated Statements of Operations.
These non-GAAP measures are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. The Company's management believes that this information can assist investors in evaluating the Company’s operational trends, financial performance, and cash generating capacity. Management believes these non-GAAP measures allow investors to evaluate Cohu’s financial performance using some of the same measures as management. However, the non-GAAP financial measures should not be regarded as a replacement for (or superior to) corresponding, similarly captioned, GAAP measures.
Forward Looking Statements:
Certain matters discussed in this release, including statements
concerning
About
For press releases and other information of interest to investors, please visit Cohu’s website at www.cohu.com.
COHU, INC. | |||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
(Unaudited) | |||||||||
(in thousands, except per share amounts) | |||||||||
Three Months Ended (1) | |||||||||
March 30, | March 31, | ||||||||
2013 (2) |
2012 | ||||||||
Net sales | $ | 56,016 | $ | 53,296 | |||||
Cost and expenses: | |||||||||
Cost of sales | 40,432 | 37,757 | |||||||
Research and development | 13,460 | 8,370 | |||||||
Selling, general and administrative | 15,053 | 10,876 | |||||||
68,945 | 57,003 | ||||||||
Loss from operations | (12,929 | ) | (3,707 | ) | |||||
Interest and other, net | 10 | 92 | |||||||
Loss before income taxes | (12,919 | ) | (3,615 | ) | |||||
Income tax benefit | (816 | ) | (391 | ) | |||||
Net loss | $ | (12,103 | ) | $ | (3,224 | ) | |||
Loss per share: | |||||||||
Basic | $ | (0.49 | ) | $ | (0.13 | ) | |||
Diluted | $ | (0.49 | ) | $ | (0.13 | ) | |||
Weighted average shares used in | |||||||||
computing loss per share:(3) | |||||||||
Basic | 24,657 | 24,353 | |||||||
Diluted | 24,657 | 24,353 | |||||||
(1) The three-month periods ended March 30, 2013 and
(2) On
(3) For the quarters ended March 30, 2013 and
COHU, INC. | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(in thousands) (Unaudited) | |||||||||
March 30, | December 29, | ||||||||
2013 (1) |
2012 | ||||||||
Assets: | |||||||||
Current assets: | |||||||||
Cash and investments | $ | 48,701 | $ | 110,229 | |||||
Accounts receivable | 56,520 | 36,986 | |||||||
Inventories | 73,301 | 62,332 | |||||||
Deferred taxes and other | 14,671 | 11,536 | |||||||
Total current assets | 193,193 | 221,083 | |||||||
Property, plant & equipment, net | 35,703 | 35,464 | |||||||
Goodwill | 76,265 | 58,756 | |||||||
Intangible assets, net | 41,134 | 18,977 | |||||||
Other assets | 703 | 593 | |||||||
Total assets | $ | 346,998 | $ | 334,873 | |||||
Liabilities & Stockholders’ Equity: | |||||||||
Current liabilities: | |||||||||
Deferred profit | $ | 5,561 | $ | 2,139 | |||||
Other current liabilities | 49,079 | 34,241 | |||||||
Total current liabilities | 54,640 | 36,380 | |||||||
Deferred taxes and other noncurrent liabilities | 27,985 | 17,594 | |||||||
Stockholders’ equity | 264,373 | 280,899 | |||||||
Total liabilities & stockholders’ equity | $ | 346,998 | $ | 334,873 | |||||
(1) Includes Ismeca which was acquired on
COHU, INC. | ||||||||||||||
Supplemental Reconciliation of GAAP Results to Non-GAAP Financial Measures (Unaudited) | ||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Three Months Ended | ||||||||||||||
March 30, | December 29, | March 31, | ||||||||||||
2013 | 2012 | 2012 | ||||||||||||
Loss from operations- GAAP basis (a) | $ | (12,929 | ) | $ | (5,705 | ) | $ | (3,707 | ) | |||||
Non-GAAP adjustments: | ||||||||||||||
Share-based compensation included in (b): | ||||||||||||||
Cost of goods sold | 68 | 138 | 105 | |||||||||||
Research and development | 515 | 413 | 323 | |||||||||||
Selling, general and administrative | 838 | 816 | 616 | |||||||||||
1,421 | 1,367 | 1,044 | ||||||||||||
Amortization of intangible assets included in (c): | ||||||||||||||
Cost of goods sold | 1,453 | 909 | 847 | |||||||||||
Selling, general and administrative | 271 | 155 | 156 | |||||||||||
1,724 | 1,064 | 1,003 | ||||||||||||
Manufacturing transition costs included in selling, | ||||||||||||||
general and administrative (d) | 457 | - | - | |||||||||||
Other acquisition costs included in selling, general | ||||||||||||||
and administrative (e) | 264 | 1,341 | 27 | |||||||||||
Inventory step-up included in cost of goods sold (f) | 858 | - | - | |||||||||||
Loss from operations - non-GAAP basis (g) | $ | (8,205 | ) | $ | (1,933 | ) | $ | (1,633 | ) | |||||
Net loss - GAAP basis | $ | (12,103 | ) | $ | (5,161 | ) | $ | (3,224 | ) | |||||
Non-GAAP adjustments (as scheduled above) | 4,724 | 3,772 | 2,074 | |||||||||||
Tax effect of non-GAAP adjustments (h) | (599 | ) | (302 | ) | (298 | ) | ||||||||
Net loss - non-GAAP basis | $ | (7,978 | ) | $ | (1,691 | ) | $ | (1,448 | ) | |||||
GAAP net loss per share - diluted | $ | (0.49 | ) | $ | (0.21 | ) | $ | (0.13 | ) | |||||
Non-GAAP net loss per share - diluted (i) | $ | (0.32 | ) | $ | (0.07 | ) | $ | (0.06 | ) | |||||
Management believes the presentation of these non-GAAP financial
measures, when taken together with the corresponding GAAP financial
measures, provides meaningful supplemental information regarding the
Company's operating performance. Our management uses these non-GAAP
financial measures in assessing the Company's operating results, as well
as when planning, forecasting and analyzing future periods and these
non-GAAP measures allow investors to evaluate the Company’s financial
performance using some of the same measures as management. Management
views share-based compensation as an expense that is unrelated to the
Company’s operational performance as it does not require cash payments
and can vary in amount from period to period and the elimination of
amortization charges provides better comparability of pre and
post-acquisition operating results and to results of businesses
utilizing internally developed intangible assets. Manufacturing
transition costs relate principally to employee severance related to
moving certain manufacturing activities to
(a) (23.1)%, (11.2)% and (7.0)% of net sales, respectively.
(b) To eliminate compensation expense for employee stock options, stock units and our employee stock purchase plan.
(c) To eliminate the amortization of intangible assets acquired in the
acquisitions of; Ismeca, Duma Video, and Rasco for the three months
ended
(d) To eliminate manufacturing transition costs.
(e) To eliminate professional fees and other direct incremental expenses incurred related to the acquisition of Ismeca.
(f) To eliminate the inventory step-up costs incurred related to the acquisition of Ismeca.
(g) (14.6)%, (3.8)% and (3.1)% of net sales, respectively.
(h) To adjust the provision for income taxes related to the adjustments described above based on applicable tax rates.
(i) Computed using number of GAAP diluted shares outstanding for each period presented.
Source:
Cohu, Inc.
Jeffrey D. Jones - Investor Relations
(858) 848-8106