- Sales up 17% year-over-year to $95.2 million
- Early acceptance of new Eclipse XTA accelerates handler share gains
- GAAP earnings per share of $0.28; non-GAAP adjusted earnings per
share of $0.36
POWAY, Calif.--(BUSINESS WIRE)--May 8, 2018--
Cohu, Inc. (NASDAQ: COHU), a leading supplier of semiconductor
equipment, today reported fiscal 2018 first quarter net sales of
$95.2 million and GAAP income of $8.1 million or $0.28 per share. Cohu
also reported first quarter 2018 non-GAAP income of $10.5 million or
$0.36 per share. (1)
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GAAP Results (1) |
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(in millions, except per share amounts) |
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Q1 FY 2018 |
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Q4 FY 2017 |
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Q1 FY 2017 |
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Net sales
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$95.2
|
|
|
$84.1
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$81.1
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Income
|
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$8.1
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$6.9
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$6.8
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Income per share
|
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$0.28
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|
$0.23
|
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$0.24
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Non-GAAP Results (1) |
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(in millions, except per share amounts) |
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Q1 FY 2018 |
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Q4 FY 2017 (2) |
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Q1 FY 2017 |
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Income
|
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$10.5
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$8.2
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$9.9
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Income per share
|
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$0.36
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$0.28
|
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$0.35
|
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(1)
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All amounts presented are from continuing operations.
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(2)
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Non-GAAP results for the three months ended December 30,
2017, have been revised to exclude costs incurred related to the
acquisition of Xcerra.
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Total cash and investments at the end of the first quarter were
$139.7 million.
Luis Müller, President and Chief Executive Officer of Cohu stated,
“Results generally exceeded our revised guidance due to the accelerated
ramp of thermal subsystems for mobile processor test. We captured two
new large customers in the first quarter, saw continued momentum to
support our growth projections for our contactor business, and launched
the new Eclipse XTA that enables interface to factory robots and
incorporates new diagnostics and process monitoring capabilities in
support of Industry 4.0 standards.”
Müller concluded, “We have solid order momentum and good visibility into
automotive, IoT and industrial markets and project first half 2018 sales
to grow approximately 11% year-over-year.”
Cohu expects second quarter 2018 sales to be approximately $99 million.
Cohu's Board of Directors approved a quarterly cash dividend of $0.06
per share payable on July 27, 2018 to shareholders of record on June 15,
2018.
Information Regarding Today’s Announcement Regarding Definitive
Merger Agreement with Xcerra Corporation:
In a separate press release, Cohu announced that it has entered into a
definitive merger agreement with Xcerra Corporation (Xcerra) under which
Cohu will acquire Xcerra for approximately $796 million. Details
regarding the transaction can be found in the press release dated May 8,
2018, entitled “Cohu to Acquire Xcerra Creating Global Leader in
Back-end Semiconductor Equipment,” which is accessible on Cohu’s website.
Conference Call Information:
Cohu will host a live conference call and webcast to discuss its first
quarter 2018 results as well as the transaction with Xcerra on Tuesday,
May 8, 2018 at 5:30 a.m. Pacific Time/8:30 a.m. Eastern Time. Interested
investors and analysts are invited to dial into the conference call by
using 1-877-407-8031 (domestic) or +1-201-689-8031 (international).
Webcast access is available on the Investor Information section of the
company’s website at www.cohu.com
and will include a slide presentation.
The teleconference replay will be available through June 8, 2018. The
replay dial-in number is 1-877-481-4010 (domestic) or +1-919-882-2331
(international) using pass code 28490. The webcast replay will be
available on the website through May 8, 2019.
About Cohu:
Cohu is a leading supplier of semiconductor test and inspection
handlers, micro-electro mechanical system (MEMS) test modules, test
contactors and thermal sub-systems used by global semiconductor
manufacturers and test subcontractors.
Use of Non-GAAP Financial Information:
Included within this press release are non-GAAP financial measures,
including non-GAAP Income and Income (adjusted earnings) per share, that
supplement the Company's Condensed Consolidated Statements of Income
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, employee severance costs,
acquisition related costs, fair value adjustment to contingent
consideration, purchase accounting inventory step-up included in cost of
sales, the reduction of an uncertain tax position liability and related
indemnification receivable and U.S. Tax Reform. 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 Income.
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
regarding capturing new customers; progress and growth in contactor
business; launch of Eclipse XTA, first half 2018 order momentum and
visibility; first half 2018 year-over-year growth projections; Cohu’s
second quarter 2018 sales forecast, guidance and effective tax rate; and
all statements regarding the acquisition of Xcerra 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 to recognize revenue and
accounts receivable collection problems; revenue recognition impacts due
to ASC 606; 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; impacts
from the Tax Cuts and Jobs Act of 2017; geopolitical issues; ERP system
implementation issues; the seasonal, volatile and unpredictable nature
of capital expenditures by semiconductor manufacturers; rapid
technological change; and significant risks associated with the Xcerra
transaction including but not limited to (i) the risk that the
conditions to the closing of the proposed transaction are not satisfied,
(ii) uncertainties as to the timing of the consummation of the proposed
transaction and the ability of each of Cohu and Xcerra to consummate the
proposed transaction, including as a result of the failure of Cohu to
obtain or provide on a timely basis or at all the necessary financing,
(iii) the ability of Cohu and Xcerra to integrate their businesses
successfully and to achieve anticipated synergies, (iv) the possibility
that other anticipated benefits of the proposed transaction will not be
realized, (v) potential litigation relating to the proposed transaction
that could be instituted against Cohu, Xcerra, or their respective
directors, (vi) possible disruptions from the proposed transaction that
could harm Cohu’s and/or Xcerra’s respective businesses, (vii) the
ability of Cohu or Xcerra to retain, attract and hire key personnel,
(viii) potential adverse reactions or changes to relationships with
customers, employees, suppliers or other parties resulting from the
announcement or completion of the proposed transaction, (ix) potential
business uncertainty, including changes to existing business
relationships, during the pendency of the proposed transaction that
could affect Cohu’s or Xcerra’s financial performance, (x) certain
restrictions during the pendency of the proposed transaction that may
impact Cohu’s or Xcerra’s ability to pursue certain business
opportunities or strategic transactions, (xi) the adverse impact to
Cohu’s operating results from interest expense on the financing debt,
rising interest rates, and any restrictions on operations related to
such debt, and (xii) continued availability of capital and financing and
rating agency actions. These and other risks and uncertainties are
discussed more fully in Cohu's filings with the Securities and Exchange
Commission, including the most recently filed Form 10-K and Form 10-Q,
and in the Registration Statement on Form S-4 that has or will be filed
by Cohu with the SEC containing a prospectus with respect to the Cohu
common stock to be issued in the proposed Xcerra transaction and a joint
proxy statement of Cohu and Xcerra in connection with the proposed
transaction that is or will be contained therein. The forward-looking
statements included in this release are not assurances, and speak only
as of the date of this release, and Cohu does not undertake any
obligation to update these forward-looking statements to reflect
subsequent events or circumstances.
Participants in the Solicitation:
Cohu, Xcerra, certain of their respective directors, executive officers,
members of management and employees may, under the rules of the SEC, be
deemed to be participants in the solicitation of proxies in connection
with the proposed transaction. Information regarding the persons who
may, under the rules of the SEC, be deemed “participants” in the
solicitation of proxies in connection with the proposed transaction, and
a description of their direct and indirect interests in the proposed
transaction, which may differ from the interests of Xcerra stockholders
or Cohu stockholders generally, is set forth in the Joint Proxy
Statement/Prospectus filed with the SEC. Information regarding Xcerra’s
directors and executive officers and their beneficial ownership of
Xcerra common stock is also set forth in Xcerra’s proxy statement on
Schedule 14A filed with the SEC on September 5, 2017, and in its Annual
Report on Form 10-K for the year ended July 31, 2017, and is
supplemented by other public filings made, and to be made, with the SEC
by Xcerra. These documents are available free of charge at the SEC’s
website at www.sec.gov
or by visiting the Xcerra Investor Relations page on its corporate
website at https://Xcerra.com/investors.
Information concerning Cohu’s directors and executive officers and their
beneficial ownership of Cohu’s common stock is set forth in Cohu’s
annual proxy statement on Schedule 14A filed with the SEC on April 3,
2018, and in its Annual Report on Form 10-K for the year ended December
31, 2017. These documents are available free of charge at the SEC’s
website at www.sec.gov
or by visiting the Cohu Investor Relations page on its corporate website
at https://Cohu.gcs-web.com.
Other information regarding the participants in the proxy solicitations
and a description of their direct and indirect interests, by security
holdings or otherwise, are contained in the Joint Proxy
Statement/Prospectus regarding the proposed transaction and other
relevant materials that have been or will be filed with the SEC when
they become available. You may obtain copies of the documents described
in the preceding sentence when they become available free of charge by
visiting the SEC’s website at www.sec.gov.
Additional Information and Where You Can Find It:
Cohu will file with the SEC the Registration Statement containing the
Joint Proxy Statement/Prospectus and other documents concerning the
proposed transaction. The definitive Joint Proxy Statement/Prospectus
will be delivered to the stockholders of Xcerra and Cohu after the
Registration Statement is declared effective by the SEC. This
communication is not a substitute for the Registration Statement, the
definitive Joint Proxy Statement/Prospectus or any other documents that
Xcerra or Cohu may file or may have filed with the SEC, or will send or
have sent to stockholders in connection with the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE JOINT
PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders
may obtain a free copy of these documents (when they become available)
and other documents filed by Xcerra and Cohu with the SEC at the SEC’s
website at www.sec.gov.
The Joint Proxy Statement/Prospectus and other documents filed by Xcerra
or Cohu may also be obtained free of charge by visiting the Xcerra
Investor Relations page on its corporate website at https://Xcerra.com/investors
or by contacting Xcerra Investor Relations by telephone at (781)
467-5063 or by mail at Xcerra Investor Relations, Xcerra Corporation,
825 University Avenue, Norwood, MA 02062, attention Rich Yerganian or by
visiting the Cohu Investor Relations page on its corporate website at https://Cohu.gcs-web.com
or by contacting Cohu Investor Relations by telephone at (858) 848-8106
or by mail at Cohu Corporate Headquarters, 12367 Crosthwaite Circle,
Poway, CA 92064, attention Jeffrey D. Jones.
For press releases and other information of interest to investors,
please visit Cohu’s website at www.cohu.com.
|
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|
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|
|
|
|
| COHU, INC. |
|
|
|
|
|
|
|
| CONSOLIDATED STATEMENTS OF INCOME |
|
(Unaudited)
|
|
|
|
|
|
|
|
| (in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended (1) |
|
|
|
|
March 31, |
|
|
March 25,
|
|
|
|
|
2018 |
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$ |
95,150 |
|
|
$
|
81,097
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
55,599 |
|
|
|
48,841
|
|
|
Research and development
|
|
|
11,775 |
|
|
|
9,776
|
|
|
Selling, general and administrative
|
|
|
17,763 |
|
|
|
14,460
|
|
|
|
|
|
85,137 |
|
|
|
73,077
|
|
Income from operations
|
|
|
10,013 |
|
|
|
8,020
|
|
Interest and other, net
|
|
|
236 |
|
|
|
101
|
|
Income from continuing operations before taxes
|
|
|
10,249 |
|
|
|
8,121
|
|
Income tax provision
|
|
|
2,127 |
|
|
|
1,358
|
|
Income from continuing operations
|
|
|
8,122 |
|
|
|
6,763
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations before taxes
|
|
|
- |
|
|
|
-
|
|
Income tax provision
|
|
|
- |
|
|
|
-
|
|
Income from discontinued operations
|
|
|
- |
|
|
|
-
|
|
Net income
|
|
$ |
8,122 |
|
|
$
|
6,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share:
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$ |
0.28 |
|
|
$
|
0.25
|
|
Income from discontinued operations
|
|
|
- |
|
|
|
-
|
|
|
|
|
$ |
0.28 |
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$ |
0.28 |
|
|
$
|
0.24
|
|
Income from discontinued operations
|
|
|
- |
|
|
|
-
|
|
|
|
|
$ |
0.28 |
|
|
$
|
0.24
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in
|
|
|
|
|
|
|
|
|
computing income per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
28,602 |
|
|
|
26,978
|
|
|
Diluted
|
|
|
29,531 |
|
|
|
28,252
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
The three-month periods ended March 31, 2018 and March 25,
2017, were comprised of 13 weeks and 12 weeks, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
| COHU, INC. |
|
|
|
|
|
|
|
|
| CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
(in thousands) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 30,
|
|
|
|
|
|
2018 |
|
|
2017
|
| Assets: |
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and investments
|
|
|
$ |
139,730 |
|
|
$
|
155,615
|
|
Accounts receivable
|
|
|
|
85,176 |
|
|
|
71,125
|
|
Inventories
|
|
|
|
62,676 |
|
|
|
62,085
|
|
Other current assets
|
|
|
|
9,924 |
|
|
|
8,613
|
|
|
Total current assets
|
|
|
|
297,506 |
|
|
|
297,438
|
|
Property, plant & equipment, net
|
|
|
|
35,122 |
|
|
|
34,172
|
|
Goodwill
|
|
|
|
66,784 |
|
|
|
65,613
|
|
Intangible assets, net
|
|
|
|
16,131 |
|
|
|
16,748
|
|
Other assets
|
|
|
|
7,175 |
|
|
|
6,486
|
|
|
Total assets
|
|
|
$ |
422,718 |
|
|
$
|
420,457
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities & Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Deferred profit
|
|
|
$ |
2,914 |
|
|
$
|
6,608
|
|
Other current liabilities
|
|
|
|
75,237 |
|
|
|
78,659
|
|
|
Total current liabilities
|
|
|
|
78,151 |
|
|
|
85,267
|
|
Other noncurrent liabilities
|
|
|
|
46,215 |
|
|
|
46,099
|
|
Stockholders’ equity
|
|
|
|
298,352 |
|
|
|
289,091
|
|
|
Total liabilities & stockholders’ equity
|
|
|
$ |
422,718 |
|
|
$
|
420,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COHU, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
| Supplemental Reconciliation of GAAP Results to Non-GAAP Financial
Measures (Unaudited) |
| (in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
March 31,
|
|
|
December 30,
|
|
|
March 25,
|
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
Income from operations - GAAP basis (a)
|
|
|
$
|
10,013
|
|
|
$
|
4,666
|
|
|
$
|
8,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation included in (b):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
121
|
|
|
|
96
|
|
|
|
83
|
|
|
Research and development
|
|
|
|
349
|
|
|
|
198
|
|
|
|
316
|
|
|
Selling, general and administrative (SG&A)
|
|
|
|
1,199
|
|
|
|
1,377
|
|
|
|
1,318
|
|
|
|
|
|
|
1,669
|
|
|
|
1,671
|
|
|
|
1,717
|
|
Amortization of intangible assets included in (c):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
676
|
|
|
|
674
|
|
|
|
768
|
|
|
SG&A
|
|
|
|
398
|
|
|
|
370
|
|
|
|
342
|
|
|
|
|
|
|
1,074
|
|
|
|
1,044
|
|
|
|
1,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufacturing transition and severance costs included in SG&A (d)
|
|
|
|
(13)
|
|
|
|
50
|
|
|
|
104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment to contingent consideration included in SG&A (e)
|
|
|
|
(147)
|
|
|
|
755
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costs included in SG&A (f)
|
|
|
|
296
|
|
|
|
69
|
|
|
|
187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory step-up included in cost of sales (g)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reduction of indemnification receivable included in SG&A (h)
|
|
|
|
-
|
|
|
|
1,172
|
|
|
|
-
|
|
Income from operations - non-GAAP basis (i)
|
|
|
$
|
12,892
|
|
|
$
|
9,427
|
|
|
$
|
11,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations - GAAP basis
|
|
|
$
|
8,122
|
|
|
|
6,895
|
|
|
$
|
6,763
|
|
Non-GAAP adjustments (as scheduled above)
|
|
|
|
2,879
|
|
|
|
4,761
|
|
|
|
3,465
|
|
Tax effect of non-GAAP adjustments (j) (h)
|
|
|
|
(501)
|
|
|
|
(1,460)
|
|
|
|
(376)
|
|
U.S. Tax Reform (k)
|
|
|
|
-
|
|
|
|
(2,022)
|
|
|
|
-
|
|
Income from continuing operations - non-GAAP basis
|
|
|
$
|
10,500
|
|
|
$
|
8,174
|
|
|
$
|
9,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from continuing operations per share - diluted
|
|
|
$
|
0.28
|
|
|
|
0.23
|
|
|
$
|
0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from continuing operations per share - diluted (l)
|
|
|
$
|
0.36
|
|
|
|
0.28
|
|
|
$
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross Profit Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit - GAAP basis
|
|
|
$
|
39,551
|
|
|
$
|
34,423
|
|
|
$
|
32,256
|
|
|
Non-GAAP adjustments to cost of sales (as scheduled above)
|
|
|
|
797
|
|
|
|
770
|
|
|
|
1,198
|
|
Gross profit - Non-GAAP basis
|
|
|
$
|
40,348
|
|
|
$
|
35,193
|
|
|
$
|
33,454
|
|
Non-GAAP gross profit as a percentage of net sales
|
|
|
|
42.4%
|
|
|
|
41.9%
|
|
|
|
41.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 expenses
incurred as a result of moving certain manufacturing activities to Asia
as part of our cost reduction efforts and employee severance are costs
incurred in conjunction with the termination of certain employees to
streamline our operations and reduce costs. Management has excluded
these costs primarily because they are not reflective of the ongoing
operating results and they are not used to assess ongoing operational
performance. Acquisition costs, fair value adjustment to contingent
consideration and inventory step-up costs have been excluded by
management as they are unrelated to the core operating activities of the
Company and the frequency and variability in the nature of the charges
can vary significantly from period to period. Management believes the
reduction of an uncertain tax position liability and related
indemnification receivable is better reflected within income tax expense
rather than a charge to SG&A and credit to the income tax provision.
Excluding the impact of U.S. Tax Reform provides better comparability to
our historical and future tax provisions. Excluding this data provides
investors with a basis to compare Cohu’s performance against the
performance of other companies without this variability. However, the
non-GAAP financial measures should not be regarded as a replacement for
(or superior to) corresponding, similarly captioned, GAAP measures. The
presentation of non-GAAP financial measures above may not be comparable
to similarly titled measures reported by other companies and investors
should be careful when comparing our non-GAAP financial measures to
those of other companies.
| (a) |
|
10.5%, 5.5% and 9.9% 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 acquired intangible assets.
|
| (d) |
|
To eliminate manufacturing transition and employee severance
costs.
|
| (e) |
|
To eliminate fair value adjustment to contingent
consideration related to the acquisition of Kita.
|
| (f) |
|
To eliminate professional fees and other direct incremental
expenses incurred related to the acquisitions. Amounts presented
for the period ended December 30, 2017, have been revised to
exclude costs incurred related to the acquisition of Xcerra.
|
| (g) |
|
To eliminate the inventory step-up costs incurred related to
the acquisition of Kita.
|
| (h) |
|
To eliminate the impact of the reduction of an uncertain tax
position liability and related indemnification receivable.
|
| (i) |
|
13.5%, 11.2% and 14.2% of net sales, respectively.
|
| (j) |
|
To adjust the provision for income taxes related to the
adjustments described above based on applicable tax rates.
|
| (k) |
|
To eliminate impact from the Tax Cuts and Jobs Act enacted on
December 22, 2017 (U.S. Tax Reform), and includes provisional
estimates of (i) the one-time transition tax, net of foreign tax
credits and operating losses, on earnings of foreign subsidiaries
that were previously deferred from U.S. tax; (ii) the impact of
U.S. tax rate reduction and changes to net operating loss rules on
our net deferred taxes and (iii) the accrual of foreign taxes in
the event certain funds are repatriated to the U.S.
|
| (l) |
|
All periods presented were computed using the number of GAAP
diluted shares outstanding.
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180508005657/en/
Source: Cohu, Inc.
Cohu, Inc.
Investor Relations
Jeffrey D. Jones, 858-848-8106
