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Cohu Reports First Quarter Operating Results

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^{Published in Science and Technology on Wednesday, April 20th 2011 at 13:15 GMT by Market Wire}  

POWAY, Calif.--([ BUSINESS WIRE ])--Cohu, Inc. (NASDAQ:COHU) today reported fiscal 2011 first quarter net sales of $89.7million and GAAP net income of $6.6million or $0.27per share. The Company also reported non-GAAP results, with first quarter 2011 net income of $8.8million or $0.36per share.

"First quarter sales were at the high end of our guidance due to solid contributions from our semiconductor equipment operations. Cohua™s cash and investments increased to $107million at March 26, 2011."

Sales of semiconductor equipment accounted for 88.6% of fiscal 2011 first quarter sales. Microwave communications equipment and video cameras and related equipment contributed 7.8% and 3.6%, respectively, for the same period.

Orders were $75.3million for the first quarter of 2011 and $75.8million for the fourth quarter of 2010. Orders for semiconductor equipment were $61.1million in the first quarter of 2011 compared to $67.1million in the fourth quarter of 2010. Total consolidated backlog was $85.2million at March 26,2011 compared to $99.6million at December 25,2010. Cohu expects second quarter 2011 sales to be between $77million and $82million.

James A. Donahue, Chairman, President and Chief Executive Officer, stated, aFirst quarter sales were at the high end of our guidance due to solid contributions from our semiconductor equipment operations. Cohua™s cash and investments increased to $107million at March 26, 2011.a

Donahue concluded, aQuote activity is high but some customers are cautious in view of uncertainty over the impact of the Japan earthquake on the electronics supply chain. Ita™s encouraging that SEMI reported that through February 2011, monthly orders for backend semiconductor equipment have increased for three consecutive months.a

Use of Non-GAAP Financial Information:

Included within this press release are non-GAAP financial measures that supplement the Companya™s Condensed Consolidated Statements of Income prepared under generally accepted accounting principles (GAAP). These non-GAAP financial measures adjust the Companya™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 and inventory step-up adjustments. 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 Companya™s management believes that this information can assist investors in evaluating the Companya™s operational trends, financial performance, and cash generating capacity. Management believes these non-GAAP measures allow investors to evaluate Cohua™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 Cohua™s expectations of business conditions, orders, sales, revenues 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, our ability to convert new products under development into production on a timely basis, support product development and meet customer delivery and acceptance requirements for next generation equipment; our reliance on third-party contract manufacturers; failure to obtain customer acceptance resulting in the inability to recognize revenue and accounts receivable collection problems; customer orders may be canceled or delayed; inventory, goodwill and other intangible asset write-downs; the concentration of our revenues from a limited number of customers; intense competition in the semiconductor test handler industry; our reliance on patents and intellectual property; compliance with U.S. export regulations; and the cyclical and unpredictable nature of capital expenditures by semiconductor manufacturers. These and other risks and uncertainties are discussed more fully in Cohua™s filings with the Securities and Exchange Commission, including the most recently filed Form 10-K and Form 10-Q. Cohu assumes no obligation to update the information in this release.

About Cohu:

Cohu is a supplier of test handling, burn-in and thermal solutions used by the global semiconductor industry, microwave communications and video equipment.

Cohu will be conducting their conference call on Wednesday, April 20, 2011 at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time. The call will be webcast at [ www.cohu.com ]. Replays of the call can be accessed at [ www.cohu.com ].

For press releases and other information of interest to investors, please visit Cohua™s website at [ www.cohu.com ].