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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 22, 2004
Cohu, Inc.
| Delaware (State or Other Jurisdiction of Incorporation) |
1-4298 (Commission File Number) |
95-1934119 (IRS Employer Identification No.) |
| 12367 Crosthwaite Circle, Poway, California (Address of Principal Executive Offices) |
92064 (Zip Code) |
Registrant’s telephone number, including area code (858) 848-8100
Not applicable
| SIGNATURES | ||||||||
| EXHIBIT INDEX | ||||||||
| EXHIBIT 99.1 | ||||||||
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Item 7. Financial Statements and Exhibits.
(c) Exhibits.
| Exhibit No. |
Description |
|
99.1
|
Second Quarter 2004 Earnings Release, dated July 22, 2004, of Cohu, Inc. |
Item 12. Results of Operations and Financial Condition.
On July 22, 2004, Cohu, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ended June 30, 2004. The Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| COHU, INC. | ||||
Dated: July 22, 2004
|
By: | /s/ John H. Allen | ||
| John H. Allen Vice President Finance and Chief Financial Officer |
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EXHIBIT INDEX
| Exhibit No. |
Description |
|
99.1
|
Second Quarter 2004 Earnings Release, dated July 22, 2004, of Cohu, Inc. |
EXHIBIT 99.1 COHU REPORTS SECOND QUARTER 2004 OPERATING RESULTS POWAY, Calif., July 22, 2004 -- Cohu, Inc. (NASDAQ:COHU) today announced that sales were $47.3 million for the second quarter ended June 30, 2004 compared to $32.1 million for the second quarter of 2003 and $35.9 million for the first quarter of 2004. Net income for the second quarter of 2004 was $6.9 million, or $0.32 per share compared to net income of $4.1 million or $0.19 per share for the second quarter of 2003 and net income of $2.1 million or $0.10 per share for the first quarter of 2004. Included in the second quarter 2003 results were a $7.9 million gain related to the sale of land and a $2.5 million investment writedown. Net sales for the first six months of 2004 were $83.3 million with net income of $9.0 million and net income per share of $0.41 compared to net sales of $63.2 million with net income of $2.7 million and net income per share of $0.13 for the first six months of 2003. Orders for the second quarter of 2004 were $59.9 million compared to $58.2 million for the first quarter of 2004. Backlog was $72.4 million at June 30, 2004 compared to $59.8 million at March 31, 2004. Second quarter 2004 sales of semiconductor test handling equipment accounted for 83% of total sales. Sales of television cameras and related equipment were 11% of sales and metal detection and microwave communications equipment contributed 6% of sales. James A. Donahue, President and Chief Executive Officer, stated, "This was a great quarter for Cohu as sales increased 48% year over year and 32% sequentially. We are especially pleased with the significant improvement in operating income, resulting primarily from favorable product mix and improved gross margin in our IC test handling business. Orders were very strong as we saw demand increase across our semiconductor equipment product line, from a broader base of customers." Donahue concluded, "We are encouraged by the breadth of the recovery. The investments we've made in new product development, proprietary technologies and manufacturing infrastructure put us in an excellent position to benefit from improved business conditions. Our balance sheet remains strong, with cash of nearly $116 million and no debt." Cohu's Board of Directors approved a quarterly cash dividend of $0.05 per share payable on November 5, 2004 to shareholders of record on September 10, 2004. Cohu has paid consecutive quarterly cash dividends since 1977. Certain matters discussed in this release including statements concerning Cohu's expectations of industry conditions and 2004 operations 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, the concentration of our revenues in a limited number of customers; intense competition in the semiconductor test handler industry; inventory write-offs; failure to obtain customer acceptance and recognize revenue; the cyclical and unpredictable nature of capital expenditures by semiconductor manufacturers; Cohu's 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; difficulties in integrating acquisitions and new technologies and other risks addressed in Cohu'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. 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. Cohu will be conducting their conference call on Thursday, July 22, 2004 at 2:00 p.m. Pacific Time. The call will be webcast at www.cohu.com. Replays of the call can be accessed at www.cohu.com.
COHU, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, -------------------------- -------------------------- 2004 2003 2004 2003 -------- -------- -------- -------- Net sales $ 47,337 $ 32,084 $ 83,276 $ 63,163 Cost and expenses: Cost of sales 26,425 21,109 47,442 41,805 Research and development 6,576 5,556 12,760 12,494 Selling, general and administrative 7,230 6,028 14,090 11,943 -------- -------- -------- -------- 40,231 32,693 74,292 66,242 -------- -------- -------- -------- Income (loss) from operations 7,106 (609) 8,984 (3,079) Gain from sale of land -- 7,873 -- 7,873 Investment impairment writedown -- (2,500) -- (2,500) Interest income 336 442 956 1,142 -------- -------- -------- -------- Income before income taxes 7,442 5,206 9,940 3,436 Income tax provision 500 1,100 900 700 -------- -------- -------- -------- Net income $ 6,942 $ 4,106 $ 9,040 $ 2,736 ======== ======== ======== ======== Income per share: Basic $ 0.32 $ 0.19 $ 0.42 $ 0.13 Diluted $ 0.32 $ 0.19 $ 0.41 $ 0.13 Weighted average shares used in computing income per share: Basic 21,484 21,098 21,452 21,005 Diluted 21,978 21,631 22,026 21,457 -------- -------- -------- -------- CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) JUNE 30, December 31, 2004 2003 -------- ------------ Assets: Current assets: Cash and investments $115,613 $107,620 Accounts receivable 39,349 25,578 Inventories 38,634 31,636 Deferred taxes and other 6,539 6,704 -------- -------- 200,135 171,538 Note receivable -- 8,978 Property, plant & equipment, net 30,327 30,683 Goodwill 8,340 8,340 Other assets 971 1,191 -------- -------- Total assets $239,773 $220,730 ======== ======== Liabilities & Stockholders' Equity: Current liabilities: Deferred profit $ 9,831 $ 4,132 Other current liabilities 27,533 22,685 -------- -------- 37,364 26,817 Deferred taxes and other noncurrent liabilities 1,701 1,683 Stockholders' equity 200,708 192,230 -------- -------- Total liabilities & equity $239,773 $220,730 ======== ======== 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