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Xcerra Corp

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2018 10-Q, filed Jun 11, 2018. Its latest SEC filing is a SC 13G/A from Feb 15, 2019.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Builds semiconductor and printed-circuit-board test systems, handling equipment, and related components for semiconductor manufacturers, electronics manufacturers, and board makers.

How Did They Make Money?

Customers buy test equipment, fixtures, spare parts and components; equipment sales are generally paid for on time-based terms after shipment. Maintenance and service contracts generate revenue over the contract term.

FY2017 revenue

Who Were Their Customers?

Semiconductor manufacturers and PCB makers, as well as companies using those boards, are served through Xcerra’s direct account sales team and distributors; Spirox, its Taiwan and China distributor, accounted for 15% of net sales in FY2017.

Customers above 10% of revenue, FY2017
of revenue from one customer
FY2015: 13% from one customer

Did Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2017.

Operating income, FY2017
7% of revenue
▲ +21628% vs FY2016 ($128K, 0%)
Net income, FY2017
6% of revenue
▲ +102% vs FY2016 ($11.2M, 3%)

How Were They Changing?

Since the FY2017 annual report
Latest quarter: Q3 FY2018, the three months to Apr 30, 2018
Revenue
▲ +12%
vs $103.6M in Q3 FY2017
Net income
▲ +56%
vs $7.5M in Q3 FY2017
  • Oct 1, 2018 Cohu completed its acquisition of Xcerra Xcerra became Cohu’s wholly owned subsidiary; shareholders received cash and Cohu shares, and its stock was delisted from Nasdaq.

Grew. Revenue grew 2.6x in 4 years, from $152M in FY2013 to $390.8M in FY2017, about 27% a year.

Interface-board business The older report included interface boards in its semiconductor test segment; the latest report omits them after Xcerra sold that business.

Who Did They Compete With?

Competes with Advantest, Teradyne, Johnstech, MicroCraft, Cohu, SPEA, Shenzhen Mason Electronics, Bojay, OXO, Sanmina, Interconnect Devices, QA Technology, and Ingun

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