$COHU
COHU INC

2012 Q3 Form 10-Q Financial Statement

#000119312512451207 Filed on November 05, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $57.75M $71.81M
YoY Change -19.59% -16.59%
Cost Of Revenue $39.62M $48.46M
YoY Change -18.23% -13.47%
Gross Profit $18.13M $23.36M
YoY Change -22.39% -22.41%
Gross Profit Margin 31.39% 32.52%
Selling, General & Admin $11.60M $11.87M
YoY Change -2.31% -5.03%
% of Gross Profit 63.98% 50.83%
Research & Development $9.136M $8.824M
YoY Change 3.54% 0.27%
% of Gross Profit 50.4% 37.78%
Depreciation & Amortization $2.210M $2.390M
YoY Change -7.53% -6.64%
% of Gross Profit 12.19% 10.23%
Operating Expenses $20.73M $20.70M
YoY Change 0.18% -2.84%
Operating Profit -$2.607M $2.660M
YoY Change -198.01% -69.77%
Interest Expense $700.0K $100.0K
YoY Change 600.0% 0.0%
% of Operating Profit 3.76%
Other Income/Expense, Net
YoY Change
Pretax Income -$820.0K $3.840M
YoY Change -121.35% -56.85%
Income Tax -$119.0K -$602.0K
% Of Pretax Income -15.68%
Net Earnings -$1.749M $3.376M
YoY Change -151.81% -55.58%
Net Earnings / Revenue -3.03% 4.7%
Basic Earnings Per Share -$0.07 $0.14
Diluted Earnings Per Share -$0.07 $0.14
COMMON SHARES
Basic Shares Outstanding 24.48M shares 24.16M shares
Diluted Shares Outstanding 24.48M shares 24.48M shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.1M $101.7M
YoY Change 8.26% 11.39%
Cash & Equivalents $75.63M $51.15M
Short-Term Investments $34.50M $50.50M
Other Short-Term Assets $12.00M $12.60M
YoY Change -4.76% 22.33%
Inventory $68.69M $84.20M
Prepaid Expenses
Receivables $43.60M $50.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $234.4M $248.5M
YoY Change -5.68% 5.83%
LONG-TERM ASSETS
Property, Plant & Equipment $35.67M $38.20M
YoY Change -6.63% -2.05%
Goodwill $57.96M
YoY Change
Intangibles $19.61M
YoY Change
Long-Term Investments
YoY Change
Other Assets $949.0K $1.100M
YoY Change -13.73% -38.89%
Total Long-Term Assets $114.2M $122.6M
YoY Change -6.86% -4.74%
TOTAL ASSETS
Total Short-Term Assets $234.4M $248.5M
Total Long-Term Assets $114.2M $122.6M
Total Assets $348.6M $371.1M
YoY Change -6.07% 2.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.43M $22.50M
YoY Change -18.09% -19.06%
Accrued Expenses $24.20M $27.80M
YoY Change -12.95% 13.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $47.01M $59.00M
YoY Change -20.33% -21.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.000M $6.300M
YoY Change -4.76% 31.25%
Total Long-Term Liabilities $6.000M $6.300M
YoY Change -4.76% 31.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.01M $59.00M
Total Long-Term Liabilities $6.000M $6.300M
Total Liabilities $65.00M $78.50M
YoY Change -17.2% -17.28%
SHAREHOLDERS EQUITY
Retained Earnings $177.6M
YoY Change
Common Stock $106.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $283.6M $292.6M
YoY Change
Total Liabilities & Shareholders Equity $348.6M $371.1M
YoY Change -6.07% 2.09%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$1.749M $3.376M
YoY Change -151.81% -55.58%
Depreciation, Depletion And Amortization $2.210M $2.390M
YoY Change -7.53% -6.64%
Cash From Operating Activities $4.940M $3.860M
YoY Change 27.98% 136.81%
INVESTING ACTIVITIES
Capital Expenditures -$1.130M -$860.0K
YoY Change 31.4% -38.57%
Acquisitions
YoY Change
Other Investing Activities $13.19M $1.490M
YoY Change 785.23% -115.65%
Cash From Investing Activities $12.06M $630.0K
YoY Change 1814.29% -105.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.350M -1.310M
YoY Change 3.05% -1410.0%
NET CHANGE
Cash From Operating Activities 4.940M 3.860M
Cash From Investing Activities 12.06M 630.0K
Cash From Financing Activities -1.350M -1.310M
Net Change In Cash 15.65M 3.180M
YoY Change 392.14% -134.6%
FREE CASH FLOW
Cash From Operating Activities $4.940M $3.860M
Capital Expenditures -$1.130M -$860.0K
Free Cash Flow $6.070M $4.720M
YoY Change 28.6% 55.78%

Facts In Submission

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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-09-29
dei Entity Central Index Key
EntityCentralIndexKey
0000021535
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-29
dei Trading Symbol
TradingSymbol
COHU
dei Entity Registrant Name
EntityRegistrantName
COHU INC
dei Amendment Flag
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dei Entity Filer Category
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Accelerated Filer
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us-gaap Investment Income Interest
InvestmentIncomeInterest
920000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-109000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
26194000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3819000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24421000 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.051 pure
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1019000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1656000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-280000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-7459000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
3254000
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
1048000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
5175000
us-gaap Share Based Compensation
ShareBasedCompensation
3254000
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-103000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
22368000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
900000
us-gaap Operating Income Loss
OperatingIncomeLoss
-8379000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
119119000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.29
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
158000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-13468000
us-gaap Proceeds From Sale Of Buildings
ProceedsFromSaleOfBuildings
1080000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-262000
us-gaap Net Income Loss
NetIncomeLoss
-7082000
us-gaap Costs And Expenses
CostsAndExpenses
178827000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7241000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
33514000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-377000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-58000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
12000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2416000
us-gaap Sales Revenue Net
SalesRevenueNet
170448000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.29
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24421000 shares
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3340000
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
677000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3000000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
40461000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
833000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
44000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3254000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3204000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
57720000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4388000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3662000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-33000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-159000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-245000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10787000
cohu Inventory Capitalized As Property Plant And Equipment
InventoryCapitalizedAsPropertyPlantAndEquipment
567000
cohu Number Of Customer Accounted For More Than Ten Percentage Of Net Sales
NumberOfCustomerAccountedForMoreThanTenPercentageOfNetSales
1 Customer
cohu Percentage Of Consolidated Net Sales Attributable To Significant Customer
PercentageOfConsolidatedNetSalesAttributableToSignificantCustomer
0.41 pure
CY2011 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-438000
CY2011Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
114000
CY2011Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-47000
CY2011Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8824000
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24158000 shares
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1868000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
959000
CY2011Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2587000
CY2011Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2085000 shares
CY2011Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-4821000
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
71813000
CY2011Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1100000
CY2011Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
923000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3840000
CY2011Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.217 pure
CY2011Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4854000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2774000
CY2011Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
923000
CY2011Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1180000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
2660000
CY2011Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
CY2011Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
48458000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
3376000
CY2011Q3 us-gaap Costs And Expenses
CostsAndExpenses
69153000
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2011Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24478000 shares
CY2011Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
320000 shares
CY2011Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1445000
CY2011Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11871000
CY2011Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-602000
CY2011Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-14000
CY2011Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2383000
CY2011Q3 cohu Number Of Customer Accounted For More Than Ten Percentage Of Net Sales
NumberOfCustomerAccountedForMoreThanTenPercentageOfNetSales
2 Customer
CY2011Q3 cohu Percentage Of Consolidated Net Sales Attributable To Significant Customer
PercentageOfConsolidatedNetSalesAttributableToSignificantCustomer
0.50 pure
CY2012Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
739000
CY2012Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-33000
CY2012Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9136000
CY2012Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1006000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24479000 shares
CY2012Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.064 pure
CY2012Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2132000
CY2012Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1787000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2607000
CY2012Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
CY2012Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
39622000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-1749000
CY2012Q3 us-gaap Costs And Expenses
CostsAndExpenses
60355000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2012Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24479000 shares
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
429000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11597000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-119000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
13000
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
57748000
CY2012Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
959000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-820000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2178000
CY2012Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1540000
CY2012Q3 cohu Number Of Customer Accounted For More Than Ten Percentage Of Net Sales
NumberOfCustomerAccountedForMoreThanTenPercentageOfNetSales
1 Customer
CY2012Q3 cohu Percentage Of Consolidated Net Sales Attributable To Significant Customer
PercentageOfConsolidatedNetSalesAttributableToSignificantCustomer
0.39 pure

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