$COHU
COHU INC

2013 Q2 Form 10-Q Financial Statement

#000119312513324263 Filed on August 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $62.24M $59.40M
YoY Change 4.77% -26.57%
Cost Of Revenue $42.72M $41.74M
YoY Change 2.35% -23.13%
Gross Profit $19.52M $17.66M
YoY Change 10.48% -33.46%
Gross Profit Margin 31.36% 29.74%
Selling, General & Admin $13.22M $11.04M
YoY Change 19.72% -3.15%
% of Gross Profit 67.73% 62.51%
Research & Development $11.19M $8.688M
YoY Change 28.82% -6.58%
% of Gross Profit 57.35% 49.18%
Depreciation & Amortization $3.020M $2.440M
YoY Change 23.77% 0.0%
% of Gross Profit 15.48% 13.81%
Operating Expenses $24.41M $19.73M
YoY Change 23.73% -5.15%
Operating Profit -$4.896M -$2.065M
YoY Change 137.09% -135.93%
Interest Expense $0.00 $100.0K
YoY Change -100.0% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.246M -$1.976M
YoY Change 64.27% -133.49%
Income Tax -$546.0K $133.0K
% Of Pretax Income
Net Earnings -$4.045M -$2.109M
YoY Change 91.8% -141.76%
Net Earnings / Revenue -6.5% -3.55%
Basic Earnings Per Share -$0.16 -$0.09
Diluted Earnings Per Share $0.43 -$0.09
COMMON SHARES
Basic Shares Outstanding 24.82M shares 24.43M shares
Diluted Shares Outstanding 24.82M shares 24.43M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.20M $106.6M
YoY Change -49.16% 5.13%
Cash & Equivalents $47.44M $59.19M
Short-Term Investments $6.800M $47.40M
Other Short-Term Assets $12.80M $13.00M
YoY Change -1.54% 0.78%
Inventory $67.67M $73.00M
Prepaid Expenses
Receivables $60.40M $42.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $195.1M $234.8M
YoY Change -16.92% -3.89%
LONG-TERM ASSETS
Property, Plant & Equipment $35.60M $35.60M
YoY Change 0.0% -8.72%
Goodwill $76.85M
YoY Change
Intangibles $39.84M
YoY Change
Long-Term Investments
YoY Change
Other Assets $876.0K $1.300M
YoY Change -32.62% 18.18%
Total Long-Term Assets $153.2M $113.2M
YoY Change 35.31% -11.29%
TOTAL ASSETS
Total Short-Term Assets $195.1M $234.8M
Total Long-Term Assets $153.2M $113.2M
Total Assets $348.2M $348.0M
YoY Change 0.07% -6.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.59M $15.20M
YoY Change 42.07% -21.24%
Accrued Expenses $27.90M $23.80M
YoY Change 17.23% -8.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $58.43M $46.40M
YoY Change 25.92% -19.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.10M $6.000M
YoY Change 135.0% -1.64%
Total Long-Term Liabilities $14.10M $6.000M
YoY Change 135.0% -1.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.43M $46.40M
Total Long-Term Liabilities $14.10M $6.000M
Total Liabilities $85.80M $64.30M
YoY Change 33.44% -16.93%
SHAREHOLDERS EQUITY
Retained Earnings $151.8M
YoY Change
Common Stock $111.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $262.5M $283.7M
YoY Change
Total Liabilities & Shareholders Equity $348.2M $348.0M
YoY Change 0.07% -6.43%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income -$4.045M -$2.109M
YoY Change 91.8% -141.76%
Depreciation, Depletion And Amortization $3.020M $2.440M
YoY Change 23.77% 0.0%
Cash From Operating Activities $7.920M $5.170M
YoY Change 53.19% -208.84%
INVESTING ACTIVITIES
Capital Expenditures -$1.010M -$330.0K
YoY Change 206.06% 37.5%
Acquisitions
YoY Change
Other Investing Activities $320.0K $6.280M
YoY Change -94.9% 5.9%
Cash From Investing Activities -$700.0K $5.950M
YoY Change -111.76% 4.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -370.0K -760.0K
YoY Change -51.32% 35.71%
NET CHANGE
Cash From Operating Activities 7.920M 5.170M
Cash From Investing Activities -700.0K 5.950M
Cash From Financing Activities -370.0K -760.0K
Net Change In Cash 6.850M 10.36M
YoY Change -33.88% 2626.32%
FREE CASH FLOW
Cash From Operating Activities $7.920M $5.170M
Capital Expenditures -$1.010M -$330.0K
Free Cash Flow $8.930M $5.500M
YoY Change 62.36% -221.95%

Facts In Submission

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dei Trading Symbol
TradingSymbol
COHU
dei Entity Registrant Name
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COHU INC
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10-Q
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div> <table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="4%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>7.</b></font></td> <td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>Contingencies</b></font></td> </tr> </table> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"> <font style="font-family:Times New Roman" size="2">From time-to-time we are involved in various legal proceedings, examinations by various tax authorities and claims that have arisen in the ordinary course of our businesses.</font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"> <font style="font-family:Times New Roman" size="2">During the period from February through May 2013, Cohu&#x2019;s subsidiary Delta Design, Inc. (&#x201C;Delta&#x201D;) made several inquiries of Essai, Inc. (&#x201C;Essai&#x201D;) asking it to confirm that it had not incorporated any of the technology covered by Delta&#x2019;s patents in its current product offerings. On May&#xA0;23, 2013 Essai filed a complaint against Delta in the U.S. District Court for the Northern District of California (the &#x201C;Court&#x201D;) seeking a declaratory judgment of non-infringement and invalidity of one Delta U. S. patent that issued in 1998. On July&#xA0;19, 2013 Delta filed a motion with the Court to dismiss Essai&#x2019;s complaint. Delta intends to vigorously defend its intellectual property rights.</font></p> <p style="margin-top:6px;margin-bottom:0px; margin-left:4%"> <font style="font-family:Times New Roman" size="2">The outcome of any litigation is inherently uncertain. While there can be no assurance, we do not believe at the present time that the resolution of the matters described above will have a material adverse effect on our assets, financial position or results of operations.</font></p> </div>
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.65
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.12
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24737000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.65
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.069 pure
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1424000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24737000 shares
us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
12 to 36 months
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
1817000
us-gaap Investment Income Net
InvestmentIncomeNet
26000
us-gaap Net Income Loss
NetIncomeLoss
-16148000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-4290000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
us-gaap Sales Revenue Net
SalesRevenueNet
122668000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-18937000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
162000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-1321000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1478000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
53463000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
300000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2168000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1181000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2789000
us-gaap Operating Income Loss
OperatingIncomeLoss
-17374000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-17348000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2872000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2144000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1253000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-7000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
19273000
us-gaap Costs And Expenses
CostsAndExpenses
140042000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-787000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
85611000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
394000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-794000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
4716000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
2776000
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
691000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
3553000
us-gaap Share Based Compensation
ShareBasedCompensation
2776000
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-1176000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-55368000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-2156000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
861000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2229000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2866000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-54246000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-90000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
25178000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
6219000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3400000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
632000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
29253000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1200000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1759000
cohu Inventory Capitalized As Property Plant And Equipment
InventoryCapitalizedAsPropertyPlantAndEquipment
572000
CY2012 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
696000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24817000 shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2013Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.087 pure
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24817000 shares
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2888000
CY2013Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
40000
CY2013Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1928000
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1157000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4445000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-4429000
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1130000
CY2013Q2 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
CY2013Q2 us-gaap Investment Income Net
InvestmentIncomeNet
16000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-4045000
CY2013Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
66652000
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-4000
CY2013Q2 us-gaap Costs And Expenses
CostsAndExpenses
71097000
CY2013Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
45179000
CY2013Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1355000
CY2013Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1650000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1355000
CY2013Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1457000
CY2013Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-31000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11718000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1700000
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14200000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-384000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2012Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24432000 shares
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
shares
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2012Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.067 pure
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24432000 shares
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7073000
CY2012Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1148000
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-4964000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2065000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1976000
CY2012Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4995000
CY2012Q2 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
CY2012Q2 us-gaap Investment Income Net
InvestmentIncomeNet
89000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-2109000
CY2012Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
59404000
CY2012Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-13000
CY2012Q2 us-gaap Costs And Expenses
CostsAndExpenses
61469000
CY2012Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
41740000
CY2012Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1251000
CY2012Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1899000
CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1251000
CY2012Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1741000
CY2012Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-44000
CY2012Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8688000
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11041000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
133000

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