$COHU
COHU INC

2013 Q3 Form 10-Q Financial Statement

#000119312513430076 Filed on November 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $55.98M $57.75M
YoY Change -3.07% -19.59%
Cost Of Revenue $43.29M $39.62M
YoY Change 9.27% -18.23%
Gross Profit $12.68M $18.13M
YoY Change -30.02% -22.39%
Gross Profit Margin 22.66% 31.39%
Selling, General & Admin $13.97M $11.60M
YoY Change 20.43% -2.31%
% of Gross Profit 110.11% 63.98%
Research & Development $11.14M $9.136M
YoY Change 21.89% 3.54%
% of Gross Profit 87.8% 50.4%
Depreciation & Amortization $3.820M $2.210M
YoY Change 72.85% -7.53%
% of Gross Profit 30.12% 12.19%
Operating Expenses $25.10M $20.73M
YoY Change 21.07% 0.18%
Operating Profit -$12.42M -$2.607M
YoY Change 376.33% -198.01%
Interest Expense $0.00 $700.0K
YoY Change -100.0% 600.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$10.90M -$820.0K
YoY Change 1229.51% -121.35%
Income Tax -$1.289M -$119.0K
% Of Pretax Income
Net Earnings -$10.82M -$1.749M
YoY Change 518.64% -151.81%
Net Earnings / Revenue -19.33% -3.03%
Basic Earnings Per Share -$0.43 -$0.07
Diluted Earnings Per Share -$0.43 -$0.07
COMMON SHARES
Basic Shares Outstanding 24.93M shares 24.48M shares
Diluted Shares Outstanding 24.93M shares 24.48M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.90M $110.1M
YoY Change -51.95% 8.26%
Cash & Equivalents $46.25M $75.63M
Short-Term Investments $6.600M $34.50M
Other Short-Term Assets $12.50M $12.00M
YoY Change 4.17% -4.76%
Inventory $60.36M $68.69M
Prepaid Expenses
Receivables $58.20M $43.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $183.9M $234.4M
YoY Change -21.56% -5.68%
LONG-TERM ASSETS
Property, Plant & Equipment $35.92M $35.67M
YoY Change 0.69% -6.63%
Goodwill $70.90M $57.96M
YoY Change 22.32%
Intangibles $46.68M $19.61M
YoY Change 138.04%
Long-Term Investments
YoY Change
Other Assets $3.770M $949.0K
YoY Change 297.26% -13.73%
Total Long-Term Assets $157.3M $114.2M
YoY Change 37.72% -6.86%
TOTAL ASSETS
Total Short-Term Assets $183.9M $234.4M
Total Long-Term Assets $157.3M $114.2M
Total Assets $341.1M $348.6M
YoY Change -2.14% -6.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.76M $18.43M
YoY Change 1.79% -18.09%
Accrued Expenses $29.40M $24.20M
YoY Change 21.49% -12.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $55.16M $47.01M
YoY Change 17.34% -20.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.50M $6.000M
YoY Change 191.67% -4.76%
Total Long-Term Liabilities $17.50M $6.000M
YoY Change 191.67% -4.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.16M $47.01M
Total Long-Term Liabilities $17.50M $6.000M
Total Liabilities $84.90M $65.00M
YoY Change 30.62% -17.2%
SHAREHOLDERS EQUITY
Retained Earnings $139.5M $177.6M
YoY Change -21.44%
Common Stock $113.0M $106.2M
YoY Change 6.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $256.2M $283.6M
YoY Change
Total Liabilities & Shareholders Equity $341.1M $348.6M
YoY Change -2.14% -6.07%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$10.82M -$1.749M
YoY Change 518.64% -151.81%
Depreciation, Depletion And Amortization $3.820M $2.210M
YoY Change 72.85% -7.53%
Cash From Operating Activities $460.0K $4.940M
YoY Change -90.69% 27.98%
INVESTING ACTIVITIES
Capital Expenditures -$1.260M -$1.130M
YoY Change 11.5% 31.4%
Acquisitions
YoY Change
Other Investing Activities $180.0K $13.19M
YoY Change -98.64% 785.23%
Cash From Investing Activities -$1.070M $12.06M
YoY Change -108.87% 1814.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.280M -1.350M
YoY Change -5.19% 3.05%
NET CHANGE
Cash From Operating Activities 460.0K 4.940M
Cash From Investing Activities -1.070M 12.06M
Cash From Financing Activities -1.280M -1.350M
Net Change In Cash -1.890M 15.65M
YoY Change -112.08% 392.14%
FREE CASH FLOW
Cash From Operating Activities $460.0K $4.940M
Capital Expenditures -$1.260M -$1.130M
Free Cash Flow $1.720M $6.070M
YoY Change -71.66% 28.6%

Facts In Submission

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dei Trading Symbol
TradingSymbol
COHU
dei Entity Registrant Name
EntityRegistrantName
COHU INC
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-09-28
dei Entity Central Index Key
EntityCentralIndexKey
0000021535
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-28
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
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 and Essai filed its opposition to Delta&#x2019;s motion to dismiss on August&#xA0;2, 2013. Delta intends to vigorously defend its intellectual property rights.</font></p> <p style="font-size:1px;margin-top:6px;margin-bottom:0px"> &#xA0;</p> <p style="margin-top:0px;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 Basic
EarningsPerShareBasic
-1.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.09
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.18
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24801000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.079 pure
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1878000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24801000 shares
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2972000
us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
12 to 36 months
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-25107000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
151000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-1135000
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
2865000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1589000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1861000
us-gaap Operating Income Loss
OperatingIncomeLoss
-29334000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-29292000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1763000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-88000
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
1817000
us-gaap Investment Income Net
InvestmentIncomeNet
42000
us-gaap Net Income Loss
NetIncomeLoss
-26968000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-11702000
us-gaap Sales Revenue Net
SalesRevenueNet
182630000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2513000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-10000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
11245000
us-gaap Costs And Expenses
CostsAndExpenses
211964000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2072000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
131052000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
431000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1090000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
3249000
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
900000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
5069000
us-gaap Share Based Compensation
ShareBasedCompensation
3962000
us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
894000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-56560000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-963000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
406000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-605000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4268000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-55315000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-108000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
36814000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
10077000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6000000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
812000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
44098000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2324000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1051000
cohu Number Of Customer Accounted For More Than Ten Percentage Of Net Sales
NumberOfCustomerAccountedForMoreThanTenPercentageOfNetSales
1 Customer
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
57748000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
13000
CY2012Q3 us-gaap Costs And Expenses
CostsAndExpenses
60355000
cohu Inventory Capitalized As Property Plant And Equipment
InventoryCapitalizedAsPropertyPlantAndEquipment
572000
cohu Percentage Of Consolidated Net Sales Attributable To Significant Customer
PercentageOfConsolidatedNetSalesAttributableToSignificantCustomer
0.18 pure
CY2012 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
696000
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 Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
shares
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2012Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.064 pure
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24479000 shares
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
429000
CY2012Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1006000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2178000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2607000
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 Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2132000
CY2012Q3 us-gaap Investment Income Net
InvestmentIncomeNet
739000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
-1749000
CY2012Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
39622000
CY2012Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1787000
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
959000
CY2012Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1540000
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 Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11597000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-119000
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
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
CY2013Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24929000 shares
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
CY2013Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.094 pure
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24929000 shares
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6170000
CY2013Q3 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
44000
CY2013Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
697000
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
4650000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-11960000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-11944000
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
4635000
CY2013Q3 us-gaap Investment Income Net
InvestmentIncomeNet
16000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-10820000
CY2013Q3 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
3000000
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
59962000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-3000
CY2013Q3 us-gaap Costs And Expenses
CostsAndExpenses
71922000
CY2013Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
45441000
CY2013Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1516000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1186000
CY2013Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1402000
CY2013Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-18000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11636000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2600000
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14845000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1124000
CY2013Q3 cohu Number Of Customer Accounted For More Than Ten Percentage Of Net Sales
NumberOfCustomerAccountedForMoreThanTenPercentageOfNetSales
1 Customer
CY2013Q3 cohu Percentage Of Consolidated Net Sales Attributable To Significant Customer
PercentageOfConsolidatedNetSalesAttributableToSignificantCustomer
0.17 pure
CY2013Q3 cohu Additional Amortization Expense
AdditionalAmortizationExpense
600000

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