$COHU
COHU INC

2014 Q1 Form 10-Q Financial Statement

#000119312514180187 Filed on May 02, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $60.17M $52.23M
YoY Change 15.21% -2.01%
Cost Of Revenue $42.66M $40.43M
YoY Change 5.52% 7.08%
Gross Profit $20.03M $13.94M
YoY Change 43.67% -10.28%
Gross Profit Margin 33.29% 26.7%
Selling, General & Admin $15.06M $15.05M
YoY Change 0.07% 38.41%
% of Gross Profit 75.2% 107.97%
Research & Development $10.56M $13.46M
YoY Change -21.55% 60.81%
% of Gross Profit 52.72% 96.54%
Depreciation & Amortization $3.424M $3.131M
YoY Change 9.36% 28.21%
% of Gross Profit 17.09% 22.46%
Operating Expenses $25.62M $28.51M
YoY Change -10.14% 48.15%
Operating Profit -$3.423M -$12.93M
YoY Change -73.52% 248.77%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.243M -$11.03M
YoY Change -88.73% 397.11%
Income Tax -$56.00K -$816.0K
% Of Pretax Income
Net Earnings -$3.348M -$12.10M
YoY Change -72.34% 275.4%
Net Earnings / Revenue -5.56% -23.17%
Basic Earnings Per Share -$0.13 -$0.49
Diluted Earnings Per Share -$0.13 -$0.49
COMMON SHARES
Basic Shares Outstanding 25.12M shares 24.66M shares
Diluted Shares Outstanding 25.12M shares 24.66M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.10M $48.70M
YoY Change -15.61% -53.31%
Cash & Equivalents $40.04M $41.39M
Short-Term Investments $1.100M $7.300M
Other Short-Term Assets $15.50M $14.70M
YoY Change 5.44% 0.0%
Inventory $62.45M $73.30M
Prepaid Expenses
Receivables $67.00M $56.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $186.1M $193.2M
YoY Change -3.69% -18.62%
LONG-TERM ASSETS
Property, Plant & Equipment $35.66M $35.70M
YoY Change -0.12% -4.02%
Goodwill $71.38M $76.27M
YoY Change -6.41%
Intangibles $43.39M $41.13M
YoY Change 5.49%
Long-Term Investments
YoY Change
Other Assets $5.609M $703.0K
YoY Change 697.87% -21.89%
Total Long-Term Assets $156.0M $153.8M
YoY Change 1.45% 29.68%
TOTAL ASSETS
Total Short-Term Assets $186.1M $193.2M
Total Long-Term Assets $156.0M $153.8M
Total Assets $342.1M $347.0M
YoY Change -1.41% -2.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.95M $18.38M
YoY Change 46.59% 12.09%
Accrued Expenses $27.50M $28.70M
YoY Change -4.18% 12.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $61.57M $54.64M
YoY Change 12.69% 15.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.50M $14.00M
YoY Change 32.14% 133.33%
Total Long-Term Liabilities $18.50M $14.00M
YoY Change 32.14% 133.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.57M $54.64M
Total Long-Term Liabilities $18.50M $14.00M
Total Liabilities $92.70M $82.60M
YoY Change 12.23% 25.53%
SHAREHOLDERS EQUITY
Retained Earnings $126.7M $157.4M
YoY Change -19.49%
Common Stock $115.7M $109.2M
YoY Change 5.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $249.4M $264.4M
YoY Change
Total Liabilities & Shareholders Equity $342.1M $347.0M
YoY Change -1.41% -2.53%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$3.348M -$12.10M
YoY Change -72.34% 275.4%
Depreciation, Depletion And Amortization $3.424M $3.131M
YoY Change 9.36% 28.21%
Cash From Operating Activities -$8.942M -$6.503M
YoY Change 37.51% -1063.41%
INVESTING ACTIVITIES
Capital Expenditures $722.0K $209.0K
YoY Change 245.45% -78.16%
Acquisitions $53.46M
YoY Change
Other Investing Activities -$111.0K -$11.00K
YoY Change 909.09% -164.71%
Cash From Investing Activities -$494.0K -$53.55M
YoY Change -99.08% 1666.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $765.0K $419.0K
YoY Change 82.58%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.269M -419.0K
YoY Change 441.53% -65.85%
NET CHANGE
Cash From Operating Activities -8.942M -6.503M
Cash From Investing Activities -494.0K -53.55M
Cash From Financing Activities -2.269M -419.0K
Net Change In Cash -11.71M -60.47M
YoY Change -80.64% 1587.69%
FREE CASH FLOW
Cash From Operating Activities -$8.942M -$6.503M
Capital Expenditures $722.0K $209.0K
Free Cash Flow -$9.664M -$6.712M
YoY Change 43.98% 2280.14%

Facts In Submission

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COHU INC
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CY2014Q1 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. 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>
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25123000 shares
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
shares
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2014Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.016 pure
CY2014Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
CY2014Q1 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
12 to 36 months
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
CY2014Q1 us-gaap Costs And Expenses
CostsAndExpenses
71835000
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25123000 shares
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3018000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1243000
CY2014Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-111000
CY2014Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
310000
CY2014Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1504000
CY2014Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1211000
CY2014Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1141000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
329000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3418000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3403000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
285000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6201000
CY2014Q1 us-gaap Investment Income Net
InvestmentIncomeNet
15000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-3347000
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3538000
CY2014Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
41000
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
765000
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
68417000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
730000
CY2014Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
44616000
CY2014Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
133000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-2269000
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-415000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
265000
CY2014Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1476000
CY2014Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
2175000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1517000
CY2014Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
62000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-11625000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-494000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-664000
CY2014Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
72000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
925000
CY2014Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1549000
CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-44000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11172000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3452000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2100000
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
125000
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16047000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-56000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
80000
CY2014Q1 cohu Number Of Customer Accounted For More Than Ten Percentage Of Net Sales
NumberOfCustomerAccountedForMoreThanTenPercentageOfNetSales
2 Customer
CY2014Q1 cohu Inventory Capitalized As Property Plant And Equipment
InventoryCapitalizedAsPropertyPlantAndEquipment
61000
CY2014Q1 cohu Percentage Of Consolidated Net Sales Attributable To Significant Customer
PercentageOfConsolidatedNetSalesAttributableToSignificantCustomer
0.26 pure

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