[February 11, 2016] |
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Cohu Reports Fourth Quarter 2015 Operating Results
Cohu, Inc. (NASDAQ:COHU) today reported fiscal 2015 fourth quarter net
sales of $63.5 million and GAAP income of $2.3 million or $0.08 per
share. Net sales for the twelve months ended 2015 were $269.7 million
and GAAP income was $5.8 million or $0.22 per share. Income for the
fourth quarter and year ended December 26, 2015 includes a $3.2 million,
pretax gain on the sale-leaseback of the Company's Poway headquarters. (1)
The Company also reported non-GAAP results, with fourth quarter 2015
income of $2.4 million or $0.09 per share and income of $15.7 million or
$0.58 per share for the twelve months ended 2015. (1)
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GAAP Results (1)
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(in millions, except per share amounts)
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Q4 FY 2015
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Q3 FY 2015
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Q4 FY 2014
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12 Months 2015
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12 Months 2014
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Net sales
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$ 63.5
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$ 67.5
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$ 90.6
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$ 269.7
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$ 316.6
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Income
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$ 2.3
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$ 1.3
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$ 5.3
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$ 5.8
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$ 14.8
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Income per share
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$0.08
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$0.05
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$0.20
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$0.22
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$0.57
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Non-GAAP Results (1)
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(in millions, except per share amounts)
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Q4 FY 2015
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Q3 FY 2015
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Q4 FY 2014
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12 Months 2015
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12 Months 2014
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Income
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$ 2.4
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$ 4.4
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$ 8.6
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$ 15.7
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$ 28.3
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Income per share
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$0.09
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$0.17
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$0.33
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$0.58
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$1.09
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(1)
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On June 10, 2015 the Company announced the sale of its mobile
microwave communication equipment business, Broadcast Microwave
Services, Inc. ("BMS") and, as a result, the operating results of
BMS have been presented as discontinued operations and all prior
period amounts have been reclassified accordingly. All amounts
presented are from continuing operations.
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Cash increased during the fourth quarter of 2015 and total cash and
investments at the end of the year were $117.0 million.
Luis Müller, President and Chief Executive Officer of Cohu stated, "We
delivered strong results in a challenging environment, and another
sequential increase in orders in the fourth quarter that included the
first customer order for our new wafer level package prober.
Importantly, 2015 was the year we set the foundation for expansion into
adjacent markets with a sole focus on the semiconductor industry."
Müller concluded, "We started the new year with encouraging near-term
customer forecasts. Our strategy for 2016 is centered on three pillars:
expand share in mobility, automotive and solid state markets; implement
our growth plans in test contacting and wafer level package test; and
continue executing with a strict financial discipline that is delivering
results in line with our model."
Cohu expects first quarter 2016 sales to be approximately $64 million.
Cohu's Board of Directors approved a quarterly cash dividend of $0.06
per share payable on April 15, 2016 to shareholders of record on March
1, 2016. Cohu has paid consecutive quarterly cash dividends since 1977.
Use of Non-GAAP Financial Information:
Included within this press release are non-GAAP financial measures that
supplement the Company's Condensed Consolidated Statements of Income
prepared under generally accepted accounting principles (GAAP). These
non-GAAP financial measures adjust the Company's actual results prepared
under GAAP to exclude charges and the related income tax effect for
share-based compensation, the amortization of acquired intangible
assets, manufacturing transition costs, employee severance costs, asset
impairments and the gain generated by the sale-leaseback of a facility.
Reconciliations of GAAP to non-GAAP amounts for the periods presented
herein are provided in schedules accompanying this release and should be
considered together with the Condensed Consolidated Statements of Income.
These non-GAAP measures are not meant as a substitute for GAAP, but are
included solely for informational and comparative purposes. The
Company's management believes that this information can assist investors
in evaluating the Company's operational trends, financial performance,
and cash generating capacity. Management believes these non-GAAP
measures allow investors to evaluate Cohu's financial performance using
some of the same measures as management. However, the non-GAAP financial
measures should not be regarded as a replacement for (or superior to)
corresponding, similarly captioned, GAAP measures.
Forward Looking Statements:
Certain matters discussed in this release, including statements
regarding expectations of business, customer forecasts and market
conditions, sales, revenues, our strategy for 2016 and operating results
are forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from
those projected or forecasted. Such risks and uncertainties include, but
are not limited to, risks associated with acquisitions, inventory,
goodwill and other asset write-downs; our ability to convert new
products under development into production on a timely basis, support
product development and meet customer delivery and acceptance
requirements for next generation equipment; our reliance on third-party
contract manufacturers; failure to obtain customer acceptance resulting
in the inability to recognize revenue and accounts receivable collection
problems; customer orders may be canceled or delayed; the concentration
of our revenues from a limited number of customers; intense competition
in the semiconductor test handler industry; our reliance on patents and
intellectual property; compliance with U.S. export regulations; and the
cyclical and unpredictable nature of capital expenditures by
semiconductor manufacturers. These and other risks and uncertainties are
discussed more fully in Cohu's filings with the Securities and Exchange
Commission, including the most recently filed Form 10-K and Form 10-Q.
The forward-looking statements included in this release speak only as of
the date hereof, and Cohu does not undertake any obligation to update
these forward-looking statements to reflect subsequent events or
circumstances.
About Cohu:
Cohu is a leading supplier of semiconductor test and inspection
handlers, micro-electro mechanical system (MEMS) test modules, test
contactors and thermal sub-systems used by global semiconductor
manufacturers and test subcontractors.
Cohu will be conducting their conference call on Thursday, February 11,
2016 at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time. The call will be
webcast at www.cohu.com.
Replays of the call can be accessed at www.cohu.com.
For press releases and other information of interest to investors,
please visit Cohu's website at www.cohu.com.
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COHU, INC.
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CONSOLIDATED STATEMENT OF INCOME
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(Unaudited)
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(in thousands, except per share amounts)
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Three Months Ended (1)
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Twelve Months Ended (1)
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December 26,
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December 27,
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December 26,
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December 27,
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2015
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2014
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2015
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2014
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Net sales
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$
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63,484
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$
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90,587
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$
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269,654
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$
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316,629
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Cost and expenses:
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Cost of sales
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43,087
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61,860
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180,616
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210,657
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Research and development
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8,206
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9,083
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33,107
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36,018
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Selling, general and administrative
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13,164
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12,333
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51,170
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50,551
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Gain on sale of facility (2)
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(3,198
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-
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(3,198
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-
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61,259
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83,276
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261,695
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297,226
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Income from operations
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2,225
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7,311
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7,959
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19,403
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Interest and other, net
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25
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5
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44
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30
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Income from continuing operations before taxes
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2,250
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7,316
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8,003
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19,433
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Income tax provision (benefit)
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(40
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2,041
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2,211
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4,653
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Income from continuing operations
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2,290
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5,275
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5,792
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14,780
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Discontinued operations:
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Loss from discontinued operations before taxes (3)
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(341
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(4,942
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(5,536
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(6,113
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Income tax provision (benefit)
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-
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(41
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6
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(41
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Loss from discontinued operations
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(341
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(4,901
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(5,542
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(6,072
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Net Income
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$
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1,949
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$
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374
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$
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250
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$
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8,708
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Income per share:
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Basic:
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Income from continuing operations
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$
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0.09
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$
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0.21
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$
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0.22
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$
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0.58
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Loss from discontinued operations
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(0.02
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(0.20
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(0.21
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(0.24
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$
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0.07
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$
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0.01
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$
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0.01
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$
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0.34
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Diluted:
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Income from continuing operations
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$
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0.08
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$
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0.20
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$
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0.22
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$
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0.57
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Loss from discontinued operations
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(0.01
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(0.19
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(0.21
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(0.24
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$
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0.07
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$
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0.01
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$
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0.01
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$
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0.33
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Weighted average shares used in computing income per share: (4)
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Basic
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26,241
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25,646
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26,057
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25,393
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Diluted
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27,115
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26,338
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26,788
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26,006
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(1)
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The three- and twelve-month periods ended December 26, 2015 and
December 27, 2014 were comprised of 13 weeks and 52 weeks,
respectively. On June 10, 2015 the Company announced the sale of
its mobile microwave communications equipment business and, as a
result, the operating results of BMS have been presented as
discontinued operations and all prior period amounts have been
reclassified accordingly.
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(2)
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The gain on sale of facility resulted from the sale-leaseback of
the Company's Poway headquarters completed on December 4, 2015.
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(3)
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Current year amounts include the loss generated by the sale of our
mobile microwave communication equipment business totaling
$0.3 million and $3.6 million for the three- and twelve-month
periods ended December 26, 2015, respectively. The three- and
twelve-month periods ended December 27, 2014 include gains on sale
of our video camera business of $0.3 million and $4.4 million,
respectively.
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(4)
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The Company has utilized the "control number" concept in the
computation of diluted earnings per share to determine whether a
potential common stock instrument is dilutive. The control number
used is income from continuing operations. The control number
concept requires that the same number of potentially dilutive
securities applied in computing diluted earnings per share from
continuing operations be applied to all other categories of income
or loss, regardless of their anti-dilutive effect on such
categories.
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COHU, INC.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(in thousands) (Unaudited)
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December 26,
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December 27,
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2015 (1)
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2014 (1) (2)
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Assets:
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Current assets:
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Cash and investments
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$
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117,022
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$
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72,040
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Accounts receivable
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59,832
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70,490
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Inventories
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51,348
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49,200
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Other current assets
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6,261
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8,363
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Current assets of discontinued operations
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-
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10,318
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Total current assets
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234,463
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210,411
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Property, plant & equipment, net (3)
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19,000
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31,854
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Goodwill
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60,264
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63,132
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Intangible assets, net
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25,297
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33,087
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Other assets
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6,322
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6,281
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Total assets
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$
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345,346
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$
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344,765
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Liabilities & Stockholders' Equity:
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Current liabilities:
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Deferred profit
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$
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3,730
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$
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6,941
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Other current liabilities
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59,461
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58,493
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Current liabilities of discontinued operations
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-
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2,783
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Total current liabilities
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63,191
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68,217
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Other noncurrent liabilities
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44,018
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28,774
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Noncurrent liabilities of discontinued operations
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-
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|
706
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Stockholders' equity
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238,137
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|
247,068
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Total liabilities & stockholders' equity
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$
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345,346
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$
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344,765
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(1)
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On June 10, 2015 the Company sold its mobile microwave
communication equipment business and, as a result, the operating
results of BMS have been presented as discontinued operations and
all prior period amounts have been reclassified accordingly.
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(2)
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Certain prior year amounts have been reclassified to conform with
current period presentation.
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(3)
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The decrease in property, plant and equipment resulted from the
sale-leaseback of the Company's Poway headquarters completed on
December 4, 2015.
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COHU, INC.
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Supplemental Reconciliation of GAAP Results to Non-GAAP Financial
Measures (Unaudited)
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(in thousands, except per share amounts)
|
|
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|
|
|
|
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Three Months Ended
|
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December 26,
|
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September 26,
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December 27,
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2015
|
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2015
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2014
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Income from operations - GAAP basis (a)
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$
|
2,225
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|
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$
|
2,266
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$
|
7,311
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|
|
|
|
|
|
|
|
|
|
|
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Non-GAAP adjustments:
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Share-based compensation included in (b):
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|
|
|
|
|
|
|
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Cost of goods sold
|
|
|
|
153
|
|
|
|
100
|
|
|
|
141
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|
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Research and development
|
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|
|
251
|
|
|
|
256
|
|
|
|
494
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|
|
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Selling, general and administrative
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|
|
|
1,270
|
|
|
|
1,281
|
|
|
|
1,120
|
|
|
|
|
|
|
|
|
|
1,674
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|
|
|
1,637
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|
|
|
1,755
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Amortization of intangible assets included in (c):
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|
|
|
|
|
|
|
|
|
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|
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Cost of goods sold
|
|
|
|
1,310
|
|
|
|
1,364
|
|
|
|
1,445
|
|
|
|
Selling, general and administrative
|
|
|
|
454
|
|
|
|
384
|
|
|
|
398
|
|
|
|
|
|
|
|
|
|
1,764
|
|
|
|
1,748
|
|
|
|
1,843
|
|
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Manufacturing transition and severance costs included in (d):
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(15
|
)
|
|
|
Selling, general and administrative
|
|
|
|
436
|
|
|
|
184
|
|
|
|
206
|
|
|
|
|
|
|
|
|
|
436
|
|
|
|
184
|
|
|
|
191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of facility (e)
|
|
|
|
(3,198
|
)
|
|
|
-
|
|
|
|
-
|
|
Income from operations - non-GAAP basis (f)
|
|
|
$
|
2,901
|
|
|
$
|
5,835
|
|
|
$
|
11,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations - GAAP basis
|
|
|
$
|
2,290
|
|
|
$
|
1,335
|
|
|
$
|
5,275
|
|
|
Non-GAAP adjustments (as scheduled above)
|
|
|
|
676
|
|
|
|
3,569
|
|
|
|
3,789
|
|
|
Tax effect of non-GAAP adjustments (g)
|
|
|
|
(569
|
)
|
|
|
(466
|
)
|
|
|
(493
|
)
|
Income from continuing operations - non-GAAP basis
|
|
|
$
|
2,397
|
|
|
$
|
4,438
|
|
|
$
|
8,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from continuing operations per share - diluted
|
|
|
$
|
0.08
|
|
|
$
|
0.05
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from continuing operations per share - diluted (h)
|
|
$
|
0.09
|
|
|
$
|
0.17
|
|
|
$
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management believes the presentation of these non-GAAP financial
measures, when taken together with the corresponding GAAP
financial measures, provides meaningful supplemental information
regarding the Company's operating performance. Our management uses
these non-GAAP financial measures in assessing the Company's
operating results, as well as when planning, forecasting and
analyzing future periods and these non-GAAP measures allow
investors to evaluate the Company's financial performance using
some of the same measures as management. Management views
share-based compensation as an expense that is unrelated to the
Company's operational performance as it does not require cash
payments and can vary in amount from period to period and the
elimination of amortization charges provides better comparability
of pre and post-acquisition operating results and to results of
businesses utilizing internally developed intangible assets.
Manufacturing transition costs relate principally to employee
severance expenses incurred as a result of moving certain
manufacturing activities to Asia as part of our cost reduction
efforts and employee severance are costs incurred in conjunction
with the termination of certain employees to streamline our
operations and reduce costs. Management has excluded these costs
primarily because they are not reflective of the ongoing operating
results and they are not used to assess ongoing operational
performance. Excluding this data provides investors with a basis
to compare Cohu's performance against the performance of other
companies without this variability. However, the non-GAAP
financial measures should not be regarded as a replacement for
corresponding, similarly captioned, GAAP measures. The
presentation of non-GAAP financial measures above may not be
comparable to similarly titled measures reported by other
companies and investors should be careful when comparing our
non-GAAP financial measures to those of other companies.
|
(a)
|
|
3.5%, 3.4% and 8.1% of net sales, respectively.
|
(b)
|
|
To eliminate compensation expense for employee stock options,
stock units and our employee stock purchase plan.
|
(c)
|
|
To eliminate the amortization of acquired intangible assets.
|
(d)
|
|
To eliminate manufacturing transition and employee severance costs.
|
(e)
|
|
To eliminate the gain recognized on the sale-leaseback of the
Company's Poway facility.
|
(f)
|
|
4.6%, 8.6% and 12.3% of net sales, respectively.
|
(g)
|
|
To adjust the provision for income taxes related to the
adjustments described above based on applicable tax rates.
|
(h)
|
|
All periods presented were computed using number of GAAP diluted
shares outstanding for each period.
|
|
|
|
|
|
|
COHU, INC.
|
Supplemental Reconciliation of GAAP Results to Non-GAAP Financial
Measures (Unaudited)
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
|
December 26,
|
|
December 27,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations - GAAP basis (a)
|
|
$
|
7,959
|
|
|
$
|
19,403
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
Share-based compensation included in (b):
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
566
|
|
|
|
491
|
|
|
|
Research and development
|
|
|
1,092
|
|
|
|
1,858
|
|
|
|
Selling, general and administrative
|
|
|
5,097
|
|
|
|
4,039
|
|
|
|
|
|
|
|
|
6,755
|
|
|
|
6,388
|
|
|
Amortization of intangible assets included in (c):
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
5,420
|
|
|
|
6,121
|
|
|
|
Selling, general and administrative
|
|
|
1,612
|
|
|
|
1,681
|
|
|
|
|
|
|
|
|
7,032
|
|
|
|
7,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manufacturing transition and severance costs included in (d):
|
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
|
-
|
|
|
|
(15
|
)
|
|
|
Research and development
|
|
|
-
|
|
|
|
20
|
|
|
|
Selling, general and administrative
|
|
|
970
|
|
|
|
1,396
|
|
|
|
|
|
|
|
|
970
|
|
|
|
1,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment included in selling, general and administrative (e)
|
|
|
273
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of facility (f)
|
|
|
(3,198
|
)
|
|
|
-
|
|
Income from operations - non-GAAP basis (g)
|
|
$
|
19,791
|
|
|
$
|
34,994
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations - GAAP basis
|
|
$
|
5,792
|
|
|
$
|
14,780
|
|
|
Non-GAAP adjustments (as scheduled above)
|
|
|
11,832
|
|
|
|
15,591
|
|
|
Tax effect of non-GAAP adjustments (h)
|
|
|
(1,961
|
)
|
|
|
(2,072
|
)
|
Income from continuing operations - non-GAAP basis
|
|
$
|
15,663
|
|
|
$
|
28,299
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income per share - diluted
|
|
$
|
0.22
|
|
|
$
|
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income per share - diluted (i)
|
|
$
|
0.58
|
|
|
$
|
1.09
|
|
|
|
|
|
|
|
|
|
|
Management believes the presentation of these non-GAAP financial
measures, when taken together with the corresponding GAAP
financial measures, provides meaningful supplemental information
regarding the Company's operating performance. Our management uses
these non-GAAP financial measures in assessing the Company's
operating results, as well as when planning, forecasting and
analyzing future periods and these non-GAAP measures allow
investors to evaluate the Company's financial performance using
some of the same measures as management. Management views
share-based compensation as an expense that is unrelated to the
Company's operational performance as it does not require cash
payments and can vary in amount from period to period and the
elimination of amortization charges provides better comparability
of pre and post-acquisition operating results and to results of
businesses utilizing internally developed intangible assets.
Manufacturing transition costs relate principally to employee
severance expenses incurred as a result of moving certain
manufacturing activities to Asia as part of our cost reduction
efforts and employee severance are costs incurred in conjunction
with the termination of certain employees to streamline our
operations and reduce costs. Management has excluded these costs
primarily because they are not reflective of the ongoing operating
results and they are not used to assess ongoing operational
performance. Impairments are incurred when specific assets or a
reporting unit's carrying value exceeds its fair value. Management
has excluded this item because it is not reflective of the ongoing
operating results and because of the infrequent and non-cash
nature of this activity. Excluding this data provides investors
with a basis to compare Cohu's performance against the performance
of other companies without this variability. However, the non-GAAP
financial measures should not be regarded as a replacement for
corresponding, similarly captioned, GAAP measures. The
presentation of non-GAAP financial measures above may not be
comparable to similarly titled measures reported by other
companies and investors should be careful when comparing our
non-GAAP financial measures to those of other companies.
|
(a)
|
|
3.0% and 6.1% of net sales, respectively.
|
(b)
|
|
To eliminate compensation expense for employee stock options,
stock units and our employee stock purchase plan.
|
(c)
|
|
To eliminate the amortization of acquired intangible assets.
|
(d)
|
|
To eliminate manufacturing transition and employee severance costs.
|
(e)
|
|
To eliminate the asset impairment charge recorded in the first
quarter of 2015.
|
(f)
|
|
To eliminate the gain recognized on the sale-leaseback of the
Company's Poway facility.
|
(g)
|
|
7.3% and 11.1% of net sales, respectively.
|
(h)
|
|
To adjust the provision for income taxes related to the
adjustments described above based on applicable tax rates.
|
(i)
|
|
All periods presented were computed using number of GAAP diluted
shares outstanding for each period.
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160211006414/en/
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