Cohu Reports Fourth Quarter 2012 Operating Results [Manufacturing Close - Up]
(Manufacturing Close - Up Via Acquire Media NewsEdge) Cohu, Inc. reported fiscal 2012 fourth quarter net sales of $50.7 million and GAAP net loss of $5.2 million or $0.21 per share.
Net sales for the twelve months ended 2012 were $221.2 million and GAAP net loss was $12.2 million or $0.50 per share.
In a release dated January 30, the company noted that sales of semiconductor equipment accounted for 79 percent of fiscal 2012 fourth quarter sales. Microwave communications equipment and video cameras and related equipment contributed 14 percent and 7 percent, respectively, for the same period.
Orders were $42.1 million for the fourth quarter of 2012 and $50.1 million for the third quarter of 2012. Orders for semiconductor equipment were $33.7 million in the fourth quarter of 2012 compared to $38.5 million in the third quarter of 2012. Total consolidated backlog was $44.7 million at December 29, compared to $54.4 million at September 29. As previously announced, Cohu completed its acquisition of Ismeca on December 31. Ismeca will be included in Cohu's operating results beginning in the first quarter of 2013. Cohu expects first quarter 2013 sales to be between $52 million and $57 million.
James A. Donahue, Chairman, President and Chief Executive Officer, stated, "Fourth quarter results were higher than our guidance and benefited from recurring business in our semiconductor equipment group. Equipment utilization on customer test floors was generally flat during the quarter, limiting the need for new capacity. With the exception of technology-related buys, customers remain cautious and weak macroeconomic conditions are likely to continue to affect business over the near term."
Donahue concluded, "With the acquisition of Ismeca we increased our market share, significantly expanded our served market with complementary products and now have the broadest portfolio of test handling solutions in the industry. Ismeca also provides us with an entry into the LED equipment market, which is forecasted to experience high growth as LED technology is adopted for general lighting. We expect this acquisition to be accretive when business conditions improve."
Cohu's Board of Directors approved a quarterly cash dividend of $0.06 per share payable on April 19, 2013 to shareholders of record on March 5, 2013. Cohu has paid consecutive quarterly cash dividends since 1977.
Cohu is a supplier of test handling, burn-in, thermal subsystems and MEMS test solutions used by the global semiconductor industry, microwave communications and video equipment.
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