- First half 2018 sales of $195 million,
up 11% year-over-year
- GAAP gross margin of 41.6%; non-GAAP
gross margin of 42.4%
- GAAP earnings per share of $0.39;
non-GAAP adjusted earnings per share of $0.64
- Received regulatory approvals to
proceed with the acquisition of Xcerra
Cohu, Inc. (NASDAQ: COHU), a leading supplier of semiconductor
equipment, today reported fiscal 2018 second quarter net sales of
$99.8 million and GAAP income of $11.6 million or
$0.39 per share. Net sales for the first six months of 2018
were $195.0 million and GAAP income was $19.8 million or
$0.67 per share.
Cohu also reported non-GAAP results, with second quarter 2018
income of $18.8 million or $0.64 per share and income of
$29.3 million or $0.99 per share for the first six months
of 2018. (1)
GAAP Results (1) (in millions,
except per share amounts)
Q2 FY 2018 Q1 FY 2018 Q2
FY 2017 6 Months 2018 6 Months 2017 Net
sales $99.8 $95.2 $93.9 $195.0 $175.0 Income $11.6 $8.1 $10.7 $19.8
$17.5 Income per share $0.39 $0.28 $0.37 $0.67 $0.61
Non-GAAP Results (1) (in
millions, except per share amounts)
Q2 FY 2018 Q1 FY
2018 Q2 FY 2017 6 Months 2018 6 Months
2017 Income $18.8 $10.5 $13.8 $29.3 $23.7 Income per
share $0.64 $0.36 $0.48 $0.99 $0.83
(1) All amounts presented are from continuing operations.
Total cash and investments at the end of the second quarter were
$150.9 million.
Luis Müller, President and Chief Executive Officer of Cohu,
stated, “Second quarter results were above our expectations,
reflecting continued momentum in the automotive and industrial
semiconductor markets, further complemented by solid gross margin,
earnings expansion and strong cash generation. We captured two new
customers for our handlers and book-to-bill was at parity with
orders for recurring sales growing to 48% of the total.”
Müller continued, “The proposed acquisition of Xcerra is
progressing on schedule and integration plans are well underway.
With regulatory clearance recently granted in the United States and
Germany, and no such clearance required in other jurisdictions, we
expect to close the transaction early in the fourth quarter,
subject to shareholder approvals and other customary closing
conditions.”
Cohu expects third quarter 2018 sales to be approximately
$92 million, reflecting slower than expected demand for our
equipment for smartphone application processor test. Cohu's Board
of Directors approved a quarterly cash dividend of $0.06 per share
payable on October 19, 2018 to shareholders of record on August 24,
2018.
Conference Call Information:
Cohu will host a live conference call and webcast to discuss its
second quarter 2018 results on Thursday, August 2, 2018 at 1:30
p.m. Pacific Time/4:30 p.m. Eastern Time. Interested investors and
analysts are invited to dial into the conference call by using
1-866-434-5330 (domestic) or +1-213-660-0873 (international) and
entering the pass code 3244917. Webcast access is available on the
Investor Information section of the company’s website at
www.cohu.com and will include a slide presentation.
The teleconference replay will be available through September 2,
2018. The replay dial-in number is 1-855-859-2056 (domestic) or
+1-404-537-3406 (international) using pass code 3244917. The
webcast replay will be available on the website through August 2,
2019.
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.
Use of Non-GAAP Financial Information:
Included within this press release are non-GAAP financial
measures, including non-GAAP Gross Margin, Income and Income
(adjusted earnings) per share, 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,
acquisition related costs, fair value adjustment to contingent
consideration, and purchase accounting inventory step-up included
in cost of sales. 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 capturing new customers; momentum in automotive and
industrial semiconductor markets; demand for our equipment for
smartphone application processor test; Cohu’s third quarter 2018
sales forecast, guidance and effective tax rate; 2018 sales growth;
Cohu mid-term (3 to 5 year) model financial targets; introduction
of new Infrared vision module, Kita product deployments, cHybrid
and cDragon progress, and all statements regarding the acquisition
of Xcerra, integration plans, combined pro formas, EPS accretion,
synergies, acquisition debt repayment and expected closing date 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 into production on a timely basis
and to support product development and meet customer delivery and
acceptance requirements for new products; our reliance on
third-party contract manufacturers and suppliers; failure to obtain
customer acceptance resulting in the inability to recognize revenue
and accounts receivable collection problems; revenue recognition
impacts due to ASC 606; market demand and adoption of our new
products; customer orders may be canceled or delayed; the
concentration of our revenues from a limited number of customers;
intense competition in the semiconductor equipment industry; our
reliance on patents and intellectual property; compliance with U.S.
export regulations; impacts from the Tax Cuts and Jobs Act of 2017;
geopolitical issues; ERP system implementation issues; the
seasonal, volatile and unpredictable nature of capital expenditures
by semiconductor manufacturers; rapid technological change; and
significant risks associated with the Xcerra transaction including
but not limited to (i) the risk that the conditions to the closing
of the proposed transaction are not satisfied, (ii) uncertainties
as to the timing of the consummation of the proposed transaction
and the ability of each of Cohu and Xcerra to consummate the
proposed transaction, including as a result of the failure of Cohu
to obtain or provide on a timely basis or at all the necessary
financing, (iii) the ability of Cohu and Xcerra to integrate their
businesses successfully and to achieve anticipated synergies, (iv)
the possibility that other anticipated benefits of the proposed
transaction will not be realized, (v) litigation relating to the
proposed transaction that has been or could be instituted against
Cohu, Xcerra, or their respective directors, (vi) possible
disruptions from the proposed transaction that could harm Cohu’s
and/or Xcerra’s respective businesses, (vii) the ability of Cohu or
Xcerra to retain, attract and hire key personnel, (viii) potential
adverse reactions or changes to relationships with customers,
employees, suppliers or other parties resulting from the
announcement or completion of the proposed transaction, (ix)
potential business uncertainty, including changes to existing
business relationships, during the pendency of the proposed
transaction that could affect Cohu’s or Xcerra’s financial
performance, (x) certain restrictions during the pendency of the
proposed transaction that may impact Cohu’s or Xcerra’s ability to
pursue certain business opportunities or strategic transactions,
(xi) the adverse impact to Cohu’s operating results from interest
expense on the financing debt, rising interest rates, and any
restrictions on operations related to such debt, and (xii)
continued availability of capital and financing and rating agency
actions. 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, and in the Registration Statement on Form S-4 that has been
filed by Cohu with the SEC containing a prospectus with respect to
the Cohu common stock to be issued in the proposed Xcerra
transaction and a joint proxy statement of Cohu and Xcerra in
connection with the proposed transaction that is or will be
contained therein. The forward-looking statements included in this
release are not assurances, and speak only as of the date of this
release, and Cohu does not undertake any obligation to update these
forward-looking statements to reflect subsequent events or
circumstances.
No Offer or Solicitation:
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. No offer of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, as amended.
Participants in the Solicitation:
Cohu, Xcerra, certain of their respective directors, executive
officers, members of management and employees may, under the rules
of the SEC, be deemed to be participants in the solicitation of
proxies in connection with the proposed transaction. Information
regarding the persons who may, under the rules of the SEC, be
deemed “participants” in the solicitation of proxies in connection
with the proposed transaction, and a description of their direct
and indirect interests in the proposed transaction, which may
differ from the interests of Cohu stockholders or Xcerra
stockholders generally, is set forth in the Joint Proxy
Statement/Prospectus filed with the SEC. Information concerning
Cohu’s directors and executive officers and their beneficial
ownership of Cohu’s common stock is set forth in Cohu’s
Registration Statement on Form S-4, its annual proxy statement on
Schedule 14A filed with the SEC on April 3, 2018, and in its Annual
Report on Form 10-K for the year ended December 30, 2017. These
documents are available free of charge at the SEC’s website at
www.sec.gov or by visiting the Cohu Investor Relations page on its
corporate website at https://Cohu.gcs-web.com. Information
regarding Xcerra’s directors and executive officers and their
beneficial ownership of Xcerra common stock is also set forth in
Xcerra’s proxy statement on Schedule 14A filed with the SEC on
September 5, 2017, and in its Annual Report on Form 10-K for the
year ended July 31, 2017, and is supplemented by other public
filings made, and to be made, with the SEC by Xcerra. These
documents are available free of charge at the SEC’s website at
www.sec.gov or by visiting the Xcerra Investor Relations page on
its corporate website at https://Xcerra.com/investors. Other
information regarding the participants in the proxy solicitations
and a description of their direct and indirect interests, by
security holdings or otherwise, are contained in the Joint Proxy
Statement/Prospectus regarding the proposed transaction and other
relevant materials that have been or will be filed with the SEC
when they become available. You may obtain copies of the documents
described in the preceding sentence when they become available free
of charge by visiting the SEC’s website at www.sec.gov.
Additional Information and Where You Can Find It:
On June 21, 2018, Cohu filed with the SEC the Registration
Statement containing the Joint Proxy Statement/Prospectus, which
was subsequently amended on July 26, 2018, and declared effective
by the SEC on July 30, 2018. The definitive Joint Proxy
Statement/Prospectus was first delivered to the stockholders of
Cohu and Xcerra on or around July 30, 2018. This communication is
not a substitute for the Registration Statement, the definitive
Joint Proxy Statement/Prospectus or any other documents that Cohu
or Xcerra may file or may have filed with the SEC, or will send or
have sent to stockholders in connection with the proposed
transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ ALL
RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE DEFINITIVE
JOINT PROXY STATEMENT/PROSPECTUS, CAREFULLY AND IN THEIR ENTIRETY
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and
security holders may obtain free copies of these documents and
other documents filed by Cohu and Xcerra with the SEC at the SEC’s
website at www.sec.gov. In addition, investors and security holders
may obtain free copies of the documents filed with the SEC by
visiting the Cohu Investor Relations page on its corporate website
at https://cohu.gcs-web.com or by contacting Cohu Investor
Relations by telephone at (858) 848-8106 or by mail at Cohu
Corporate Headquarters, 12367 Crosthwaite Circle, Poway, CA 92064,
attention Jeffrey D. Jones, or by visiting the Xcerra Investor
Relations page on its corporate website at
https://xcerra.com/investors or by contacting Xcerra Investor
Relations by telephone at (781) 467-5063 or by mail at Xcerra
Investor Relations, Xcerra Corporation, 825 University Avenue,
Norwood, MA 02062, attention Rich Yerganian.
For press releases and other information of interest to
investors, please visit Cohu’s website at www.cohu.com.
COHU, INC. CONSOLIDATED STATEMENTS OF
INCOME (Unaudited) (in thousands, except per share amounts)
Three Months Ended (1) Six Months Ended (1)
June 30, June
24,
June 30, June 24,
2018 2017
2018 2017 Net sales
$
99,817 $ 93,866
$ 194,967 $ 174,963 Cost and
expenses: Cost of sales
58,316 56,736
113,915 105,577
Research and development
11,051 9,466
22,826 19,242
Selling, general and administrative (2)
16,652
16,020
34,415 30,480
86,019 82,222
171,156
155,299 Income from operations
13,798 11,644
23,811 19,664 Interest and other, net
318
142
554 243 Income from
continuing operations before taxes
14,116 11,786
24,365 19,907 Income tax provision
2,468
1,078
4,595 2,436 Income
from continuing operations
11,648 10,708
19,770 17,471
Discontinued operations: Loss from discontinued operations before
taxes (3)
- (278 )
- (278 ) Income tax provision
- -
- -
Loss from discontinued operations
- (278 )
- (278 ) Net income
$ 11,648 $
10,430
$ 19,770 $ 17,193
Income per share: Basic: Income from continuing operations
$
0.40 $ 0.39
$ 0.69 $ 0.64 Loss from
discontinued operations
- (0.01 )
- (0.01 )
$ 0.40 $ 0.38
$
0.69 $ 0.63 Diluted: Income from continuing
operations
$ 0.39 $ 0.37
$ 0.67 $ 0.61
Loss from discontinued operations
- (0.01 )
- (0.01 )
$ 0.39 $ 0.36
$ 0.67 $ 0.60 Weighted average shares
used in computing income per share: (4) Basic
28,893
27,708
28,747 27,343
Diluted
29,651 28,725
29,591 28,488 (1) The three- and
six-month periods ended June 30, 2018 were comprised of 13 weeks
and 26 weeks, respectively. The three- and six-month periods ended
June 24, 2017 were comprised of 13 weeks and 25 weeks,
respectively. (2) SG&A expense for the three- and six-month
periods ended June 30, 2018 include Xcerra transaction costs
totaling $3.8 million and $4.1 million, respectively. (3) All
amounts presented result from an adjustment to the fair value of a
contingent consideration receivable recorded in conjunction with
the sale of BMS in 2015. (4) 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.
COHU, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited)
June 30, December 30,
2018 2017
Assets: Current assets: Cash and investments
$
150,873 $ 155,615 Accounts receivable
91,451 71,125
Inventories
63,136 62,085 Other current assets
10,986 8,613 Total current assets
316,446
297,438 Property, plant & equipment, net
33,537 34,172
Goodwill
64,765 65,613 Intangible assets, net
14,499
16,748 Other assets
6,524 6,486 Total assets
$ 435,771 $ 420,457
Liabilities &
Stockholders’ Equity: Current liabilities: Deferred profit
$ 1,709 $ 6,608 Other current liabilities
84,839 78,659 Total current liabilities
86,548
85,267 Other noncurrent liabilities
44,760 46,099
Stockholders’ equity
304,463 289,091 Total
liabilities & stockholders’ equity
$ 435,771 $
420,457
COHU, INC. Supplemental
Reconciliation of GAAP Results to Non-GAAP Financial Measures
(Unaudited) (in thousands, except per share amounts)
Three Months Ended June 30,
March 31, June 24, 2018 2018 2017 Income from
operations - GAAP basis (a) $ 13,798 $ 10,013 $ 11,644
Non-GAAP adjustments: Share-based compensation included in (b):
Cost of sales 162 121 121 Research and development 395 349 262
Selling, general and administrative (SG&A) 1,391
1,199 1,376 1,948 1,669 1,759
Amortization of intangible assets included in (c): Cost of sales
639 676 570 SG&A 380 398 404
1,019 1,074 974 Manufacturing transition and
severance costs included in SG&A (d) 100 (13 ) 341 Adjustment
to contingent consideration included in SG&A (e) 577 (147 ) -
Acquisition costs included in SG&A (f) 3,848 296 56 Inventory
step-up included in cost of sales (g) - -
465 Income from operations - non-GAAP basis
(h) $ 21,290 $ 12,892 $ 15,239 Income
from continuing operations - GAAP basis $ 11,648 8,122 $ 10,708
Non-GAAP adjustments (as scheduled above) 7,492 2,879 3,595 Tax
effect of non-GAAP adjustments (i) (305 ) (501 )
(488 ) Income from continuing operations - non-GAAP basis $
18,835 $ 10,500 $ 13,815 GAAP income
from continuing operations per share - diluted $ 0.39 0.28 $ 0.37
Non-GAAP income from continuing operations per share - diluted (j)
$ 0.64 0.36 $ 0.48
Gross Profit Reconciliation Gross
profit - GAAP basis $ 41,501 $ 39,551 $ 37,130 Non-GAAP adjustments
to cost of sales (as scheduled above) 801 797
1,156 Gross profit - Non-GAAP basis $ 42,302
$ 40,348 $ 38,286 Non-GAAP gross profit as a
percentage of net sales 42.4 % 42.4 % 40.8 %
Operating
Expense Reconciliation Operating Expense - GAAP basis $ 27,703
$ 29,538 $ 25,486 Non-GAAP adjustments to R&D and SG&A (as
scheduled above) (6,691 ) (2,082 ) (2,439 )
Operating Expenses - Non-GAAP basis $ 21,012 $ 27,456
$ 23,047
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. Acquisition costs, fair value
adjustment to contingent consideration and inventory step-up costs
have been excluded by management as they are unrelated to the core
operating activities of the Company and the frequency and
variability in the nature of the charges can vary significantly
from period to period. 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 (or
superior to) 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) 13.8%, 10.5% and 12.4% 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 fair value adjustment to contingent consideration related
to the acquisition of Kita. (f) To eliminate professional fees and
other direct incremental expenses incurred related to acquisitions.
(g) To eliminate the inventory step-up costs incurred related to
the acquisition of Kita. (h) 21.3%, 13.5% and 16.2% of net sales,
respectively. (i) To adjust the provision for income taxes related
to the adjustments described above based on applicable tax rates.
(j) All periods presented were computed using the number of GAAP
diluted shares outstanding.
COHU, INC.
Supplemental Reconciliation of GAAP Results to Non-GAAP
Financial Measures (Unaudited) (in thousands, except per share
amounts) Six Months Ended June
30, June 24, 2018 2017 Income from operations - GAAP
basis (a) $ 23,811 $ 19,664 Non-GAAP adjustments:
Share-based compensation included in (b): Cost of sales 283 204
Research and development 744 578 Selling, general and
administrative (SG&A) 2,590 2,694
3,617 3,476 Amortization of intangible assets included in (c): Cost
of sales 1,315 1,338 SG&A 778 746
2,093 2,084 Manufacturing transition and severance costs
included in SG&A (d) 87 445 Adjustment to contingent
consideration included in SG&A (e) 430 - Acquisition costs
included in SG&A (f) 4,144 243 Inventory step-up included in
cost of sales (g) - 812 Income from
operations - non-GAAP basis (h) $ 34,182 $ 26,724
Income from continuing operations - GAAP basis $ 19,770 $
17,471 Non-GAAP adjustments (as scheduled above) 10,371 7,060 Tax
effect of non-GAAP adjustments (i) (806 ) (864 )
Income from continuing operations - non-GAAP basis $ 29,335
$ 23,667 GAAP income per share - diluted $ 0.67 $
0.61 Non-GAAP income per share - diluted (j) $ 0.99 $ 0.83
Gross Profit Reconciliation Gross profit - GAAP basis $
81,052 $ 69,386 Non-GAAP adjustments to cost of sales (as scheduled
above) 1,598 2,354 Gross profit -
Non-GAAP basis $ 82,650 $ 71,740 Non-GAAP gross
profit as a percentage of net sales 42.4 % 41.0 %
Operating Expense Reconciliation Operating Expense- GAAP
basis $ 57,241 $ 49,722 Non-GAAP adjustments to R&D and
SG&A (as scheduled above) (8,773 ) (4,706 )
Operating Expenses - Non-GAAP basis $ 48,468 $ 45,016
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. Acquisition costs, fair
value adjustment to contingent consideration and inventory step-up
costs have been excluded by management as they are unrelated to the
core operating activities of the Company and the frequency and
variability in the nature of the charges can vary significantly
from period to period. 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 (or
superior to) 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) 12.2% and 11.2% 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 fair value adjustment to contingent consideration related
to the acquisition of Kita. (f) To eliminate professional fees and
other direct incremental expenses incurred related to the
acquisitions. (g) To eliminate the inventory step-up costs incurred
related to acquisitions. (h) 17.5% and 15.3% of net sales,
respectively. (i) To adjust the provision for income taxes related
to the adjustments described above based on applicable tax rates.
(j) All periods presented were computed using the number of GAAP
diluted shares outstanding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180802005895/en/
Cohu, Inc.Investor RelationsJeffrey D. Jones, 858-848-8106
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