Cohu Provides Business Update for the Fiscal Quarter Ending March 28, 2020
March 18 2020 - 9:25PM
Business Wire
Cohu, Inc. (NASDAQ: COHU), a global leader in back-end
semiconductor equipment and services, today reported that the
Company is withdrawing its fiscal first quarter 2020 financial
guidance due to the heightened uncertainly relating to the
potential impacts of COVID-19 on the Company’s business
operations.
On March 16, 2020, the governments of Malaysia and the
Philippines independently issued a “movement control” order and an
“enhanced community quarantine” order (collectively “Orders”) to
help contain the spread of the COVID-19 virus. Cohu and several of
our key suppliers have manufacturing operations in the areas
affected by these government Orders. Our internal manufacturing in
Malaysia and the Philippines have received government exemptions to
maintain partial operations at this time. However, due to the
impact across the supply chain, manufacturing output, other
evolving global facility disruptions as well as the uncertainty of
future government regulations, Cohu is unable to quantify the
impact to our fiscal first quarter 2020 financial guidance as
previously communicated on February 13, 2020.
As we closely monitor the impact of the COVID-19 virus, Cohu
continues to take measures to first safeguard our employees, strive
to maintain business continuity, and as always, will comply with
local government regulations. The situation is rapidly evolving,
and we expect to provide an update on the impact of COVID-19 to our
business during our next earnings call.
About Cohu:
Cohu (NASDAQ: COHU) is a global leader in back-end semiconductor
equipment and services, delivering leading-edge solutions for the
manufacturing of semiconductors and printed circuit boards.
Additional information can be found at www.cohu.com.
Forward Looking Statements:
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the federal
securities laws, including with respect to Cohu’s future financial
and operating results, Cohu’s plans, ability to ship products, and
strategies and objectives for future operations. Some factors that
may affect these forward-looking statements include: public health
requirements in response to the outbreak of COVID-19 and impact
thereof on our business and operations are evolving and beyond our
control, including government mandated facility shutdowns; rapid
changes to business, political or regulatory conditions affecting
the semiconductor equipment industry and the overall global
economy; availability of employees; remote working IT and
cybersecurity issues; supply chain and distribution constraints;
customers’ inability or refusal to accept product deliveries; and
other actions of our customers, suppliers and competitors which may
be sudden and inconsistent with our expectations. Forward-looking
statements are based on management’s current expectations and
beliefs as of the date hereof, and are subject to a number of risks
and uncertainties, many of which are beyond our control, that could
cause actual results to differ materially from those described in
the forward-looking statements. Forward-looking statements may
contain words such as “intend,” “may,” “might,” “will,” “expect,”
“plan,” “anticipate,” and “continue,” the negative or plural of
these words and similar expressions, and include the assumptions
that underlie such statements. Other risk factors that may affect
our forward-looking statements are set forth in Cohu’s most current
annual report on Form 10-K, quarterly reports on Form 10-Q and
other filings by Cohu with the SEC. No assurances can be given that
any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what impact they
will have on the results of operations or financial condition of
Cohu. Unless required by law, Cohu is under no obligation (and
expressly disclaims any such obligation) to update or revise its
forward-looking statements whether as a result of new information,
future events, or otherwise.
For press releases and other information of interest to
investors, please visit Cohu’s website at www.cohu.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200318005815/en/
Cohu, Inc. Jeffrey D. Jones - Investor Relations
858-848-8106
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