Page 1

Cohu Cohu Reports Second Quarter 2021 Results July 29 , 2021 • Record second quarter revenue $ 244.8 million , up 70 % year - over - year • Gross margin of 42.8 % ; non - GAAP gross margin of 42.7 % • Completed sale of PCB Test business and , after quarter - end , prepaid $ 100 million of term loan B • Introduced DI - Core data analytics platform POWAY , Calif .-- ( BUSINESS WIRE ) -- Jul . 29 , 2021-- Cohu , Inc. ( NASDAQ : COHU ) , a global leader in back - end semiconductor equipment and services , today reported fiscal 2021 second quarter net sales of $ 244.8 million and GAAP income of $ 95.1 million or $ 1.92 per share . On June 24 , 2021 Cohu completed the divestment of its Printed Circuit Board Test ( " PCB Test " ) business which resulted in a gain of $ 75.8 million . Net sales for the first six months of 2021 were $ 470.3 million and GAAP income was $ 122.7 million or $ 2.58 per share . ( 1 ) The divestment of the PCB Test business did not qualify for presentation as discontinued operations and its results are included in continuing operations for all periods presented . Cohu also reported non - GAAP results , with second quarter 2021 income of $ 44.2 million or $ 0.89 per share and income of $ 84.8 million or $ 1.79 per share for the first six months of 2021. ( 1 ) GAAP Results ( 1 ) ( in millions , except per share amounts ) Q2 FY Q1 FY Q2 FY 6 Months 6 Months 2021 2021 2020 2021 2020 Net sales Income ( loss ) Income ( loss ) per share $ 244.8 $ 225.5 $ 144.1 $ $ 95.1 $ 27.6 $ ( 4.7 ) $ $ 1.92 $ 0.61 $ ( 0.11 ) $ 470.3 $ 122.7 $ 283.0 ( 22.1 ) 2.58 $ ( 0.53 ) Non - GAAP Results ( 1 ) ( in millions , except per share amounts ) Q2 FY Q1 FY Q2 FY 6 Months 6 Months 2021 2021 2020 2021 2020 $ 44.2 $ 40.5 $ 7.1 $ $ 0.89 $ 0.89 $ 0.17 $ 84.8 $ 1.79 $ 7.3 0.17 Income Income per share ( 1 ) All amounts presented are from continuing operations . Total cash and investments at the end of second quarter 2021 were $ 434.1 million . Utilizing a portion of the gross proceeds from the divestment of the PCB Test business , the Company prepaid $ 100 million of its term loan B debt facility on June 30 , 2021 . " Year - to - date results and our forecast put Cohu on track for record full year revenue and profitability , benefiting from strong 5G mobility , automotive and improving consumer and industrial semiconductor demand , " said Cohu President and CEO Luis Müller . " In the second quarter , we completed the sale of Cohu's PCB Test business , which was non - core to our growth strategy and enabled an accelerated $ 100 million prepayment of our term loan B debt facility . We continued to capture new customers with the Neon inspection system , had a design - win for a complete RF test cell solution , and introduced the DI - Core platform , our foray into software data analytics to improve customers ' test cell productivity . " Cohu expects third quarter 2021 sales to be between $ 220 million and $ 235 million . Conference Call Information : The Company will host a live conference call and webcast with slides to discuss second quarter 2021 results at 5:30 a.m. Pacific Time / 8 : 30 a.m. Eastern Time on July 29 , 2021. 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 5582321. Webcast access will be