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Cohu Cohu Reports Third Quarter 2021 Results October 28 , 2021 • Third quarter revenue $ 225.1 million , up 49 % year - over - year • Gross margin of 42.5 % ; non - GAAP gross margin of 42.3 % • Board authorized a $ 70 million share repurchase program POWAY , Calif .-- ( BUSINESS WIRE ) -- Oct . 28 , 2021-- Cohu , Inc. ( NASDAQ : COHU ) , a global leader in back - end semiconductor equipment and services , today reported fiscal 2021 third quarter net sales of $ 225.1 million and GAAP income of $ 23.7 million or $ 0.48 per share . Net sales for the first nine months of 2021 were $ 695.4 million and GAAP income was $ 146.4 million or $ 3.04 per share . ( 1 ) Cohu also reported non - GAAP results , with third quarter 2021 income of $ 34.6 million or $ 0.70 per share and income of $ 119.5 million or $ 2.48 per share for the first nine months of 2021. ( 1 ) GAAP Results ( 1 ) ( in millions , except per share amounts ) Q3 FY Q2 FY Q3 FY 9 Months 9 Months 2021 2021 2020 2021 2020 Net sales Income ( loss ) $ 225.1 $ 244.8 $ 150.6 $ $ 23.7 $ 95.1 $ ( 6.6 ) $ Income ( loss ) per share $ 0.48 $ 1.92 $ ( 0.16 ) $ 695.4 $ 433.7 146.4 $ ( 28.7 ) 3.04 $ ( 0.69 ) Non - GAAP Results ( 1 ) ( in millions , except per share amounts ) Q3 FY Q2 FY Q3 FY 9 Months 9 Months Income Income per share 2021 2021 2020 2021 2020 $ 34.6 $ 44.2 $ 11.6 $ $ 0.70 $ 0.89 $ 0.27 $ 119.5 $ 18.9 2.48 $ 0.44 ( 1 ) All amounts presented are from continuing operations . Total cash and investments at the end of third quarter 2021 were $ 364.8 million . " Demand for test and inspection systems remained strong in the third quarter , underscoring the significant year - over - year growth in revenue and profitability . We also continued deployment of our DI - Core data analytics software with follow - on orders and design - wins at several automotive segment customers , " said Cohu President and CEO Luis Müller . " Looking ahead , we are encouraged by current estimated test cell utilization of 87 % and the expansion of our testers and contactors in power management , display driver , RF mmWave and broader mixed signal applications . " Cohu expects fourth quarter 2021 sales to be between $ 182 million and $ 195 million . Cohu's Board of Directors has authorized a $ 70 million share repurchase program . This share repurchase program is effective as of November 2 , 2021 and has no expiration date and the timing of share repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors . Repurchases under this program will be made using the Company's existing cash resources and may be commenced or suspended from time - to - time at the Company's discretion without prior notice . Repurchases may be made in the open market , through 10b5-1 programs or in privately negotiated transactions at prevailing market rates in accordance with federal securities laws . Conference Call Information : The Company will host a live conference call and webcast with slides to discuss third quarter 2021 results at 1:30 p.m. Pacific Time / 4 : 30 p.m. Eastern Time on October 28 , 2021. Interested investors and analysts are invited to dial into the conference call by