POWAY, CA – Cohu reported first quarter net sales of $138.9 million, down 6% year-over-year.  

Net loss for the quarter ended Mar. 28 was $17.3 million, compared to net loss for the prior-year period of $22.7 million.

Total cash and investments at the end of first quarter were $172.4 million.

“We recorded strong bookings in the first quarter, mostly driven by mobility customers accelerating the adoption of 5G test solutions for RF frontend devices,” said president and CEO Luis Muller. “Shipments were constrained in March by Covid-19 pandemic-driven government restrictions in countries where our products are manufactured. Despite Cohu operations remaining largely open, we continue to expect some supply chain uncertainty and operating constraints within our factories in the second quarter. While we enter the second quarter with approximately $172 million in cash and a strong backlog, the continuing impact of the Covid-19 pandemic on short-term semiconductor test and inspection demand remains uncertain. As a result, we are proactively managing cash flow, and our board of directors has authorized suspending our quarterly cash dividend. The dividend suspension will result in approximately $10 million of annualized cash savings, which we expect to utilize for deleveraging and strengthening our balance sheet.”

Cohu expects second quarter sales between $130 million and $155 million.

Cohu is the parent company of ATG Luther & Maelzer.

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