Every material Form 8-K Cohu filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Cohu reported fiscal third-quarter 2024 net sales of $95.3 million and a GAAP net loss of $18.1 million, or $0.39 per share, compared with net income of $3.9 million a year earlier. Its non-GAAP loss was $3.8 million, or $0.08 per share, and it guided fourth-quarter 2024 sales to $95 million plus or minus $7 million, which shareholders will weigh against the continued losses.
Q3 2024 net sales were $95.3 million, versus $104.7 million in Q2 2024 and $150.8 million in Q3 2023.
GAAP net loss was $18.1 million ($0.39 per share) for Q3 2024; non-GAAP net loss was $3.8 million ($0.08 per share).
Nine-month 2024 GAAP net loss was $48.5 million ($1.03 per share) on net sales of $307.7 million.
Cohu expects fourth-quarter 2024 sales of $95 million +/- $7 million and repurchased 315,000 shares for about $8.1 million in Q3.
Cohu reported fiscal second-quarter 2024 net sales of $104.7 million, down from $168.9 million a year earlier, with a GAAP net loss of $15.8 million, or $0.34 per share, compared with net income of $10.6 million a year earlier. The company also expects third-quarter 2024 sales of $95 million, plus or minus $5 million, which signals continued weak revenue for shareholders.
Q2 2024 net sales were $104.7 million, versus $107.6 million in Q1 2024 and $168.9 million in Q2 2023.
GAAP net loss was $15.8 million, or $0.34 per share; non-GAAP net loss was $0.6 million, or $0.01 per share.
Q3 2024 sales guidance is $95 million, plus or minus $5 million.
Total cash and investments were $262.4 million at the end of Q2 2024, and the company repurchased 267,000 shares for about $8.2 million.
Cohu said its senior vice president of corporate development, general counsel and secretary, Thomas D. Kampfer, will move to a part-time role at 60% time effective July 15, 2024, and will no longer be an executive officer. Legal and corporate secretary duties will pass to Emily R. Lough, who joined the company in October 2023, under the company's succession plan.
Thomas D. Kampfer transitions to part-time, reducing his time to 60%, effective July 15, 2024, and reports to CEO Luis A. Müller.
Kampfer's annual base salary falls 40%, from $405,000 to $243,000.
Emily R. Lough, currently vice president, assistant general counsel and assistant secretary, assumes legal and corporate secretary duties.
Kampfer's short-term incentive participation will be pro-rated; other terms, including equity vesting, are unchanged.
Cohu, Inc. appointed Karen M. Rapp as a Class 1 director effective May 6, 2024, with a term expiring at the 2026 Annual Meeting of Stockholders. Rapp has not been assigned to any Board committees at this time, and the filing states no arrangement or related-party transaction tied to her appointment.
Karen M. Rapp, age 56, appointed as Class 1 director effective May 6, 2024
Term expires at the 2026 Annual Meeting of Stockholders; no committee assignments yet
Previously served as CFO of National Instruments from 2017 through January 2023 and as a director of Microchip Technology and Plexus Corp.
Rapp will receive non-employee director compensation under the proxy statement filed April 22, 2024
Cohu reported fiscal first-quarter 2024 net sales of $107.6 million, down from $179.4 million a year earlier, and a GAAP net loss of $14.6 million, or $0.31 per share, compared with net income of $15.7 million a year earlier. The company guided second-quarter 2024 sales to $105 million, plus or minus $6 million, so shareholders face a weaker revenue base and a GAAP loss in the latest quarter.
First-quarter net sales of $107.6 million, versus $179.4 million in Q1 FY 2023 and $137.2 million in Q4 FY 2023
GAAP net loss of $14.6 million, or $0.31 per share; non-GAAP net income of $0.6 million, or $0.01 per share
Second-quarter 2024 sales expected at $105 million, plus or minus $6 million
Repaid remaining Term Loan B on February 9, 2024 with a $29.3 million payment; repurchased 333,504 shares for about $10.7 million
Cohu reported fourth-quarter 2023 net sales of $137.2 million, down from $191.1 million a year earlier, and a GAAP net loss of $2.0 million, or $0.04 per share, compared with net income of $21.6 million a year earlier. The company also guided first-quarter 2024 sales to $107 million plus or minus $6 million and paid $29.4 million to fully repay and terminate its Term Loan credit agreement, which had been due October 1, 2025.
Q4 2023 GAAP net loss of $2.0 million, or $0.04 per share, versus net income of $21.6 million, or $0.45 per diluted share, in Q4 2022
Full-year 2023 net sales of $636.3 million, down from $812.8 million in 2022; GAAP net income of $28.2 million, or $0.59 per share, versus $96.8 million, or $1.98 per share
Q1 2024 sales guidance of $107 million plus or minus $6 million
Paid $29.4 million to Deutsche Bank on February 9, 2024 to terminate the Credit Agreement, with no early termination penalty
Cohu said preliminary fourth-quarter 2023 revenue came in line with its guidance at approximately $137 million, but expects first-quarter 2024 revenue to be about 20% lower than the fourth quarter. The company cited soft demand for test and inspection equipment, with estimated equipment utilization down 200 basis points to 71%. Shareholders get a weaker near-term revenue outlook, and detailed results and guidance are due on the February 15, 2024 earnings call.
Preliminary Q4 2023 revenue of approximately $137 million, in line with guidance; figures are unaudited
Q1 2024 revenue expected to be approximately 20% lower than Q4 2023
Estimated equipment utilization fell 200 basis points to 71% at the end of Q4 2023
Detailed results and Q1 2024 guidance will be discussed on February 15, 2024, at 4:30 p.m. Eastern Time
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