Cohu, Inc. (COHU) swung to a net profit for the quarter ended Mar. 25, 2017. The company has made a net profit of $6.76 million, or $ 0.24 a share in the quarter, against a net loss of $1.69 million, or $0.06 a share in the last year period. On an adjusted basis, earnings per share were at $0.35 for the quarter compared with $0.06 in the same period last year. Revenue during the quarter grew 23.29 percent to $81.10 million from $65.78 million in the previous year period. Gross margin for the quarter expanded 1046 basis points over the previous year period to 39.77 percent. Operating margin for the quarter period stood at positive 9.89 percent as compared to a negative 2.30 percent for the previous year period.
Operating income for the quarter was $8.02 million, compared with an operating loss of $1.51 million in the previous year period.
However, the adjusted operating income for the quarter stood at $11.48 million compared to $2.20 million in the prior year period. At the same time, adjusted operating margin improved 1081 basis points in the quarter to 14.16 percent from 3.35 percent in the last year period.
Luis Müller, president and chief executive officer of Cohu stated, "We had an excellent quarter with improved financial results and record system shipments from our Malaysia operation. Semi equipment orders were at an all-time high with strong demand for turret and pick-and-place handlers, as well as multiple contactor design-wins. There is also robust customer demand for our just acquired Kita spring probe product lines."
Working capital remains almost stable
Cohu, Inc. has recorded an increase in the working capital over the last year. It stood at $172.28 million as at Mar. 25, 2017, up 0.78 percent or $1.34 million from $170.95 million on Mar. 26, 2016. Current ratio was at 3.11 as on Mar. 25, 2017, down from 3.37 on Mar. 26, 2016. Days sales outstanding went down to 74 days for the quarter compared with 86 days for the same period last year.
Days inventory outstanding has decreased to 47 days for the quarter compared with 104 days for the previous year period.
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