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Note 15 - Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 29, 2018
Notes to Financial Statements  
Quarterly Financial Information [Text Block]
15.
Quarterly Financial Data (Unaudited)
 
Quarter
  
First (a)
    
Second (a)
    
Third (a)
    
Fourth (a) (b)
    
Year
  
(in thousands, except per share data)
    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
                                           
Net sales:
2018
   $
95,150
     $
99,817
     $
86,164
     $
170,637
     $
451,768
  
 
2017
   $
81,097
     $
93,866
     $
93,651
     $
84,090
     $
352,704
  
                                           
Cost of sales (c):
2018 (c)
   $
54,923
     $
57,677
     $
51,142
     $
128,718
     $
292,460
  
 
2017 (c)
   $
48,073
     $
56,166
     $
56,065
     $
48,993
     $
209,297
  
                                           
Income (loss) from
2018
   $
8,122
     $
11,648
     $
4,803
     $
(57,116
 )   $
(32,543
 )
continuing operations
2017
   $
6,763
     $
10,708
     $
8,755
     $
6,895
     $
33,121
  
                                           
Net income (loss)
2018
   $
8,122
     $
11,648
     $
4,803
     $
(56,997
 )   $
(32,424
 )
 
2017
   $
6,763
     $
10,430
     $
8,755
     $
6,895
     $
32,843
  
                                           
Net income (loss)
2018
   $
8,122
     $
11,648
     $
4,803
     $
(56,754
 )   $
(32,181
 )
attributable to Cohu
2017
   $
6,763
     $
10,430
     $
8,755
     $
6,895
     $
32,843
  
                                           
Income (loss) per share
      
 
      
 
      
 
      
 
  
attributable to Cohu (d):
      
 
      
 
      
 
      
 
  
Basic:
                                          
Income (loss) from
2018
   $
0.28
     $
0.40
     $
0.17
     $
(1.40
 )   $
(1.02
 )
continuing operations
2017
   $
0.25
     $
0.39
     $
0.31
     $
0.24
     $
1.19
  
                                           
Net income (loss)
2018
   $
0.28
     $
0.40
     $
0.17
     $
(1.40
 )   $
(1.01
 )
 
2017
   $
0.25
     $
0.38
     $
0.31
     $
0.24
     $
1.18
  
                                           
Diluted:
                                          
Income (loss) from
2018
   $
0.28
     $
0.39
     $
0.16
     $
(1.40
 )   $
(1.02
 )
continuing operations
2017
   $
0.24
     $
0.37
     $
0.30
     $
0.23
     $
1.15
  
                                           
Net income (loss)
2018
   $
0.28
     $
0.39
     $
0.16
     $
(1.40
 )   $
(1.01
 )
 
2017
   $
0.24
     $
0.36
     $
0.30
     $
0.23
     $
1.14
  
 
 
(a)
All quarters presented above were comprised of
13
weeks, except for the
first
quarter ended
March 25, 2017,
and the
third
quarter ended
September 30, 2017,
which were comprised of
12
and
14
weeks, respectively.
 
 
(b)
We acquired Xcerra on
October 1, 2018.
The results of Xcerra have been included in our results of operations from the date of acquisition. See Note
2,
“Business Acquisitions” for additional information regarding this transaction. Total operating expenses in the
fourth
quarter of
2018
include charges related to the acquisition of Xcerra as follows -
$37.8
million in restructuring charges comprised of
$19.1
million of inventory end-of-manufacturing write-downs related to
one
of Xcerra’s products, employee severance costs of
$17.8
million and
$0.9
million for other restructuring costs. We also recorded
$13.1
million for the amortization of acquisition-related intangibles.
 
 
(c)
Cost of sales is shown exclusive of the amortization of purchased intangible assets.  Historically we have included the impact of the amortization of purchased intangible assets in cost of sales but have elected to show it separately on the face of our statement of operations.  As a result, cost of sales amounts for
2017
and the
first
three
quarters of
2018
have been adjusted to reflect this change.  Amortization of purchased intangible amounts excluded from cost of sales were
$0.7
 million,
$0.6
 million,
$0.7
 million, and
$0.7
 million in the first, second, third, and
fourth
quarters of
2017,
respectively, and
$0.7
million,
$0.7
million,
$0.6
million, and
$11.6
 million in the first, second, third, and
fourth
quarters of
2018,
respectively.  See Note
1
“Summary of Significant Accounting Policies” for additional information on the reclassifications.
 
 
(d)
The sum of the
four
quarters
may
not
agree to the year total due to rounding or losses within a quarter and the inclusion or exclusion of common stock equivalents.