Cohu, Inc. (NASDAQ: COHU), a global leader in back-end semiconductor equipment and services, today provided a business update and an upward revision to its fiscal third quarter 2020 guidance:
Cohu expects a net neutral to positive impact from the newly introduced U.S. export restrictions to Huawei and expanded list of affiliated companies, as market share and demand is expected to shift to other customers.
Order forecast has improved through third quarter with continued positive customer momentum in mobility and strong demand for Cohu’s RF testers.
Cohu now expects third quarter revenue at the high-end of guidance at approximately $146 million.
The company commenced reduction of the term loan B debt associated with the financing of the Xcerra acquisition in October 2018, recently reducing such debt by $17.3 million.
Luis Müller, President and Chief Executive Officer of Cohu, commented, "We are encouraged by our customers’ acceptance and ramp of our RF test solutions, and this drives our increased optimism about near-term business conditions.”
Cohu is a leading supplier of semiconductor test and inspection handlers, micro-electro mechanical system (MEMS) test modules, test contactors and thermal sub-systems used by global semiconductor manufacturers and test subcontractors.
Forward Looking Statements:
Certain statements contained in this release and accompanying materials may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding expected impact from the newly introduced U.S. export restrictions to Huawei and expanded list of affiliated companies, expected market share and demand shift, order forecast improvements and positive customer momentum in mobility and strong demand for Cohu’s RF testers, increased third quarter revenue forecast to the high-end of guidance at approximately $146 million, ramp of RF test solutions, increased optimism about near-term business conditions, and any other statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may,” "will,” "should,” "would,” "expect,” "anticipate,” "plan,” "likely,” "believe,” "estimate,” "project,” "intend,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance.
Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: The ongoing global COVID-19 pandemic has adversely affected, and is continuing to adversely affect, our business, financial condition and results of operations, and COVID-19 could re-surge at any time and our business could be abruptly impacted again to an even greater extent; Other significant risks associated with the Xcerra acquisition, integration and synergies including the failure to achieve the expected benefits of the acquisition, and mandatory ongoing impairment evaluation of goodwill and other intangibles whereby Cohu could be required to write off some or all of this goodwill and other intangibles; Continued availability of capital and financing and additional rating agency downgrade actions, and limited market access given our high debt levels; Our Credit Agreement contains various representations and negative covenants that limit our business flexibility; Changes to or replacement of LIBOR may adversely affect interest rates; Adverse investor reaction to the recently suspended cash dividend; Other risks associated with acquisitions; inventory, goodwill and other asset write-downs; Our ability to convert new products into production on a timely basis and to support product development and meet customer delivery and acceptance requirements for new products; Lost productivity, project delays and internal control risks due to ongoing employee "work from home” programs; Our reliance on third-party contract manufacturers and suppliers; Failure to obtain customer acceptance resulting in the inability to recognize revenue and accounts receivable collection problems; Market demand and adoption of our new products; Customer orders may be canceled or delayed; Design-wins may or may not result in future orders or sales; The concentration of our revenues from a limited number of customers; Intense competition in the semiconductor equipment industry; Our reliance on patents and intellectual property; Compliance with U.S. export regulations; Impacts from the Tax Cuts and Jobs Act of 2017 and ongoing tax examinations; Geopolitical issues, trade wars and Huawei/HiSilicon export restrictions (including new restrictions effective in May and August 2020); Retention of key staff; Other health epidemics or natural disasters; ERP system implementation issues particularly as Cohu recently launched a new ERP system in first quarter 2020 and plans a broader rollout in 2020; The seasonal, volatile and unpredictable nature of capital expenditures by semiconductor manufacturers particularly in light of weakened demand in 2019 followed by the COVID-19 global pandemic in 2020; and Rapid technological change.
These and other risks and uncertainties are discussed more fully in Cohu’s filings with the SEC, including the most recently filed Form 10-K and Form 10-Q, and the other filings made by Cohu with the SEC from time to time, which are available via the SEC’s website at www.sec.gov. Except as required by applicable law, Cohu does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
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Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has launched VantageCare™, a new managed service for smart mobility infrastructures operated by state and local transportation agencies.
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Iteris Unveils New Software-Enabled Managed Service for Smart Mobility Infrastructures (Photo: Business Wire)
VantageCare is a software-enabled smart mobility infrastructure managed service that utilizes process virtualization to continuously and proactively monitor intersections and arterials that are equipped with Iteris’ advanced detection sensor systems.
Transportation agencies using Iteris' VantageCare to augment their existing traffic management operations will receive data-driven analysis and management reports to improve performance at key signalized intersections equipped with Iteris detection technology. The solution helps agencies proactively identify and address a variety of opportunities to optimize detection.
VantageCare is a key component of Iteris’ ClearMobility™ Platform, the most complete solution for continuously monitoring, visualizing and optimizing mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. The ClearMobility Platform applies cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility.
"We are thrilled to announce the launch of VantageCare, a software-enabled managed service that utilizes process virtualization to enable transportation agencies nationwide to proactively optimize and maintain the health of their Iteris detection systems,” said Todd Kreter, senior vice president and general manager, Roadway Sensors at Iteris. "With the addition of VantageCare, transportation agencies can augment their existing traffic management operations, giving them peace of mind and the ability to focus on other priorities, as performance and safety are improved throughout their transportation network.”
About Iteris, Inc.
Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information and join the conversation on Twitter, LinkedIn and Facebook.
Iteris Forward-Looking Statements
This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "should,” "will,” "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the capabilities and benefits of our VantageCare solution. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, our ability to provide our services in a cost-efficient manner; our ability to introduce, market and gain broad acceptance of our new and existing product and service offerings in the transportation industry; the potential impact of product and service offerings from competitors and other competitive pressures; challenges in the development of software-based solutions generally; and the impact of general economic, political and other conditions in the markets we address. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC’s website (www.sec.gov).
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(RTTNews) - The Taiwan stock market has moved higher in two of three trading days since the end of the three-day losing streak in which it had stumbled more than 150 points or 1 percent. The Taiwan Stock Exchange now sits just above the 16,150-point plateau although it may tick lower again on Friday.
The global forecast for the Asian markets is mixed to lower as many of the regional bourses have been overbought in the rally leading up to U.S. President Joe Biden's inauguration, so profit taking may be in order. The European markets were down and the U.S. markets were mixed and the Asian bourses figure to split the difference.
The TSE finished sharply higher on Thursday following sharp gains from the technology stocks, weakness from the cement companies and a mixed picture from the financials.
For the day, the index surged 347.59 points or 2.20 percent to finish at 16,153.77 after trading between 15,775.73 and 16,238.46.
Among the actives, CTBC Financial collected 0.26 percent, while E Sun Financial fell 0.20 percent, Taiwan Semiconductor Manufacturing Company spiked 4.02 percent, United Microelectronics Corporation accelerated 3.65 percent, Hon Hai Precision jumped 2.18 percent, Largan Precision climbed 1.25 percent, Catcher Technology advanced 1.00 percent, MediaTek surged 7.11 percent, Formosa Plastic slid 0.22 percent, Asia Cement dropped 0.97 percent, Taiwan Cement lost 0.37 percent and Cathay Financial, Mega Financial, Fubon Financial and First Financial were unchanged.
The lead from Wall Street offers little clarity as stocks were lackluster on Thursday, bouncing back and forth across the unchanged line before finishing mixed and little changed.
The Dow dipped 12.37 points or 0.04 percent to finish at 31,176.01, while the NASDAQ climbed 73.67 points or 0.55 percent to end at 13,530.92 and the S&P 500 rose 1.22 points or 0.03 percent to close at 3,853.07.
The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets, which may be overbought following the run to record highs.
Optimism about ramped up efforts to combat the coronavirus under new President Joe Biden have also helped to prop up the markets, including the possibility of more stimulus.
In economic news, the Labor Department reported a pullback in initial jobless claims last week. The Commerce Department also released a report showing new residential construction in the U.S. jumped by more than expected in December.
Crude oil prices drifted lower on Thursday after data from the American Petroleum Institute showed an increase in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for March ended down $0.18 or 0.3 percent at $53.13 a barrel.
Closer to home, Taiwan will provide December figures for unemployment later today; in November, the jobless rate was 3.77 percent.