SAN FRANCISCO—IC test handler provider Cohu Inc. said Thursday (Feb. 5) it would cut an unspecified number of jobs as part of a series of cost-cutting measures that includes pay cuts, reduced work hours, mandatory time off and suspension of the company's 401(k) matching program.
"Current business conditions are extremely difficult and are not expected to improve in the near term," said James Donahue, Cohu president and CEO, in a statement. "The global financial crisis has eroded consumer and business confidence, resulting in lower sales of electronic products and has sharply reduced demand for semiconductors.
Cohu (Poway, Calif.) reported a net loss for the fourth quarter of 2008 of $7.6 million, or 33 cents per share, on revenue of $41.4 million. Revenue declined 28 percent from $57.1 million in the fourth quarter of 2007, Cohu said. The net loss for the quarter contrasts with a net income of $2 million, or 9 cents per share, for the fourth quarter of 2007, the company said.
Net sales for 2008 were $199.7 million with a net loss of $5.4 million, or 23 cents per share, compared to net sales of $241.4 million with net income of $8 million, or 34 cents per share, for 2007, Cohu said.
"Equipment utilization rates at IDMs and test subcontractors have fallen to the 50 percent range in some cases," Donahue said. "Against this backdrop, customers for backend semiconductor equipment have suspended capital spending for new equipment and reduced purchases of spares and non-essentials."
Sales of semiconductor equipment accounted for 69 percent of Cohu's fourth quarter sales, the company said. Microwave communications equipment and television cameras and related equipment contributed 19 percent and 12 percent, respectively, for the same period, Cohu said.
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