Investor Presentation
Sidoti & Company
March 3-4, 2011
Forward Looking Statements and Regulation FD
..
Certain matters discussed in this presentation, including
statements concerning expectations of Cohu’s future operating
performance, are forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those projected or forecasted. Such risks and
uncertainties include, but are not limited to; our ability to convert
new products under development into production on a timely
basis, support product development and meet customer delivery
and acceptance requirements for next generation equipment;
inventory, goodwill, and other intangible asset write-downs, and
customer orders may be cancelled or delayed. These and other
risks are discussed more fully in Cohu’s filings with the Securities
and Exchange Commission, including the most recently filed Form
10-K and Form 10-Q. Cohu assumes no obligation to update the
information in this presentation.
03-03-11
Page 2
Cohu Investment Summary
 Market leader in semiconductor test handling
equipment
 Rasco acquisition in December 2008 extends
market leadership and expands TAM
 Key proprietary technology for temperature
control: improves IC yield and ASPs
 Operating leverage: provides opportunity for
significant growth in profits during upcycle
 Financial strength: strong, debt-free balance sheet
 New products: 3 new handlers to fuel market
share growth
03-03-11
Page 3
Semiconductor Manufacturing Process
The “Front-End”
Final Manufacturing Processes
The “Back-End”
Wafer
Fab
Assembly
Test
Mark
Inspection
Cohu handlers, burn-in thermal subsystems and
equipment are an essential part of the IC manufacturing
process - used with ATE to cost-effectively test ICs for
quality and functionality
03-03-11
Page 4
Ship
Cohu’s Semiconductor Equipment Group
COHU
Global Leader in IC Test Handling
A Cohu Company
#1 in Logic Pick & Place
Test Handlers
03-03-11
Page 5
MATRiX
Pyramid
X32 Tri-temp
Next-Gen
Thermal Handler
#2 in Gravity-feed
Test Handlers
SO1000
X4 Tri-temp
SO3000
Test on Strip
Expanded TAM

Rasco acquisition added gravity-feed and strip handlers

Extends leadership in the test handler market
 Complementary products with no overlap
Gravity-Feed is well-suited for handling small IC packages –
critical to miniaturization of CE products
 Our products address 62% of the market
 Rasco sales and orders at record levels in 2010

Semiconductor Test Handler Market
Source: VLSI Research, Inc. and Company estimates
03-03-11
Page 6
Leading Technologies
Industry-leading Parallelism & Throughput
Vision Alignment
Lowers cost-of-test
Enables accurate testing of small form
factor IC packages – a fast growing market
PRODUCTIVITY
FLEXIBILITY
Thermal Management
Chamber-less Tri-Temperature
Proprietary thermal technology increases
accuracy and yields
Allows on-line maintenance at temperature,
reducing downtime
Site B1
Site A1
X32 (X4 Chuck) 125°C Thermal Testing
Site D1
140
Site C1
Site B2
130.0
Thermal response at 125W
Site A2
Temp Rise
Site D2
129.0
130
Site C2
Site B3
6.0°C
128.0
4.3°C
127.0
Site B4
126.0
Site D4
Site A3
Site D3
Site C3
Site A4
3.9°C
110
Temperature (°C)
Temp (C)
120
3.4°C
100
2.6°C
Site C4
Site A5
125.0
Site B5
Site C5
Site D5
124.0
Site A6
Site B6
123.0
Site C6
Site D6
90
- Tmin. = 123.4 °C
- Tmax. = 127.9 °C
- Temp. Range = 4.5°C
- Sites A5 and A6 were not
functioning, no temperature reading.
122.0
121.0
80
Site B7
Site C7
Site D7
Site A8
0
2
4
6
8
10
Time (sec)
03-03-11
Page 7
Site A7
12
14
16
18
20
120.0
00.00
Site B8
04.32
08.64
12.96
17.28
21.60
Time (s)
25.92
30.24
34.56
38.88
Site C8
Site D8
Proprietary Thermal Technology
Solves a Growing Problem in IC Test



Delta Design is the industry leader in high-power/DUT thermal
management
Enabling capability that optimizes speed grading, increasingly
important for GPUs
Latest technology incorporated in next-gen Pyramid thermal handler
Fmax Uncertainty for MPUs
3.09
Freq. vs. Temp
2% / 10oC Typical
3.06
Max. Freq. - GHz
3.00
10oC Tj error
Fmax Uncertainty
2.97
2.94
2.91
Core i5
2.8 Ghz
$189
Core i5
3.3 Ghz
$249
Source:
2.88
2.85
2.82
98
10
0
10
2
10
4
10
6
10
8
11
0
11
2
11
4
11
8
12
0
12
2
94
96
90
92
86
88
82
84
78
80
2.79
Tj Setpoint – deg. C
03-03-11
Page 8
Speed = $
2oC Tj error
Fmax Uncertainty
3.03
Computeredge.com
(February 28, 2011)
(+32%)
Market Share Leadership
IC Test Handlers
COHU
24%
(Primarily Logic)
#1 Position
Logic Pick & Place Handlers
COHU
(Delta Design)
48%
COHU
(Delta Design)
48%
#1 Position
Source: 2008 VLSI Research, Inc. and Company estimates
03-03-11
Page 9
Gravity Feed Handlers
COHU
(Rasco)
23%
#2 Position
Wide Customer Base

Realizing cross-selling opportunities, resulting in market share gains
03-03-11
Page 10
Broad Product Portfolio

New industry-leading systems in each product line
Final and System Level IC Test
Delta Design - Thermal Pick & Place Handlers
03-03-11
Page 11
Next
Generation
Pyramid
Delta Design - High Speed Pick & Place Handlers
Next
Generation
MATRiX
Rasco - Gravity-feed & Strip Handlers
Next
Generation
In
Development
24/7 Global Customer Support

Largest global sales and service network in the industry...
Depth and Breadth is a Competitive Advantage
KOLBERMOOR, DE
Rasco Headquarters
Burlington, VT
Boise, ID
Tyngsborough,
MA
UNITED
KINGDOM
Hillsboro, OR
CHINA
TAIWAN
- Taipei
- Tianjin
- Shanghai
- Suzhou
- Chengdu
- Kaohsiung
- Hsinchu
SOUTH KOREA
- Seoul
JAPAN
- Tokyo
San Jose, CA
INDONESIA
- Batam
Long Island,
NY
POWAY, CA
Delta Headquarters
COSTA RICA
PHILIPPINES
THAILAND
Chandler, AZ
MALTA
-
- Bangkok
MALAYSIA
Houston, TX
Austin, TX
Dallas, TX
-
Kuala Lumpur
Penang
Malacca
Kulim
SINGAPORE
Delta-Rasco
Asia Headquarters
03-03-11
Page 12
Manila
Baguio
Cavite
Laguna
Tooling Design/Mfg
Financial Update
Poway, California Headquarters
Strong Q4 Results

Q4 2010 Highlights

Sales grew 13% sequentially and 86% YoY to $96.9M,
a Cohu record

Non GAAP EPS $0.48 vs. $0.41 in Q3 and $0.11 in
Q4 2009

Orders $75.8M, down 16% from Q3
 Semi-equipment
orders declined 9% sequentially to
$67.1M

Backlog of $99.6M

$0.06 cash dividend (quarterly dividend since 1977)
03-03-11
Page 14
Semi/Semi Equipment Update

Backend semi equipment have increased for the last two months

“2010 will likely be the strongest year ever for the semiconductor
equipment industry, which will be a nice rebound from the worst
year ever, growth will continue through 2012 as companies move
from technology buys to capacity purchases.” (Klaus Rinnen, Gartner)
Book to Bill
2006
Source: SEMI 2011
03-03-11
Page 15
2007
2008
2009
Orders
Millions
2010
2011
2006
2007
2008
2009
2010
2011
Multiple Business Drivers

Broad-based demand for our handlers
 Production ramp of new thermal handler – Pyramid
 Capacity additions as IC unit volume increases
 Market share gains and sales synergies of expanded product line
Sales
Millions
$M
$100
$90
Q4 Guidance
$80
$70
$60
$50
$40
$30
$20
$10
$0
Q3 '09
Source: Company reports
03-03-11
Page 16
Q4 '09
Q1 '10
Total Sales - Actual
Q2 '10
Q3 '10
Semi-Equip Sales - Actual
Q4 '10
Q1’11 Non GAAP Guidance
Q4'10
Results
Q1'11
Guidance
Quarterly Revenue ($M)
$96.9
$85 to $90
Gross Margin
34.9%
Operating Expenses
21.5%
Consistent with Q4
Slightly Lower

Gross margin subject to volume and product mix

Opex lower mainly as a result of variable selling expense on
lower revenue
Non GAAP excludes stock compensation expense and amortization of purchased intangibles
03-03-11
Page 17
Strong Balance Sheet ($M, except per share amounts)
Mar ’10
Jun ’10
Sep ’10
Dec’10
Cash and Investments
$84.7
$89.9
$91.3
$98.2
Accounts Receivable
$44.9
$55.1
$67.2
$66.8
Inventory
$59.4
$61.9
$66.0
$63.2
$3.59
$3.79
$3.82
$4.09
62
61
67
60
114
118
107
91
Key Metrics
Cash per share
DSO
Inventory Days


Cash increased $13.3M in 2010 despite volume-driven working capital
requirements
~10%+ sequential increase in Q4 shipments results in lower inventory
 No bank debt
03-03-11
Page 18
Summary

Rasco acquisition expanded TAM and has been
highly successful

Well positioned for market share growth from:

03-03-11
Page 19

New, industry-leading pick & place handlers

Ramp of Pyramid, next-gen thermal handler

Gravity-feed handlers optimized for small IC testing –
new product in 2011

Significant cross selling opportunities
Strong balance sheet to enable future growth
opportunities
Investor Presentation
Sidoti & Company
March 3-4, 2011