FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
-------------------- --------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
Revenues $ 52,013 $ 114,124 $ 117,716 $ 216,395
Cost of revenues 40,912 49,966 94,043 97,954
--------- --------- --------- ---------
Gross margin 11,101 64,158 23,673 118,441
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Operating expenses:
Research and development 15,821 14,384 32,209 28,485
Selling, general and
administrative 22,705 23,056 45,363 45,984
Restructuring charge 3,223 - 8,543 -
--------- --------- --------- ---------
Total operating expenses 41,749 37,440 86,115 74,469
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Operating income (loss) (30,648) 26,718 (62,442) 43,972
Interest income (expense) 3,128 5,557 8,003 11,001
Other income (expense) (652) (61) 141 (181)
--------- --------- --------- ---------
2,476 5,496 8,144 10,820
Income (loss) before income
taxes (28,172) 32,214 (54,298) 54,792
Provision (benefit) for income
taxes (9,513) 11,109 (17,678) 18,476
--------- --------- --------- ---------
Net income (loss) $ (18,659) $ 21,105 $ (36,620) $ 36,316
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Net income (loss) per share:
Basic $ (0.38) $ 0.44 $ (0.75) $ 0.76
========= ========= ========= =========
Diluted $ (0.38) $ 0.43 $ (0.75) $ 0.74
========= ========= ========= =========
Weighted-average number of shares
used in per share calculations:
Basic 48,835 47,893 48,789 47,639
========= ========= ========= =========
Diluted 48,835 49,516 48,789 49,289
========= ========= ========= =========
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
June 28, December 29,
2008 2007
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 427,176 $ 315,232
Marketable securities 115,559 254,814
Accounts receivable, net 45,555 69,486
Inventories 24,718 29,309
Deferred tax assets 18,492 17,995
Refundable income taxes 18,231 2,043
Prepaid expenses and other current assets 12,841 13,461
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Total current assets 662,572 702,340
Restricted cash 2,250 2,250
Property and equipment, net 126,205 130,882
Deferred tax assets 13,575 10,038
Other assets 9,587 9,812
------------ ------------
Total assets $ 814,189 $ 855,322
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 30,626 $ 42,893
Accrued liabilities 20,115 30,029
Income tax payable 225 1,328
Deferred revenue and customer advances 7,807 5,535
Deferred rent 458 462
------------ ------------
Total current liabilities 59,231 80,247
Long term tax payable 13,089 12,248
Deferred rent and other liabilities 5,800 5,877
------------ ------------
Total liabilities 78,120 98,372
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Stockholders' equity
Common stock, $0.001 par value 49 49
Additional paid-in capital 589,901 573,553
Accumulated other comprehensive income 320 929
Retained earnings 145,799 182,419
------------ ------------
Total stockholders' equity 736,069 756,950
------------ ------------
Total liabilities and stockholders' equity $ 814,189 $ 855,322
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Contact Information: Investor Contact: Michael Magaro Investor Relations (925) 290-4321 Trade Press Contact: David Viera Corporate Communications (925) 290-4681