LIVERMORE, CA--(Marketwire - October 28, 2009) - FormFactor, Inc. (
NASDAQ:
FORM) today
announced its financial results for the third quarter of fiscal 2009, that
ended on September 26, 2009. Quarterly revenues were $43.8 million, up
40.4% from $31.2 million in the second quarter of fiscal 2009, and down
16.7% from $52.6 million in the third quarter of fiscal 2008.
Net loss for the third quarter of fiscal 2009 was $23.9 million or $(0.48)
per share, compared to a net loss for the second quarter of fiscal 2009 of
$65.8 million or $(1.33) per share and a net loss for the third quarter of
fiscal 2008 of $14.0 million or $(0.29) per share.
On a non-GAAP basis, net loss for the third quarter of fiscal 2009 was
$20.9 million or $(0.42) per share, compared to a net loss for the second
quarter of fiscal 2009 of $16.3 million or $(0.33) per share and a net loss
for the third quarter of fiscal 2008 of $10.6 million or $(0.22) per share.
A reconciliation of third quarter GAAP to non-GAAP net loss and net loss
per share is provided in the schedules included below.
"An increase in design activity and volume purchases by memory
manufacturers for DDR3 production positively influenced our revenue in Q3,"
said Mario Ruscev, CEO of FormFactor. "Our efforts to manage costs
contributed this quarter to better gross margins, as we continue to focus
on opportunities to increase efficiency and return toward profitability."
The company has posted its revenue breakdown by region and market segment
and GAAP to non-GAAP reconciliation information on the Investors section of
its website at
www.formfactor.com. FormFactor will conduct a conference
call at 1:30 p.m. PDT, or 4:30 p.m. EDT, today. The public is invited to
listen to a live web cast of FormFactor's conference call on the Investors
section of the company's website at
www.formfactor.com. An audio replay of
the conference call will also be made available approximately two hours
after the conclusion of the call. The audio replay will remain available
until October 30th, 2009 at 9:00 p.m. PDT and can be accessed by dialing
888-203-1112 or 719-457-0820 and entering confirmation code 7749295.
Non-GAAP Financial Measures:
This press release highlights the company's financial results on both a
GAAP and a non-GAAP basis. The GAAP results include certain charges that
are excluded from non-GAAP results. By publishing the non-GAAP measures,
management intends to provide investors with additional information to
further analyze the company's performance, core results and underlying
trends. FormFactor's management evaluates results and makes operating
decisions using both GAAP and non-GAAP measures included in this press
release. Non-GAAP results are not prepared in accordance with GAAP, and
non-GAAP information should be considered a supplement to, and not a
substitute for, financial statements prepared in accordance with GAAP.
Investors and potential investors are encouraged to review the
reconciliation of non-GAAP financial measures to their most directly
comparable GAAP measures attached to this press release and on the
Investors section of the company's website.
About FormFactor:
Founded in 1993, FormFactor, Inc. (
NASDAQ:
FORM) is the leader in advanced
wafer probe cards, which are used by semiconductor manufacturers to
electrically test integrated circuits, or ICs. The company's wafer sort,
burn-in and device performance testing products move IC testing upstream
from post-packaging to the wafer level, enabling semiconductor
manufacturers to lower their overall production costs, improve yields, and
bring next-generation devices to market. FormFactor is headquartered in
Livermore, California with operations in Europe, Asia and North America.
For more information, visit the company's website at
www.formfactor.com.
FormFactor and the FormFactor logo are registered trademarks of FormFactor,
Inc. All other product, trademark, company or service names mentioned
herein are the property of their respective owners.
Forward-looking Statements:
Statements in this press release that are not strictly historical in nature
are forward-looking statements within the meaning of the federal securities
laws, including statements regarding business momentum, demand for our
products and future growth. These forward-looking statements are based on
current information and expectations that are inherently subject to change
and involve a number of risks and uncertainties. Actual events or results
might differ materially from those in any forward-looking statement due to
various factors, including, but not limited to: changes in the market
environment, including the demand for certain semiconductor devices,
including DRAM and Flash memory devices; the company's ability to optimize
its operating plans and structure with the business environment; and the
company's ability to develop innovative testing technologies and to timely
deliver and qualify new products that meet its customer's testing
requirements and lower their overall cost of test. Additional information
concerning factors that could cause actual events or results to differ
materially from those in any forward-looking statement is contained in the
company's Form 10-K for the fiscal year ended December 27, 2008 and the
company's Form 10-Q for the fiscal quarter ended June 27, 2009, both as
filed with the Securities and Exchange Commission ("SEC"), and subsequent
SEC filings. Copies of the company's SEC filings are available at
http://investors.formfactor.com/edgar.cfm. The company assumes no
obligation to update the information in this press release, to revise any
forward-looking statements or to update the reasons actual results could
differ materially from those anticipated in forward-looking statements.
FORM-F
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
---------------------------- ----------------------------
September 26, September 27, September 26, September 27,
2009 2008 2009 2008
------------- ------------- ------------- -------------
Revenues $ 43,773 $ 52,584 $ 102,340 $ 170,300
Cost of
revenues 36,435 40,583 100,007 134,626
------------- ------------- ------------- -------------
Gross profit 7,338 12,001 2,333 35,674
------------- ------------- ------------- -------------
Operating
expenses:
Research and
development 13,775 17,079 41,823 49,288
Selling,
general and
administrative 17,366 23,675 61,939 69,038
Restructuring
charges - 141 7,943 8,684
------------- ------------- ------------- -------------
Total
operating
expenses 31,141 40,895 111,705 127,010
------------- ------------- ------------- -------------
Operating loss (23,803) (28,894) (109,372) (91,336)
Interest
income, net 694 2,805 2,571 10,808
Other income
(expense),
net (415) 263 (920) 404
------------- ------------- ------------- -------------
Loss before
income taxes (23,524) (25,826) (107,721) (80,124)
Provision for
(benefit
from) income
taxes 377 (11,785) 19,969 (29,463)
------------- ------------- ------------- -------------
Net loss $ (23,901) $ (14,041) $ (127,690) $ (50,661)
============= ============= ============= =============
Net loss per
share:
Basic and
Diluted $ (0.48) $ (0.29) $ (2.59) $ (1.04)
============= ============= ============= =============
Weighted-average
number of
shares used in
per share
calculations:
Basic and
Diluted 49,582 48,988 49,392 48,855
============= ============= ============= =============
Reconciliation of Non-GAAP Net loss:
Three Months Ended Nine Months Ended
---------------------------- ----------------------------
September 26, September 27, September 26, September 27,
2009 2008 2009 2008
------------- ------------- ------------- -------------
GAAP Net loss $ (23,901) $ (14,041) $ (127,690) $ (50,661)
Deferred
tax
valuation
allowance - - 44,683 -
Stock-based
compensation
related to
option
modification,
net of
related
income-tax
impact - - 1,577 -
Stock-based
compensation,
net of related
income-tax
impact 2,922 3,343 9,100 11,939
Restructuring
charges, net
of related
income-tax
impact - 87 5,018 5,361
------------- ------------- ------------- -------------
Non-GAAP Net
loss $ (20,979) $ (10,611) $ (67,312) $ (33,361)
============= ============= ============= =============
Non-GAAP Net loss
per share:
Basic and
Diluted $ (0.42) $ (0.22) $ (1.36) $ (0.68)
============= ============= ============= =============
Weighted-average
number of
shares used in
per share
calculations:
Basic and
Diluted 49,582 48,988 49,392 48,855
============= ============= ============= =============
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited)
September 26, December 27,
2009 2008
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 149,920 $ 337,926
Marketable securities 312,687 184,968
Accounts receivable, net 48,233 34,127
Inventories 21,166 18,788
Deferred tax assets 3,768 23,039
Refundable income taxes 18,130 29,413
Prepaid expenses and other current assets 11,462 14,702
------------- -------------
Total current assets 565,366 642,963
Restricted cash 680 680
Property and equipment, net 96,998 113,813
Deferred tax assets 1,928 20,580
Other assets 3,599 7,674
------------- -------------
Total assets $ 668,571 $ 785,710
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 27,450 $ 33,214
Accrued liabilities 16,718 25,693
Income taxes payable 105 1,904
Deferred revenue 10,001 4,946
Deferred rent 458 452
------------- -------------
Total current liabilities 54,732 66,209
Long-term income taxes payable 6,334 7,732
Deferred rent and other liabilities 5,416 5,705
------------- -------------
Total liabilities 66,482 79,646
------------- -------------
Stockholders' equity
Common stock, $0.001 par value 50 49
Additional paid-in capital 626,211 602,295
Accumulated other comprehensive income 1,720 1,922
Accumulated deficit (25,892) 101,798
------------- -------------
Total stockholders' equity 602,089 706,064
------------- -------------
Total liabilities and stockholders'
equity $ 668,571 $ 785,710
============= =============
Contact Information: Investor Contact:
Michael Magaro
Investor Relations
(925) 290-4321
David Viera
Corporate Communications
(925) 290-4681