LIVERMORE, CA--(Marketwire - February 1, 2011) - FormFactor, Inc. (
NASDAQ:
FORM) today
announced its financial results for the fourth quarter of fiscal 2010, that
ended on December 25, 2010. Quarterly revenues were $43.9 million, down 7%
from $47.3 million in the third quarter of fiscal 2010, and up 33% from
$33.0 million in the fourth quarter of fiscal 2009.
For fiscal 2010, FormFactor posted revenue of $188.6 million, up 39% from
$135.3 million in fiscal 2009.
On a GAAP basis net loss for the fourth quarter of fiscal 2010 was $20.4
million or $(0.40) per fully-diluted share, compared to a net loss for the
third quarter of fiscal 2010 of $95.8 million or $(1.90) per fully-diluted
share and a net loss for the fourth quarter of fiscal 2009 of $28.0 million
or $(0.56) per fully-diluted share. Net loss for the fiscal 2010 was $188.3
million or $(3.75) per share, compared to a net loss for fiscal 2009 of
$155.7 million or $(3.15) per share.
On a Non-GAAP basis, net loss for the fourth quarter of fiscal 2010 was
$14.9 million or $(0.29) per fully-diluted share, compared to a net loss
for the third quarter of fiscal 2010 of $27.7 million or $(0.55) per
fully-diluted share and a net loss for the fourth quarter of fiscal 2009 of
$22.2 million or $(0.45) per fully-diluted share. On a non-GAAP basis, net
loss for fiscal 2010 was $98.4 million or $(1.96) per share, compared to a
net loss for fiscal 2009 of $87.3 million or $(1.76) per share. A
reconciliation of GAAP to non-GAAP net loss and net loss per share is
provided in the schedules included below.
"Our fourth quarter results demonstrate progress we are making to
streamline our cost structure and improve cash burn rate, while continuing
to develop and introduce new products," said Tom St. Dennis, CEO of
FormFactor. "Our Matrix platform continues to gain traction at all major
customers with most of our full wafer contactor business now transitioned
to Matrix product family."
The company has posted its revenue breakdown by region and market segment
on the Investors section of its website at
www.formfactor.com. FormFactor
will conduct a conference call at 1:30 p.m. PST, or 4:30 p.m. EST, 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 through February 3, 2011, 9:00 p.m.
Pacific Standard Time, and can be accessed by dialing (800) 642-1687
(domestic) or (706) 645-9291 (international) and entering confirmation code
35076660.
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.
About FormFactor:
Founded in 1993, FormFactor, Inc. (
NASDAQ:
FORM) is a 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. Such forward-looking statements include but are not limited to,
projections, statements regarding business momentum, demand for our
products and future growth, statements that contain words like "expects,"
"anticipates," "believes," and the assumptions upon which such statements
are based. 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 DRAM and Flash memory devices and
certain other semiconductor devices, the company's ability to complete
qualification of its Matrix platform products for both DRAM and Flash
memory applications at major memory customers; the rate at which
semiconductor manufacturers adopt the company's Matrix platform products
and request repeat orders; the company's ability to bring its manufacturing
structure and operating expenses in line with revenues; and the scope and
extent to which the company repurchases any stock under its authorized
stock repurchase program. Additional information concerning factors that
could cause actual events or results to differ materially from those in any
forward-looking statement can be found in pages 13 through 33 of the
company's Form 10-K for the fiscal year ended December 26, 2009, as filed
with the U.S. Securities and Exchange Commission, or SEC, and subsequent
SEC filings, including in pages 30 through 33 of the company's Form 10-Q
for the fiscal period ended March 27, 2010, in pages 29 through 31 of the
company's Form 10-Q for the fiscal period ended June 26, 2010, and in pages
35 through 37 of the company's Form 10-Q for the fiscal period ended
September 25, 2010. 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 Twelve Months Ended
-------------------- --------------------
December December December December
25, 2010 26, 2009 25, 2010 26, 2009
--------- --------- --------- ---------
Revenues $ 43,912 $ 32,995 $ 188,565 $ 135,335
Cost of revenues * 40,593 35,141 190,837 134,516
--------- --------- --------- ---------
Gross profit (loss) 3,319 (2,146) (2,272) 819
--------- --------- --------- ---------
Operating expenses:
Research and development 11,476 15,686 55,389 57,509
Selling, general and
administrative 14,398 16,489 67,208 78,428
Restructuring charges 1,305 837 15,908 8,780
Impairment of long-lived
assets * - 656 56,401 1,288
--------- --------- --------- ---------
Total operating expenses 27,179 33,668 194,906 146,005
--------- --------- --------- ---------
Operating loss (23,860) (35,814) (197,178) (145,186)
Interest income, net 426 711 2,546 3,282
Other income (expense), net 431 385 4,426 (535)
--------- --------- --------- ---------
Loss before income taxes (23,003) (34,718) (190,206) (142,439)
Provision for (benefit from)
income taxes (2,592) (6,755) (1,920) 13,214
--------- --------- --------- ---------
Net loss $ (20,411) $ (27,963) $(188,286) $(155,653)
========= ========= ========= =========
Net loss per share:
Basic and Diluted $ (0.40) $ (0.56) $ (3.75) $ (3.15)
========= ========= ========= =========
Weighted-average number of
shares used in per share
calculations:
Basic and Diluted 50,573 49,755 50,246 49,483
========= ========= ========= =========
Reconciliation of Non-GAAP Net loss:
Three Months Ended Twelve Months Ended
-------------------- --------------------
December December December December
25, 2010 26, 2009 25, 2010 26, 2009
--------- --------- --------- ---------
GAAP Net loss $ (20,411) $ (27,963) $(188,286) $(155,653)
Deferred tax valuation
allowance - - - 44,683
Stock-based compensation, net
of related income-tax
impact ** 4,242 4,364 17,613 16,542
Restructuring charges, net of
related income-tax impact ** 1,305 787 15,908 5,805
Impairment of long-lived
assets, net of related
income-tax impact ** - 656 56,401 1,288
--------- --------- --------- ---------
Non-GAAP Net loss $ (14,864) $ (22,156) $ (98,364) $ (87,335)
========= ========= ========= =========
Non-GAAP Net loss per share:
Basic and Diluted $ (0.29) $ (0.45) $ (1.96) $ (1.76)
========= ========= ========= =========
Weighted-average number of
shares used in per share
calculations:
Basic and Diluted 50,573 49,755 50,246 49,483
========= ========= ========= =========
* Certain amounts were reclassified from Cost of Revenue to Impairment
Charges for Q4'09 and FY2009.
** There was no related income tax impact to stock based compensation,
restructuring and impairment charges in the third and fourth quarters of
fiscal 2009 and fiscal 2010 as a result of the valuation allowance recorded
after the second quarter of fiscal 2009.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited)
December 25, December 26,
2010 2009
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 121,207 $ 122,043
Marketable securities 226,028 327,192
Restricted cash 383 --
Accounts receivable, net 28,598 29,412
Inventories 25,764 25,548
Deferred tax assets, net 329 3,296
Refundable income taxes -- 26,774
Prepaid expenses and other current assets 13,982 12,346
----------- -----------
Total current assets 416,291 546,611
Restricted cash 297 680
Property and equipment, net 37,311 97,758
Deferred tax assets, net 5,445 2,202
Other assets 6,710 8,717
----------- -----------
Total assets $ 466,054 $ 655,968
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 14,948 $ 29,250
Accrued liabilities 24,045 23,417
Income taxes payable 1,894 481
Deferred revenue 4,637 10,856
----------- -----------
Total current liabilities 45,524 64,004
Long-term income taxes payable 4,248 6,423
Deferred rent and other liabilities 5,081 5,626
Deferred tax liability -- 2,134
----------- -----------
Total liabilities 54,853 78,187
----------- -----------
Stockholders' equity
Common stock, $0.001 par value 52 50
Additional paid-in capital 651,263 630,333
Accumulated other comprehensive income 2,027 1,253
Retained earnings (accumulated deficit) (242,141) (53,855)
----------- -----------
Total stockholders' equity 411,201 577,781
----------- -----------
Total liabilities and stockholders' equity $ 466,054 $ 655,968
=========== ===========
Contact Information: Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4321