Science & Technology
Science and Technology
Science and Technology
Thu, October 29, 2009
Wed, October 28, 2009 
LIVERMORE, CA--(Marketwire - October 28, 2009) - FormFactor, Inc. (
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. (
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 ============= =============
