Science & Technology
Science and Technology
Science and Technology
Wed, February 2, 2011
Tue, February 1, 2011
FormFactor, Inc. Reports Fourth Quarter and Annual Results
LIVERMORE, CA--(Marketwire - February 1, 2011) - FormFactor, Inc. (
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. (
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 =========== ===========
