FormFactor, Inc. Reports Fourth Quarter and Annual Results
For fiscal 2014,
On a GAAP basis, net loss for the fourth quarter of fiscal 2014 was
On a non-GAAP basis, net income for the fourth quarter of fiscal 2014 was
Cash generation for the fourth quarter of fiscal 2014 was
"In 2014 we delivered significant revenue growth, while generating cash and non-GAAP profit in 3 of the 4 quarters and for the year in total. In Q4 2014 we experienced strong industry-wide demand for our products, and as we begin the year our strong execution enables us to continue to build on the foundation set in 2014" said
The company has posted its revenue breakdown by region and market segment on the Investors section of its website at www.formfactor.com.
The public is invited to listen to a live webcast of
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.
About
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 anticipated results, market conditions or trends, expectations and operating plans. 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: unexpected changes in demand for the company's products; seasonal industry trends; risks of the company's ability to realize further operational efficiencies, to realize sustainable profitability, to achieve its growth objectives, and to meet customer demand for the company's DRAM, Flash Memory
and SoC products; and changes in the market and macro-economic environments. 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
FORM-F
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||
Three Months Ended | Fiscal Year Ended | |||||||||||||||||
Revenues | $ | 71,285 | $ | 48,546 | $ | 268,530 | $ | 231,533 | ||||||||||
Cost of revenues | 50,337 | 44,288 | 191,091 | 189,249 | ||||||||||||||
Gross profit | 20,948 | 4,258 | 77,439 | 42,284 | ||||||||||||||
Operating expenses: | ||||||||||||||||||
Research and development | 10,706 | 9,994 | 42,725 | 42,139 | ||||||||||||||
Selling, general and administrative | 12,631 | 12,160 | 51,385 | 53,217 | ||||||||||||||
Restructuring charges, net | 584 | 443 | 2,668 | 4,658 | ||||||||||||||
Loss on sale of subsidiary | -- | -- | -- | 300 | ||||||||||||||
Impairment of long-lived assets | 390 | 567 | 1,219 | 761 | ||||||||||||||
Total operating expenses | 24,311 | 23,164 | 97,997 | 101,075 | ||||||||||||||
Operating loss | (3,363 | ) | (18,906 | ) | (20,558 | ) | (58,791 | ) | ||||||||||
Interest income, net | 69 | 88 | 302 | 386 | ||||||||||||||
Other income, net | 155 | 82 | 161 | 623 | ||||||||||||||
Loss before income taxes | (3,139 | ) | (18,736 | ) | (20,095 | ) | (57,782 | ) | ||||||||||
(Benefit from) provision for income taxes | (1,268 | ) | 53 | (910 | ) | (99 | ) | |||||||||||
Net loss | $ | (1,871 | ) | $ | (18,789 | ) | $ | (19,185 | ) | $ | (57,683 | ) | ||||||
Net loss per share: | ||||||||||||||||||
Basic and diluted | $ | (0.03 | ) | $ | (0.34 | ) | $ | (0.34 | ) | $ | (1.06 | ) | ||||||
Weighted-average number of shares used in per share calculations: | ||||||||||||||||||
Basic and diluted | 56,472 | 54,608 | 55,908 | 54,204 | ||||||||||||||
RECONCILIATION OF NON-GAAP NET INCOME (LOSS) | |||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Fiscal Year Ended | ||||||||||||||||
GAAP net loss | $ | (1,871 | ) | $ | (18,789 | ) | $ | (19,185 | ) | (57,683 | ) | ||||||
Stock-based compensation | 3,256 | 2,999 | 13,279 | 12,124 | |||||||||||||
Restructuring charges, net | 584 | 443 | 2,668 | 4,658 | |||||||||||||
Acquisition and integration related expenses | 25 | (8 | ) | 423 | 1,292 | ||||||||||||
Amortization of intangibles, inventory and fixed assets fair value adjustment due to acquisition | 3,654 | 3,910 | 18,539 | 16,857 | |||||||||||||
Impairment of long-lived assets and loss on sale of subsidiary | 390 | 567 | 1,219 | 1,061 | |||||||||||||
Loss contingency | 498 | -- | 1,218 | -- | |||||||||||||
Income tax valuation allowance | -- | -- | -- | 150 | |||||||||||||
Non-GAAP net income (loss) | $ | 6,536 | $ | (10,878 | ) | $ | 18,161 | $ | (21,541 | ) | |||||||
Non-GAAP net loss per share: | |||||||||||||||||
Basic | $ | 0.12 | $ | (0.20 | ) | $ | 0.32 | $ | (0.40 | ) | |||||||
Diluted | $ | 0.11 | $ | (0.20 | ) | $ | 0.32 | $ | (0.40 | ) | |||||||
Weighted-average number of shares used in per share calculations: | |||||||||||||||||
Basic | 56,472 | 54,608 | 55,908 | 54,204 | |||||||||||||
Diluted | 58,234 | 54,608 | 57,510 | 54,204 | |||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands) | ||||||||||
(Unaudited) | ||||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 113,940 | $ | 59,196 | ||||||
Marketable securities | 49,897 | 91,895 | ||||||||
Accounts receivable, net | 45,152 | 30,189 | ||||||||
Inventories, net | 25,548 | 20,707 | ||||||||
Deferred tax assets | 2,036 | 2,776 | ||||||||
Refundable income taxes | 782 | 782 | ||||||||
Prepaid expenses and other current assets | 6,919 | 6,106 | ||||||||
Total current assets | 244,274 | 211,651 | ||||||||
Restricted cash | 435 | 435 | ||||||||
Property, plant and equipment, net | 25,498 | 35,190 | ||||||||
Goodwill | 30,731 | 30,731 | ||||||||
Intangibles, net | 38,689 | 57,470 | ||||||||
Deferred tax assets | 3,466 | 3,960 | ||||||||
Other assets | 1,150 | 1,271 | ||||||||
Total assets | $ | 344,243 | $ | 340,708 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 20,274 | $ | 16,313 | ||||||
Accrued liabilities | 21,217 | 13,985 | ||||||||
Capital leases, current portion | -- | 270 | ||||||||
Income taxes payable | 68 | 172 | ||||||||
Deferred revenue | 6,303 | 7,030 | ||||||||
Total current liabilities | 47,862 | 37,770 | ||||||||
Long-term income taxes payable | 1,094 | 2,497 | ||||||||
Deferred tax liabilities | 2,208 | 3,029 | ||||||||
Deferred rent and other liabilities | 3,643 | 3,326 | ||||||||
Total liabilities | 54,807 | 46,622 | ||||||||
Stockholders' equity: | ||||||||||
Common stock and capital in excess of par value | 711,733 | 695,686 | ||||||||
Accumulated other comprehensive loss | (1,761 | ) | (249 | ) | ||||||
Accumulated deficit | (420,536 | ) | (401,351 | ) | ||||||
Total stockholders' equity | 289,436 | 294,086 | ||||||||
Total liabilities and stockholders' equity | $ | 344,243 | $ | 340,708 | ||||||
Investor Contact:
Investor Relations
(925) 290-4321
ir@formfactor.com
Source:
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