FormFactor, Inc. Reports Second Quarter Results
On a GAAP basis, net loss for the second quarter of fiscal 2011 was
On a Non-GAAP basis, net loss for the second quarter of fiscal 2011 was
"As we moved through Q2, we continued our focus on operational execution and made good progress on our turnaround plan as we increased gross margins and reduced our cash consumption," said
The company has posted its revenue breakdown by region and market segment on the Investors section of its website at www.formfactor.com.
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
Founded in 1993,
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, 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: 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, including its SmartMatrix product for DRAM devices, and its ATRE wafer test technology, and request repeat orders; and the company's ability to bring its manufacturing structure and operating expenses in line with revenues;. 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
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
------------------ ------------------
June 25, June 26, June 25, June 26,
2011 2010 2011 2010
-------- -------- -------- --------
Revenues $ 46,558 $ 57,640 $ 86,987 $ 97,306
Cost of revenues 36,668 53,710 73,027 95,704
-------- -------- -------- --------
Gross profit (loss) 9,890 3,930 13,960 1,602
-------- -------- -------- --------
Operating expenses:
Research and development 10,878 15,997 22,438 31,088
Selling, general and
administrative 10,192 18,725 22,579 36,592
Restructuring charges (1,099) 2,513 (60) 6,063
Impairment of long-lived assets - 999 351 999
-------- -------- -------- --------
Total operating expenses 19,971 38,234 45,308 74,742
-------- -------- -------- --------
Operating loss (10,081) (34,304) (31,348) (73,140)
Interest income, net 369 722 793 1,497
Other income (expense), net 584 (82) 210 35
-------- -------- -------- --------
Loss before income taxes (9,128) (33,664) (30,345) (71,608)
Provision for (benefit from) income
taxes (2,412) 200 (2,205) 440
-------- -------- -------- --------
Net loss $ (6,716) $(33,864) $(28,140) $(72,048)
======== ======== ======== ========
Net loss per share:
Basic and Diluted $ (0.13) $ (0.68) $ (0.55) $ (1.44)
======== ======== ======== ========
Weighted-average number of shares
used in per share calculations:
Basic and Diluted 50,733 50,084 50,705 49,989
======== ======== ======== ========
Reconciliation of Non-GAAP Net loss:
Three Months Ended Six Months Ended
------------------ ------------------
June 25, June 26, June 25, June 26,
2011 2010 2011 2010
-------- -------- -------- --------
GAAP Net loss $ (6,716) $(33,864) $(28,140) $(72,048)
Stock-based compensation, net of
related income-tax impact * 2,353 3,894 6,322 9,152
Restructuring charges, net of
related income-tax impact * (1,099) 2,513 (60) 6,063
Income tax valuation allowance
release (2,450) - (2,450) -
Impairment of long-lived assets,
net of related income-tax impact * - 999 351 999
-------- -------- -------- --------
Non-GAAP Net loss $ (7,912) $(26,458) $(23,977) $(55,834)
======== ======== ======== ========
Non-GAAP Net loss per share:
Basic and Diluted $ (0.16) $ (0.53) $ (0.47) $ (1.12)
======== ======== ======== ========
Weighted-average number of shares
used in per share calculations:
Basic and Diluted 50,733 50,084 50,705 49,989
======== ======== ======== ========
* There was no related income tax impact to stock-based compensation,
restructuring and impairment charges in fiscal 2011 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)
(Unaudited)
June 25, December 25,
2011 2010
----------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 130,085 $ 121,207
Marketable securities 194,142 226,028
Restricted cash 383 383
Accounts receivable, net 28,017 28,598
Inventories 21,799 25,003
Deferred tax assets, net 297 329
Prepaid expenses and other current assets 9,022 14,743
----------- ------------
Total current assets 383,745 416,291
Restricted cash 297 297
Property and equipment, net 35,078 37,311
Deferred tax assets, net 7,364 5,445
Other assets 5,110 6,710
----------- ------------
Total assets $ 431,594 $ 466,054
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 16,023 $ 14,948
Accrued liabilities 14,214 24,045
Income taxes payable 382 1,894
Deferred revenue 4,409 4,637
----------- ------------
Total current liabilities 35,028 45,524
Long-term income taxes payable 4,209 4,248
Deferred rent and other liabilities 4,101 5,081
----------- ------------
Total liabilities 43,338 54,853
----------- ------------
Stockholders' equity:
Common stock and capital in excess of par value 655,726 651,315
Accumulated other comprehensive income 2,811 2,027
Retained earnings (accumulated deficit) (270,281) (242,141)
----------- ------------
Total stockholders' equity 388,256 411,201
----------- ------------
Total liabilities and stockholders' equity $ 431,594 $ 466,054
=========== ============
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Investor Contact:Stan Finkelstein Investor Relations (925) 290-4321 Email Contact
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