FormFactor, Inc. Reports Third Quarter Results
On a GAAP basis, net loss for the third quarter of fiscal 2011 was
On a Non-GAAP basis, net loss for the third quarter of fiscal 2011 was
Cash usage excluding stock repurchases for the third quarter was
"We continued to make progress on our turnaround plan in Q3 despite a challenging DRAM environment," said
The company extended its share repurchase program for another twelve months. Through Q3 of fiscal 2011, the company has purchased 1,145,283 shares at a total cost of
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
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, Flash memory and system on chip, or SoC, devices and certain other semiconductor devices; 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 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 Nine Months Ended
---------------------------- ----------------------------
September 24, September 25, September 24, September 25,
2011 2010 2011 2010
------------- ------------- ------------- -------------
Revenues $ 52,115 $ 47,347 $ 139,101 $ 144,653
Cost of revenues 40,141 54,541 113,168 150,244
------------- ------------- ------------- -------------
Gross profit 11,974 (7,194) 25,933 (5,591)
------------- ------------- ------------- -------------
Operating
expenses:
Research and
development 10,423 12,825 32,861 43,913
Selling, general
and
administrative 11,200 16,219 34,741 52,810
Restructuring
charges, net 258 8,539 197 14,603
Impairment of
long-lived
assets 100 55,402 451 56,401
------------- ------------- ------------- -------------
Total operating
expenses 21,981 92,985 68,250 167,727
------------- ------------- ------------- -------------
Operating loss (10,007) (100,179) (42,317) (173,318)
Interest income,
net 335 623 1,128 2,120
Other income
(expense), net (75) 3,960 135 3,995
------------- ------------- ------------- -------------
Loss before
income taxes (9,747) (95,596) (41,054) (167,203)
Provision for
(benefit from)
income taxes 157 231 (2,048) 672
------------- ------------- ------------- -------------
Net loss $ (9,904) $ (95,827) $ (39,006) $ (167,875)
============= ============= ============= =============
Net loss per
share:
Basic and
Diluted $ (0.20) $ (1.90) $ (0.77) $ (3.35)
============= ============= ============= =============
Weighted-average
number of shares
used in per
share
calculations:
Basic and
Diluted 50,747 50,431 50,719 50,136
============= ============= ============= =============
Reconciliation of
Non-GAAP Net
Loss:
Three Months Ended Nine Months Ended
---------------------------- ----------------------------
September September September September
24, 25, 24, 25,
2011 2010 2011 2010
------------- ------------- ------------- -------------
GAAP Net loss $ (9,904) $ (95,827) $ (39,006) $ (167,875)
Stock-based
compensation,
net of related
income-tax
impact * 3,339 4,219 9,661 13,371
Restructuring
charges, net of
related income-
tax impact * 258 8,539 197 14,603
Income tax
valuation
allowance
release - - (2,450) -
Impairment of
long-lived
assets, net of
related income-
tax impact * 100 55,402 451 56,401
------------- ------------- ------------- -------------
Non-GAAP net
loss $ (6,207) $ (27,667) $ (31,147) $ (83,500)
============= ============= ============= =============
Non-GAAP net
loss per share:
Basic and
Diluted $ (0.12) $ (0.55) $ (0.61) $ (1.67)
============= ============= ============= =============
Weighted-average
number of
shares used in
per share
calculations:
Basic and
Diluted 50,747 50,431 50,719 50,136
============= ============= ============= =============
* 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)
September 24, December 25,
2011 2010
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 140,933 $ 121,207
Marketable securities 175,099 226,028
Restricted cash - 383
Accounts receivable, net 29,142 28,598
Inventories 20,647 25,003
Deferred tax assets 304 329
Prepaid expenses and other current assets 11,250 14,743
------------- -------------
Total current assets 377,375 416,291
Restricted cash 297 297
Property and equipment, net 34,872 37,311
Deferred tax assets 7,417 5,445
Other assets 3,987 6,710
------------- -------------
Total assets $ 423,948 $ 466,054
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 18,120 $ 14,948
Accrued liabilities 14,170 24,045
Income taxes payable - 1,894
Deferred revenue 5,960 4,637
------------- -------------
Total current liabilities 38,250 45,524
Long-term income taxes payable 4,155 4,248
Deferred rent and other liabilities 4,205 5,081
------------- -------------
Total liabilities 46,610 54,853
------------- -------------
Stockholders' equity:
Common stock and capital in excess of par
value 655,501 651,315
Accumulated other comprehensive income 2,983 2,027
Accumulated deficit (281,146) (242,141)
------------- -------------
Total stockholders' equity 377,338 411,201
------------- -------------
Total liabilities and stockholders' equity $ 423,948 $ 466,054
============= =============
Add to Digg Bookmark with del.icio.us Add to Newsvine
Investor Contact:Stan Finkelstein Investor Relations (925) 290-4321 Email Contact
Source:
News Provided by Acquire Media