FormFactor, Inc. Reports Fourth Quarter and Annual Results
For fiscal 2011,
On a GAAP basis, net loss for the fourth quarter of fiscal 2011 was
On a Non-GAAP basis, net loss for the fourth quarter of fiscal 2011 was
Cash usage including stock repurchases for the fourth quarter was
"During Q4 we faced deteriorating industry conditions in the DRAM industry as well as other parts of the PC supply chain, which resulted in significantly lower demand for our DRAM test products," said
The Company also today announced that
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 Fiscal Year Ended
-------------------------- --------------------------
December 31, December 25, December 31, December 25,
2011 2010 2011 2010
------------ ------------ ------------ ------------
Revenues $ 30,224 $ 43,912 $ 169,325 $ 188,565
Cost of revenues 35,199 40,593 148,367 190,837
------------ ------------ ------------ ------------
Gross profit (4,975) 3,319 20,958 (2,272)
------------ ------------ ------------ ------------
Operating expenses:
Research and
development 10,683 11,476 43,544 55,389
Selling, general
and
administrative 11,964 14,398 46,705 67,208
Restructuring
charges, net 325 1,305 522 15,908
Impairment of
long-lived assets 98 - 549 56,401
------------ ------------ ------------ ------------
Total operating
expenses 23,070 27,179 91,320 194,906
------------ ------------ ------------ ------------
Operating loss (28,045) (23,860) (70,362) (197,178)
Interest income, net 276 426 1,404 2,546
Other income
(expense), net 941 431 1,076 4,426
------------ ------------ ------------ ------------
Loss before income
taxes (26,828) (23,003) (67,882) (190,206)
Provision for
(benefit from)
income taxes 147 (2,592) (1,901) (1,920)
------------ ------------ ------------ ------------
Net loss $ (26,975) $ (20,411) $ (65,981) $ (188,286)
============ ============ ============ ============
Net loss per share:
Basic and Diluted $ (0.54) $ (0.40) $ (1.31) $ (3.75)
============ ============ ============ ============
Weighted-average
number of shares
used in per share
calculations:
Basic and Diluted 49,967 50,573 50,521 50,246
============ ============ ============ ============
Reconciliation of
Non-GAAP Net Loss:
Three Months Ended Fiscal Year Ended
-------------------------- --------------------------
December 31, December 25, December 31, December 25,
2011 2010 2011 2010
------------ ------------ ------------ ------------
GAAP Net loss $ (26,975) $ (20,411) $ (65,981) $ (188,286)
Stock-based
compensation, net
of related income-
tax impact * 4,188 4,242 13,849 17,613
Restructuring
charges, net of
related income-tax
impact * 325 1,305 522 15,908
Income tax
valuation
allowance release - - (2,450) -
Impairment of long-
lived assets, net
of related income-
tax impact * 98 - 549 56,401
------------ ------------ ------------ ------------
Non-GAAP net loss $ (22,364) $ (14,864) $ (53,511) $ (98,364)
============ ============ ============ ============
Non-GAAP net loss
per share:
Basic and
Diluted $ (0.45) $ (0.29) $ (1.06) $ (1.96)
============ ============ ============ ============
Weighted-average
number of shares
used in per share
calculations:
Basic and
Diluted 49,967 50,573 50,521 50,246
============ ============ ============ ============
* 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)
December 31, December 25,
2011 2010
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 139,049 $ 121,207
Marketable securities 157,642 226,028
Restricted cash - 383
Accounts receivable, net 12,662 28,598
Inventories 18,092 25,003
Deferred tax assets 1,162 329
Prepaid expenses and other current assets 8,368 14,743
------------ ------------
Total current assets 336,975 416,291
Restricted cash 317 297
Property and equipment, net 35,132 37,311
Deferred tax assets 5,954 5,445
Other assets 4,693 6,710
------------ ------------
Total assets $ 383,071 $ 466,054
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 9,731 $ 14,948
Accrued liabilities 13,966 24,045
Income taxes payable 100 1,894
Deferred revenue 4,798 4,637
------------ ------------
Total current liabilities 28,595 45,524
Long-term income taxes payable 4,112 4,248
Deferred rent and other liabilities 3,712 5,081
------------ ------------
Total liabilities 36,419 54,853
------------ ------------
Stockholders' equity:
Common stock and capital in excess of par
value 652,074 651,315
Accumulated other comprehensive income 2,700 2,027
Accumulated deficit (308,122) (242,141)
------------ ------------
Total stockholders' equity 346,652 411,201
------------ ------------
Total liabilities and stockholders' equity $ 383,071 $ 466,054
============ ============
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Investor Contact:Stan Finkelstein Investor Relations (925) 290-4321 Email Contact
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