FormFactor, Inc. Reports Third Quarter Results
On a GAAP basis, net loss for the third quarter of fiscal 2012 was
On a Non-GAAP basis, net loss for the third quarter of fiscal 2012 was
Cash usage for the third quarter of fiscal 2012 was
"We saw softening demand in Q3 in the personal computer and mobile device markets, which negatively impacted our business," 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, 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: our ability to successfully integrate and realize the anticipated benefits of the Micro-Probe acquisition; risks around customers' engagement with the newly combined entities; risks of the company's ability to meet customers' test roadmaps; risks of the company's ability to realize further operational efficiencies;
personnel retention; 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
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Year to Date
-------------------------- --------------------------
September September September September
29, 24, 29, 24,
2012 2011 2012 2011
------------ ------------ ------------ ------------
Revenues $ 41,262 $ 52,115 $ 130,881 $ 139,101
Cost of revenues 33,110 40,141 102,406 113,168
------------ ------------ ------------ ------------
Gross profit 8,152 11,974 28,475 25,933
------------ ------------ ------------ ------------
Operating expenses:
Research and
development 8,573 10,423 30,355 32,861
Selling, general
and
administrative 11,594 11,200 34,273 34,741
Restructuring
charges, net 2,481 258 2,584 197
Impairment of
long-lived assets 143 100 372 451
------------ ------------ ------------ ------------
Total operating
expenses 22,791 21,981 67,584 68,250
------------ ------------ ------------ ------------
Operating loss (14,639) (10,007) (39,109) (42,317)
Interest income, net 163 335 557 1,128
Other income
(expense), net 171 (75) 1,127 135
------------ ------------ ------------ ------------
Loss before income
taxes (14,305) (9,747) (37,425) (41,054)
Provision for
(benefit from)
income taxes 173 157 1,276 (2,048)
------------ ------------ ------------ ------------
Net loss $ (14,478) $ (9,904) $ (36,149) $ (39,006)
============ ============ ============ ============
Net loss per share:
Basic and Diluted $ (0.29) $ (0.20) $ (0.73) $ (0.77)
============ ============ ============ ============
Weighted-average
number of shares
used in per share
calculations:
Basic and Diluted 50,154 50,747 49,805 50,719
============ ============ ============ ============
Reconciliation of
Non-GAAP Net Loss:
--------------------
Three Months Ended Year to Date
-------------------------- --------------------------
September September September September
29, 24, 29, 24,
2012 2011 2012 2011
------------ ------------ ------------ ------------
GAAP net loss $ (14,478) $ (9,904) $ (36,149) $ (39,006)
Stock-based
compensation, net
of related income-
tax impact * 2,968 3,339 9,489 9,661
Restructuring
charges, net of
related income-tax
impact * 2,481 258 2,584 197
Acquisition costs,
net of related
income-tax impact * 1,175 - 1,175 -
Impairment of long-
lived assets, net
of related income-
tax impact * 143 100 372 451
Income tax valuation
allowance release - - - (2,450)
------------ ------------ ------------ ------------
Non-GAAP net loss $ (7,711) $ (6,207) $ (22,529) $ (31,147)
============ ============ ============ ============
Non-GAAP net loss
per share:
Basic and Diluted $ (0.15) $ (0.12) $ (0.45) $ (0.61)
============ ============ ============ ============
Weighted-average
number of shares
used in per share
calculations:
Basic and Diluted 50,154 50,747 49,805 50,719
============ ============ ============ ============
* There was no related income-tax impact to stock-based compensation,
restructuring and impairment charges in fiscal 2012 and fiscal 2011 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 29, December 31,
2012 2011
ASSETS
Current assets:
Cash and cash equivalents $ 162,062 $ 139,049
Marketable securities 114,101 157,642
Accounts receivable, net 16,891 12,662
Inventories 20,054 18,092
Deferred tax assets 729 1,162
Prepaid expenses and other current assets 6,367 8,368
-------------- --------------
Total current assets 320,204 336,975
Restricted cash 318 317
Property, plant and equipment, net 32,912 35,132
Deferred tax assets 5,902 5,954
Other assets 3,495 4,693
-------------- --------------
Total assets $ 362,831 $ 383,071
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 10,856 $ 9,731
Accrued liabilities 17,412 13,966
Income taxes payable 434 100
Deferred revenue 6,093 4,798
-------------- --------------
Total current liabilities 34,795 28,595
Long-term income taxes payable 1,355 4,112
Deferred rent and other liabilities 4,228 3,712
-------------- --------------
Total liabilities 40,378 36,419
-------------- --------------
Stockholders' equity:
Common stock and capital in excess of par
value 663,923 652,074
Accumulated other comprehensive income 2,800 2,700
Accumulated deficit (344,270) (308,122)
-------------- --------------
Total stockholders' equity 322,453 346,652
-------------- --------------
Total liabilities and stockholders'
equity $ 362,831 $ 383,071
============== ==============
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Investor Contact:Stan Finkelstein Investor Relations (925) 290-4321 Email Contact
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