FormFactor, Inc. Reports Fourth Quarter and Annual Results
For fiscal 2012,
On a GAAP basis, net profit for the fourth quarter of fiscal 2012 was
On a non-GAAP basis, net loss for the fourth quarter of fiscal 2012 was
Cash usage for the fourth quarter of fiscal 2012 was
"Our memory business continued to experience weak demand in Q4 attributable to structural changes in the computing industry and the seasonal cyclicality of 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
FORM-F
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Fiscal Year Ended
-------------------- --------------------
December December December December
29, 31, 29, 31,
2012 2011 2012 2011
--------- --------- --------- ---------
Revenues $ 47,654 $ 30,224 $ 178,535 $ 169,325
Cost of revenues 50,798 35,199 153,205 148,367
--------- --------- --------- ---------
Gross profit (3,144) (4,975) 25,330 20,958
--------- --------- --------- ---------
Operating expenses:
Research and development 9,775 10,683 40,129 43,544
Selling, general and
administrative 14,958 11,964 49,230 46,705
Restructuring charges, net 333 325 2,917 522
Impairment of long-lived
assets 49 98 420 549
Gain on litigation (3,250) - (3,250) -
--------- --------- --------- ---------
Total operating expenses 21,865 23,070 89,446 91,320
--------- --------- --------- ---------
Operating loss (25,009) (28,045) (64,116) (70,362)
Interest income, net 134 276 691 1,404
Other income (expense), net 334 941 1,461 1,076
--------- --------- --------- ---------
Loss before income taxes (24,541) (26,828) (61,964) (67,882)
Provision for (benefit from)
income taxes (25,144) 147 26,420 (1,901)
--------- --------- --------- ---------
Net income (loss) $ 603 $ (26,975) $ (35,544) $ (65,981)
========= ========= ========= =========
Net income (loss) per share:
Basic $ 0.01 $ (0.54) $ (0.70) $ (1.31)
========= ========= ========= =========
Diluted $ 0.01 $ (0.54) $ (0.70) $ (1.31)
========= ========= ========= =========
Weighted-average number of
shares used in per share
calculations:
Basic 52,745 49,967 50,551 50,521
========= ========= ========= =========
Diluted 52,921 49,967 50,551 50,521
========= ========= ========= =========
Reconciliation of Non-GAAP Net
Income (Loss):
Three Months Ended Fiscal Year Ended
-------------------- --------------------
December December December December
29, 31, 29, 31,
2012 2011 2012 2011
--------- --------- --------- ---------
GAAP net income (loss) $ 603 $ (26,975) $ (35,544) $ (65,981)
Stock-based compensation, net of
related income-tax impact * 3,560 4,188 13,049 13,849
Restructuring charges, net of
related income-tax impact * 333 325 2,917 522
Acquisition costs related
expenses, net of related
income-tax impact * 1,785 - 2,960 -
Amortization of intangibles due
to acquisition, net of related
income-tax impact * 9,125 - 9,125 -
Impairment of long-lived assets,
net of related income-tax
impact * 49 98 420 549
Gain on litigation (3,250) - (3,250) -
Income tax valuation allowance
release (25,520) - (25,520) (2,450)
--------- --------- --------- ---------
Non-GAAP net loss $ (13,315) $ (22,364) $ (35,843) $ (53,511)
========= ========= ========= =========
Non-GAAP net loss per share:
Basic $ (0.25) $ (0.45) $ (0.71) $ (1.06)
========= ========= ========= =========
Diluted $ (0.25) $ (0.45) $ (0.71) $ (1.06)
========= ========= ========= =========
Weighted-average number of
shares used in per share
calculations:
Basic 52,745 49,967 50,551 50,521
========= ========= ========= =========
Diluted 52,745 49,967 50,551 50,521
========= ========= ========= =========
* 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)
December 29, December 31,
2012 2011
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 72,243 $ 139,049
Marketable securities 93,545 157,642
Accounts receivable, net 28,919 12,662
Inventories 23,616 18,092
Deferred tax assets 4,613 1,162
Refundable income taxes 5,667 910
Prepaid expenses and other current assets 10,569 7,458
------------- -------------
Total current assets 239,172 336,975
Restricted cash 318 317
Property, plant and equipment, net 45,515 35,132
Goodwill 30,994 -
Intangible, net 74,276 -
Deferred tax assets 4,207 5,954
Other assets 1,200 4,693
------------- -------------
Total assets $ 395,682 $ 383,071
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 21,014 $ 9,731
Accrued liabilities 17,270 13,966
Capital leases, current portion 573 -
Income taxes payable - 100
Deferred revenue 6,189 4,798
------------- -------------
Total current liabilities 45,046 28,595
Long-term income taxes payable 3,028 4,112
Capital leases, net of current portion 340 -
Deferred rent and other liabilities 8,009 3,712
------------- -------------
Total liabilities 56,423 36,419
------------- -------------
Stockholders' equity:
Common stock and capital in excess of par
value 681,211 652,074
Accumulated other comprehensive income 1,715 2,700
Accumulated deficit (343,667) (308,122)
------------- -------------
Total stockholders' equity 339,259 346,652
------------- -------------
Total liabilities and stockholders' equity $ 395,682 $ 383,071
============= =============
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Investor Contact:Stan Finkelstein Investor Relations (925) 290-4321 Email Contact
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