FormFactor, Inc. Reports Second Quarter Results
On a GAAP basis, net loss for the second quarter of fiscal 2013 was
On a Non-GAAP basis, net loss for the second quarter of fiscal 2013 was
Cash generation for the second quarter of fiscal 2013 was
"Q2 marked an important step in the company's turnaround as we generated our first quarter of positive cash flow since Q4'07," 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.
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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 or trends, 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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(In thousands, except per share amounts) |
(Unaudited) |
Three Months Ended | Year to Date | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Revenues | $ | 62,733 | $ | 54,813 | $ | 115,353 | $ | 89,619 | ||||||||||
Cost of revenues | 46,328 | 38,646 | 89,873 | 69,296 | ||||||||||||||
Gross profit | 16,405 | 16,167 | 25,480 | 20,323 | ||||||||||||||
Operating expenses: | ||||||||||||||||||
Research and development | 10,915 | 10,935 | 21,844 | 21,782 | ||||||||||||||
Selling, general and administrative | 13,487 | 11,531 | 28,105 | 22,679 | ||||||||||||||
Restructuring charges, net | 92 | 136 | 4,072 | 103 | ||||||||||||||
Loss on sale of subsidiary | 300 | - | 300 | - | ||||||||||||||
Impairment of long-lived assets | 121 | 61 | 179 | 229 | ||||||||||||||
Total operating expenses | 24,915 | 22,663 | 54,500 | 44,793 | ||||||||||||||
Operating loss | (8,510 | ) | (6,496 | ) | (29,020 | ) | (24,470 | ) | ||||||||||
Interest income, net | 96 | 182 | 203 | 394 | ||||||||||||||
Other income, net | 209 | 546 | 632 | 956 | ||||||||||||||
Loss before income taxes | (8,205 | ) | (5,768 | ) | (28,185 | ) | (23,120 | ) | ||||||||||
Provision for (benefit from) income taxes | 202 | (1,551 | ) | (5 | ) | (1,449 | ) | |||||||||||
Net loss | $ | (8,407 | ) | $ | (4,217 | ) | $ | (28,180 | ) | $ | (21,671 | ) | ||||||
Net loss per share: | ||||||||||||||||||
Basic and Diluted | $ | (0.16 | ) | $ | (0.08 | ) | $ | (0.52 | ) | $ | (0.44 | ) | ||||||
Weighted-average number of shares used in per share calculations: | ||||||||||||||||||
Basic and Diluted | 54,105 | 49,817 | 53,886 | 49,652 | ||||||||||||||
Reconciliation of Non-GAAP Loss: | |||||||||||||||||
Three Months Ended | Year to Date | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
GAAP net loss | $ | (8,407 | ) | $ | (4,217 | ) | $ | (28,180 | ) | $ | (21,671 | ) | |||||
Stock-based compensation | 3,132 | 3,478 | 6,166 | 6,521 | |||||||||||||
Restructuring charges, net | 92 | 136 | 4,072 | 103 | |||||||||||||
Acquisition and integration related expenses | 282 | - | 1,194 | - | |||||||||||||
Amortization of intangibles, inventory and fixed assets fair value adjustment due to acquisition | 4,206 | - | 8,992 | - | |||||||||||||
Impairment of long-lived assets and loss on sale of subsidiary | 421 | 61 | 479 | 229 | |||||||||||||
Income tax valuation allowance | - | - | 150 | - | |||||||||||||
Non-GAAP net loss | $ | (274 | ) | $ | (542 | ) | $ | (7,127 | ) | $ | (14,818 | ) | |||||
Non-GAAP net loss per share: | |||||||||||||||||
Basic and Diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.13 | ) | $ | (0.30 | ) | |||||
Weighted-average number of shares used in per share calculations: | |||||||||||||||||
Basic and Diluted | 54,105 | 49,817 | 53,886 | 49,652 | |||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands) | ||||||||||
(Unaudited) | ||||||||||
2013 | 2012 | |||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 57,160 | $ | 72,243 | ||||||
Marketable securities | 97,362 | 93,545 | ||||||||
Accounts receivable, net | 38,964 | 28,919 | ||||||||
Inventories, net | 26,130 | 23,616 | ||||||||
Deferred tax assets | 4,204 | 4,613 | ||||||||
Refundable income taxes | 1,568 | 5,667 | ||||||||
Prepaid expenses and other current assets | 6,191 | 10,569 | ||||||||
Total current assets | 231,579 | 239,172 | ||||||||
Restricted cash | 421 | 318 | ||||||||
Property, plant and equipment, net | 39,630 | 45,515 | ||||||||
Goodwill | 29,958 | 30,994 | ||||||||
Intangibles, net | 65,625 | 74,276 | ||||||||
Deferred tax assets | 4,076 | 4,207 | ||||||||
Other assets | 989 | 1,200 | ||||||||
Total assets | $ | 372,278 | $ | 395,682 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 24,181 | $ | 21,015 | ||||||
Accrued liabilities | 13,808 | 17,270 | ||||||||
Capital leases, current portion | 503 | 573 | ||||||||
Income taxes payable | 446 | - | ||||||||
Deferred revenue | 6,113 | 6,189 | ||||||||
Total current liabilities | 45,051 | 45,047 | ||||||||
Long-term income taxes payable | 2,786 | 3,028 | ||||||||
Capital leases, net of current portion | 39 | 340 | ||||||||
Deferred rent and other liabilities | 7,521 | 8,009 | ||||||||
Total liabilities | 55,397 | 56,424 | ||||||||
Stockholders' equity: | ||||||||||
Common stock and capital in excess of par value | 688,701 | 681,211 | ||||||||
Accumulated other comprehensive income | 28 | 1,715 | ||||||||
Accumulated deficit | (371,848 | ) | (343,668 | ) | ||||||
Total stockholders' equity | 316,881 | 339,258 | ||||||||
Total liabilities and stockholders' equity | $ | 372,278 | $ | 395,682 | ||||||
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