FormFactor, Inc. Reports Fourth Quarter and Annual Results
For fiscal 2013,
On a GAAP basis, net loss for the fourth quarter of fiscal 2013 was
On a non-GAAP basis, net loss for the fourth quarter of fiscal 2013 was
Cash usage for the fourth quarter of fiscal 2013 was
"Despite certain market and seasonality challenges in the fourth quarter,
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 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: unexpected changes in demand for the company's products and the company's manufacturing utilization, supplier and manufacturing challenges; seasonal industry trends; risks of the company's ability to realize further operational efficiencies and achieve synergies through the MicroProbe integration;
risks of the company's operational execution and ability to be profitable in 2014; 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
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
| (In thousands, except per share amounts) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | Fiscal Year Ended | |||||||||||||||||
| Revenues | $ | 48,546 | $ | 47,654 | $ | 231,533 | $ | 178,535 | ||||||||||
| Cost of revenues | 44,288 | 50,798 | 189,249 | 153,204 | ||||||||||||||
| Gross profit (loss) | 4,258 | (3,144 | ) | 42,284 | 25,331 | |||||||||||||
| Operating expenses: | ||||||||||||||||||
| Research and development | 9,994 | 9,775 | 42,139 | 40,130 | ||||||||||||||
| Selling, general and administrative | 12,160 | 14,958 | 53,217 | 49,231 | ||||||||||||||
| Restructuring charges, net | 443 | 333 | 4,658 | 2,917 | ||||||||||||||
| Loss on sale of subsidiary | -- | -- | 300 | -- | ||||||||||||||
| Impairment of long-lived assets | 567 | 49 | 761 | 421 | ||||||||||||||
| Gain on settlement of litigation | -- | (3,250 | ) | -- | (3,250 | ) | ||||||||||||
| Total operating expenses | 23,164 | 21,865 | 101,075 | 89,449 | ||||||||||||||
| Operating loss | (18,906 | ) | (25,009 | ) | (58,791 | ) | (64,118 | ) | ||||||||||
| Interest income, net | 88 | 134 | 386 | 691 | ||||||||||||||
| Other income, net | 82 | 334 | 623 | 1,461 | ||||||||||||||
| Loss before income taxes | (18,736 | ) | (24,541 | ) | (57,782 | ) | (61,966 | ) | ||||||||||
| Provision for (benefit from) income taxes | 53 | (25,144 | ) | (99 | ) | (26,420 | ) | |||||||||||
| Net (loss) income | $ | (18,789 | ) | $ | 603 | $ | (57,683 | ) | $ | (35,546 | ) | |||||||
| Net (loss) income per share: | ||||||||||||||||||
| Basic | $ | (0.34 | ) | $ | 0.01 | $ | (1.06 | ) | $ | (0.70 | ) | |||||||
| Diluted | $ | (0.34 | ) | $ | 0.01 | $ | (1.06 | ) | $ | (0.70 | ) | |||||||
| Weighted-average number of shares used in per share calculations: | ||||||||||||||||||
| Basic | 54,608 | 52,745 | 54,204 | 50,551 | ||||||||||||||
| Diluted | 54,608 | 52,921 | 54,204 | 50,551 | ||||||||||||||
| RECONCILIATION OF NON-GAAP NET LOSS | |||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Fiscal Year Ended | ||||||||||||||||
| GAAP net (loss) income | $ | (18,789 | ) | $ | 603 | $ | (57,683 | ) | (35,546 | ) | |||||||
| Stock-based compensation | 2,999 | 3,560 | 12,124 | 13,049 | |||||||||||||
| Restructuring charges, net | 443 | 333 | 4,658 | 2,917 | |||||||||||||
| Acquisition and integration related expenses | (8 | ) | 1,785 | 1,292 | 2,960 | ||||||||||||
| Amortization of intangibles, inventory and fixed assets fair value adjustment due to acquisition | 3,910 | 9,125 | 16,857 | 9,125 | |||||||||||||
| Impairment of long-lived assets and loss on sale of subsidiary | 567 | 49 | 1,061 | 420 | |||||||||||||
| Gain on litigation | -- | (3,250 | ) | -- | (3,250 | ) | |||||||||||
| Income tax valuation allowance | -- | (25,520 | ) | 150 | (25,520 | ) | |||||||||||
| Non-GAAP net loss | $ | (10,878 | ) | $ | (13,315 | ) | $ | (21,541 | ) | $ | (35,845 | ) | |||||
| Non-GAAP net loss per share: | |||||||||||||||||
| Basic | $ | (0.20 | ) | $ | (0.25 | ) | $ | (0.40 | ) | $ | (0.71 | ) | |||||
| Diluted | $ | (0.20 | ) | $ | (0.25 | ) | $ | (0.40 | ) | $ | (0.71 | ) | |||||
| Weighted-average number of shares used in per share calculations: | |||||||||||||||||
| Basic | 54,608 | 52,745 | 54,204 | 50,551 | |||||||||||||
| Diluted | 54,608 | 52,745 | 54,204 | 50,551 | |||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
| (In thousands) | ||||||||||
| (Unaudited) | ||||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 59,196 | $ | 72,243 | ||||||
| Marketable securities | 91,895 | 93,545 | ||||||||
| Accounts receivable, net | 30,189 | 28,919 | ||||||||
| Inventories, net | 20,707 | 23,616 | ||||||||
| Deferred tax assets | 2,776 | 4,613 | ||||||||
| Refundable income taxes | 782 | 5,667 | ||||||||
| Prepaid expenses and other current assets | 6,106 | 10,569 | ||||||||
| Total current assets | 211,651 | 239,172 | ||||||||
| Restricted cash | 435 | 318 | ||||||||
| Property, plant and equipment, net | 35,190 | 45,515 | ||||||||
| Goodwill | 30,731 | 30,994 | ||||||||
| Intangibles, net | 57,470 | 74,276 | ||||||||
| Deferred tax assets | 3,960 | 4,207 | ||||||||
| Other assets | 1,271 | 1,200 | ||||||||
| Total assets | $ | 340,708 | $ | 395,682 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 16,313 | $ | 21,015 | ||||||
| Accrued liabilities | 13,985 | 17,270 | ||||||||
| Capital leases, current portion | 270 | 573 | ||||||||
| Income taxes payable | 172 | -- | ||||||||
| Deferred revenue | 7,030 | 6,189 | ||||||||
| Total current liabilities | 37,770 | 45,047 | ||||||||
| Long-term income taxes payable | 2,497 | 3,028 | ||||||||
| Capital leases, net of current portion | -- | 340 | ||||||||
| Deferred rent and other liabilities | 6,355 | 8,009 | ||||||||
| Total liabilities | 46,622 | 56,424 | ||||||||
| Stockholders' equity: | ||||||||||
| Common stock and capital in excess of par value | 695,686 | 681,211 | ||||||||
| Accumulated other comprehensive income (loss) | (249 | ) | 1,715 | |||||||
| Accumulated deficit | (401,351 | ) | (343,668 | ) | ||||||
| Total stockholders' equity | 294,086 | 339,258 | ||||||||
| Total liabilities and stockholders' equity | $ | 340,708 | $ | 395,682 | ||||||
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