FormFactor, Inc. Announces Second Quarter 2007 Financial Results
LIVERMORE, Calif., Jul 25, 2007 (BUSINESS WIRE) --
FormFactor, Inc. (Nasdaq:FORM) today announced its financial results for the second quarter of fiscal year 2007, ended June 30, 2007. Quarterly revenues were a record $114.1 million, up 12% from $102.3 million in the first quarter of fiscal 2007, and up 24% from $92.4 million in the second quarter of fiscal 2006.
Net income for the second quarter of fiscal 2007 was $18.6 million or $0.38 per share on a fully diluted basis, which included $4.2 million or $0.08 per share of stock-based compensation, net of tax. This compares to $14.8 million or $0.30 per share on a fully diluted basis for the first quarter of fiscal 2007, which included $5.2 million or $0.11 per share of stock-based compensation, net of tax. Net income for the second quarter of fiscal 2006 was $15.3 million or $0.32 per share on a fully diluted basis, which included $3.1 million or $0.06 per share of stock-based compensation, net of tax.
"FormFactor had another outstanding quarter - setting revenue, bookings, and operating income records. Our 24% year over year growth was fueled by the particular strength of DRAM, as well as healthy NOR Flash and Logic segments. We continued to focus on the development and qualification of new products in Flash, DRAM and Fine Pitch logic to expand our offerings in multiple applications and innovate to lead the market to the next generation of testing technology," said Igor Khandros, CEO of FormFactor.
The company has posted its revenue breakdown by region and market segment on the Investors section of its website at www.formfactor.com. FormFactor will conduct a conference call at 1:30 p.m. PDT, or 4:30 p.m. EDT, today. The public is invited to listen to a live web cast of FormFactor's conference call on the Investors section of the company's website at www.formfactor.com. An audio replay of the conference call will also be made available approximately two hours after the conclusion of the call. The audio replay will remain available until July 27, 2007 at 6:30 p.m. PDT and can be accessed by dialing (888) 286-8010 (domestic) or (617) 801-6888 (international) and entering confirmation code 26540387.
About FormFactor:
Founded in 1993, FormFactor, Inc. (Nasdaq:FORM) is the leader in advanced wafer probe cards, which are used by semiconductor manufacturers to electrically test integrated circuits, or ICs. The company's wafer sort, burn-in and device performance testing products move IC testing upstream from post-packaging to the wafer level, enabling semiconductor manufacturers to lower their overall production costs, improve yields, and bring next-generation devices to market. FormFactor is headquartered in Livermore, California with operations in Europe, Asia and North America. For more information, visit the company's website at www.formfactor.com.
FormFactor and the FormFactor logo are registered trademarks of FormFactor, Inc. All other product, trademark, company or service names mentioned herein are the property of their respective owners.
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 product development and future growth. 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: the demand for certain semiconductor devices; the company's ability to successfully develop and qualify new products in Flash, DRAM and Fine Pitch logic to expand its offerings in multiple applications; and the company's continuing ability to innovate and develop and deliver the next generation of testing technology. 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 period ended December 30, 2006 and the company's Form 10-Q for the quarterly period ended March 31, 2007, filed with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. Copies of the company's SEC filings are available at http://investors.formfactor.com/edgar.cfm. The company assumes no obligation to update the information in this press release, to revise any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements.
FORMFACTOR, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, 2007 July 1, 2006 June 30, 2007 July 1, 2006
------------- ------------ ------------- ------------
Revenues $ 114,124 $ 92,433 $ 216,395 $ 173,763
Cost of revenues 53,663 43,707 102,230 84,207
------------- ------------ ------------- ------------
Gross margin 60,461 48,726 114,165 89,556
------------- -------------------------- ------------
Operating expenses:
Research and
development 14,384 11,627 28,485 21,403
Selling, general
and
administrative 23,056 17,965 45,984 33,713
------------- ------------ ------------- ------------
Total
operating
expenses 37,440 29,592 74,469 55,116
------------- ------------ ------------- ------------
Operating income 23,021 19,134 39,696 34,440
Interest income 5,557 3,889 11,001 5,711
Other income
(expense), net (61) 327 (181) (14)
------------- ------------ ------------- ------------
5,496 4,216 10,820 5,697
Income before
income taxes 28,517 23,350 50,516 40,137
Provision for
income taxes 9,867 8,069 17,034 14,088
------------- ------------ ------------- ------------
Net income $ 18,650 $ 15,281 $ 33,482 $ 26,049
============= ============ ============= ============
Net income per
share:
Basic $ 0.39 $ 0.33 $ 0.70 $ 0.60
============= ============ ============= ============
Diluted $ 0.38 $ 0.32 $ 0.68 $ 0.57
============= ============ ============= ============
Weighted-average number of shares
used in per share calculations:
Basic 47,893 45,920 47,639 43,730
============= ============ ============= ============
Diluted 49,516 48,165 49,289 45,792
============= ============ ============= ============
FORMFACTOR, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
June 30, December 30,
2007 2006
--------- ------------
ASSETS
Current assets:
Cash and cash equivalents $286,610 $ 284,131
Marketable securities 239,588 208,263
Accounts receivable, net 78,575 54,571
Inventories 32,004 24,778
Deferred tax assets 12,569 12,500
Prepaid expenses and other current assets 14,319 12,138
--------- ------------
Total current assets 663,665 596,381
Restricted cash 2,250 2,250
Property and equipment, net 112,352 94,064
Deferred tax assets 6,913 4,689
Other assets 1,612 945
--------- ------------
Total assets $786,792 $ 698,329
========= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 39,055 $ 31,273
Accrued liabilities 27,498 28,334
Income tax payable 5,316 8,264
Deferred rent 447 448
Deferred revenue and customer advances 6,371 7,273
--------- ------------
Total current liabilities 78,687 75,592
Long term tax payable 11,239 --
Deferred rent and other long term liabilities 5,435 5,125
--------- ------------
Total liabilities 95,361 80,717
Stockholders' equity:
Common stock, $0.001 par value 48 47
Additional paid in capital 545,545 504,709
Accumulated other comprehensive loss (744) (244)
Retained earnings 146,582 113,100
--------- ------------
Total stockholders' equity 691,431 617,612
--------- ------------
Total liabilities and stockholders' equity $786,792 $ 698,329
========= ============
SOURCE: FormFactor, Inc.
FormFactor, Inc. Ron C. Foster, 925-290-4024 Chief Financial Officer Brooke Deterline or Annie Leschin, 925-290-4949 Investor Relations IR@FormFactor.com
Copyright Business Wire 2007
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