FormFactor, Inc. Reports First Quarter Results
On a GAAP basis net loss for the first quarter of fiscal 2011 was
On a Non-GAAP basis, net loss for the first quarter of fiscal 2011 was
"Through Q1 we continued to see steady improvements in the first stage of our turnaround plan," said
The company also announced the promotion of
The company has posted its revenue breakdown by region and market segment on the Investors section of its website at www.formfactor.com.
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
Founded in 1993,
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: changes in the market environment, including the demand for DRAM and Flash memory devices and certain other semiconductor devices, the company's ability to complete qualification of its Matrix platform products for both DRAM and Flash memory applications at major memory customers; the rate at which semiconductor manufacturers adopt the company's Matrix platform products and request repeat orders; the company's ability to bring its manufacturing structure and operating expenses in line with revenues; the impact on the company's business of environmental and other disasters, such as flooding, earthquakes, volcanic eruptions or leakage from nuclear reactors, or a combination thereof. 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 -------------------------- March 26, March 27, 2011 2010 ------------ ------------ Revenues $ 40,428 $ 39,666 Cost of revenues 36,359 41,994 ------------ ------------ Gross profit (loss) 4,069 (2,328) ------------ ------------ Operating expenses: Research and development 11,560 15,091 Selling, general and administrative 12,387 17,867 Restructuring charges 1,038 3,550 Impairment of long-lived assets 351 - ------------ ------------ Total operating expenses 25,336 36,508 ------------ ------------ Operating loss (21,267) (38,836) Interest income, net 424 775 Other income (expense), net (374) 117 ------------ ------------ Loss before income taxes (21,217) (37,944) Provision for (benefit from) income taxes 207 240 ------------ ------------ Net loss $ (21,424) $ (38,184) ============ ============ Net loss per share: Basic and Diluted $ (0.42) $ (0.77) ============ ============ Weighted-average number of shares used in per share calculations: Basic and Diluted 50,636 49,890 ============ ============ Reconciliation of Non-GAAP Net loss: Three Months Ended -------------------------- March 26, March 27, 2011 2010 ------------ ------------ GAAP Net loss $ (21,424) $ (38,184) Stock-based compensation, net of related income-tax impact * 3,969 5,258 Restructuring charges, net of related income-tax impact * 1,038 3,550 Impairment of long-lived assets, net of related income-tax impact * 351 - ------------ ------------ Non-GAAP Net loss $ (16,066) $ (29,376) ============ ============ Non-GAAP Net loss per share: Basic and Diluted $ (0.32) $ (0.59) ============ ============ Weighted-average number of shares used in per share calculations: Basic and Diluted 50,636 49,890 ============ ============ * There was no related income tax impact to stock-based compensation, restructuring and impairment charges in fiscal 2010 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) March 26, December 25, 2011 2010 ------------ ------------ ASSETS Current assets: Cash and cash equivalents $ 116,142 $ 121,207 Marketable securities 217,090 226,028 Restricted cash 383 383 Accounts receivable, net 23,648 28,598 Inventories 22,953 25,003 Deferred tax assets, net 278 329 Prepaid expenses and other current assets 11,321 14,743 ------------ ------------ Total current assets 391,815 416,291 Restricted cash 297 297 Property and equipment, net 36,053 37,311 Deferred tax assets, net 4,877 5,445 Other assets 5,899 6,710 ------------ ------------ Total assets $ 438,941 $ 466,054 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 16,035 $ 14,948 Accrued liabilities 15,555 24,045 Income taxes payable - 1,894 Deferred revenue 4,774 4,637 ------------ ------------ Total current liabilities 36,364 45,524 Long-term income taxes payable 4,243 4,248 Deferred rent and other liabilities 5,071 5,081 ------------ ------------ Total liabilities 45,678 54,853 ------------ ------------ Stockholders' equity: Common stock and capital in excess of par value 654,538 651,315 Accumulated other comprehensive income 2,290 2,027 Retained earnings (accumulated deficit) (263,565) (242,141) ------------ ------------ Total stockholders' equity 393,263 411,201 ------------ ------------ Total liabilities and stockholders' equity $ 438,941 $ 466,054 ============ ============
Add to Digg Bookmark with del.icio.us Add to Newsvine
Investor Contact:Stan Finkelstein Investor Relations (925) 290-4321 Email Contact
Source:
News Provided by Acquire Media