FormFactor, Inc. Reports First Quarter Results
On a GAAP basis, net loss for the first quarter of fiscal 2012 was
On a Non-GAAP basis, net loss for the first quarter of fiscal 2012 was
Cash usage including stock repurchases for the first quarter of fiscal 2012 was
"Q1 started very slowly but recovered later in the quarter as DRAM manufacturers increased their probe card purchases," 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
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, Flash memory and system on chip, or SoC, devices and certain other semiconductor devices; the rate at which the Company is able to develop, qualify and realize volume purchases of new products and technologies at customers; and the company's ability to
bring its manufacturing structure and operating expenses in line with revenues. 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 31, March 26,
2012 2011
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Revenues $ 34,806 $ 40,428
Cost of revenues 30,650 36,359
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Gross profit 4,156 4,069
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Operating expenses:
Research and development 10,847 11,560
Selling, general and administrative 11,148 12,387
Restructuring charges, net (33) 1,038
Impairment of long-lived assets 168 351
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Total operating expenses 22,130 25,336
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Operating loss (17,974) (21,267)
Interest income, net 212 424
Other income (expense), net 410 (374)
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Loss before income taxes (17,352) (21,217)
Provision for (benefit from) income taxes 102 207
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Net loss $ (17,454) $ (21,424)
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Net loss per share:
Basic and Diluted $ (0.35) $ (0.42)
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Weighted-average number of shares used in per
share calculations:
Basic and Diluted 49,487 50,636
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Reconciliation of Non-GAAP Net Loss:
Three Months Ended
--------------------------
March 31, March 26,
2012 2011
------------ ------------
GAAP Net loss $ (17,454) $ (21,424)
Stock-based compensation, net of related income-
tax impact * 3,043 3,969
Restructuring charges, net of related income-tax
impact * (33) 1,038
Impairment of long-lived assets, net of related
income-tax impact * 168 351
------------ ------------
Non-GAAP net loss $ (14,276) $ (16,066)
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Non-GAAP net loss per share:
Basic and Diluted $ (0.29) $ (0.32)
============ ============
Weighted-average number of shares used in per
share calculations:
Basic and Diluted 49,487 50,636
============ ============
* 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)
March 31, December 31,
2012 2011
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 135,536 $ 139,049
Marketable securities 144,784 157,642
Accounts receivable, net 21,203 12,662
Inventories 20,148 18,092
Deferred tax assets 1,758 1,162
Prepaid expenses and other current assets 7,916 8,368
------------ ------------
Total current assets 331,345 336,975
Restricted cash 317 317
Property and equipment, net 34,376 35,132
Deferred tax assets 5,794 5,954
Other assets 4,357 4,693
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Total assets $ 376,189 $ 383,071
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 15,171 $ 9,731
Accrued liabilities 14,106 13,966
Income taxes payable 181 100
Deferred revenue 5,449 4,798
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Total current liabilities 34,907 28,595
Long-term income taxes payable 4,100 4,112
Deferred rent and other liabilities 4,310 3,712
------------ ------------
Total liabilities 43,317 36,419
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Stockholders' equity:
Common stock and capital in excess of par
value 656,407 652,074
Accumulated other comprehensive income 2,041 2,700
Accumulated deficit (325,576) (308,122)
------------ ------------
Total stockholders' equity 332,872 346,652
------------ ------------
Total liabilities and stockholders' equity $ 376,189 $ 383,071
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Investor Contact:Stan Finkelstein Investor Relations (925) 290-4321 Email Contact
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