FormFactor, Inc. Reports Second Quarter Results
On a GAAP basis, net loss for the second quarter of fiscal 2012 was
On a Non-GAAP basis, net loss for the second quarter of fiscal 2012 was
Cash usage for the second quarter of fiscal 2012 was
"Q2 was a strong revenue quarter for
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; global macroeconomic concerns; and the company's ability to align its manufacturing structure and operating expenses 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 Year to Date
-------------------- --------------------
June 30, June 25, June 30, June 25,
2012 2011 2012 2011
--------- --------- --------- ---------
Revenues $ 54,813 $ 46,558 $ 89,619 $ 86,987
Cost of revenues 38,646 36,668 69,296 73,027
--------- --------- --------- ---------
Gross profit 16,167 9,890 20,323 13,960
--------- --------- --------- ---------
Operating expenses:
Research and development 10,935 10,878 21,782 22,438
Selling, general and
administrative 11,531 11,154 22,679 23,541
Restructuring charges, net 136 (1,099) 103 (60)
Impairment of long-lived
assets 61 - 229 351
--------- --------- --------- ---------
Total operating expenses 22,663 20,933 44,793 46,270
--------- --------- --------- ---------
Operating loss (6,496) (11,043) (24,470) (32,310)
Interest income, net 182 369 394 793
Other income (expense), net 546 584 956 210
--------- --------- --------- ---------
Loss before income taxes (5,768) (10,090) (23,120) (31,307)
Provision for (benefit from)
income taxes (1,551) (2,412) (1,449) (2,205)
--------- --------- --------- ---------
Net loss $ (4,217) $ (7,678) $ (21,671) $ (29,102)
========= ========= ========= =========
Net loss per share:
Basic and Diluted $ (0.08) $ (0.15) $ (0.44) $ (0.57)
========= ========= ========= =========
Weighted-average number of
shares used in per share
calculations:
Basic and Diluted 49,817 50,773 49,652 50,705
========= ========= ========= =========
Reconciliation of Non-GAAP Net
Loss:
Three Months Ended Year to Date
-------------------- --------------------
June 30, June 25, June 30, June 25,
2012 2011 2012 2011
--------- --------- --------- ---------
GAAP net loss $ (4,217) $ (7,678) $ (21,671) $ (29,102)
Stock-based compensation,
net of related income-tax
impact * 3,478 2,353 6,521 6,321
Restructuring charges, net
of related income-tax
impact * 136 (1,099) 103 (60)
Impairment of long-lived
assets, net of related
income-tax impact * 61 - 229 351
Income tax valuation
allowance release - (2,450) - (2,450)
--------- --------- --------- ---------
Non-GAAP net loss $ (542) $ (8,874) $ (14,818) $ (24,940)
========= ========= ========= =========
Non-GAAP net loss per share:
Basic and Diluted $ (0.01) $ (0.17) $ (0.30) $ (0.49)
========= ========= ========= =========
Weighted-average number of
shares used in per share
calculations:
Basic and Diluted 49,817 50,773 49,652 50,705
========= ========= ========= =========
* 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)
June 30, December 31,
2012 2011
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 144,823 $ 139,049
Marketable securities 132,901 157,642
Accounts receivable, net 27,726 12,662
Inventories 20,507 18,092
Deferred tax assets 727 1,162
Prepaid expenses and other current assets 7,229 8,368
------------- -------------
Total current assets 333,913 336,975
Restricted cash 317 317
Property, plant and equipment, net 34,225 35,132
Deferred tax assets 5,818 5,954
Other assets 4,081 4,693
------------- -------------
Total assets $ 378,354 $ 383,071
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 17,833 $ 9,731
Accrued liabilities 16,107 13,966
Income taxes payable 278 100
Deferred revenue 6,232 4,798
------------- -------------
Total current liabilities 40,450 28,595
Long-term income taxes payable 1,337 4,112
Deferred rent and other liabilities 4,158 3,712
------------- -------------
Total liabilities 45,945 36,419
------------- -------------
Stockholders' equity:
Common stock and capital in excess of par
value 659,881 652,074
Accumulated other comprehensive income 2,321 2,700
Accumulated deficit (329,793) (308,122)
------------- -------------
Total stockholders' equity 332,409 346,652
------------- -------------
Total liabilities and stockholders' equity $ 378,354 $ 383,071
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Investor Contact:Stan Finkelstein Investor Relations (925) 290-4321 Email Contact
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