FormFactor, Inc. Reports Second Quarter Results
On a GAAP basis, net income for the second quarter of fiscal 2015 was
On a non-GAAP basis, net income for the second quarter of fiscal 2015 was
Cash generation including stock repurchases for the second quarter of fiscal 2015 was
"In the second quarter of 2015 the company again delivered strong operational and financial performance in a solid demand environment," 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
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; changes in historical demands on a seasonal basis; risks in the company's ability to execute on its operational model; risks of the company's ability to realize sustainable profitability, to achieve its growth objectives, and to meet
customer demand for its products; 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 | Six Months Ended | |||||||||||||||
Revenues | $ | 73,885 | $ | 67,352 | $ | 144,714 | $ | 123,311 | ||||||||
Cost of revenues | 50,582 | 47,328 | 98,621 | 90,962 | ||||||||||||
Gross profit | 23,303 | 20,024 | 46,093 | 32,349 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 11,217 | 11,074 | 22,302 | 20,821 | ||||||||||||
Selling, general and administrative | 11,381 | 13,191 | 23,265 | 25,445 | ||||||||||||
Restructuring charges, net | -- | 59 | 503 | 2,056 | ||||||||||||
Impairment of long-lived assets | 8 | -- | 8 | 743 | ||||||||||||
Total operating expenses | 22,606 | 24,324 | 46,078 | 49,065 | ||||||||||||
Operating income (loss) | 697 | (4,300 | ) | 15 | (16,716 | ) | ||||||||||
Interest income, net | 65 | 79 | 149 | 158 | ||||||||||||
Other income (expense), net | 100 | (156 | ) | 1,602 | (222 | ) | ||||||||||
Income (loss) before income taxes | 862 | (4,377 | ) | 1,766 | (16,780 | ) | ||||||||||
Provision (benefit) for income taxes | 24 | (51 | ) | 145 | 257 | |||||||||||
Net income (loss) | $ | 838 | $ | (4,326 | ) | $ | 1,621 | $ | (17,037 | ) | ||||||
Net income (loss) per share: | ||||||||||||||||
Basic | $ | 0.01 | $ | (0.08 | ) | $ | 0.03 | $ | (0.31 | ) | ||||||
Diluted | $ | 0.01 | $ | (0.08 | ) | $ | 0.03 | $ | (0.31 | ) | ||||||
Weighted-average number of shares used in per share calculations: | ||||||||||||||||
Basic | 58,109 | 55,812 | 57,532 | 55,431 | ||||||||||||
Diluted | 59,094 | 55,812 | 58,874 | 55,431 | ||||||||||||
RECONCILIATION OF NON-GAAP NET INCOME | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
GAAP net income (loss) | $ | 838 | $ | (4,326 | ) | $ | 1,621 | $ | (17,037 | ) | ||||||
Stock-based compensation | 2,506 | 3,519 | 5,415 | 6,089 | ||||||||||||
Restructuring charges, net | -- | 59 | 503 | 2,056 | ||||||||||||
Acquisition and integration related expenses | 2 | 388 | (89 | ) | 429 | |||||||||||
Amortization of intangibles, inventory and fixed assets fair value adjustment due to acquisition | 3,430 | 4,953 | 6,722 | 9,902 | ||||||||||||
Impairment of long-lived assets | 8 | -- | 8 | 743 | ||||||||||||
Loss contingency | -- | 280 | -- | 413 | ||||||||||||
Business interruption insurance claim recovery | (37 | ) | -- | (1,521 | ) | -- | ||||||||||
Non-GAAP net income | $ | 6,747 | $ | 4,873 | $ | 12,659 | $ | 2,595 | ||||||||
Non-GAAP net income per share: | ||||||||||||||||
Basic | $ | 0.12 | $ | 0.09 | $ | 0.22 | $ | 0.05 | ||||||||
Diluted | $ | 0.11 | $ | 0.08 | $ | 0.22 | $ | 0.05 | ||||||||
Weighted-average number of shares used in per share calculations: | ||||||||||||||||
Basic | 58,109 | 55,812 | 57,532 | 55,431 | ||||||||||||
Diluted | 59,094 | 57,373 | 58,874 | 57,012 | ||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands) | ||||||||||
(Unaudited) | ||||||||||
2015 |
2014 |
|||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 137,088 | $ | 113,940 | ||||||
Marketable securities | 41,668 | 49,897 | ||||||||
Accounts receivable, net | 43,979 | 45,152 | ||||||||
Inventories, net | 24,247 | 25,548 | ||||||||
Deferred tax assets | 2,030 | 2,036 | ||||||||
Refundable income taxes | -- | 782 | ||||||||
Prepaid expenses and other current assets | 7,602 | 6,919 | ||||||||
Total current assets | 256,614 | 244,274 | ||||||||
Restricted cash | 435 | 435 | ||||||||
Property, plant and equipment, net | 24,485 | 25,498 | ||||||||
Goodwill | 30,731 | 30,731 | ||||||||
Intangibles, net | 32,187 | 38,689 | ||||||||
Deferred tax assets | 3,437 | 3,466 | ||||||||
Other assets | 864 | 1,150 | ||||||||
Total assets | $ | 348,753 | $ | 344,243 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 21,449 | $ | 20,274 | ||||||
Accrued liabilities | 19,660 | 21,217 | ||||||||
Income taxes payable | 180 | 68 | ||||||||
Deferred revenue | 5,766 | 6,303 | ||||||||
Total current liabilities | 47,055 | 47,862 | ||||||||
Long-term income taxes payable | 902 | 1,094 | ||||||||
Deferred tax liabilities | 2,208 | 2,208 | ||||||||
Deferred rent and other liabilities | 3,580 | 3,643 | ||||||||
Total liabilities | 53,745 | 54,807 | ||||||||
Commitments and contingencies | ||||||||||
Stockholders' equity: | ||||||||||
Common stock and capital in excess of par value | 715,921 | 711,733 | ||||||||
Accumulated other comprehensive loss | (1,998 | ) | (1,761 | ) | ||||||
Accumulated deficit | (418,915 | ) | (420,536 | ) | ||||||
Total stockholders' equity | 295,008 | 289,436 | ||||||||
Total liabilities and stockholders' equity | $ | 348,753 | $ | 344,243 | ||||||
Investor Contact:
Investor Relations
(925) 290-4321
ir@formfactor.com
Source:
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