UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 25, 2007

FORMFACTOR, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware

(State or other jurisdiction of incorporation)

 

 

 

000-50307

 

13-3711155

(Commission
File Number)

 

(IRS Employer
Identification No.)

 

7005 Southfront Road, Livermore, CA 94551

(Address of principal executive offices) (Zip Code)

 

(925) 290-4000

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (See General Instruction A.2.):

 

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 




Item 2.02.          Results of Operations and Financial Condition.

On July 25, 2007, FormFactor, Inc. issued a press release announcing its financial results for the second quarter ended June 30, 2007.  A copy of the press release is furnished as Exhibit 99.01 to this report and is incorporated herein by reference.

Item 9.01.                              Financial Statements and Exhibits.

Exhibit
Number 

 

Exhibit Title or Description 

 

99.01

 

Press release dated July 25, 2007.

 

 

The information in this current report and the accompanying exhibit shall not be incorporated by reference into any filing of FormFactor with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. The information in this report, including the accompanying exhibit, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

2




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 25, 2007

FORMFACTOR, INC.

 

 

 

 

 

By:

/s/ RONALD C. FOSTER

 

 

  Ronald C. Foster

 

 

  Chief Financial Officer

3




EXHIBIT INDEX

Exhibit
Number

 

Exhibit Title or Description 

 

99.01

 

Press release dated July 25, 2007.

 

 

 

4



EXHIBIT 99.01

News Release

Contacts:

 

 

FormFactor, Inc.

Investor Relations

 

Ron C. Foster

Brooke Deterline

 

Chief Financial Officer

Annie Leschin

 

(925) 290-4024

(925) 290-4949

 

 

IR@FormFactor.com

 

 

FormFactor, Inc. Announces Second Quarter 2007 Financial Results

Record quarterly revenues of $114.1 million, up 24% year over year

LIVERMORE, Calif. — ­July 25, 2007 — 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,
2007 

 

December 30,
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