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):  April 29, 2008

 

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 April 29, 2008, FormFactor, Inc. issued a press release announcing its financial results for the first quarter ended March 29, 2008.  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 April 29, 2008.

 

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 and 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: April 29, 2008

FORMFACTOR, INC.

 

 

 

 

 

By: 

/s/ JEAN B. VERNET

 

 

Jean B. Vernet

 

 

Chief Financial Officer

 

3



 

EXHIBIT INDEX

 

Exhibit

 

 

Number

 

Exhibit Title or Description

99.01

 

Press release dated April 29, 2008.

 

4


EXHIBIT 99.01

 

 

News Release

 

Contacts:

 

FormFactor, Inc.

Investor Relations

David Viera

Michael Magaro

Corporate Communications

(925) 290-4949

(925) 290-4681

IR@FormFactor.com

dviera@FormFactor.com

 

 

FormFactor, Inc. Announces First Quarter 2008 Financial Results

 

Quarterly revenues of $65.7 million, down 36% year over year; Net loss for the quarter includes execution impact of global cost reduction plan

 

LIVERMORE, Calif. — April 29, 2008 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the first quarter of fiscal 2008, ended March 29, 2008. Quarterly revenues were $65.7 million, down 45.5% from $120.5 million in the fourth quarter of fiscal 2007, and down 35.8% from $102.3 million in the first quarter of fiscal 2007.

 

Net loss for the first quarter of fiscal 2008 was $18.0 million or ($0.37) per share on a diluted basis, which included $4.5 million or $0.09 per share of stock-based compensation, net of tax. This compares to net income for the fourth quarter of fiscal 2007 of $14.4 million or $0.29 per share on a diluted basis, including $4.3 million or $0.09 per share of stock-based compensation, net of tax. Net income for the first quarter of fiscal 2007 was $15.2 million or $0.31 per share on a diluted basis, which included $4.8 million or $0.10 per share of stock-based compensation, net of tax.  First quarter of fiscal 2008 results also include approximately $5.3 million in restructuring costs related to our global cost reduction plan implemented during the quarter.

 

“As we reported earlier this month, current weakness in the DRAM market has impacted our business, as customers have been dramatically delaying test capacity expansions and pushing out technology transitions,” stated Mario Ruscev, President of FormFactor.  “FormFactor is taking appropriate measures to better align operations and expenses with the current market environment, while continuing our strategic investments in R&D to maintain our technology leadership and position us for the future.”

 

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 May 1, 2008 at 6:30 p.m. PDT and can be accessed by dialing (888) 286-8010 or (617) 801-6888 and entering confirmation code 40225130.

 



 

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 business momentum, demand for our products 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, including DRAM devices; the rate at which semiconductor manufacturers implement manufacturing capability changes, make the transition to smaller nanometer technology nodes and implement tooling cycles; and the company’s ability to bring operations and expenses in line with the current market environment, to continue strategic investments in R&D to maintain its technology leadership and position itself for the future, to develop and deliver innovative technologies, to enforce its intellectual property rights, and to execute measures for increasing productivity and supporting growth. 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 December 29, 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 OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 29,

 

March 31,

 

 

 

2008

 

2007

 

 

 

 

 

 

 

Revenues

 

$

65,703

 

$

102,271

 

Cost of revenues

 

53,131

 

47,988

 

Gross margin

 

12,572

 

54,283

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Research and development

 

16,388

 

14,102

 

Selling, general and administrative

 

22,658

 

22,928

 

Restructuring

 

5,320

 

 

Total operating expenses

 

44,366

 

37,030

 

Operating income (loss)

 

(31,794

)

17,253

 

 

 

 

 

 

 

Interest income

 

4,875

 

5,444

 

Other income (expense)

 

793

 

(119

)

 

 

5,668

 

5,325

 

 

 

 

 

 

 

Income (loss) before income taxes

 

(26,126

)

22,578

 

(Provision) benefit for income taxes

 

8,165

 

(7,367

)

 

 

 

 

 

 

Net income (loss)

 

$

(17,961

)

$

15,211

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

Basic

 

$

(0.37

)

$

0.32

 

 

 

 

 

 

 

Diluted

 

$

(0.37

)

$

0.31

 

 

 

 

 

 

 

Weighted-average number of shares used in per share calculations:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

48,743

 

47,384

 

 

 

 

 

 

 

Diluted

 

48,743

 

49,060

 

 



 

FORMFACTOR, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

 

 

 

March 29,

 

December 29,

 

 

 

2008

 

2007

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

400,634

 

$

315,232

 

Marketable securities

 

155,083

 

254,814

 

Accounts receivable, net

 

57,214

 

69,486

 

Inventories

 

26,610

 

29,309

 

 

 

 

 

 

 

Deferred tax assets

 

18,121

 

17,995

 

Refundable income taxes

 

9,207

 

2,043

 

Prepaid expenses and other current assets

 

12,359

 

13,461

 

Total current assets

 

679,228

 

702,340

 

 

 

 

 

 

 

Restricted cash

 

2,250

 

2,250

 

 

 

 

 

 

 

Property and equipment, net

 

126,222

 

130,882

 

 

 

 

 

 

 

Deferred tax assets

 

11,709

 

10,038

 

Other assets

 

9,780

 

9,812

 

Total assets

 

$

829,189

 

$

855,322

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

34,188

 

$

42,893

 

Accrued liabilities

 

21,650

 

30,029

 

Income tax payable

 

100

 

1,328

 

Deferred rent

 

460

 

462

 

Deferred revenue and customer advances

 

5,674

 

5,535

 

Total current liabilities

 

62,072

 

80,247

 

 

 

 

 

 

 

Long term tax payable

 

12,658

 

12,248

 

Deferred rent and other long term liabilities

 

5,973

 

5,877

 

Total liabilities

 

80,703

 

98,372

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Common stock, $0.001 par value

 

49

 

49

 

Additional paid in capital

 

582,534

 

573,553

 

Accumulated other comprehensive loss

 

1,445

 

929

 

Retained earnings

 

164,458

 

182,419

 

Total stockholders’ equity

 

748,486

 

756,950

 

Total liabilities and stockholders’ equity

 

$

829,189

 

$

855,322