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
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Date
of report (Date of earliest event reported): January 15, 2009
(January 13, 2009)
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FORMFACTOR,
INC.
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(Exact
name of registrant
as
specified in charter)
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Delaware
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000-50307
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13-3711155
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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7005
Southfront Road, Livermore, CA
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(Address
of principal executive offices)
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Registrant’s
telephone number, including area code: (925)
290-4000
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Not
Applicable
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(Former
name or former address, if changed since last report)
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___________________
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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. below):
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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| o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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| o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.05 Costs Associated with Exit or Disposal Activities
On January
13, 2009, FormFactor, Inc. announced a global reorganization and cost reduction
plan. As part of the plan, the company will reduce its workforce by
22%. The plan is designed to lower the company’s cash breakeven level
in order to enable the company to sustain itself financially in the current
market environment. FormFactor expects to incur approximately $8 million in
charges, which the company will record in the first quarter of fiscal 2009 when
the activities comprising the plan are expected to be completed. A
substantial portion of the charges associated with the cost reduction plan are
expected to result in future cash expenditures.
Item
9.01 Exhibits
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Exhibit
Number
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Exhibit
Title or Description
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99.01
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Press
release dated January 13, 2009.
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SIGNATURES
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.
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FORMFACTOR,
INC.
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Date:
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January
15, 2009
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By:
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/s/
Stuart L. Merkadeau
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Name:
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Stuart
L. Merkadeau
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Title:
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Senior
Vice President,
General
Counsel and Secretary
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EXHIBIT
INDEX
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Exhibit
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|||
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Number
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Exhibit
Title or Description
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99.01
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Press
release dated January 13, 2009.
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Exhibit
99.01
News
Release
Contacts:
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Investor
Contact:
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Trade
Press Contact:
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Michael
Magaro
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David
Viera
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Investor
Relations
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Director
of Corporate Communications
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(925)
290-4321
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(925)
290-4681
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ir@formfactor.com
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dviera@formfactor.com
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FormFactor,
Inc. Announces Cost Reduction Plan
LIVERMORE, Calif. —
January 13, 2009— FormFactor, Inc. (Nasdaq: FORM) today announced a
global reorganization and cost reduction plan. As part of the plan the company
will reduce its workforce by 22%.
FormFactor
expects to incur approximately $8 million in charges related to the plan, which
will be recorded in the first quarter of fiscal 2009.
“These
are extraordinary times for the semiconductor market and our customers,” said
Mario Ruscev, FormFactor CEO. “We have seen a rapid slowdown in our customers’
investment plans, which has driven significant volatility in our
forecasts. Therefore, we are moving aggressively to lower our cash
breakeven level, which will enable the company to sustain itself financially
through these difficult times.”
FormFactor,
Inc. will report financial results for its 2008 fourth quarter on Wednesday,
January 28, 2009, at 1:30 p.m. Pacific Standard Time. The public is invited to
listen to a live webcast and archived replay of FormFactor's conference call on
the Investors section of the company's web site at www.formfactor.com. A
telephone replay of the conference call will be available approximately two
hours after the conclusion of the call. The telephone replay will be available
through January 30, 2009, 9:00 p.m. Pacific Standard Time, and can be accessed
by dialing 888-203-1112 (domestic) or 719-457-0820 (international) and entering
confirmation code 4718123.
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.
###
FORM-F
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: changes in the semiconductor market environment, including DRAM and
Flash memories; changes in the company’s customers’ announced capital equipment
investment plans; the volatility of demand for certain semiconductor devices;
and the company’s ability to execute its cost reduction plan, to lower its cash
breakeven level and to implement and execute measures for enabling efficiencies
and still support future 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 SEC
filings, including the Form 10-K for the fiscal year ended December 29, 2007 and
the Form 10-Qs for the first three quarters of 2008. 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.