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): September 8, 2010
FormFactor, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
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000-50307 |
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13-3711155 |
(State or other jurisdiction |
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(Commission File Number) |
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(IRS Employer |
7005 Southfront Road Livermore, CA |
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94551 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (925) 290-4000
N/A
(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:
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 2.05 Costs Associated with Exit or Disposal Activities.
On September 13, 2010, FormFactor, Inc. (the Company) announced its decision to cease the transition of manufacturing operations to Singapore. The manufacturing activities that were scheduled to be transitioned to Singapore will remain in Livermore. The decision will result in a reduction in force of approximately 70 employees at its Singapore facility. The Company expects that the activities comprising the reduction in force will be substantially completed by the 4th quarter of the Companys fiscal year 2010.
At this time, the Company is unable to make a good faith determination of an estimate or range of estimates required by paragraphs (b), (c) and (d) of Item 2.05 of the Current Report on Form 8-K with respect to any charges that may be incurred as a result of this decision. As permitted by Item 2.05 of the Current Report on Form 8-K, the Company will file an amendment to this Report under this Item 2.05 within four business days after the Companys determination of such estimate or range of estimates.
The Company issued a press release on September 13, 2010 regarding its plan to cease the transition of manufacturing operations to Singapore. A copy of the press release is attached hereto as Exhibit 99.01 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number |
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Title and Description |
99.01 |
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Press Release dated September 13, 2010 |
Forward-Looking Statements
Statements in this report 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 Companys ability to re-absorb its manufacturing operations in its Livermore facility that were being transitioned to Singapore and its ability to successfully transition to profitability. 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 Companys Annual Report on Form 10-K for the fiscal year ended December 26, 2009, as filed with the Securities and Exchange Commission (the SEC), and subsequent SEC filings, including the Companys Quarterly Reports on Form 10-Q for its fiscal quarterly periods ending March 27, 2010 and June 26, 2010. Copies of the Companys SEC filings are available at http://investors.formfactor.com/edgar.cfm. The Company assumes no obligation to update the information in this report, to revise any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements.
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.
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FormFactor, Inc. |
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(Registrant) |
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Date: September 13, 2010 |
By: |
/s/ Stuart L. Merkadeau |
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Stuart L. Merkadeau |
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Senior
Vice President, |
Exhibit 99.01
Investor Contact: |
Trade Press Contact: |
Stan Finkelstein |
David Viera |
Investor Relations |
Corporate Communications |
(925) 290-4321 |
(925) 290-4681 |
ir@formfactor.com |
dviera@formfactor.com |
FormFactor Announces Cessation of Singapore Manufacturing Transition
LIVERMORE, Calif. September 13, 2010 FormFactor, Inc. (Nasdaq: FORM) today announced it is ceasing its transition of manufacturing operations to Singapore. The companys decision will result in a reduction in force of approximately 70 employees at its Singapore facility. The decision does not impact the companys other Singapore activities, including its Design Engineering and Design Technology groups or its Finance Service Center, although certain of the local internal company support functions will be resized in light of the manufacturing decision. The manufacturing activities that were scheduled to be transitioned to Singapore will remain in Livermore, and Livermore will continue as the largest manufacturing operation for the company. The Singapore manufacturing decision does not impact the current manufacturing activities in Japan. The company expects that the activities comprising the reduction in force will be substantially completed by the fourth quarter of fiscal year 2010.
In the second quarter of fiscal 2010 the company announced a series of corporate initiatives that represented a renewed focus on streamlining and simplifying its operations as well as reducing its quarterly operating costs. Those corporate initiatives included consolidating certain manufacturing operations by moving the assembly and testing operation from Korea to Livermore. The companys decision announced today to cease the Singapore manufacturing transition is consistent with its plan to simplify business processes and get back to basics in order to return the company to profitability. In addition to costs the company will incur to cease Singapore manufacturing, the decision will impact the remaining useful life of certain assets, including leasehold improvements, in its Singapore facility.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are forwardlooking 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: the companys ability to re-absorb manufacturing operations in its Livermore facilities that were being transitioned to Singapore and its ability to successfully transition to profitability. Additional information concerning factors that could cause actual
-more-
events or results to differ materially from those in any forward-looking statement is contained in the companys Form 10-K for the fiscal year ended December 26, 2009, as filed with the SEC, and subsequent SEC filings, including the companys Form 10-Q for its fiscal quarterly period ending March 27, 2010 and the companys Form 10-Q for its fiscal quarterly period ending June 26, 2010. Copies of the companys 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 forwardlooking statements.
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 ICs. The companys 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 companys web site at www.formfactor.com.
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FORM-F
FormFactor and the FormFactor logo are trademarks or registered trademarks of FormFactor, Inc.