LIVERMORE, CA today announced its financial results for the
second quarter of fiscal 2008, ended June 28, 2008. Quarterly
revenues were $52.0 million, down 20.8% from $65.7 million in the
first quarter of fiscal 2008, and down 54.4% from $114.1 million in
the second quarter of fiscal 2007.
Net loss for the second quarter of fiscal 2008 was $18.7 million
or ($0.38) per fully diluted share, which included $4.5 million or
$0.09 per share of stock-based compensation, net of tax. This
compares to net loss for the first quarter of fiscal 2008 of $18.0
million or ($0.37) per fully diluted share, including $4.5 million
or $0.09 per share of stock-based compensation, net of tax. Net
income for the second quarter of fiscal 2007 was $21.1 million or
$0.43 per fully diluted share, which included $4.4 million or $0.09
per share of stock-based compensation, net of tax. Second quarter
of fiscal 2008 results also include approximately $2.1 million in
restructuring costs or $0.04 per fully diluted share, net of
tax.
"The second quarter continued to present a challenging business
environment for FormFactor and we focused on realigning our
business to be better positioned for profitable growth," stated
Mario Ruscev, chief executive officer of FormFactor. "We continue
to make significant investments in research and development to
enhance the differentiation of our existing products. We are also
aggressively investing in next generation technologies positioning
FormFactor for strong growth into 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 August 1, 2008 at 6:30 p.m. PDT
and can be accessed by dialing 888-203-1112 (domestic) or
719-457-0820 (international) and entering confirmation code
4506290.
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 company's ability to realign its business to be
better positioned for profitable growth; the success of the
company's efforts to enhance the differentiation of its existing
products, including to improve product performance and delivery;
the ability of the company to continue to invest in innovation to
drive and realize future growth; and the timing of any recovery of
the company's business. 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 and
the company's Form 10-Q for the fiscal quarter ended March 29,
2008, 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.
FORM-F
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
-------------------- --------------------
June 28, June 30, June 28, June 30,
2008 2007 2008 2007
--------- --------- --------- ---------
Revenues $ 52,013 $ 114,124 $ 117,716 $ 216,395
Cost of revenues 40,912 49,966 94,043 97,954
--------- --------- --------- ---------
Gross margin 11,101 64,158 23,673 118,441
--------- --------- --------- ---------
Operating expenses:
Research and development 15,821 14,384 32,209 28,485
Selling, general and
administrative 22,705 23,056 45,363 45,984
Restructuring charge 3,223 - 8,543 -
--------- --------- --------- ---------
Total operating expenses 41,749 37,440 86,115 74,469
--------- --------- --------- ---------
Operating income (loss) (30,648) 26,718 (62,442) 43,972
Interest income (expense) 3,128 5,557 8,003 11,001
Other income (expense) (652) (61) 141 (181)
--------- --------- --------- ---------
2,476 5,496 8,144 10,820
Income (loss) before income
taxes (28,172) 32,214 (54,298) 54,792
Provision (benefit) for income
taxes (9,513) 11,109 (17,678) 18,476
--------- --------- --------- ---------
Net income (loss) $ (18,659) $ 21,105 $ (36,620) $ 36,316
========= ========= ========= =========
Net income (loss) per share:
Basic $ (0.38) $ 0.44 $ (0.75) $ 0.76
========= ========= ========= =========
Diluted $ (0.38) $ 0.43 $ (0.75) $ 0.74
========= ========= ========= =========
Weighted-average number of shares
used in per share calculations:
Basic 48,835 47,893 48,789 47,639
========= ========= ========= =========
Diluted 48,835 49,516 48,789 49,289
========= ========= ========= =========
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
June 28, December 29,
2008 2007
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 427,176 $ 315,232
Marketable securities 115,559 254,814
Accounts receivable, net 45,555 69,486
Inventories 24,718 29,309
Deferred tax assets 18,492 17,995
Refundable income taxes 18,231 2,043
Prepaid expenses and other current assets 12,841 13,461
------------ ------------
Total current assets 662,572 702,340
Restricted cash 2,250 2,250
Property and equipment, net 126,205 130,882
Deferred tax assets 13,575 10,038
Other assets 9,587 9,812
------------ ------------
Total assets $ 814,189 $ 855,322
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 30,626 $ 42,893
Accrued liabilities 20,115 30,029
Income tax payable 225 1,328
Deferred revenue and customer advances 7,807 5,535
Deferred rent 458 462
------------ ------------
Total current liabilities 59,231 80,247
Long term tax payable 13,089 12,248
Deferred rent and other liabilities 5,800 5,877
------------ ------------
Total liabilities 78,120 98,372
------------ ------------
Stockholders' equity
Common stock, $0.001 par value 49 49
Additional paid-in capital 589,901 573,553
Accumulated other comprehensive income 320 929
Retained earnings 145,799 182,419
------------ ------------
Total stockholders' equity 736,069 756,950
------------ ------------
Total liabilities and stockholders' equity $ 814,189 $ 855,322
============ ============
Investor Contact: Michael Magaro Investor Relations (925)
290-4321 Email Contact Trade Press Contact: David Viera Corporate
Communications (925) 290-4681 Email Contact
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