FormFactor, Inc. (NASDAQ: FORM) today announced its financial
results for the fourth quarter of fiscal 2008, that ended on
December 27, 2008. Quarterly revenues were $39.9 million, down
24.1% from $52.6 million in the third quarter of fiscal 2008, and
down 66.9% from $120.5 million in the fourth quarter of fiscal
2007.
For fiscal 2008, FormFactor posted revenue of $210.2 million,
down 54.5% from $462.2 million in fiscal 2007.
Net loss for the fourth quarter of fiscal 2008 was $30.0 million
or $(0.61) per share, which included $3.3 million or $0.07 per
share of stock-based compensation, net of tax. This compares to net
loss for the third quarter of fiscal 2008 of $14.0 million or
$(0.29) per share, which included $3.3 million or $0.07 per share
of stock-based compensation, net of tax and a one-time tax benefit
of $2.8 million or $0.06 per share from the settlement of certain
tax audits. Net income for the fourth quarter of fiscal 2007 was
$14.4 million or $0.29 per share on a fully diluted basis, which
included $4.3 million or $0.09 per share of stock-based
compensation, net of tax. The fourth quarter of fiscal 2008 results
also include $4.9 million in pre-tax non-cash restructuring and
asset impairment charges related to a write-down of a Livermore
facility held for sale and in-progress construction assets in
Singapore as well as a $4.1 million pre-tax charge for bad debt
reserve.
Net loss for fiscal 2008 was $80.6 million or $(1.65) per share,
which included $15.7 million, or $0.32 per share of stock-based
compensation, net of tax, compared to net income of $72.9 million
or $1.47 per share on a fully diluted basis for fiscal 2007, which
included $17.2 million, or $0.35 per share of stock-based
compensation, net of tax. Net loss for fiscal 2008 includes $9.2
million in pre-tax restructuring charges, $4.4 million in pre-tax
non-cash asset impairment charges as well as a $4.1 million pre-tax
charge for bad debt reserve as noted above.
"The global economic slowdown has significantly reduced demand
for semiconductor devices in general, and for memory devices in
particular," said Mario Ruscev, CEO of FormFactor. "We have worked
to align our operating plans and structure with the current
business environment in order to improve our operating efficiency.
We move into 2009 with a broad range of outstanding products and a
firm commitment to innovation and continuous product improvement.
Overall, we remain focused on increasing our customers' test
efficiency."
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. PST, or 4:30 p.m. EST, 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 February 1, 2009 at 6:30 p.m.
PST and can be accessed by dialing 888-203-1112 or 719-457-0820 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.
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 operations, business outlook, 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 market environment, including the
demand for certain semiconductor devices, including DRAM and Flash
memory devices; the company's ability to align its operating plans
and structure with the current business environment to improve its
operating efficiency; and the company's ability to develop
innovative testing technologies, to timely deliver and qualify new
products that meet its customers' testing requirements and lower
their overall cost of test. 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 29,
2007 and the company's filings on Form 10-Q for the quarterly
periods in its fiscal 2008 as 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
------------------------- -------------------------
December 27, December 29, December 27, December 29,
2008 2007 2008 2007
----------- ------------ ----------- ------------
Revenues $ 39,889 $ 120,505 $ 210,189 $ 462,191
Cost of revenues 39,300 58,921 173,926 215,484
----------- ------------ ----------- ------------
Gross margin 589 61,584 36,263 246,707
----------- ------------ ----------- ------------
Operating expenses:
Research and development 16,221 16,246 65,509 60,951
Selling, general and
administrative 26,170 23,203 95,208 92,552
Restructuring charge 473 - 9,157 -
Impairment of
long-lived assets 4,400 - 4,400 -
----------- ------------ ----------- ------------
Total operating
expenses 47,264 39,449 174,274 153,503
----------- ------------ ----------- ------------
Operating (loss)
income (46,675) 22,135 (138,011) 93,204
Interest income, net 1,638 5,741 12,446 22,508
Other income 249 293 653 528
----------- ------------ ----------- ------------
1,887 6,034 13,099 23,036
(Loss) income before
income taxes (44,788) 28,169 (124,912) 116,240
Provision for (benefit
from) income taxes (14,828) 13,818 (44,291) 43,350
----------- ------------ ----------- ------------
Net (loss) income $ (29,960) $ 14,351 $ (80,621) $ 72,890
=========== ============ =========== ============
Basic $ (0.61) $ 0.30 $ (1.65) $ 1.52
=========== ============ =========== ============
Diluted $ (0.61) $ 0.29 $ (1.65) $ 1.47
=========== ============ =========== ============
Weighted-average number
of shares used in per
share calculations:
Basic 49,061 48,610 48,905 48,044
=========== ============ =========== ============
Diluted 49,061 49,924 48,905 49,557
=========== ============ =========== ============
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
December 27, December 29,
2008 2007
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 337,926 $ 315,232
Marketable securities 184,968 254,814
Accounts receivable, net 34,127 69,486
Inventories 18,788 29,309
Deferred tax assets 23,039 17,995
Refundable income taxes 29,413 2,043
Prepaid expenses and other current assets 14,702 13,461
------------ ------------
Total current assets 642,963 702,340
Restricted cash 680 2,250
Property and equipment, net 113,813 130,882
Deferred tax assets 20,580 10,038
Other assets 7,674 9,812
------------ ------------
Total assets $ 785,710 $ 855,322
============ ============
LIABILITIES AND STOCKHOLDERS? EQUITY
Current liabilities:
Accounts payable $ 33,214 $ 42,893
Accrued liabilities 25,693 30,029
Income taxes payable 1,904 1,328
Deferred revenue 4,946 5,535
Deferred rent 452 462
------------ ------------
Total current liabilities 66,209 80,247
Long term income taxes payable 7,732 12,248
Deferred rent and other liabilities 5,705 5,877
------------ ------------
Total liabilities 79,646 98,372
------------ ------------
Stockholders' equity
Common stock, $0.001 par value 50 49
Additional paid-in capital 602,294 573,553
Accumulated other comprehensive income 1,922 929
Retained earnings 101,798 182,419
------------ ------------
Total stockholders' equity 706,064 756,950
------------ ------------
Total liabilities and stockholders' equity $ 785,710 $ 855,322
============ ============
Investor Contact: Michael Magaro Investor Relations (925)
290-4321 Email Contact Trade Press Contact: David Viera Director of
Corporate Communications (925) 290-4681 Email Contact
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