FormFactor, Inc. (NASDAQ: FORM) today announced its financial
results for the fourth quarter of fiscal 2009, that ended on
December 26, 2009. Quarterly revenues were $33.0 million, down
24.6% from $43.8 million in the third quarter of fiscal 2009, and
down 17.3% from $39.9 million in the fourth quarter of fiscal 2008.
For fiscal 2009, FormFactor posted revenue of $135.3 million,
down 35.6% from $210.2 million in fiscal 2008.
Net loss for the fourth quarter of fiscal 2009 was $28.0 million
or $(0.56) per share, compared to a net loss for the third quarter
of fiscal 2009 of $19.4 million or $(0.39) per share and a net loss
for the fourth quarter of fiscal 2008 of $30.0 million or $(0.61)
per share. Net loss for fiscal 2009 was $155.7 million or $(3.15)
per share, compared to a net loss for fiscal 2008 of $80.6 million
or $(1.65) per share.
On a non-GAAP basis, net loss for the fourth quarter of fiscal
2009 was $22.8 million or $(0.46) per share, compared to a net loss
for the third quarter of fiscal 2009 of $19.4 million or $(0.39)
per share and a net loss for the fourth quarter of fiscal 2008 of
$23.6 million or $(0.48) per share. On a non-GAAP basis, net loss
for fiscal 2009 was $88.6 million or $(1.79) per share, compared to
a net loss for fiscal 2008 of $57.0 million or $(1.17) per share. A
reconciliation of GAAP to non-GAAP net loss and net loss per share
is provided in the schedules included below.
"Although our Q4 results reflect delays in the timing of our
customers' technology transitions, tooling cycles and volume plans,
exiting the quarter, we are encouraged by the uptake in interest
and orders we experienced from a broader customer base," said Mario
Ruscev, CEO of FormFactor. "In 2009, in addition to delivering new
technologies for our existing products, which helped us expand our
share and customer reach, we also launched our next generation DRAM
and Flash memory wafer probe cards incorporating our new product
architectures. We are pleased by the customer reception of our new
products, and we believe that these new technologies and products
are critical to meeting customers' reduced lead times and enabling
FormFactor's growth and expansion into markets we have not fully
addressed. Although the timing of the recovery is still uncertain,
we remain confident that we will return to growth in 2010."
The company has posted its revenue breakdown by region and
market segment and GAAP to non-GAAP reconciliation information 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.
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 February 1, 2010, 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 1210545.
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; the company's ability to develop innovative
testing technologies, to timely deliver and qualify new products
that meet its customers' reduced lead times, testing requirements
and lower their overall cost of test, and that enable the company
to grow and expand into markets it has not fully addressed; and the
timing of customers' technology transitions, tooling cycles and
volume ramps and their effect on the company's 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 Form 10-K
for the annual period ended December 27, 2008 and the company's
filings on Form 10-Q for the quarterly periods in its fiscal 2009
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 December December December
26, 27, 26, 27,
2009 2008 2009 2008
---------- ---------- ---------- ----------
Revenues $ 32,995 $ 39,889 $ 135,335 $ 210,189
Cost of revenues 35,797 39,300 135,804 173,926
---------- ---------- ---------- ----------
Gross profit (loss) (2,802) 589 (469) 36,263
---------- ---------- ---------- ----------
Operating expenses:
Research and development 15,686 16,221 57,509 65,509
Selling, general and
administrative 16,489 26,170 78,428 95,208
Restructuring charges 837 473 8,780 9,157
Impairment of long-lived
assets - 4,400 - 4,400
---------- ---------- ---------- ----------
Total operating expenses 33,012 47,264 144,717 174,274
---------- ---------- ---------- ----------
Operating loss (35,814) (46,675) (145,186) (138,011)
Interest income, net 711 1,638 3,282 12,446
Other income (expense),
net 385 249 (535) 653
---------- ---------- ---------- ----------
Loss before income taxes (34,718) (44,788) (142,439) (124,912)
Provision for (benefit
from) income taxes (6,755) (14,828) 13,214 (44,291)
---------- ---------- ---------- ----------
Net loss $ (27,963) $ (29,960) $ (155,653) $ (80,621)
========== ========== ========== ==========
Net loss per share:
Basic and Diluted $ (0.56) $ (0.61) $ (3.15) $ (1.65)
========== ========== ========== ==========
Weighted-average number of
shares used in per share
calculations:
Basic and Diluted 49,755 49,061 49,483 48,905
========== ========== ========== ==========
Reconciliation of Non-GAAP Net loss:
Three Months Ended Twelve Months Ended
---------------------- ----------------------
December December December December
26, 27, 26, 27,
2009 2008 2009 2008
---------- ---------- ---------- ----------
GAAP Net loss $ (27,963) $ (29,960) $ (155,653) $ (80,621)
Deferred tax valuation
allowance - - 44,683 -
Stock-based compensation
related to option
modification, net of
related income-tax
impact * 39 - 1,616 -
Stock-based
compensation, net of
related income-tax
impact * 4,325 3,326 14,926 15,265
Restructuring charges,
net of related
income-tax impact 787 292 5,805 5,653
Impairment of long-lived
assets, net of related
income-tax impact - 2,717 - 2,717
---------- ---------- ---------- ----------
Non-GAAP Net loss $ (22,812) $ (23,625) $ (88,623) $ (56,987)
========== ========== ========== ==========
Non-GAAP Net loss per
share:
Basic and Diluted $ (0.46) $ (0.48) $ (1.79) $ (1.17)
========== ========== ========== ==========
Weighted-average number of
shares used in per share
calculations:
Basic and Diluted 49,755 49,061 49,483 48,905
========== ========== ========== ==========
* There was no related income tax impact to stock-based compensation in
the third and fourth quarters of fiscal 2009 as a result of the
valuation allowance recorded after the second quarter.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
December 26, December 27,
2009 2008
------------ -------------
ASSETS
Current assets:
Cash and cash equivalents $ 122,043 $ 337,926
Marketable securities 327,192 184,968
Accounts receivable, net 29,412 34,127
Inventories 25,548 18,788
Deferred tax assets, net 3,296 23,039
Refundable income taxes 26,774 29,413
Prepaid expenses and other current assets 12,346 14,702
------------ -------------
Total current assets 546,611 642,963
Restricted cash 680 680
Property and equipment, net 97,758 113,813
Deferred tax assets, net 68 20,580
Other assets 8,717 7,674
------------ -------------
Total assets $ 653,834 $ 785,710
============ =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 29,250 $ 33,214
Accrued liabilities 22,948 25,693
Income taxes payable 481 1,904
Deferred revenue 10,856 4,946
Deferred rent 469 452
------------ -------------
Total current liabilities 64,004 66,209
Long-term income taxes payable 6,423 7,732
Deferred rent and other liabilities 5,626 5,705
------------ -------------
Total liabilities 76,053 79,646
------------ -------------
Stockholders' equity
Common stock, $0.001 par value 50 49
Additional paid-in capital 630,333 602,295
Accumulated other comprehensive income 1,253 1,922
Accumulated deficit (53,855) 101,798
------------ -------------
Total stockholders' equity 577,781 706,064
------------ -------------
Total liabilities and stockholders' equity $ 653,834 $ 785,710
============ =============
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