- Current report filing (8-K)
April 12 2010 - 5:15PM
Edgar (US Regulatory)
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):
April 6, 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
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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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94551
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(Address of
principal executive offices)
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(Zip Code)
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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 April 6, 2010, FormFactor, Inc. (the Company)
initiated a plan to implement a reduction in force of approximately 106
employees in order to help focus more strategically Company resources as part
of its global regionalization activities.
The activities comprising the reduction in force are
expected to be completed by the end of the first quarter of fiscal 2011. The Company has recorded a restructuring
charge in connection with the plan of approximately $3.6 million in the first
quarter of fiscal 2010, which is associated with one-time severance benefits.
The Company also expects to record further charges of approximately $1.1
million in the second through fourth quarters of fiscal 2010 associated with
retention bonuses. A substantial portion of the charges associated with the
reduction are expected to result in future cash expenditures and are expected
to be paid out in the first quarter of fiscal 2011.
This reduction in force initiative represents a
continuation of our global regionalization strategy to place more
decision-making in regions close to our semiconductor customers and
strengthening our local design, application, and service capabilities to
improve customer responsiveness and enhance our relationships with our
customers, said Mario Ruscev, FormFactors CEO. Toward these goals, we are
moving from Livermore to Korea and Japan certain assembly and test operations
from our back-end manufacturing processes and are bringing up and plan to qualify
our back-end manufacturing operations in Singapore in the third quarter of
fiscal 2010. This reduction in force initiative is intended to result in a
lower manufacturing cost, a simplified manufacturing process and decreased
cycle times for our customers.
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 relating
to manufacturing costs, operations, including manufacturing process and cycle times, 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: the Companys ability to move assembly
and test operations to Korea and Japan and bring up its back-end manufacturing
operations in Singapore; the Companys ability to realize lower manufacturing
costs, simplified manufacturing processes and decreased product cycle times;
the Companys overall ability to execute its global regionalization strategy;
and the Companys incurring of charges different than those currently
anticipated. 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 Form 10-K for the annual period
ended December 26, 2009 filed with the Securities and Exchange Commission
(SEC), and subsequent SEC filings. 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.
2
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.
(Registrant)
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Date: April 12,
2010
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By:
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/s/ Jean B. Vernet
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Jean B. Vernet
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Senior Vice President
and Chief Financial Officer
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3
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