FormFactor, Inc. (NASDAQ: FORM) today announced its financial
results for the fourth quarter of fiscal 2010, that ended on
December 25, 2010. Quarterly revenues were $43.9 million, down 7%
from $47.3 million in the third quarter of fiscal 2010, and up 33%
from $33.0 million in the fourth quarter of fiscal 2009.
For fiscal 2010, FormFactor posted revenue of $188.6 million, up
39% from $135.3 million in fiscal 2009.
On a GAAP basis net loss for the fourth quarter of fiscal 2010
was $20.4 million or $(0.40) per fully-diluted share, compared to a
net loss for the third quarter of fiscal 2010 of $95.8 million or
$(1.90) per fully-diluted share and a net loss for the fourth
quarter of fiscal 2009 of $28.0 million or $(0.56) per
fully-diluted share. Net loss for the fiscal 2010 was $188.3
million or $(3.75) per share, compared to a net loss for fiscal
2009 of $155.7 million or $(3.15) per share.
On a Non-GAAP basis, net loss for the fourth quarter of fiscal
2010 was $14.9 million or $(0.29) per fully-diluted share, compared
to a net loss for the third quarter of fiscal 2010 of $27.7 million
or $(0.55) per fully-diluted share and a net loss for the fourth
quarter of fiscal 2009 of $22.2 million or $(0.45) per
fully-diluted share. On a non-GAAP basis, net loss for fiscal 2010
was $98.4 million or $(1.96) per share, compared to a net loss for
fiscal 2009 of $87.3 million or $(1.76) per share. A reconciliation
of GAAP to non-GAAP net loss and net loss per share is provided in
the schedules included below.
"Our fourth quarter results demonstrate progress we are making
to streamline our cost structure and improve cash burn rate, while
continuing to develop and introduce new products," said Tom St.
Dennis, CEO of FormFactor. "Our Matrix platform continues to gain
traction at all major customers with most of our full wafer
contactor business now transitioned to Matrix product family."
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 through February 3, 2011, 9:00 p.m.
Pacific Standard Time, and can be accessed by dialing (800)
642-1687 (domestic) or (706) 645-9291 (international) and entering
confirmation code 35076660.
Non-GAAP Financial Measures:
This press release highlights the company's financial results on
both a GAAP and a non-GAAP basis. The GAAP results include certain
charges that are excluded from non-GAAP results. By publishing the
non-GAAP measures, management intends to provide investors with
additional information to further analyze the company's
performance, core results and underlying trends. FormFactor's
management evaluates results and makes operating decisions using
both GAAP and non-GAAP measures included in this press release.
Non-GAAP results are not prepared in accordance with GAAP, and
non-GAAP information should be considered a supplement to, and not
a substitute for, financial statements prepared in accordance with
GAAP. Investors and potential investors are encouraged to review
the reconciliation of non-GAAP financial measures to their most
directly comparable GAAP measures attached to this press
release.
About FormFactor:
Founded in 1993, FormFactor, Inc. (NASDAQ: FORM) is a 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. Such forward-looking
statements include but are not limited to, projections, statements
regarding business momentum, demand for our products and future
growth, statements that contain words like "expects,"
"anticipates," "believes," and the assumptions upon which such
statements are based. 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 DRAM and Flash memory devices and certain other
semiconductor devices, the company's ability to complete
qualification of its Matrix platform products for both DRAM and
Flash memory applications at major memory customers; the rate at
which semiconductor manufacturers adopt the company's Matrix
platform products and request repeat orders; the company's ability
to bring its manufacturing structure and operating expenses in line
with revenues; and the scope and extent to which the company
repurchases any stock under its authorized stock repurchase
program. Additional information concerning factors that could cause
actual events or results to differ materially from those in any
forward-looking statement can be found in pages 13 through 33 of
the company's Form 10-K for the fiscal year ended December 26,
2009, as filed with the U.S. Securities and Exchange Commission, or
SEC, and subsequent SEC filings, including in pages 30 through 33
of the company's Form 10-Q for the fiscal period ended March 27,
2010, in pages 29 through 31 of the company's Form 10-Q for the
fiscal period ended June 26, 2010, and in pages 35 through 37 of
the company's Form 10-Q for the fiscal period ended September 25,
2010. 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 Twelve Months Ended
-------------------- --------------------
December December December December
25, 2010 26, 2009 25, 2010 26, 2009
--------- --------- --------- ---------
Revenues $ 43,912 $ 32,995 $ 188,565 $ 135,335
Cost of revenues * 40,593 35,141 190,837 134,516
--------- --------- --------- ---------
Gross profit (loss) 3,319 (2,146) (2,272) 819
--------- --------- --------- ---------
Operating expenses:
Research and development 11,476 15,686 55,389 57,509
Selling, general and
administrative 14,398 16,489 67,208 78,428
Restructuring charges 1,305 837 15,908 8,780
Impairment of long-lived
assets * - 656 56,401 1,288
--------- --------- --------- ---------
Total operating expenses 27,179 33,668 194,906 146,005
--------- --------- --------- ---------
Operating loss (23,860) (35,814) (197,178) (145,186)
Interest income, net 426 711 2,546 3,282
Other income (expense), net 431 385 4,426 (535)
--------- --------- --------- ---------
Loss before income taxes (23,003) (34,718) (190,206) (142,439)
Provision for (benefit from)
income taxes (2,592) (6,755) (1,920) 13,214
--------- --------- --------- ---------
Net loss $ (20,411) $ (27,963) $(188,286) $(155,653)
========= ========= ========= =========
Net loss per share:
Basic and Diluted $ (0.40) $ (0.56) $ (3.75) $ (3.15)
========= ========= ========= =========
Weighted-average number of
shares used in per share
calculations:
Basic and Diluted 50,573 49,755 50,246 49,483
========= ========= ========= =========
Reconciliation of Non-GAAP Net loss:
Three Months Ended Twelve Months Ended
-------------------- --------------------
December December December December
25, 2010 26, 2009 25, 2010 26, 2009
--------- --------- --------- ---------
GAAP Net loss $ (20,411) $ (27,963) $(188,286) $(155,653)
Deferred tax valuation
allowance - - - 44,683
Stock-based compensation, net
of related income-tax
impact ** 4,242 4,364 17,613 16,542
Restructuring charges, net of
related income-tax impact ** 1,305 787 15,908 5,805
Impairment of long-lived
assets, net of related
income-tax impact ** - 656 56,401 1,288
--------- --------- --------- ---------
Non-GAAP Net loss $ (14,864) $ (22,156) $ (98,364) $ (87,335)
========= ========= ========= =========
Non-GAAP Net loss per share:
Basic and Diluted $ (0.29) $ (0.45) $ (1.96) $ (1.76)
========= ========= ========= =========
Weighted-average number of
shares used in per share
calculations:
Basic and Diluted 50,573 49,755 50,246 49,483
========= ========= ========= =========
* Certain amounts were reclassified from Cost of Revenue to Impairment
Charges for Q4'09 and FY2009.
** There was no related income tax impact to stock based compensation,
restructuring and impairment charges in the third and fourth quarters of
fiscal 2009 and fiscal 2010 as a result of the valuation allowance recorded
after the second quarter of fiscal 2009.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited)
December 25, December 26,
2010 2009
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 121,207 $ 122,043
Marketable securities 226,028 327,192
Restricted cash 383 --
Accounts receivable, net 28,598 29,412
Inventories 25,764 25,548
Deferred tax assets, net 329 3,296
Refundable income taxes -- 26,774
Prepaid expenses and other current assets 13,982 12,346
----------- -----------
Total current assets 416,291 546,611
Restricted cash 297 680
Property and equipment, net 37,311 97,758
Deferred tax assets, net 5,445 2,202
Other assets 6,710 8,717
----------- -----------
Total assets $ 466,054 $ 655,968
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 14,948 $ 29,250
Accrued liabilities 24,045 23,417
Income taxes payable 1,894 481
Deferred revenue 4,637 10,856
----------- -----------
Total current liabilities 45,524 64,004
Long-term income taxes payable 4,248 6,423
Deferred rent and other liabilities 5,081 5,626
Deferred tax liability -- 2,134
----------- -----------
Total liabilities 54,853 78,187
----------- -----------
Stockholders' equity
Common stock, $0.001 par value 52 50
Additional paid-in capital 651,263 630,333
Accumulated other comprehensive income 2,027 1,253
Retained earnings (accumulated deficit) (242,141) (53,855)
----------- -----------
Total stockholders' equity 411,201 577,781
----------- -----------
Total liabilities and stockholders' equity $ 466,054 $ 655,968
=========== ===========
Add to Digg Bookmark with del.icio.us Add to Newsvine
Investor Contact: Stan Finkelstein Investor Relations (925)
290-4321 Email Contact
FormFactor (NASDAQ:FORM)
Historical Stock Chart
From May 2024 to Jun 2024
FormFactor (NASDAQ:FORM)
Historical Stock Chart
From Jun 2023 to Jun 2024