FormFactor Announces Industry Veteran Michael Zellner to Join Board of Directors
March 08 2011 - 4:05PM
Marketwired
FormFactor, Inc. (NASDAQ: FORM) today announced Michael W. Zellner
is joining the company's Board of Directors, effective as of its
next scheduled meeting in April 2011. Mr. Zellner, the chief
financial officer of PMC-Sierra (NASDAQ: PMCS) since March 2007,
has over 25 years of financial experience in the high tech
industry. Prior to joining PMC-Sierra, Mr. Zellner was senior vice
president of finance and administration and chief financial officer
at Wind River Systems, Inc., a device software solutions provider
to the electronics industry.
Carl Everett, executive chairman of FormFactor, commented on the
appointment, "We are very pleased to have Mike join the FormFactor
Board. Mike brings to the company extensive financial expertise in
the semiconductor industry and will be an important contributor as
the Board helps to shape our future growth and long-term strategic
direction."
The Company is also reconfirming its guidance given during its
February 1, 2011 conference call for the first quarter of its
fiscal 2011, including revenue in the range of $35 to $40 million.
Consistent with the February 1 call, Q1 gross margin on a non-GAAP
basis is expected to be similar to Q4 non-GAAP gross margin of 10
percent plus or minus two percentage points; Q1 non-GAAP operating
expenses are expected to be approximately $21.5 million; and Q1
cash burn expected to be 10 to 15 percent below Q4 cash burn. The
Company will provide a reconciliation of actual non-GAAP to GAAP
financial measures when it reports its financial results for its
fiscal Q1.
Non-GAAP Financial Measures: This press
release contains guidance with respect to gross margin and
operating expenses on a non-GAAP basis. 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
measures prepared in accordance with GAAP.
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 anticipated
results, market conditions, expectations and operating plans. 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 complete successfully a turn-around and realize
profitable growth; and the company's ability to design, manufacture
and deliver products on a timely basis to meet its provided
guidance, including projected revenue, gross margin, operating
expenses and cash burn guidance. 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 25,
2010, as filed with the 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
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Investor Contact: Stan Finkelstein Investor Relations
(925) 290-4321 Email Contact
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