EX-99.01 2 a08-20424_1ex99d01.htm EX-99.01

EXHIBIT 99.01

 

 

News Release

 

Investor Contact:

 

Trade Press Contact:

Michael Magaro

 

David Viera

Investor Relations

 

Corporate Communications

(925) 290-4321

 

(925) 290-4681

IR@FormFactor.com

 

dviera@FormFactor.com

 

FormFactor, Inc. Announces Second Quarter 2008 Financial Results

 

LIVERMORE, Calif. — July 30, 2008 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2008, ended June 28, 2008. Quarterly revenues were $52.0 million, down 20.8% from $65.7 million in the first quarter of fiscal 2008, and down 54.4% from $114.1 million in the second quarter of fiscal 2007.

 

Net loss for the second quarter of fiscal 2008 was $18.7 million or ($0.38) per fully diluted share, which included $4.5 million or $0.09 per share of stock-based compensation, net of tax. This compares to net loss for the first quarter of fiscal 2008 of $18.0 million or ($0.37) per fully diluted share, including $4.5 million or $0.09 per share of stock-based compensation, net of tax. Net income for the second quarter of fiscal 2007 was $21.1 million or $0.43 per fully diluted share, which included $4.4 million or $0.09 per share of stock-based compensation, net of tax.  Second quarter of fiscal 2008 results also include approximately $2.1 million in restructuring costs or $0.04 per fully diluted share, net of tax.

 

“The second quarter continued to present a challenging business environment for FormFactor and we focused on realigning our business to be better positioned for profitable growth,” stated Mario Ruscev, chief executive officer of FormFactor.  “We continue to make significant investments in research and development to enhance the differentiation of our existing products.  We are also aggressively investing in next generation technologies positioning FormFactor for strong growth into the future.”

 

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. PDT, or 4:30 p.m. EDT, 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 August 1, 2008 at 6:30 p.m. PDT and can be accessed by dialing 888-203-1112 (domestic) or 719-457-0820 (international) and entering confirmation code 4506290.

 

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 business momentum, 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 company’s ability to realign its business to be better positioned for profitable growth; the success of the company’s efforts to enhance the differentiation of its existing products, including to improve product performance and delivery; the ability of the company to continue to invest in innovation to drive and realize future growth; and the timing of any recovery of the company’s business. 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 29, 2007 and the company’s Form 10-Q for the fiscal quarter ended March 29, 2008, 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

 

Six Months Ended

 

 

 

June 28,

 

June 30,

 

June 28,

 

June 30,

 

 

 

2008

 

2007

 

2008

 

2007

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

52,013

 

$

114,124

 

$

117,716

 

$

216,395

 

Cost of revenues

 

40,912

 

49,966

 

94,043

 

97,954

 

Gross margin

 

11,101

 

64,158

 

23,673

 

118,441

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

15,821

 

14,384

 

32,209

 

28,485

 

Selling, general and administrative

 

22,705

 

23,056

 

45,363

 

45,984

 

Restructuring charge

 

3,223

 

—

 

8,543

 

—

 

Total operating expenses

 

41,749

 

37,440

 

86,115

 

74,469

 

Operating income (loss)

 

(30,648

)

26,718

 

(62,442

)

43,972

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense)

 

3,128

 

5,557

 

8,003

 

11,001

 

Other income (expense)

 

(652

)

(61

)

141

 

(181

)

 

 

2,476

 

5,496

 

8,144

 

10,820

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

(28,172

)

32,214

 

(54,298

)

54,792

 

Provision (benefit) for income taxes

 

(9,513

)

11,109

 

(17,678

)

18,476

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(18,659

)

$

21,105

 

$

(36,620

)

$

36,316

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.38

)

$

0.44

 

$

(0.75

)

$

0.76

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

$

(0.38

)

$

0.43

 

$

(0.75

)

$

0.74

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of shares used in per share calculations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

48,835

 

47,893

 

48,789

 

47,639

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

48,835

 

49,516

 

48,789

 

49,289

 

 


 

FORMFACTOR, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

June 28,

 

December 29,

 

 

 

2008

 

2007

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

427,176

 

$

315,232

 

Marketable securities

 

115,559

 

254,814

 

Accounts receivable, net

 

45,555

 

69,486

 

Inventories

 

24,718

 

29,309

 

 

 

 

 

 

 

Deferred tax assets

 

18,492

 

17,995

 

Refundable income taxes

 

18,231

 

2,043

 

Prepaid expenses and other current assets

 

12,841

 

13,461

 

Total current assets

 

662,572

 

702,340

 

 

 

 

 

 

 

Restricted cash

 

2,250

 

2,250

 

 

 

 

 

 

 

Property and equipment, net

 

126,205

 

130,882

 

 

 

 

 

 

 

Deferred tax assets

 

13,575

 

10,038

 

Other assets

 

9,587

 

9,812

 

Total assets

 

$

814,189

 

$

855,322

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

30,626

 

$

42,893

 

Accrued liabilities

 

20,115

 

30,029

 

Income tax payable

 

225

 

1,328

 

Deferred revenue and customer advances

 

7,807

 

5,535

 

Deferred rent

 

458

 

462

 

Total current liabilities

 

59,231

 

80,247

 

Long term tax payable

 

13,089

 

12,248

 

Deferred rent and other liabilities

 

5,800

 

5,877

 

Total liabilities

 

78,120

 

98,372

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

Common stock, $0.001 par value

 

49

 

49

 

Additional paid-in capital

 

589,901

 

573,553

 

Accumulated other comprehensive income

 

320

 

929

 

Retained earnings

 

145,799

 

182,419

 

Total stockholders’ equity

 

736,069

 

756,950

 

Total liabilities and stockholders’ equity

 

$

814,189

 

$

855,322