FormFactor Announces Industry Veteran Michael Zellner to Join Board of Directors
March 8, 2011
Company Also Reconfirms Q1 Guidance
LIVERMORE, CA — (MARKET WIRE) — 03/08/11 — 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.