FormFactor, Inc. Announces 2005 Third Quarter Financial Results
October 19, 2005
October 19, 2005
Record quarterly revenues of $62.4 million, up 21% year over year.
LIVERMORE, CA — October 19, 2005 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the third quarter of fiscal year 2005, ended September 24, 2005. Quarterly revenues were a record $62.4 million, up 19% from $52.3 million in the second quarter of fiscal year 2005, and 21% from $51.4 million for the third quarter of fiscal year 2004.
Operating income for the third quarter of fiscal year 2005 was 13.7% of revenues, compared to 12.0% for the second quarter of fiscal year 2005, and 23.0% in the third quarter of 2004, as we ramped our factory and incurred start-up costs of $2.3 million, $4.7 million, and $1.2 million, respectively.
Net income for the third quarter of fiscal year 2005 was $9.8 million or $0.23 per share on a fully diluted basis, compared to $5.0 million or $0.12 per share on a fully diluted basis for the second quarter of fiscal year 2005, and $7.5 million or $0.19 per share on a fully diluted basis for the third quarter of fiscal year 2004. The current quarter EPS was benefited by $0.08 per share in one time tax adjustments.
Bookings of $62.9 million for the third quarter of fiscal year 2005 also set a company record, with an increase of 8.5% from $58.0 million for the second quarter of fiscal year 2005 and 39.5% from $45.1 million for the third quarter of fiscal year 2004.
Joseph Bronson, President of FormFactor stated, “Demand for the Company’s leading-edge advanced technology products continued strong, outpacing semiconductor industry growth trends. We are pleased with the Company’s results this quarter, as we made substantial progress ramping capacity at our new, industry-leading facility. This enabled us to exceed our revenue targets and more aggressively pursue a greater share of our large market opportunity.”
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 Investor section of the Company’s website at www.formfactor.com. A replay of the web cast will be available approximately two hours after the conclusion of the call. 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 October 21, 2005 at 9:00 p.m. PDT and can be accessed by dialing (888) 203-1112 or (719) 457-0820 and entering confirmation code 3527438.