FormFactor, Inc. Announces Cost Reduction Plan
January 13, 2009
LIVERMORE, Calif. — January 13, 2009— FormFactor, Inc. (Nasdaq: FORM) today announced a global reorganization and cost reduction plan. As part of the plan the company will reduce its workforce by 22%.
FormFactor expects to incur approximately $8 million in charges related to the plan, which will be recorded in the first quarter of fiscal 2009.
“These are extraordinary times for the semiconductor market and our customers,” said Mario Ruscev, FormFactor CEO. “We have seen a rapid slowdown in our customers’ investment plans, which has driven significant volatility in our forecasts. Therefore, we are moving aggressively to lower our cash breakeven level, which will enable the company to sustain itself financially through these difficult times.”
FormFactor, Inc. will report financial results for its 2008 fourth quarter on Wednesday, January 28, 2009, at 1:30 p.m. Pacific Standard Time. The public is invited to listen to a live webcast and archived replay of FormFactor’s conference call on the Investors section of the company’s web site at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The telephone replay will be available through January 30, 2009, 9:00 p.m. Pacific Standard Time, and can be accessed by dialing 888-203-1112 (domestic) or 719-457-0820 (international) and entering confirmation code 4718123.