FormFactor, Inc. Announces First Quarter 2008 Financial Results
April 29, 2009
Quarterly revenues of $65.7 million, down 36% year over year; Net loss for the quarter includes execution impact of global cost reduction plan
LIVERMORE, Calif. — April 29, 2008 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the first quarter of fiscal 2008, ended March 29, 2008. Quarterly revenues were $65.7 million, down 45.5% from $120.5 million in the fourth quarter of fiscal 2007, and down 35.8% from $102.3 million in the first quarter of fiscal 2007.
Net loss for the first quarter of fiscal 2008 was $18.0 million or ($0.37) per share on a diluted basis, which included $4.5 million or $0.09 per share of stock-based compensation, net of tax. This compares to net income for the fourth quarter of fiscal 2007 of $14.4 million or $0.29 per share on a diluted basis, including $4.3 million or $0.09 per share of stock-based compensation, net of tax. Net income for the first quarter of fiscal 2007 was $15.2 million or $0.31 per share on a diluted basis, which included $4.8 million or $0.10 per share of stock-based compensation, net of tax. First quarter of fiscal 2008 results also include approximately $5.3 million in restructuring costs related to our global cost reduction plan implemented during the quarter.
“As we reported earlier this month, current weakness in the DRAM market has impacted our business, as customers have been dramatically delaying test capacity expansions and pushing out technology transitions,” stated Mario Ruscev, President of FormFactor. “FormFactor is taking appropriate measures to better align operations and expenses with the current market environment, while continuing our strategic investments in R&D to maintain our technology leadership and position us for 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 May 1, 2008 at 6:30 p.m. PDT and can be accessed by dialing (888) 286-8010 or (617) 801- 6888 and entering confirmation code 40225130.