FormFactor, Inc. Announces Second Quarter 2008 Financial Results
July 30, 2008
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.