FormFactor, Inc. Announces Third Quarter 2008 Financial Results
October 28, 2008
LIVERMORE, Calif. — October 28, 2008 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the third quarter of fiscal 2008, ended September 27, 2008. Quarterly revenues were $52.6 million, up 1.2% from $52.0 million in the second quarter of fiscal 2008, and down 58.0% from $125.3 million in the third quarter of fiscal 2007.
Net loss for the third quarter of fiscal 2008 was $14.0 million or ($0.29) per share on a diluted basis, which included $3.3 million or $0.07 per share of stock-based compensation, net of tax and a one- time tax benefit of $2.8 million or $0.06 per share from the settlement of certain tax audits. This compares to a net loss for the second quarter of fiscal 2008 of $18.7 million or ($0.38) per share on a diluted basis, including $4.5 million or $0.09 per share of stock-based compensation, net of tax. Net income for the third quarter of fiscal 2007 was $22.2 million or $0.45 per share on a diluted basis, which included $3.7 million or $0.08 per share of stock-based compensation, net of tax.
“Despite continued semiconductor industry weakness, we made progress with our technology and business model,” stated Mario Ruscev, chief executive officer of FormFactor. “That includes improving product performance and delivery, with continued emphasis on innovation to drive future growth. We are also building an organization with greater regionalization for stronger customer support, and refining our financial model.”
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 October 30, 2008 at 10:30 p.m. PDT and can be accessed by dialing 888-203-1112 (domestic) or 719-457-0820 (international) and entering confirmation code 1433310.