FormFactor, Inc. Reports First Quarter Results
May 1, 2012
LIVERMORE, Calif. — May 1, 2012 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the first quarter of fiscal 2012 that ended on March 31, 2012. Quarterly revenues were $34.8 million, up 15% from $30.2 million in the fourth quarter of fiscal 2011, and down 14% from $40.4 million in the first quarter of fiscal 2011.
On a GAAP basis, net loss for the first quarter of fiscal 2012 was $17.5 million or $(0.35) per fully- diluted share, compared to a net loss for the fourth quarter of fiscal 2011 of $27.0 million or $(0.54) per fully-diluted share, and a net loss for the first quarter of fiscal 2011 of $21.4 million or $(0.42) per fully-diluted share.
On a Non-GAAP basis, net loss for the first quarter of fiscal 2012 was $14.3 million, or $(0.29) per fully-diluted share, compared to a net loss for the fourth quarter of fiscal 2011 of $22.4 million or $(0.45) per fully-diluted share, and a net loss for the first quarter of fiscal 2011 of $16.1 million or $(0.32) per fully-diluted share. A reconciliation of GAAP to non-GAAP net loss and net loss per share is provided in the schedules included below.
Cash usage including stock repurchases for the first quarter of fiscal 2012 was $16.4 million, compared to cash usage of $19.3 million for the fourth quarter of fiscal 2011 and cash usage of $14.0 million for the first quarter of fiscal 2011. There was no stock buyback during the first quarter of fiscal 2012, while the stock buyback was $7.5 million for the fourth quarter of fiscal 2011 and $2.3 million for the first quarter of fiscal 2011.
“Q1 started very slowly but recovered later in the quarter as DRAM manufacturers increased their probe card purchases,” said Tom St. Dennis, CEO of FormFactor. “Overall demand for our products increased in Q1 and we continued to focus on new product technologies and improving operational performance to deliver better long-term financial results.”
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 webcast of FormFactor’s conference call on the Investors section of the company’s website 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 May 3, 2012, 9:00 p.m. Pacific Daylight Time, and can be accessed by dialing
(855) 859-2056 (domestic) or (404) 537-3406 (international) and entering confirmation code 68001868. Additionally, the replay will be available on the Investors section of our website, www.formfactor.com.
Non-GAAP Financial Measures:
This press release highlights the company’s financial results on both a GAAP and a non-GAAP basis. The GAAP results include certain charges that are excluded from non-GAAP results. By publishing the non-GAAP measures, management intends to provide investors with additional information to further analyze the company’s performance, core results and underlying trends. FormFactor’s management evaluates results and makes operating decisions using both GAAP and non-GAAP measures included in this press release. Non-GAAP results are not prepared in accordance with GAAP, and non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures attached to this press release.