FormFactor, Inc. Reports Fourth Quarter and Annual Results
January 28, 2010
LIVERMORE, Calif. — January 28, 2010— FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the fourth quarter of fiscal 2009, that ended on December 26, 2009. Quarterly revenues were $33.0 million, down 24.6% from $43.8 million in the third quarter of fiscal 2009, and down 17.3% from $39.9 million in the fourth quarter of fiscal 2008.
For fiscal 2009, FormFactor posted revenue of $135.3 million, down 35.6% from $210.2 million in fiscal 2008.
Net loss for the fourth quarter of fiscal 2009 was $28.0 million or $(0.56) per share, compared to a net loss for the third quarter of fiscal 2009 of $23.9 million or $(0.48) per share and a net loss for the fourth quarter of fiscal 2008 of $30.0 million or $(0.61) per share. Net loss for fiscal 2009 was $155.7 million or $(3.15) per share, compared to a net loss for fiscal 2008 of $80.6 million or $(1.65) per share.
On a non-GAAP basis, net loss for the fourth quarter of fiscal 2009 was $22.8 million or $(0.46) per share, compared to a net loss for the third quarter of fiscal 2009 of $19.4 million or $(0.39) per share and a net loss for the fourth quarter of fiscal 2008 of $23.6 million or $(0.48) per share. On a non-GAAP basis, net loss for fiscal 2009 was $88.6 million or $(1.79) per share, compared to a net loss for fiscal 2008 of $57.0 million or $(1.17) per share. A reconciliation of GAAP to non-GAAP net loss and net loss per share is provided in the schedules included below.
“Although our Q4 results reflect delays in the timing of our customers’ technology transitions, tooling cycles and volume plans, exiting the quarter, we are encouraged by the uptake in interest and orders we experienced from a broader customer base,” said Mario Ruscev, CEO of FormFactor. “In 2009, in addition to delivering new technologies for our existing products, which helped us expand our share and customer reach, we also launched our next generation DRAM and Flash memory wafer probe cards incorporating our new product architectures. We are pleased by the customer reception of our new products, and we believe that these new technologies and products are critical to meeting customers’ reduced lead times and enabling FormFactor’s growth and expansion into markets we have not fully addressed. Although the timing of the recovery is still uncertain, we remain confident that we will return to growth in 2010.”
The company has posted its revenue breakdown by region and market segment and GAAP to non- GAAP reconciliation information on the Investors section of its website at www.formfactor.com. FormFactor will conduct a conference call at 1:30 p.m. PST, or 4:30 p.m. EST, 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.
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 February 1, 2010, 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 1210545.