FormFactor, Inc. Reports Second Quarter Results
August 1, 2012
LIVERMORE, Calif. — August 1, 2012 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2012 that ended on June 30, 2012. Quarterly revenues were $54.8 million, up 57% from $34.8 million in the first quarter of fiscal 2012, and up 18% from $46.6 million in the second quarter of fiscal 2011.
On a GAAP basis, net loss for the second quarter of fiscal 2012 was $4.2 million, or $(0.08) per fully-diluted share, compared to a net loss for the first quarter of fiscal 2012 of $17.5 million or $(0.35) per fully-diluted share, and a net loss for the second quarter of fiscal 2011 of $7.7 million or $(0.15) per fully-diluted share. The results for the second quarter of fiscal 2012 include the release of certain liabilities related to uncertain tax positions in the amount of $1.6 million, or $0.03 per fully diluted share. The results for the second quarter of fiscal 2011 include an income tax valuation allowance release of $2.5 million or $0.05 per fully diluted share. The company also recorded a restructuring benefit of $1.1 million, or $0.02 per fully diluted share, in the second quarter of 2011 related primarily to the termination of a lease obligation for its manufacturing facility in Singapore.
On a Non-GAAP basis, net loss for the second quarter of fiscal 2012 was $0.5 million, or $(0.01) per fully-diluted share, compared to a net loss for the first quarter of fiscal 2012 of $14.3 million or $(0.29) per fully-diluted share, and a net loss for the second quarter of fiscal 2011 of $8.9 million or $(0.17) 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 for the second quarter of fiscal 2012 was $2.6 million, compared to cash usage of $16.4 million for the first quarter of fiscal 2012 and cash usage of $8.0 million for the second quarter of fiscal 2011. There was no stock buyback during the first and second quarters of fiscal 2012, compared to a stock buyback of $1.0 million for the second quarter of fiscal 2011.
“Q2 was a strong revenue quarter for FormFactor as our manufacturing performance, including lead time improvements, enabled us to meet accelerated demand for certain products,” said Tom St. Dennis, CEO of FormFactor. “Exiting Q2, softening demand in the personal computer and mobile device markets and macroeconomic headwinds continue to temper our second half outlook.”
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 August 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 10463984. 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.