FormFactor, Inc. Reports Second Quarter Results
July 26, 2011
LIVERMORE, Calif. — July 26, 2011 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2011 that ended on June 25, 2011. Quarterly revenues were $46.6 million, up 15% from $40.4 million in the first quarter of fiscal 2011, and down 19% from $57.6 million in the second quarter of fiscal 2010.
On a GAAP basis, net loss for the second quarter of fiscal 2011 was $6.7 million or $(0.13) per fully-diluted share, compared to a net loss for the first quarter of fiscal 2011 of $21.4 million or $(0.42) per fully-diluted share, and a net loss for the second quarter of fiscal 2010 of $33.9 million or $(0.68) 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 our manufacturing facility in Singapore.
On a Non-GAAP basis, net loss for the second quarter of fiscal 2011 was $7.9 million or $(0.16) per fully-diluted share, compared to a net loss for the first quarter of fiscal 2011 of $16.1 million or $(0.32) per fully-diluted share, and a net loss for the second quarter of fiscal 2010 of $26.5 million or $(0.53) per fully-diluted share.
“As we moved through Q2, we continued our focus on operational execution and made good progress on our turnaround plan as we increased gross margins and reduced our cash
consumption,” said Tom St. Dennis, CEO of FormFactor. “We made improvements across our product offerings, and gained business momentum in our DRAM segment as we started ramping our SmartMatrixTM platform at major DRAM customers and implementing our proprietary ATRETM wafer test technology.”
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 July 29, 2011 at 9:00 p.m. PDT, and can be accessed by dialing (800) 642-1687 (domestic) or (706) 645-9291 (international) and entering confirmation code 78860037.
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.