FormFactor, Inc. Reports Second Quarter Results
July 29, 2009
LIVERMORE, Calif. — July 29, 2009 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2009, that ended on June 27, 2009. Quarterly revenues were $31.2 million, up 14.0% from $27.4 million in the first quarter of fiscal 2009, and down 40.0% from $52.0 million in the second quarter of fiscal 2008.
Net loss for the second quarter of fiscal 2009 was $65.8 million or $(1.33) per share, compared to a net loss for the first quarter of fiscal 2009 of $37.9 million or $(0.77) per share and a net loss for the second quarter of fiscal 2008 of $18.7 million or $(0.38) per share.
The second quarter of fiscal 2009 results included the following one-time items:
- – a non-cash charge to income tax expense of $44.7 million or $0.91 per share, related to
the establishment of a valuation allowance against our net deferred tax assets,
- – a stock-based compensation charge of $1.6 million, or $0.03 per share, net of taxes,
related to an option modification in connection with the retirement of Dr. Igor Y. Khandros, founder and former executive chairman of our board of directors in May 2009.
On a Non-GAAP basis, net loss for the second quarter of fiscal 2009 was $16.3 million or $(0.33) per share, compared to a net loss for the first quarter of fiscal 2009 of $30.1 million or $(0.61) per share and a net loss for the second quarter of fiscal 2008 of $12.3 million or $(0.25) per share.
“As our business environment begins to stabilize, we continue to optimize our organization and introduce new technology in order to better harvest the results of future cycles,” said Mario Ruscev, CEO of FormFactor. “Although we are encouraged by the increase in design and volume activity related to DDRIII, we are still cautious on the overall macro environment and will be closely monitoring activity for sustainability.”
The company has posted its revenue breakdown by region and market segment and the 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. 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 31st, 2009 at 9:00 p.m. PDT and can be accessed by dialing 888-203-1112 or 719-457-0820 and entering confirmation code 6308946.
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 and on the Investors section of the company’s website.