FormFactor, Inc. Reports Third Quarter Results
October 27, 2011
LIVERMORE, Calif. — October 27, 2011 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the third quarter of fiscal 2011 that ended on September 24, 2011. Quarterly revenues were $52.1 million, up 12% from $46.6 million in the second quarter of fiscal 2011, and up 10% from $47.3 million in the third quarter of fiscal 2010.
On a GAAP basis, net loss for the third quarter of fiscal 2011 was $9.9 million or $(0.20) per fully- diluted share, compared to a net loss for the second quarter of fiscal 2011 of $7.7 million or $(0.15) per fully-diluted share, and a net loss for the third quarter of fiscal 2010 of $95.8 million or $(1.90) per fully-diluted share.
On a Non-GAAP basis, net loss for the third quarter of fiscal 2011 was $6.2 million or $(0.12) per fully-diluted share, compared to a net loss for the second quarter of fiscal 2011 of $8.9 million or $(0.17) per fully-diluted share, and a net loss for the third quarter of fiscal 2010 of $27.7 million or $(0.55) per fully-diluted share.
Cash usage excluding stock repurchases for the third quarter was $3.1 million, compared to cash usage of $8.0 million for the second quarter of fiscal 2011 and cash usage of $26.2 million for the third quarter of fiscal 2010.
“We continued to make progress on our turnaround plan in Q3 despite a challenging DRAM environment,” said Tom St. Dennis, CEO of FormFactor. “We maintained our revenue growth while staying focused on reducing our cash consumption.”
The company extended its share repurchase program for another twelve months. Through Q3 of fiscal 2011, the company has purchased 1,145,283 shares at a total cost of $9.5 million. Under the current repurchase program, the company is authorized to purchase an additional $40.5 million of shares.
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 October 29, 2011, 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 13947545. 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.