FormFactor, Inc. Reports Third Quarter Results
October 28, 2009
LIVERMORE, Calif. — October 28, 2009 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the third quarter of fiscal 2009, that ended on September 26, 2009. Quarterly revenues were $43.8 million, up 40.4% from $31.2 million in the second quarter of fiscal 2009, and down 16.7% from $52.6 million in the third quarter of fiscal 2008.
Net loss for the third quarter of fiscal 2009 was $23.9 million or $(0.48) per share, compared to a net loss for the second quarter of fiscal 2009 of $65.8 million or $(1.33) per share and a net loss for the third quarter of fiscal 2008 of $14.0 million or $(0.29) per share.
On a non-GAAP basis, net loss for the third quarter of fiscal 2009 was $20.9 million or $(0.42) per share, compared to a net loss for the second quarter of fiscal 2009 of $16.3 million or $(0.33) per share and a net loss for the third quarter of fiscal 2008 of $10.6 million or $(0.22) per share. A reconciliation of third quarter GAAP to non-GAAP net loss and net loss per share is provided in the schedules included below.
“An increase in design activity and volume purchases by memory manufacturers for DDR3 production positively influenced our revenue in Q3,” said Mario Ruscev, CEO of FormFactor. “Our efforts to manage costs contributed this quarter to better gross margins, as we continue to focus on opportunities to increase efficiency and return toward profitability.”
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. 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 October 30th, 2009 at 9:00 p.m. PDT and can be accessed by dialing 888- 203-1112 or 719-457-0820 and entering confirmation code 7749295.
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.