Trade Press Contact: David Viera Corporate Communications (925) 290-4681 firstname.lastname@example.org FormFactor, Inc. Reports First Quarter Results
April 27, 2010
LIVERMORE, Calif. — April 27, 2010 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the first quarter of fiscal 2010, that ended on March 27, 2010. Quarterly revenues were $39.7 million, up 20.2% from $33.0 million in the fourth quarter of fiscal 2009, and up 44.9% from $27.4 million in the first quarter of fiscal 2009.
Net loss for the first quarter of fiscal 2010 was $38.2 million or $(0.77) per fully-diluted share, compared to a net loss for the fourth quarter of fiscal 2009 of $28.0 million or $(0.56) per fully- diluted share and a net loss for the first quarter of fiscal 2009 of $37.9 million or $(0.77) per fully- diluted share. On a Non-GAAP basis, net loss for the first quarter of fiscal 2010 was $29.4 million or $(0.59) per fully-diluted share, compared to a net loss for the fourth quarter of fiscal 2009 of $22.8 million or $(0.46) per fully-diluted share and a net loss for the first quarter of fiscal 2009 of $30.1 million or $(0.61) per fully-diluted share. The first quarter of fiscal 2010 results include pre- tax restructuring charges of approximately $3.6 million which is associated with one-time severance benefits. The restructuring charge is related to our manufacturing expansion to Singapore, which is expected to result in cost benefits from our investment by the first quarter of 2011. The fourth quarter of fiscal 2009 results included $0.9 million in pre-tax restructuring charges as compared with the first quarter of fiscal 2009 results, which included $7.7 million in pre-tax restructuring charges.
“Increasing design activity and volume purchases in memory applications are having a positive impact on our revenues,” said Mario Ruscev, CEO of FormFactor. “The transitions to DDRIII and to smaller technology nodes continue to gain momentum. Our focus is on customer qualification of our new products and improving manufacturing efficiency to drive profitability.”
Q1 Business Highlights:
- Shipping TouchMatrix and SmartMatrix probe cards in volume.
- Received full product acceptance for TouchMatrix at a major NAND customer.
- Opened our new wafer probe card manufacturing facility and global business center in
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 8:00 a.m. PDT, or 11:00 a.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 April 29th, 2010 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 64289833.
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.