FormFactor, Inc. Reports First Quarter Results

Marketwired

LIVERMORE, CA--(Marketwired - May 1, 2013) - FormFactor, Inc. (NASDAQ: FORM) today announced its financial results for the first quarter of fiscal 2013 that ended on March 30, 2013. Quarterly revenues were $52.6 million, up 10% from $47.7 million in the fourth quarter of fiscal 2012, and up 51% from $34.8 million in the first quarter of fiscal 2012.

On a GAAP basis, net loss for the first quarter of fiscal 2013 was $19.8 million or $(0.37) per fully-diluted share, compared to a net profit for the fourth quarter of fiscal 2012 of $0.6 million or $0.01 per fully-diluted share, and a net loss for the first quarter of fiscal 2012 of $17.5 million or $(0.35) per fully-diluted share.

On a Non-GAAP basis, net loss for the first quarter of fiscal 2013 was $6.9 million, or $(0.13) per fully-diluted share, compared to a net loss for the fourth quarter of fiscal 2012 of $13.3 million or $(0.25) per fully-diluted share, and a net loss for the first quarter of fiscal 2012 of $14.3 million or $(0.29) per fully-diluted share. A reconciliation of GAAP to non-GAAP net loss and net loss per share is provided in the schedules included below.

Cash usage for the first quarter of fiscal 2013 was $12.1 million, compared to cash usage of $110.4 million for the fourth quarter of fiscal 2012 and cash usage of $16.4 million for the first quarter of fiscal 2012.

"Our overall business improved as we moved through Q1, primarily driven by increased demand for our memory probe cards," said Tom St. Dennis, CEO of FormFactor. "Q1 was also the first full quarter of MicroProbe's contributions to our financial results and we made substantial progress integrating the MicroProbe business, which is helping us capture certain synergies earlier than anticipated."

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 web site 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 May 3, 2013, 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 32979746. 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.

About FormFactor:

FormFactor, Inc. (NASDAQ: FORM) is a leader in advanced wafer test solutions. The company's advanced wafer probe cards enable semiconductor manufacturers to lower their overall production costs, improve yields, and bring next-generation devices to market. FormFactor's acquisition of MicroProbe creates the leading wafer test solution provider for both memory and non-memory semiconductor manufacturers. FormFactor is headquartered in Livermore, California with operations in Europe, Asia and North America. For more information, visit the company's website at www.formfactor.com.

FormFactor, MicroProbe, and the FormFactor and MicroProbe logos are registered or unregistered trademarks of FormFactor, Inc. All other product, trademark, company or service names mentioned herein are the property of their respective owners.

Forward-looking Statements:
Statements in this press release that are not strictly historical in nature are forward-looking statements within the meaning of the federal securities laws, including statements regarding anticipated results, market conditions, expectations and operating plans. These forward-looking statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including, but not limited to: our ability to successfully integrate and realize the anticipated benefits of the Astria Semiconductor Holdings, Inc. acquisition, including MicroProbe Incorporated; risks of the company's ability to meet customers' test roadmaps; risks arising from structural changes in the computing industry; seasonal cyclicality of our business; risks of the company's ability to realize further operational efficiencies and achieve synergies through the MicroProbe integration; and changes in the market and macro-economic environments. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in the company's Form 10-K for the fiscal year ended December 29, 2012, as filed with the SEC, and subsequent SEC filings, including the company's Quarterly Reports on Forms 10-Q. Copies of the company's SEC filings are available at http://investors.formfactor.com/edgar.cfm. The company assumes no obligation to update the information in this press release, to revise any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements.

FORM-F

 
 
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
    Three Months Ended  
    March 30,     March 31,  
2013     2012  
             
Revenues   $ 52,620     $ 34,806  
Cost of revenues     43,545       30,650  
Gross profit     9,075       4,156  
                 
Operating expenses:                
  Research and development     10,929       10,847  
  Selling, general and administrative     14,618       11,148  
  Restructuring charges (credits), net     3,980       (33 )
  Impairments of long-lived assets     58       168  
    Total operating expenses     29,585       22,130  
Operating loss     (20,510 )     (17,974 )
                 
Interest income, net     107       212  
Other income, net     423       410  
Loss before income taxes     (19,980 )     (17,352 )
Provision for (benefit from) income taxes     (207 )     102  
Net loss   $ (19,773 )   $ (17,454 )
Net loss per share:                
  Basic and Diluted   $ (0.37 )   $ (0.35 )
Weighted-average number of shares used in per share calculations:                
                 
  Basic and Diluted     53,664       49,487  
                 
             
Reconciliation of Non-GAAP Loss:            
    Three Months Ended  
    March 30,     March 31,  
2013     2012  
             
GAAP net loss   $ (19,773 )   $ (17,454 )
Stock-based compensation     3,035       3,043  
Restructuring charges (credits), net     3,980       (33 )
Acquisition costs related expenses     912       -  
Amortization of intangibles, inventory and fixed assets fair value adjustment due to acquisition     4,786       -  
Impairment of long-lived assets     58       168  
Income tax valuation allowance release     150       -  
Non-GAAP net loss   $ (6,852 )   $ (14,276 )
                 
Non-GAAP net loss per share:                
  Basic and Diluted   $ (0.13 )   $ (0.29 )
                 
Weighted-average number of shares used in per share calculations:                
  Basic and Diluted     53,664       49,487  
                   
                   
 
 
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
    March 30,     December 29,  
    2013     2012  
ASSETS                
Current assets:                
  Cash and cash equivalents   $ 77,381     $ 72,243  
  Marketable securities     76,183       93,545  
  Accounts receivable, net     33,453       28,919  
  Inventories     24,689       23,616  
  Deferred tax assets     4,208       4,613  
  Refundable income taxes     5,414       5,667  
  Prepaid expenses and other current assets     9,476       10,569  
    Total current assets     230,804       239,172  
Restricted cash     420       318  
Property, plant and equipment, net     42,054       45,515  
Goodwill     31,100       30,994  
Intangible, net     69,880       74,276  
Deferred tax assets     4,180       4,207  
Other assets     589       1,200  
    Total assets   $ 379,027     $ 395,682  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current liabilities:                
  Accounts payable   $ 24,191     $ 21,014  
  Accrued liabilities     14,381       17,270  
  Capital leases, current portion     491       573  
  Income taxes payable     268       -  
  Deferred revenue     6,538       6,189  
    Total current liabilities     45,869       45,046  
Long-term income taxes payable     2,803       3,028  
Capital leases, net of current portion     205       340  
Deferred rent and other liabilities     7,538       8,009  
    Total liabilities     56,415       56,423  
Stockholders' equity:                
  Common stock and capital in excess of par value     685,465       681,211  
  Accumulated other comprehensive income     587       1,715  
  Accumulated deficit     (363,440 )     (343,667 )
    Total stockholders' equity     322,612       339,259  
    Total liabilities and stockholders' equity            $ 379,027      $ 395,682   
                     
Contact:
Investor
Stan Finkelstein
Investor Relations
(925) 290-4321
Email Contact

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