LIVERMORE, CA — (Marketwire) — 07/26/11 — FormFactor, Inc. (NASDAQ: FORM) today announced its financial results for the second quarter of fiscal 2011 that ended on June 25, 2011. Quarterly revenues were $46.6 million, up 15% from $40.4 million in the first quarter of fiscal 2011, and down 19% from $57.6 million in the second quarter of fiscal 2010.
On a GAAP basis, net loss for the second quarter of fiscal 2011 was $6.7 million or $(0.13) per fully-diluted share, compared to a net loss for the first quarter of fiscal 2011 of $21.4 million or $(0.42) per fully-diluted share, and a net loss for the second quarter of fiscal 2010 of $33.9 million or $(0.68) per fully-diluted share. The results for the second quarter of fiscal 2011 include an income tax valuation allowance release of $2.5 million or $0.05 per fully diluted share. The company also recorded a restructuring benefit of $1.1 million, or $0.02 per fully diluted share, in the second quarter of 2011 related primarily to the termination of a lease obligation for our manufacturing facility in Singapore.
On a Non-GAAP basis, net loss for the second quarter of fiscal 2011 was $7.9 million or $(0.16) per fully-diluted share, compared to a net loss for the first quarter of fiscal 2011 of $16.1 million or $(0.32) per fully-diluted share, and a net loss for the second quarter of fiscal 2010 of $26.5 million or $(0.53) per fully-diluted share.
“As we moved through Q2, we continued our focus on operational execution and made good progress on our turnaround plan as we increased gross margins and reduced our cash consumption,” said Tom St. Dennis, CEO of FormFactor. “We made improvements across our product offerings, and gained business momentum in our DRAM segment as we started ramping our SmartMatrix platform at major DRAM customers and implementing our proprietary ATRE wafer test technology.”
The company has posted its revenue breakdown by region and market segment on the Investors section of its website at . 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 . 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 29, 2011 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 78860037.
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:
Founded in 1993, FormFactor, Inc. (NASDAQ: FORM) is a leader in advanced wafer probe cards, which are used by semiconductor manufacturers to electrically test integrated circuits, or ICs. The company-s wafer sort, burn-in and device performance testing products move IC testing upstream from post-packaging to the wafer level, enabling semiconductor manufacturers to lower their overall production costs, improve yields, and bring next-generation devices to market. FormFactor is headquartered in Livermore, California with operations in Europe, Asia and North America. For more information, visit the company-s website at .
FormFactor and the FormFactor logo are registered 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: changes in the market environment, including the demand for DRAM and Flash memory devices and certain other semiconductor devices, the company-s ability to complete qualification of its Matrix platform products for both DRAM and Flash memory applications at major memory customers; the rate at which semiconductor manufacturers adopt the company-s Matrix platform products, including its SmartMatrix product for DRAM devices, and its ATRE wafer test technology, and request repeat orders; and the company-s ability to bring its manufacturing structure and operating expenses in line with revenues;. 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 25, 2010, as filed with the SEC, and subsequent SEC filings including the company-s quarterly report on Form 10-Q for its first quarter of its fiscal 2011. Copies of the company-s SEC filings are available at . 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
Stan Finkelstein
Investor Relations
(925) 290-4321
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