Attached files
| file | filename |
|---|---|
| 8-K/A - 8-K/A - FORMFACTOR INC | a11-23347_18ka.htm |
Exhibit 99.01
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
|
|
|
Three Months Ended |
|
Six Months Ended |
| ||||||||
|
|
|
June 25, |
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June 26, |
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June 25, |
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June 26, |
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|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| ||||
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|
|
|
|
|
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Revenues |
|
$ |
46,558 |
|
$ |
57,640 |
|
$ |
86,987 |
|
$ |
97,306 |
|
|
Cost of revenues |
|
36,668 |
|
53,710 |
|
73,027 |
|
95,704 |
| ||||
|
Gross profit |
|
9,890 |
|
3,930 |
|
13,960 |
|
1,602 |
| ||||
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|
|
|
|
|
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Operating expenses: |
|
|
|
|
|
|
|
|
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Research and development |
|
10,878 |
|
15,997 |
|
22,438 |
|
31,088 |
| ||||
|
Selling, general and administrative |
|
11,154 |
|
18,725 |
|
23,541 |
|
36,592 |
| ||||
|
Restructuring charges, net |
|
(1,099 |
) |
2,513 |
|
(60 |
) |
6,063 |
| ||||
|
Impairment of long-lived assets |
|
— |
|
999 |
|
351 |
|
999 |
| ||||
|
Total operating expenses |
|
20,933 |
|
38,234 |
|
46,270 |
|
74,742 |
| ||||
|
Operating loss |
|
(11,043 |
) |
(34,304 |
) |
(32,310 |
) |
(73,140 |
) | ||||
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|
|
|
|
|
|
|
|
|
| ||||
|
Interest income, net |
|
369 |
|
722 |
|
793 |
|
1,497 |
| ||||
|
Other income (expense), net |
|
584 |
|
(82 |
) |
210 |
|
35 |
| ||||
|
Loss before income taxes |
|
(10,090 |
) |
(33,664 |
) |
(31,307 |
) |
(71,608 |
) | ||||
|
Provision for (benefit from) income taxes |
|
(2,412 |
) |
200 |
|
(2,205 |
) |
440 |
| ||||
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|
|
|
|
|
|
|
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Net loss |
|
$ |
(7,678 |
) |
$ |
(33,864 |
) |
$ |
(29,102 |
) |
$ |
(72,048 |
) |
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|
|
|
|
|
|
|
|
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| ||||
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Net loss per share: |
|
|
|
|
|
|
|
|
| ||||
|
Basic and Diluted |
|
$ |
(0.15 |
) |
$ |
(0.68 |
) |
$ |
(0.57 |
) |
$ |
(1.44 |
) |
|
Weighted-average number of shares used in per share calculations: |
|
|
|
|
|
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|
|
| ||||
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|
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|
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Basic and Diluted |
|
50,733 |
|
50,084 |
|
50,705 |
|
49,989 |
| ||||
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|
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|
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|
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Reconciliation of Non-GAAP Net loss: |
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Three Months Ended |
|
Six Months Ended |
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|
|
June 25, |
|
June 26, |
|
June 25, |
|
June 26, |
| ||||
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| ||||
|
|
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|
|
|
|
|
|
|
| ||||
|
GAAP Net loss |
|
$ |
(7,678 |
) |
$ |
(33,864 |
) |
$ |
(29,102 |
) |
$ |
(72,048 |
) |
|
Stock-based compensation, net of related income-tax impact * |
|
2,353 |
|
3,894 |
|
6,322 |
|
9,152 |
| ||||
|
Restructuring charges, net of related income-tax impact * |
|
(1,099 |
) |
2,513 |
|
(60 |
) |
6,063 |
| ||||
|
Income tax valuation allowance release |
|
(2,450 |
) |
— |
|
(2,450 |
) |
— |
| ||||
|
Impairment of long-lived assets, net of related income-tax impact * |
|
— |
|
999 |
|
351 |
|
999 |
| ||||
|
Non-GAAP Net loss |
|
$ |
(8,874 |
) |
$ |
(26,458 |
) |
$ |
(24,939 |
) |
$ |
(55,834 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
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Non-GAAP Net loss per share: |
|
|
|
|
|
|
|
|
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|
Basic and Diluted |
|
$ |
(0.17 |
) |
$ |
(0.53 |
) |
$ |
(0.49 |
) |
$ |
(1.12 |
) |
|
|
|
|
|
|
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|
| ||||
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Weighted-average number of shares used in per share calculations: |
|
|
|
|
|
|
|
|
| ||||
|
Basic and Diluted |
|
50,733 |
|
50,084 |
|
50,705 |
|
49,989 |
| ||||
* There was no related income tax impact to stock-based compensation, restructuring and impairment charges in fiscal 2011 and fiscal 2010 as a result of the valuation allowance recorded after the second quarter of fiscal 2009.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
|
|
|
June 25, |
|
December 25, |
| ||
|
|
|
2011 |
|
2010 |
| ||
|
ASSETS |
|
|
|
|
| ||
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Current assets: |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
130,085 |
|
$ |
121,207 |
|
|
Marketable securities |
|
194,142 |
|
226,028 |
| ||
|
Restricted cash |
|
383 |
|
383 |
| ||
|
Accounts receivable, net |
|
28,017 |
|
28,598 |
| ||
|
Inventories |
|
21,799 |
|
25,003 |
| ||
|
Deferred tax assets |
|
297 |
|
329 |
| ||
|
Prepaid expenses and other current assets |
|
9,022 |
|
14,743 |
| ||
|
Total current assets |
|
383,745 |
|
416,291 |
| ||
|
Restricted cash |
|
297 |
|
297 |
| ||
|
Property and equipment, net |
|
35,078 |
|
37,311 |
| ||
|
Deferred tax assets |
|
7,364 |
|
5,445 |
| ||
|
Other assets |
|
5,110 |
|
6,710 |
| ||
|
Total assets |
|
$ |
431,594 |
|
$ |
466,054 |
|
|
|
|
|
|
|
| ||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
|
Current liabilities: |
|
|
|
|
| ||
|
Accounts payable |
|
$ |
16,023 |
|
$ |
14,948 |
|
|
Accrued liabilities |
|
15,176 |
|
24,045 |
| ||
|
Income taxes payable |
|
382 |
|
1,894 |
| ||
|
Deferred revenue |
|
4,409 |
|
4,637 |
| ||
|
Total current liabilities |
|
35,990 |
|
45,524 |
| ||
|
Long-term income taxes payable |
|
4,209 |
|
4,248 |
| ||
|
Deferred rent and other liabilities |
|
4,101 |
|
5,081 |
| ||
|
Total liabilities |
|
44,300 |
|
54,853 |
| ||
|
Stockholders’ equity: |
|
|
|
|
| ||
|
Common stock and capital in excess of par value |
|
655,726 |
|
651,315 |
| ||
|
Accumulated other comprehensive income |
|
2,811 |
|
2,027 |
| ||
|
Accumulated deficit |
|
(271,243 |
) |
(242,141 |
) | ||
|
Total stockholders’ equity |
|
387,294 |
|
411,201 |
| ||
|
Total liabilities and stockholders’ equity |
|
$ |
431,594 |
|
$ |
466,054 |
|