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Exhibit 99.01

 

 

News Release

 

Investor Contact:

Stan Finkelstein

Investor Relations

(925) 290-4321

ir@formfactor.com

 

FormFactor, Inc. Reports Fourth Quarter and Annual Results

 

LIVERMORE, Calif. — February 6, 2013 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the fourth quarter of fiscal 2012 that ended on December 29, 2012. Quarterly revenues were $47.7 million, up 15% from $41.3 million in the third quarter of fiscal 2012, and up 58% from $30.2 million in the fourth quarter of fiscal 2011, which was prior to FormFactor’s acquisition of Astria Semiconductor Holdings, Inc., including MicroProbe Incorporated, Astria’s wholly-owned subsidiary.

 

For fiscal 2012, FormFactor posted revenue of $178.5 million, up 5% from $169.3 million in fiscal 2011.

 

On a GAAP basis, net profit for the fourth quarter of fiscal 2012 was $0.6 million, or $0.01 per fully-diluted share, compared to a net loss for the third quarter of fiscal 2012 of $(14.5) million, or $(0.29) per fully-diluted share, and a net loss for the fourth quarter of fiscal 2011 of $(27.0) million, or $(0.54) per fully-diluted share. The results for the fourth quarter of fiscal 2012 include a one-time tax benefit of $25.5 million, or $0.48 per fully diluted share. Net loss for fiscal 2012 was $(35.5) million, or $(0.70) per fully-diluted share, compared to a net loss of $(66.0) million, or $(1.31) per fully-diluted share, for fiscal 2011.

 

On a non-GAAP basis, net loss for the fourth quarter of fiscal 2012 was $(13.3) million, or $(0.25) per fully-diluted share, compared to a net loss for the third quarter of fiscal 2012 of $(7.7) million, or $(0.15) per fully-diluted share, and a net loss for the fourth quarter of fiscal 2011 of $(22.4) million, or $(0.45) per fully-diluted share. On a non-GAAP basis, net loss for fiscal 2012 was $(35.8) million, or $(0.71) 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 fourth quarter of fiscal 2012 was $110.4 million, compared to cash usage of $1.6 million for the third quarter of fiscal 2012 and cash usage of $19.3 million for the fourth quarter of fiscal 2011. Excluding cash usage attributable to the acquisition of Astria, but including cash from Astria’s operations subsequent to the acquisition, cash usage for the fourth quarter of fiscal 2012

 



 

was $13.7 million. There was no stock buyback during the fourth quarter of fiscal 2012, compared to a stock buyback of $7.5 million for the fourth quarter of fiscal 2011.

 

“Our memory business continued to experience weak demand in Q4 attributable to structural changes in the computing industry and the seasonal cyclicality of our business,” said Tom St. Dennis, CEO of FormFactor. “During Q4 we closed our acquisition of MicroProbe, creating the largest probe card supplier in our industry with leading technologies across the SOC and memory markets.”

 

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. PST, or 4:30 p.m. EST, today.

 

The public is invited to listen to a live webcast of FormFactor’s conference call on the Investors section of the company’s website 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 February 8, 2013, 9:00 p.m. Pacific Standard Time, and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering confirmation code 90030216. 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 Micro-Probe Incorporated; risks around customers’ engagement with the newly combined entities; 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; personnel retention; 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 31, 2011, 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

 

Fiscal Year Ended

 

 

 

December 29,

 

December 31,

 

December 29,

 

December 31,

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

47,654

 

$

30,224

 

$

178,535

 

$

169,325

 

Cost of revenues

 

50,798

 

35,199

 

153,205

 

148,367

 

Gross profit

 

(3,144

)

(4,975

)

25,330

 

20,958

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

9,775

 

10,683

 

40,129

 

43,544

 

Selling, general and administrative

 

14,958

 

11,964

 

49,230

 

46,705

 

Restructuring charges, net

 

333

 

325

 

2,917

 

522

 

Impairment of long-lived assets

 

49

 

98

 

420

 

549

 

Gain on litigation

 

(3,250

)

 

(3,250

)

 

Total operating expenses

 

21,865

 

23,070

 

89,446

 

91,320

 

Operating loss

 

(25,009

)

(28,045

)

(64,116

)

(70,362

)

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

134

 

276

 

691

 

1,404

 

Other income (expense), net

 

334

 

941

 

1,461

 

1,076

 

Loss before income taxes

 

(24,541

)

(26,828

)

(61,964

)

(67,882

)

Provision for (benefit from) income taxes

 

(25,144

)

147

 

26,420

 

(1,901

)

Net income (loss)

 

$

603

 

$

(26,975

)

$

(35,544

)

$

(65,981

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

$

(0.54

)

$

(0.70

)

$

(1.31

)

Diluted

 

$

0.01

 

$

(0.54

)

$

(0.70

)

$

(1.31

)

 

 

 

 

 

 

 

 

 

 

Weighted-average number of shares used in per share calculations:

 

 

 

 

 

 

 

 

 

Basic

 

52,745

 

49,967

 

50,551

 

50,521

 

Diluted

 

52,921

 

49,967

 

50,551

 

50,521

 

 

Reconciliation of Non-GAAP Net Income (Loss):

 

 

 

Three Months Ended

 

Fiscal Year Ended

 

 

 

December 29,

 

December 31,

 

December 29,

 

December 31,

 

 

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

$

603

 

$

(26,975

)

$

(35,544

)

$

(65,981

)

Stock-based compensation, net of related income-tax impact *

 

3,560

 

4,188

 

13,049

 

13,849

 

Restructuring charges, net of related income-tax impact *

 

333

 

325

 

2,917

 

522

 

Acquisition costs related expenses, net of related income-tax impact *

 

1,785

 

 

2,960

 

 

Amortization of intangibles due to acquisition, net of related income-tax impact *

 

9,125

 

 

9,125

 

 

Impairment of long-lived assets, net of related income-tax impact *

 

49

 

98

 

420

 

549

 

Gain on litigation

 

(3,250

)

 

(3,250

)

 

Income tax valuation allowance release

 

(25,520

)

 

(25,520

)

(2,450

)

Non-GAAP net loss

 

$

(13,315

)

$

(22,364

)

$

(35,843

)

$

(53,511

)

 

 

 

 

 

 

 

 

 

 

Non-GAAP net loss per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.25

)

$

(0.45

)

$

(0.71

)

$

(1.06

)

Diluted

 

$

(0.25

)

$

(0.45

)

$

(0.71

)

$

(1.06

)

 

 

 

 

 

 

 

 

 

 

Weighted-average number of shares used in per share calculations:

 

 

 

 

 

 

 

 

 

Basic

 

52,745

 

49,967

 

50,551

 

50,521

 

Diluted

 

52,745

 

49,967

 

50,551

 

50,521

 

 


* There was no related income-tax impact to stock-based compensation, restructuring and impairment charges in fiscal 2012 and fiscal 2011 as a result of the valuation allowance recorded after the second quarter of fiscal 2009.

 



 

FORMFACTOR, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

(Unaudited)

 

 

 

December 29,

 

December 31,

 

 

 

2012

 

2011

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

72,243

 

$

139,049

 

Marketable securities

 

93,545

 

157,642

 

Accounts receivable, net

 

28,919

 

12,662

 

Inventories

 

23,616

 

18,092

 

Deferred tax assets

 

4,613

 

1,162

 

Refundable income taxes

 

5,667

 

910

 

Prepaid expenses and other current assets

 

10,569

 

7,458

 

Total current assets

 

239,172

 

336,975

 

Restricted cash

 

318

 

317

 

Property, plant and equipment, net

 

45,515

 

35,132

 

Goodwill

 

30,994

 

 

Intangible, net

 

74,276

 

 

Deferred tax assets

 

4,207

 

5,954

 

Other assets

 

1,200

 

4,693

 

Total assets

 

$

395,682

 

$

383,071

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

21,014

 

$

9,731

 

Accrued liabilities

 

17,270

 

13,966

 

Capital leases, current portion

 

573

 

 

Income taxes payable

 

 

100

 

Deferred revenue

 

6,189

 

4,798

 

Total current liabilities

 

45,046

 

28,595

 

Long-term income taxes payable

 

3,028

 

4,112

 

Capital leases, net of current portion

 

340

 

 

Deferred rent and other liabilities

 

8,009

 

3,712

 

Total liabilities

 

56,423

 

36,419

 

Stockholders’ equity:

 

 

 

 

 

Common stock and capital in excess of par value

 

681,211

 

652,074

 

Accumulated other comprehensive income

 

1,715

 

2,700

 

Accumulated deficit

 

(343,667

)

(308,122

)

Total stockholders’ equity

 

339,259

 

346,652

 

Total liabilities and stockholders’ equity

 

$

395,682

 

$

383,071