FormFactor, Inc. Reports Second Quarter Results
(firmenpresse) - LIVERMORE, CA -- (Marketwire) -- 08/01/12 -- FormFactor, Inc. (NASDAQ: FORM) today announced its financial results for the second quarter of fiscal 2012 that ended on June 30, 2012. Quarterly revenues were $54.8 million, up 57% from $34.8 million in the first quarter of fiscal 2012, and up 18% from $46.6 million in the second quarter of fiscal 2011.
On a GAAP basis, net loss for the second quarter of fiscal 2012 was $4.2 million, or $(0.08) per fully-diluted share, compared to a net loss for the first quarter of fiscal 2012 of $17.5 million or $(0.35) per fully-diluted share, and a net loss for the second quarter of fiscal 2011 of $7.7 million or $(0.15) per fully-diluted share. The results for the second quarter of fiscal 2012 include the release of certain liabilities related to uncertain tax positions in the amount of $1.6 million, or $0.03 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 its manufacturing facility in Singapore.
On a Non-GAAP basis, net loss for the second quarter of fiscal 2012 was $0.5 million, or $(0.01) per fully-diluted share, compared to a net loss for the first quarter of fiscal 2012 of $14.3 million or $(0.29) per fully-diluted share, and a net loss for the second quarter of fiscal 2011 of $8.9 million or $(0.17) 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 second quarter of fiscal 2012 was $2.6 million, compared to cash usage of $16.4 million for the first quarter of fiscal 2012 and cash usage of $8.0 million for the second quarter of fiscal 2011. There was no stock buyback during the first and second quarters of fiscal 2012, compared to a stock buyback of $1.0 million for the second quarter of fiscal 2011.
"Q2 was a strong revenue quarter for FormFactor as our manufacturing performance, including lead time improvements, enabled us to meet accelerated demand for certain products," said Tom St. Dennis, CEO of FormFactor. "Exiting Q2, softening demand in the personal computer and mobile device markets and macroeconomic headwinds continue to temper our second half outlook."
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 webcast of FormFactor's conference call on the Investors section of the company's website at . 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 August 3, 2012, 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 10463984. Additionally, the replay will be available on the Investors section of our website, .
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, Flash memory and system on chip, or SoC, devices and certain other semiconductor devices; global macroeconomic concerns; and the company's ability to align its manufacturing structure and operating expenses 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 31, 2011, as filed with the SEC. 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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Datum: 01.08.2012 - 14:05 Uhr
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