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FormFactor, Inc. Reports First Quarter Results
Net loss for the first quarter of fiscal 2010 was $38.2 million or $(0.77) per fullydiluted share, compared to a net loss for the fourth quarter of fiscal 2009 of $28.0 million or $(0.56) per fullydiluted share and a net loss for the first quarter of fiscal 2009 of $37.9 million or $(0.77) per fullydiluted share. On a Non-GAAP basis, net loss for the first quarter of fiscal 2010 was $29.4 million or $(0.59) per fullydiluted share, compared to a net loss for the fourth quarter of fiscal 2009 of $22.8 million or $(0.46) per fullydiluted share and a net loss for the first quarter of fiscal 2009 of $30.1 million or $(0.61) per fullydiluted share. The first quarter of fiscal 2010 results include pretax restructuring charges of approximately $3.6 million which is associated with onetime severance benefits. The restructuring charge is related to our manufacturing expansion to Singapore, which is expected to result in cost benefits from our investment by the first quarter of 2011. The fourth quarter of fiscal 2009 results included $0.9 million in pretax restructuring charges as compared with the first quarter of fiscal 2009 results, which included $7.7 million in pretax restructuring charges.
"Increasing design activity and volume purchases in memory applications are having a positive impact on our revenues," said Mario Ruscev, CEO of FormFactor. "The transitions to DDRIII and to smaller technology nodes continue to gain momentum. Our focus is on customer qualification of our new products and improving manufacturing efficiency to drive profitability."
Q1 Business Highlights:
- Shipping TouchMatrix and SmartMatrix probe cards in volume.
- Received full product acceptance for TouchMatrix at a major NAND customer.
- Opened our new wafer probe card manufacturing facility and global business center in Singapore.
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 8:00 a.m. PDT, or 11:00 a.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 www.formfactor.com. 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 April 29th, 2010 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 64289833.
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.
Statements in this press release that are not strictly historical in nature are forwardlooking statements within the meaning of the federal securities laws, including statements regarding business momentum, demand for our products and future growth. These forwardlooking 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 forwardlooking 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 and the status and momentum of transitions to DDRIII and to smaller technology nodes; the company's ability to optimize its operating plans and structure with the business environment, including its restructuring activities related to the company's manufacturing expansion in Singapore; the company's ability to develop innovative testing technologies and qualify new products with customers, to improve manufacturing efficiencies, and to timely deliver new products that meet its customer's testing requirements and lower their overall cost of test. Additional information concerning factors that could cause actual events or results to differ materially from those in any forwardlooking statement is contained in the company's Form 10-K for the fiscal year ended December 26, 2009, as filed with the Securities and Exchange Commission ("SEC"), and subsequent SEC filings. 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 forwardlooking statements or to update the reasons actual results could differ materially from those anticipated in forwardlooking statements.
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