On a GAAP basis, net loss for the first quarter of fiscal 2014 was $(12.7) million, or $(0.23) per fully-diluted share, compared to a net loss for the fourth quarter of fiscal 2013 of $(18.8) million, or $(0.34) per fully-diluted share, and a net loss for the first quarter of fiscal 2013 of $(19.8) million, or $(0.37) per fully-diluted share.
On a non-GAAP basis, net loss for the first quarter of fiscal 2014 was $(2.3) million, or $(0.04) per fully-diluted share, compared to a net loss for the fourth quarter of fiscal 2013 of $(10.9) million, or $(0.20) per fully-diluted share, and a net loss for the first quarter of fiscal 2013 of $(6.9) million, or $(0.13) 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 first quarter of fiscal 2014 was $(7.1) million, compared to cash usage of $(5.2) million for the fourth quarter of fiscal 2013 and cash usage of $(12.1) million for the first quarter of fiscal 2013.
"We saw strong momentum in our SoC business during Q1 with increasing customer interest in our product solutions, including copper pillar test solutions," said Tom St. Dennis, CEO of FormFactor, Inc. "We also made significant progress on our recovery from the customer-specific DRAM issues we experienced in 2013. This progress enabled us to both re-engage with the customer and introduce new efficiencies into our operational processes."
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. 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 web site 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 May 3, 2014, 9:00 p.m. PDT, and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering confirmation code 28662597. 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. (
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 or trends, 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: unexpected changes in demand for the company's products; seasonal industry trends; risks of the company's ability to realize further operational efficiencies and recover fully from supplier and manufacturing challenges experienced in 2013; the company's ability to maintain or increase its SoC business and to realize sustainable profitability in 2014; 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 28, 2013, 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
------------------------------
March 29, 2014 March 30, 2013
-------------- --------------
Revenues $ 55,959 $ 52,620
Cost of revenues 43,634 43,545
-------------- --------------
Gross profit 12,325 9,075
-------------- --------------
Operating expenses:
Research and development 9,747 10,929
Selling, general and administrative 12,254 14,618
Restructuring charges, net 1,997 3,980
Impairment of long-lived assets 743 58
-------------- --------------
Total operating expenses 24,741 29,585
-------------- --------------
Operating loss (12,416) (20,510)
Interest income, net 79 107
Other income (expense), net (66) 423
-------------- --------------
Loss before income taxes (12,403) (19,980)
Provision (benefit) for income taxes 308 (207)
-------------- --------------
Net loss $ (12,711) $ (19,773)
============== ==============
Net loss per share:
Basic and Diluted $ (0.23) $ (0.37)
============== ==============
Weighted-average number of shares used in
per share calculations:
Basic and diluted 55,050 53,664
============== ==============
FORMFACTOR, INC.
RECONCILIATION OF NON-GAAP NET LOSS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
------------------------------
March 29, 2014 March 30, 2013
-------------- --------------
GAAP net loss $ (12,711) $ (19,773)
Stock-based compensation 2,570 3,035
Restructuring charges, net 1,997 3,980
Acquisition and integration related expenses 41 912
Amortization of intangibles, inventory and
fixed assets fair value adjustment due to
acquisition 4,949 4,786
Impairment of long-lived assets 743 58
Loss contingency 133 --
Income tax valuation allowance -- 150
-------------- --------------
Non-GAAP net loss $ (2,278) $ (6,852)
============== ==============
Non-GAAP net loss per share:
Basic and Diluted $ (0.04) $ (0.13)
============== ==============
Weighted-average number of shares used in
per share calculations:
Basic and Diluted 55,050 53,664
============== ==============
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 29, December 28,
2014 2013
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 49,199 $ 59,196
Marketable securities 94,798 91,895
Accounts receivable, net 37,057 30,189
Inventories, net 21,319 20,707
Deferred tax assets 2,777 2,776
Refundable income taxes 782 782
Prepaid expenses and other current assets 7,372 6,106
------------- -------------
Total current assets 213,304 211,651
Restricted cash 435 435
Property, plant and equipment, net 30,049 35,190
Goodwill 30,731 30,731
Intangibles, net 52,398 57,470
Deferred tax assets 3,988 3,960
Other assets 1,273 1,271
------------- -------------
Total assets $ 332,178 $ 340,708
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 15,921 $ 16,313
Accrued liabilities 13,814 13,985
Capital leases, current portion 140 270
Income taxes payable 532 172
Deferred revenue 7,392 7,030
------------- -------------
Total current liabilities 37,799 37,770
Long-term income taxes payable 2,473 2,497
Deferred rent and other liabilities 6,393 6,355
------------- -------------
Total liabilities 46,665 46,622
------------- -------------
Commitments and contingencies
Stockholders' equity:
Common stock and capital in excess of par
value 699,681 695,686
Accumulated other comprehensive loss (106) (249)
Accumulated deficit (414,062) (401,351)
------------- -------------
Total stockholders' equity 285,513 294,086
------------- -------------
Total liabilities and stockholders' equity $ 332,178 $ 340,708
============= =============
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