FormFactor, Inc. Reports 2021 Fourth Quarter Results

About FormFactor:

FormFactor, Inc. (Nasdaq: FORM), is a leading provider of essential test and measurement technologies along the full IC life cycle - from metrology and inspection, characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited, to statements regarding future financial and operating results, customer demand, conditions in the semiconductor industry, and growth opportunities, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” and “continue,” the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions, investments in capacity and investments in new electronic data systems and information technology; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as infectious diseases and pandemics (including the current COVID-19 pandemic), military conflicts, political volatility and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. We are operating in an environment with especially substantial uncertainties arising from the COVID-19 pandemic, including with respect to its current and future impact on our operations, workforce, manufacturing capacity, customer demand, supply chain, macroeconomic environment and other important aspects of our business. In addition, there are varying barriers to international trade, including restrictive trade and export regulations, dynamic tariffs, trade disputes between the U.S. and other countries, including China, and national security developments or tensions, that may substantially restrict or condition our sales in certain countries, increase the cost of doing business internationally, and disrupt our supply chains. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4321
ir@formfactor.com


FORMFACTOR, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)

  Three Months Ended Twelve Months Ended
  December 25,
2021
  September 25,
2021
  December 26,
2020
  December 25,
2021
  December 26,
2020
Revenues$204,998  $189,964  $197,043  $769,674  $693,616 
Cost of revenues 115,439     109,745       119,429       446,907       405,696  
Gross profit   89,559       80,219       77,614       322,767       287,920  
Operating expenses:                  
Research and development   25,411       26,026       23,970       100,937       89,034  
Selling, general and administrative   32,358       30,940       32,816       123,792       115,098  
Total operating expenses   57,769       56,966       56,786       224,729       204,132  
Operating income   31,790       23,253       20,828       98,038       83,788  
Interest income   106       121       191       569       1,501  
Interest expense   (155 )     (151 )     (182 )     (602 )     (864 )
Other income, net   459       58       609       495       750  
Income before income taxes   32,200       23,281       21,446       98,500       85,175  
Provision for income taxes   6,303       2,784       2,173       14,576       6,652  
Net income $ 25,897     $ 20,497     $ 19,273     $ 83,924     $ 78,523  
Net income per share:                  
Basic $ 0.33     $ 0.26     $ 0.25     $ 1.08     $ 1.02  
Diluted $ 0.33     $ 0.26     $ 0.24     $ 1.06     $ 0.99  
Weighted-average number of shares used in per share calculations:                  
Basic   78,220       77,869       77,416       77,787       76,681  
Diluted   79,121       79,029       79,562       79,133       79,001  
                                       



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