Contact Information: Investor Contact: Michael Magaro Investor Relations (925) 290-4321 Trade Press Contact: David Viera Corporate Communications (925) 290-4681
FormFactor, Inc. Announces Preliminary Fourth Quarter Revenue
| Source: FormFactor
LIVERMORE, CA--(Marketwire - January 12, 2010) - FormFactor, Inc. (NASDAQ : FORM ) today
announced lower than expected preliminary revenue for the fourth quarter,
ended December 26, 2009. The company now expects fourth quarter revenue to
be in the range of $32 million to $33 million compared to its previous view
of down 10% from its third quarter 2009 results, or $38-39 million. The
lower than expected fourth quarter revenue results are due primarily to a
delay in the timing of customer technology transitions, tooling cycles and
volume plans.
The company continues to expect strong growth in 2010 fueled by design
proliferation and volume ramps resulting in approximately 60% year over
year revenue growth, plus or minus 10%. The company currently expects
revenues in the first quarter of 2010 to be in the range of $40 million
plus or minus 10%.
Results for any particular quarter may fluctuate based on customer-specific
factors and because an increasing percentage of the company's business is
being derived from revenue booked and realized within the same quarter.
The company ended its fiscal fourth quarter with approximately $450 million
in cash and cash equivalents and marketable securities.
Conference Call Details:
The company plans to release its financial results for its fourth quarter
on Thursday, January 28, 2010, at 1:30 p.m. Pacific Standard Time. The
public is invited to listen to a live webcast and archived replay 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 1, 2010, 9:00 p.m.
Pacific Standard Time, and can be accessed by dialing 888-203-1112
(domestic) or 719-457-0820 (international) and entering confirmation code
1210545.
About FormFactor:
Founded in 1993, FormFactor, Inc. (NASDAQ : FORM ) is the 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 www.formfactor.com.
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 revenue expectations, growth rates,
design proliferation and volume ramps. These forward-looking statements are
based on current information and expectations that are inherently subject
to change and that 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
from the preliminary revenue estimates contained in this release that may
occur as the financial statements for the fourth quarter are finalized;
changes in the market environment, including the demand for DRAM and Flash
memory and other semiconductor devices; the timing of customer technology
transitions, tooling cycles and volume plans; the company's ability to meet
customer requirements for shorter lead times; and the company's ability to
develop innovative testing technologies and to timely deliver and qualify
new products that meet its customers' 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
forward-looking statement is contained in the company's Form 10-K for the
fiscal year ended December 27, 2008 and the company's Form 10-Q for the
fiscal quarter ended September 26, 2009, both as filed with the Securities
and Exchange Commission 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 forward-looking statements or to update the reasons
actual results could differ materially from those anticipated in
forward-looking statements.
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.