SOURCE: FormFactor

FormFactor

March 08, 2011 16:05 ET

FormFactor Announces Industry Veteran Michael Zellner to Join Board of Directors

Company Also Reconfirms Q1 Guidance

LIVERMORE, CA--(Marketwire - March 8, 2011) - FormFactor, Inc. (NASDAQ: FORM) today announced Michael W. Zellner is joining the company's Board of Directors, effective as of its next scheduled meeting in April 2011. Mr. Zellner, the chief financial officer of PMC-Sierra (NASDAQ: PMCS) since March 2007, has over 25 years of financial experience in the high tech industry. Prior to joining PMC-Sierra, Mr. Zellner was senior vice president of finance and administration and chief financial officer at Wind River Systems, Inc., a device software solutions provider to the electronics industry.

Carl Everett, executive chairman of FormFactor, commented on the appointment, "We are very pleased to have Mike join the FormFactor Board. Mike brings to the company extensive financial expertise in the semiconductor industry and will be an important contributor as the Board helps to shape our future growth and long-term strategic direction."

The Company is also reconfirming its guidance given during its February 1, 2011 conference call for the first quarter of its fiscal 2011, including revenue in the range of $35 to $40 million. Consistent with the February 1 call, Q1 gross margin on a non-GAAP basis is expected to be similar to Q4 non-GAAP gross margin of 10 percent plus or minus two percentage points; Q1 non-GAAP operating expenses are expected to be approximately $21.5 million; and Q1 cash burn expected to be 10 to 15 percent below Q4 cash burn. The Company will provide a reconciliation of actual non-GAAP to GAAP financial measures when it reports its financial results for its fiscal Q1. 

Non-GAAP Financial Measures:
This press release contains guidance with respect to gross margin and operating expenses on a non-GAAP basis. 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 measures prepared in accordance with GAAP.

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.

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: the company's ability to complete successfully a turn-around and realize profitable growth; and the company's ability to design, manufacture and deliver products on a timely basis to meet its provided guidance, including projected revenue, gross margin, operating expenses and cash burn guidance. 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 25, 2010, as filed with the 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 forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements.
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