FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
-------------------- --------------------
December December December December
25, 2010 26, 2009 25, 2010 26, 2009
--------- --------- --------- ---------
Revenues $ 43,912 $ 32,995 $ 188,565 $ 135,335
Cost of revenues * 40,593 35,141 190,837 134,516
--------- --------- --------- ---------
Gross profit (loss) 3,319 (2,146) (2,272) 819
--------- --------- --------- ---------
Operating expenses:
Research and development 11,476 15,686 55,389 57,509
Selling, general and
administrative 14,398 16,489 67,208 78,428
Restructuring charges 1,305 837 15,908 8,780
Impairment of long-lived
assets * - 656 56,401 1,288
--------- --------- --------- ---------
Total operating expenses 27,179 33,668 194,906 146,005
--------- --------- --------- ---------
Operating loss (23,860) (35,814) (197,178) (145,186)
Interest income, net 426 711 2,546 3,282
Other income (expense), net 431 385 4,426 (535)
--------- --------- --------- ---------
Loss before income taxes (23,003) (34,718) (190,206) (142,439)
Provision for (benefit from)
income taxes (2,592) (6,755) (1,920) 13,214
--------- --------- --------- ---------
Net loss $ (20,411) $ (27,963) $(188,286) $(155,653)
========= ========= ========= =========
Net loss per share:
Basic and Diluted $ (0.40) $ (0.56) $ (3.75) $ (3.15)
========= ========= ========= =========
Weighted-average number of
shares used in per share
calculations:
Basic and Diluted 50,573 49,755 50,246 49,483
========= ========= ========= =========
Reconciliation of Non-GAAP Net loss:
Three Months Ended Twelve Months Ended
-------------------- --------------------
December December December December
25, 2010 26, 2009 25, 2010 26, 2009
--------- --------- --------- ---------
GAAP Net loss $ (20,411) $ (27,963) $(188,286) $(155,653)
Deferred tax valuation
allowance - - - 44,683
Stock-based compensation, net
of related income-tax
impact ** 4,242 4,364 17,613 16,542
Restructuring charges, net of
related income-tax impact ** 1,305 787 15,908 5,805
Impairment of long-lived
assets, net of related
income-tax impact ** - 656 56,401 1,288
--------- --------- --------- ---------
Non-GAAP Net loss $ (14,864) $ (22,156) $ (98,364) $ (87,335)
========= ========= ========= =========
Non-GAAP Net loss per share:
Basic and Diluted $ (0.29) $ (0.45) $ (1.96) $ (1.76)
========= ========= ========= =========
Weighted-average number of
shares used in per share
calculations:
Basic and Diluted 50,573 49,755 50,246 49,483
========= ========= ========= =========
* Certain amounts were reclassified from Cost of Revenue to Impairment
Charges for Q4'09 and FY2009.
** There was no related income tax impact to stock based compensation,
restructuring and impairment charges in the third and fourth quarters of
fiscal 2009 and fiscal 2010 as a result of the valuation allowance recorded
after the second quarter of fiscal 2009.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited)
December 25, December 26,
2010 2009
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 121,207 $ 122,043
Marketable securities 226,028 327,192
Restricted cash 383 --
Accounts receivable, net 28,598 29,412
Inventories 25,764 25,548
Deferred tax assets, net 329 3,296
Refundable income taxes -- 26,774
Prepaid expenses and other current assets 13,982 12,346
----------- -----------
Total current assets 416,291 546,611
Restricted cash 297 680
Property and equipment, net 37,311 97,758
Deferred tax assets, net 5,445 2,202
Other assets 6,710 8,717
----------- -----------
Total assets $ 466,054 $ 655,968
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 14,948 $ 29,250
Accrued liabilities 24,045 23,417
Income taxes payable 1,894 481
Deferred revenue 4,637 10,856
----------- -----------
Total current liabilities 45,524 64,004
Long-term income taxes payable 4,248 6,423
Deferred rent and other liabilities 5,081 5,626
Deferred tax liability -- 2,134
----------- -----------
Total liabilities 54,853 78,187
----------- -----------
Stockholders' equity
Common stock, $0.001 par value 52 50
Additional paid-in capital 651,263 630,333
Accumulated other comprehensive income 2,027 1,253
Retained earnings (accumulated deficit) (242,141) (53,855)
----------- -----------
Total stockholders' equity 411,201 577,781
----------- -----------
Total liabilities and stockholders' equity $ 466,054 $ 655,968
=========== ===========
Contact Information: Investor Contact: Stan Finkelstein Investor Relations (925) 290-4321