Contact Information: Investor Contact: Michael Magaro Investor Relations (925) 290-4321 Trade Press Contact: David Viera Director of Corporate Communications (925) 290-4681
FormFactor, Inc. Updates Fourth Quarter Revenue Guidance
| Source: FormFactor
LIVERMORE, CA--(Marketwire - December 17, 2008) - FormFactor, Inc. (NASDAQ : FORM ) today
announced that it expects revenue and earnings per share for fiscal fourth
quarter 2008 to be below the financial guidance previously provided on
October 28, 2008. The company now expects revenue to be between $37 to $41
million, lower than the previous expectation of $48 to $55 million, and
earnings per share, operating expenses and gross margins to be below the
guidance previously communicated.
The lower than expected results are due primarily to increased weakness
among memory customers. This weakness has resulted in a decrease in design
activity and a delay in technology transitions, which are negatively
impacting FormFactor's revenue and profitability.
"We have been experiencing very difficult conditions in the memory market
over the past several quarters and have been taking appropriate actions to
reduce our cost structure while still investing in our technology for the
future," said Mario Ruscev, CEO. "Unfortunately, conditions have worsened
over the last few weeks, which require us to revise our expectations and
re-evaluate the alignment of our operating plans and structure with
business conditions."
The company plans to release its financial results for its fourth quarter
on January 28, 2009, and will provide more details at that time.
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
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: changes in actual results for the fourth
quarter as compared to the guidance contained in this release, our ability
to reduce costs while continuing to develop future products, the demand for
semiconductor devices, especially memory devices, and the timing and extent
of a semiconductor industry recovery. 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 SEC
filings, including the Form 10-K for the fiscal year ended December 29,
2007 and the Form 10-Qs for the first three quarters of 2008. 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.
FORM-F