For fiscal 2013, FormFactor posted revenue of $231.5 million, up 30% from $178.5 million in fiscal 2012.
On a GAAP basis, net loss for the fourth quarter of fiscal 2013 was $(18.8) million, or $(0.34) per fully-diluted share, compared to a net loss for the third quarter of fiscal 2013 of $(10.7) million, or $(0.20) per fully-diluted share, and a net income for the fourth quarter of fiscal 2012 of $0.6 million, or $0.01 per fully-diluted share. Net loss for fiscal 2013 was $(57.7) million, or $(1.06) per fully-diluted share, compared to a net loss of $(35.5) million, or $(0.70) per fully-diluted share, for fiscal 2012.
On a non-GAAP basis, net loss for the fourth quarter of fiscal 2013 was $(10.9) million, or $(0.20) per fully-diluted share, compared to a net loss for the third quarter of fiscal 2013 of $(3.5) million, or $(0.06) per fully-diluted share, and a net loss for the fourth quarter of fiscal 2012 of $(13.3) million, or $(0.25) per fully-diluted share. On a non-GAAP basis, net loss for fiscal 2013 was $(21.5) million, or $(0.40) per fully-diluted share. A reconciliation of GAAP to non-GAAP net loss and net loss per share is provided in the schedules included below.
Cash usage for the fourth quarter of fiscal 2013 was $(5.2) million, compared to cash generated of $1.8 million for the third quarter of fiscal 2013 and cash usage of $(110.4) million for the fourth quarter of fiscal 2012. Excluding cash usage attributable to the acquisition of Astria, but including cash from Astria's operations subsequent to the acquisition, cash usage for the fourth quarter of fiscal 2012 was $(13.7) million.
"Despite certain market and seasonality challenges in the fourth quarter, FormFactor made significant progress in our operational and financial performance in 2013", said Tom St. Dennis, FormFactor CEO and Executive Chairman. "2013 marked the first full year of the FormFactor/MicroProbe business combination and we delivered 2 quarters of positive cash flow for the first time since 2007. Exiting the year as a leader in both the DRAM and Logic markets, we are positioning FormFactor for sustainable profitability as we move into 2014."
The company has posted its revenue breakdown by region and market segment on the Investors section of its website at www.formfactor.com. FormFactor will conduct a conference call at 1:30 p.m. PST, or 4:30 p.m. EST, today.
The public is invited to listen to a live webcast of FormFactor's conference call on the Investors section of the company's web site 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 7, 2014, 9:00 p.m. Pacific Standard Time, and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering confirmation code 31046117. Additionally, the replay will be available on the Investors section of our website, www.formfactor.com.
Non-GAAP Financial Measures:
This press release highlights the company's financial results on both a GAAP and a non-GAAP basis. The GAAP results include certain charges that are excluded from non-GAAP results. By publishing the non-GAAP measures, management intends to provide investors with additional information to further analyze the company's performance, core results and underlying trends. FormFactor's management evaluates results and makes operating decisions using both GAAP and non-GAAP measures included in this press release. 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 statements prepared in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures attached to this press release.
About FormFactor:
FormFactor, Inc. (
FormFactor, MicroProbe, and the FormFactor and MicroProbe logos are registered or unregistered 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 or trends, 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: unexpected changes in demand for the company's products and the company's manufacturing utilization, supplier and manufacturing challenges; seasonal industry trends; risks of the company's ability to realize further operational efficiencies and achieve synergies through the MicroProbe integration; risks of the company's operational execution and ability to be profitable in 2014; and changes in the market and macro-economic environments. 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 29, 2012, as filed with the SEC, and subsequent SEC filings, including the company's Quarterly Reports on Forms 10-Q. 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.
FORM-F
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Fiscal Year Ended
------------------------ ------------------------
December December December December
28, 2013 29, 2012 28, 2013 29, 2012
----------- ----------- ----------- -----------
Revenues $ 48,546 $ 47,654 $ 231,533 $ 178,535
Cost of revenues 44,288 50,798 189,249 153,204
----------- ----------- ----------- -----------
Gross profit (loss) 4,258 (3,144) 42,284 25,331
----------- ----------- ----------- -----------
Operating expenses:
Research and
development 9,994 9,775 42,139 40,130
Selling, general and
administrative 12,160 14,958 53,217 49,231
Restructuring charges,
net 443 333 4,658 2,917
Loss on sale of
subsidiary -- -- 300 --
Impairment of long-
lived assets 567 49 761 421
Gain on settlement of
litigation -- (3,250) -- (3,250)
----------- ----------- ----------- -----------
Total operating
expenses 23,164 21,865 101,075 89,449
----------- ----------- ----------- -----------
Operating loss (18,906) (25,009) (58,791) (64,118)
Interest income, net 88 134 386 691
Other income, net 82 334 623 1,461
----------- ----------- ----------- -----------
Loss before income taxes (18,736) (24,541) (57,782) (61,966)
Provision for (benefit
from) income taxes 53 (25,144) (99) (26,420)
----------- ----------- ----------- -----------
Net (loss) income $ (18,789) $ 603 $ (57,683) $ (35,546)
=========== =========== =========== ===========
Net (loss) income per
share:
Basic $ (0.34) $ 0.01 $ (1.06) $ (0.70)
=========== =========== =========== ===========
Diluted $ (0.34) $ 0.01 $ (1.06) $ (0.70)
=========== =========== =========== ===========
Weighted-average number
of shares used in per
share calculations:
Basic 54,608 52,745 54,204 50,551
=========== =========== =========== ===========
Diluted 54,608 52,921 54,204 50,551
=========== =========== =========== ===========
FORMFACTOR, INC.
RECONCILIATION OF NON-GAAP NET LOSS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Fiscal Year Ended
--------------------------------------------------
December December December December
28, 2013 29, 2012 28, 2013 29, 2012
----------- ----------- ----------- -----------
GAAP net (loss) income $ (18,789) $ 603 $ (57,683) (35,546)
Stock-based compensation 2,999 3,560 12,124 13,049
Restructuring charges,
net 443 333 4,658 2,917
Acquisition and
integration related
expenses (8) 1,785 1,292 2,960
Amortization of
intangibles, inventory
and fixed assets fair
value adjustment due to
acquisition 3,910 9,125 16,857 9,125
Impairment of long-lived
assets and loss on sale
of subsidiary 567 49 1,061 420
Gain on litigation -- (3,250) -- (3,250)
Income tax valuation
allowance -- (25,520) 150 (25,520)
----------- ----------- ----------- -----------
Non-GAAP net loss $ (10,878) $ (13,315) $ (21,541) $ (35,845)
=========== =========== =========== ===========
Non-GAAP net loss per
share:
Basic $ (0.20) $ (0.25) $ (0.40) $ (0.71)
=========== =========== =========== ===========
Diluted $ (0.20) $ (0.25) $ (0.40) $ (0.71)
=========== =========== =========== ===========
Weighted-average number
of shares used in per
share calculations:
Basic 54,608 52,745 54,204 50,551
=========== =========== =========== ===========
Diluted 54,608 52,745 54,204 50,551
=========== =========== =========== ===========
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December 28, December 29,
2013 2012
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 59,196 $ 72,243
Marketable securities 91,895 93,545
Accounts receivable, net 30,189 28,919
Inventories, net 20,707 23,616
Deferred tax assets 2,776 4,613
Refundable income taxes 782 5,667
Prepaid expenses and other current assets 6,106 10,569
------------- -------------
Total current assets 211,651 239,172
Restricted cash 435 318
Property, plant and equipment, net 35,190 45,515
Goodwill 30,731 30,994
Intangibles, net 57,470 74,276
Deferred tax assets 3,960 4,207
Other assets 1,271 1,200
------------- -------------
Total assets $ 340,708 $ 395,682
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 16,313 $ 21,015
Accrued liabilities 13,985 17,270
Capital leases, current portion 270 573
Income taxes payable 172 --
Deferred revenue 7,030 6,189
------------- -------------
Total current liabilities 37,770 45,047
Long-term income taxes payable 2,497 3,028
Capital leases, net of current portion -- 340
Deferred rent and other liabilities 6,355 8,009
------------- -------------
Total liabilities 46,622 56,424
Stockholders' equity:
Common stock and capital in excess of par
value 695,686 681,211
Accumulated other comprehensive income
(loss) (249) 1,715
Accumulated deficit (401,351) (343,668)
------------- -------------
Total stockholders' equity 294,086 339,258
------------- -------------
Total liabilities and stockholders' equity $ 340,708 $ 395,682
============= =============
