FormFactor, Inc. Reports Fourth Quarter and Annual Results

LIVERMORE, CA -- (Marketwired) -- Feb 05, 2014 -- FormFactor, Inc. (NASDAQ: FORM) today announced its financial results for the fourth quarter of fiscal 2013 that ended on December 28, 2013. Quarterly revenues were $48.5 million, down 28% from $67.6 million in the third quarter of fiscal 2013, and up 2% from $47.7 million in the fourth quarter of fiscal 2012.

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. (NASDAQ: FORM) is a leader in advanced wafer test solutions. The company's advanced wafer probe cards enable semiconductor manufacturers to lower their overall production costs, improve yields and bring next-generation devices to market. FormFactor's acquisition of MicroProbe creates the leading wafer test solution provider for both memory and non-memory semiconductor manufacturers. 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, 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  
                                                                                              =============    =============  
                                                                                                                                                        
                                                                                                                                                        
 

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