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FormFactor 8-K 2006

Documents found in this filing:

  1. 8-K
  2. Ex-99.1
  3. Graphic
  4. Graphic

EXHIBIT 99.1

News Release

Contacts:

 

 

FormFactor, Inc.

 

StreetSmart Investor Relations

Ron C. Foster

 

Brooke Deterline

Chief Financial Officer

 

Annie Leschin

(925) 290-4023

 

(925) 456-3911

 

 

IR@FormFactor.com

 

 

FOR IMMEDIATE RELEASE

 

FormFactor, Inc. Announces 2006 First Quarter Financial Results

 

Record quarterly revenues of $81.3 million; Net income up 119% year over year.

 

LIVERMORE, CA — April 26, 2006 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the first quarter of fiscal 2006. Quarterly revenues were a record $81.3 million, up 13% from $71.8 million in the fourth quarter of fiscal 2005, and up 60% from $50.9 million for the first quarter of fiscal 2005.

 

“Following 34% revenue growth in 2005, we achieved record revenues based on solid operating performance as we successfully ramped our industry-leading MEMS facility”, said Joseph Bronson, President of FormFactor.

 

Net income for the first quarter of fiscal 2006 was $10.8 million or $0.25 per share on a fully diluted basis, which included $2.5 million or $0.05 of incremental FAS 123 (R) stock option expense net of tax. This compares to $10.5 million or $0.25 per share on a fully diluted basis for the fourth quarter of fiscal year 2005, and $4.9 million or $0.12 per share on a fully diluted basis for the first quarter of fiscal year 2005, both of which exclude incremental stock-based compensation from the adoption of FAS 123 (R). The effective tax rate for the first quarter of fiscal 2006 was 35.9% compared to 29.1% for the fourth quarter of fiscal 2005 impacting net income by $1.1 million or $0.03 per fully diluted share.

 

Bookings of $95.9 million for the first quarter of fiscal 2006 also set a company record, with an increase of 17% from $82.2 million for the fourth quarter of fiscal 2005 and an increase of 89% from $50.9 million for the first quarter of fiscal 2005.

 

 

1



 

Cash, cash equivalents, restricted cash and marketable securities increased by $188 million to $402 million at the end of April 1, 2006 reflecting $182 million of net cash proceeds from our follow-on offering executed in March 2006 and $8.7 million of net cash proceeds from operations and other sources.

 

“Growing demand for the Company’s leading-edge advanced technology products continued this quarter. Our innovation continues to drive a strong product pipeline expanding our leadership position across multiple markets,” said CEO Igor Khandros.

 

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. PDT, or 4:30 p.m. EDT, today. The public is invited to listen to a live web cast of FormFactor’s conference call on the Investors section of the Company’s website at www.formfactor.com.  An audio replay of the conference call will be made available approximately two hours after the conclusion of the call. The audio replay will remain available until April 28, 2006 at 6:30 p.m. PDT and can be accessed by dialing (888) 286-8010 or (617) 801-6888 and entering confirmation code 80994195.

 

About FormFactor:

FormFactor, Inc. (Nasdaq: FORM) is an industry leader in the design, development, manufacture, sale and support of precision, high-performance advanced semiconductor wafer probe cards. The Company’s products are based on its proprietary technologies, including its MicroSpring interconnect technology and design processes, which enable FormFactor to produce wafer probe cards for test applications that require reliability, speed, precision and signal integrity. FormFactor is headquartered in Livermore, California. For more information, visit the Company’s website at www.formfactor.com.

###

FormFactor and MicroSpring are registered trademarks of FormFactor, Inc.  All other product, trademark, company or service names mentioned herein are the property of their respective owners.

 

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 business momentum, operations, performance of our products and future growth. 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 demand for certain semiconductor devices; the rate at which semiconductor manufacturers implement manufacturing capability changes, make the transition to smaller nanometer technology nodes and implement tooling cycles; the Company’s ability to add manufacturing capacity, ramp production volume and expand globally; the Company’s ability to develop and deliver innovative technologies, and to enforce its intellectual property rights; and the Company’s ability to implement processes and structures to support growth. Additional information concerning factors that could cause actual events or results to differ materially from

 

 

2



 

those in any forward-looking statement is contained in the Company’s Form 10-K for the period ended December 31, 2005, filed with the Securities and Exchange Commission (“SEC”), and other SEC filings. Copies of SEC filings made by the Company 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.

 

 

3



 

FORMFACTOR, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

Three Months Ended

 

 

 

April 1, 2006

 

March 26, 2005

 

 

 

 

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

81,330

 

$

50,965

 

Cost of revenues

 

40,500

 

28,835

 

 

 

 

 

 

 

Gross margin

 

40,830

 

22,130

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Research and development

 

9,776

 

5,879

 

Selling, general and administrative

 

15,748

 

9,595

 

 

 

 

 

 

 

Total operating expenses

 

25,524

 

15,474

 

 

 

 

 

 

 

Operating income

 

15,306

 

6,656

 

 

 

 

 

 

 

Interest income

 

1,822

 

816

 

Other income (expense), net

 

(341

)

87

 

 

 

1,481

 

903

 

 

 

 

 

 

 

Income before income taxes

 

16,787

 

7,559

 

Provision for income taxes

 

6,019

 

2,648

 

 

 

 

 

 

 

Net income

 

$

10,768

 

$

4,911

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

Basic

 

$

0.26

 

$

0.13

 

 

 

 

 

 

 

Diluted

 

$

0.25

 

$

0.12

 

 

 

 

 

 

 

Weighted-average number of shares

 

 

 

 

 

used in per share calculations:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

41,593

 

39,018

 

 

 

 

 

 

 

Diluted

 

43,473

 

41,197

 

 

 

4



 

FORMFACTOR, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(Unaudited)

 

 

April 1,

 

December 31,

 

 

 

 

2006

 

2005

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

223,576

 

$

31,217

 

 

Marketable securities

 

176,546

 

180,391

 

 

Accounts receivable, net of allowance for doubtful accounts of $74 as of April 1, 2006 and December 31, 2005

 

49,944

 

43,967

 

 

Inventories

 

21,098

 

18,404

 

 

Deferred tax assets

 

11,339

 

11,396

 

 

Prepaid expenses and other current assets

 

8,493

 

7,169

 

 

Total current assets

 

490,996

 

292,544

 

 

Restricted cash

 

2,250

 

2,250

 

 

Property and equipment, net

 

84,728

 

81,588

 

 

Deferred tax assets

 

5,521

 

4,518

 

 

Other assets

 

868

 

461

 

 

Total assets

 

$

584,363

 

$

381,361

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

23,205

 

$

26,369

 

 

Accrued liabilities

 

15,710

 

20,467

 

 

Income tax payable

 

12,544

 

9,697

 

 

Deferred rent

 

313

 

313

 

 

Deferred revenue and customer advances

 

4,562

 

3,588

 

 

Total current liabilities

 

56,334

 

60,434

 

 

Deferred rent and other long term liabilities

 

3,668

 

3,138

 

 

Total liabilities

 

60,002

 

63,572

 

 

Stockholders’ equity

 

 

 

 

 

 

Common stock, $0.001 par value

 

46

 

40

 

 

Additional paid in capital

 

461,915

 

268,291

 

 

Deferred stock-based compensation

 

 

(2,495

)

 

Accumulated other comprehensive loss

 

(680

)

(359

)

 

Retained earnings

 

63,080

 

52,312

 

 

Total stockholders’ equity

 

524,361

 

317,789

 

 

Total liabilities and stockholders’ equity

 

$

584,363

 

$

381,361

 

 

 

 

5


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