FormFactor 8-K 2010
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 16, 2010
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code: (925) 290-4000
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
On June 16, 2010, FormFactor, Inc. (the Company) announced a reduction in force of approximately 67 employees, about 8% of its total workforce, as part of a cost reduction plan that includes restructuring and reducing the size of its workforce.
The activities comprising the reduction in force are expected to be substantially completed by the fourth quarter of fiscal 2010. The Company expects to record charges of approximately $5 million in connection with the reduction in force associated with one-time severance benefits, which will be recorded in the second quarter of fiscal 2010.
A press release announcing the reduction in force is attached hereto as Exhibit 99.01.
Item 9.01 Financial Statements and Exhibits.
Statements in this report that are not strictly historical in nature are forward-looking statements within the meaning of the federal securities laws, including statements regarding business momentum, demand for 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 Companys ability to execute its cost reduction plan, including reducing its GAAP and non-GAAP operating expenses; the Companys ability to improve Company-wide performance and to simplify its structure and focus on basic business; the Company incurring a greater restructuring charge in connection with its cost reduction plan than that anticipated; changes in the semiconductor market environment, including the demand for DRAM and Flash memories and SoC devices; and changes in the Companys customers announced capital equipment investment plans. 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 Companys Annual Report on Form 10-K for the fiscal year ended December 26, 2009, as filed with the Securities and Exchange Commission (SEC), and subsequent SEC filings, including the Companys Quarterly Report on Form 10-Q for its fiscal quarterly period ending March 27, 2010. Copies of the Companys SEC filings are available at http://investors.formfactor.com/edgar.cfm. The Company assumes no obligation to update the information in this report, to revise any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.