FormFactor, Inc. Reports Second Quarter Results

LIVERMORE, CA -- (Marketwired) -- Jul 30, 2014 -- FormFactor, Inc. (NASDAQ: FORM) today announced its financial results for the second quarter of fiscal 2014 that ended on June 28, 2014. Quarterly revenues were $67.4 million, up 20% from $56.0 million in the first quarter of fiscal 2014, and up 7% from $62.7 million in the second quarter of fiscal 2013.

On a GAAP basis, net loss for the second quarter of fiscal 2014 was $(4.3) million, or $(0.08) per fully-diluted share, compared to a net loss for the first quarter of fiscal 2014 of $(12.7) million, or $(0.23) per fully-diluted share, and a net loss for the second quarter of fiscal 2013 of $(8.4) million, or $(0.16) per fully-diluted share.

On a non-GAAP basis, net income for the second quarter of fiscal 2014 was $4.9 million, or $0.08 per fully-diluted share, compared to a net loss for the first quarter of fiscal 2014 of $(2.3) million, or $(0.04) per fully-diluted share, and a net loss for the second quarter of fiscal 2013 of $(0.3) million, or $(0.01) per fully-diluted share. A reconciliation of GAAP to non-GAAP net income (loss) and net income (loss) per share is provided in the schedules included below.

Cash generation for the second quarter of fiscal 2014 was $5.0 million, compared to cash usage of $(7.1) million for the first quarter of fiscal 2014 and cash generation of $1.0 million for the second quarter of fiscal 2013.

"In Q2, we saw increased business and improved operational performance, resulting in our first non-GAAP profitable quarter since Q4 of 2007," said Tom St. Dennis, CEO of FormFactor, Inc. "We made significant progress in each of our DRAM, Flash Memory and SOC product lines during the quarter and are positioned to support our growth objectives through 2016."

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 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 August 1, 2014, 9:00 p.m. PDT, and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering confirmation code 73696070. 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) helps semiconductor manufacturers test the integrated circuits (ICs) that power consumer mobile devices, as well as computing, automotive and other applications. The company is one of the world's leading providers of essential wafer test technologies and expertise, with an extensive portfolio of high-performance probe cards for DRAM, Flash and SoC devices. Customers use FormFactor's products and services to lower overall production costs, improve their yields and enable complex next-generation ICs. Headquartered in Livermore, California, the company services its customers from a network of facilities 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; seasonal industry trends; risks of the company's ability to realize further operational efficiencies, to realize sustainable profitability, to achieve its growth objectives, and to meet customer demand for the company's DRAM, Flash Memory and SoC products; 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 28, 2013, 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/sec.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       Six Months Ended    
                                ----------------------    ----------------------  
                                                            June  28,        June  29,        June  28,        June  29,    
                                                                2014                2013                2014                2013        
                                                          ----------    ----------    ----------    ----------  
Revenues                                          $      67,352    $      62,733    $    123,311    $    115,353  
Cost  of  revenues                                  47,328            46,328            90,962            89,873  
                                                          ----------    ----------    ----------    ----------  
Gross  profit                                          20,024            16,405            32,349            25,480  
                                                          ----------    ----------    ----------    ----------  
Operating  expenses:                                                                                                                  
    Research  and  development              11,074            10,915            20,821            21,844  
    Selling,  general  and                                                                                                            
      administrative                                13,191            13,487            25,445            28,105  
    Restructuring  charges,  net                  59                    92              2,056              4,072  
    Loss  on  sale  of  subsidiary                  --                  300                    --                  300  
    Impairment  of  long-lived                                                                                                    
      assets                                                        --                  121                  743                  179  
                                                          ----------    ----------    ----------    ----------  
        Total  operating  expenses          24,324            24,915            49,065            54,500  
                                                          ----------    ----------    ----------    ----------  
Operating  loss                                      (4,300)          (8,510)        (16,716)        (29,020)
Interest  income,  net                                  79                    96                  158                  203  
Other  income  (expense),  net                (156)                209                (222)                632  
                                                          ----------    ----------    ----------    ----------  
Loss  before  income  taxes                  (4,377)          (8,205)        (16,780)        (28,185)
Provision  (benefit)  for                                                                                                          
  income  taxes                                              (51)                202                  257                    (5)
                                                          ----------    ----------    ----------    ----------  
Net  loss                                          $      (4,326)  $      (8,407)  $    (17,037)  $    (28,180)
                                                          ==========    ==========    ==========    ==========  
Net  loss  per  share:                                                                                                                  
    Basic  and  Diluted                    $        (0.08)  $        (0.16)  $        (0.31)  $        (0.52)
                                                          ==========    ==========    ==========    ==========  
Weighted-average  number  of                                                                                                    
  shares  used  in  per  share                                                                                                      
  calculations:                                                                                                                            
    Basic  and  diluted                            55,812            54,105            55,431            53,886  
                                                          ==========    ==========    ==========    ==========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                            FORMFACTOR,  INC.                                                            
                                RECONCILIATION  OF  NON-GAAP  NET  INCOME  (LOSS)                                
                                    (In  thousands,  except  per  share  amounts)                                    
                                                                (Unaudited)                                                                  
                                                                                                                                                        
                                                              Three  Months  Ended              Six  Months  Ended        
                                                          ----------------------    ----------------------  
                                                            June  28,        June  29,        June  28,        June  29,    
                                                                2014                2013                2014                2013        
                                                          ----------    ----------    ----------    ----------  
GAAP  net  loss                                $      (4,326)  $      (8,407)  $    (17,037)  $    (28,180)
Stock-based  compensation                    3,519              3,132              6,089              6,166  
Restructuring  charges,  net                      59                    92              2,056              4,072  
Acquisition  and  integration                                                                                                  
  related  expenses                                      388                  282                  429              1,194  
Amortization  of  intangibles,                                                                                                
  inventory  and  fixed  assets                                                                                                  
  fair  value  adjustment  due                                                                                                    
  to  acquisition                                      4,953              4,206              9,902              8,992  
Impairment  of  long-lived                                                                                                        
  assets                                                            --                  421                  743                  479  
Loss  contingency                                        280                    --                  413                    --  
Income  tax  valuation                                                                                                                
  allowance                                                      --                    --                    --                  150  
                                                          ----------    ----------    ----------    ----------  
Non-GAAP  net  income  (loss)      $        4,873    $          (274)  $        2,595    $      (7,127)
                                                          ==========    ==========    ==========    ==========  
                                                                                                                                                        
Non-GAAP  net  income  (loss)                                                                                                    
  per  share:                                                                                                                                  
Basic                                                $          0.09    $        (0.01)  $          0.05    $        (0.13)
                                                          ==========    ==========    ==========    ==========  
Diluted                                            $          0.08    $        (0.01)  $          0.05    $        (0.13)
                                                          ==========    ==========    ==========    ==========  
                                                                                                                                                        
Weighted-average  number  of                                                                                                    
  shares  used  in  per  share                                                                                                      
  calculations:                                                                                                                            
Basic                                                        55,812            54,105            55,431            53,886  
                                                          ==========    ==========    ==========    ==========  
Diluted                                                    57,373            54,105            57,012            53,886  
                                                          ==========    ==========    ==========    ==========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
 

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