FormFactor, Inc. Reports First Quarter Results

LIVERMORE, CA -- (Marketwired) -- Apr 29, 2015 -- FormFactor, Inc. (NASDAQ: FORM) today announced its financial results for the first quarter of fiscal 2015 that ended on March 28, 2015. Quarterly revenues were $70.8 million, down 1% from $71.3 million in the fourth quarter of fiscal 2014, and up 27% from $56.0 million in the first quarter of fiscal 2014.

On a GAAP basis, net income for the first quarter of fiscal 2015 was $0.8 million, or $0.01 per fully-diluted share, compared to a net loss for the fourth quarter of fiscal 2014 of $(1.9) million, or $(0.03) per fully-diluted share, and a net loss for the first quarter of fiscal 2014 of $(12.7) million, or $(0.23) per fully-diluted share.

On a non-GAAP basis, net income for the first quarter of fiscal 2015 was $5.9 million, or $0.10 per fully-diluted share, compared to a net income for the fourth quarter of fiscal 2014 of $6.5 million, or $0.11 per fully-diluted share, and a net loss for the first quarter of fiscal 2014 of $(2.3) million, or $(0.04) 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 first quarter of fiscal 2015 was $7.8 million, compared to cash generation of $9.5 million for the fourth quarter of fiscal 2014 and cash usage of $(7.1) million for the first quarter of fiscal 2014.

"The first quarter of 2015 marked our fourth consecutive quarter of non-GAAP profitability and cash generation," said Mike Slessor, Chief Executive Officer of FormFactor, Inc. "As we enter a period with historically strong seasonal demand, we continue to pair improved operational execution with market share gains, and are optimistic about our future growth opportunities."

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 May 1, 2015, 9:00 p.m. PDT, and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering confirmation code 21634739. 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; changes in historical demands on a seasonal basis; risks in the company's ability to pair improved operational execution with market share gains; risks of the company's ability 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 27, 2014, as filed with the SEC, and subsequent SEC filings. 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   
                                                   -------------------------
                                                                        March  28,        March  29,  
                                                                                                              2015                  2014        
                                                                                                      ------------  ------------
Revenues                                                                                      $        70,829    $        55,959  
Cost  of  revenues                                                                                48,040              43,634  
                                                                                                      ------------  ------------
Gross  profit                                                                                        22,789              12,325  
                                                                                                      ------------  ------------
Operating  expenses:                                                                                                                  
    Research  and  development                                                            11,086                9,747  
    Selling,  general  and  administrative                                      11,882              12,254  
    Restructuring  charges,  net                                                              503                1,997  
    Impairment  of  long-lived  assets                                                        -                    743  
                                                                                                      ------------  ------------
        Total  operating  expenses                                                        23,471              24,741  
                                                                                                      ------------  ------------
Operating  loss                                                                                        (682)          (12,416)
Interest  income,  net                                                                                85                      79  
Other  income  (expense),  net                                                            1,501                    (66)
                                                                                                      ------------  ------------
Income  (loss)  before  income  taxes                                                    904            (12,403)
Provision  for  income  taxes                                                                  121                    308  
                                                                                                      ------------  ------------
Net  income  (loss)                                                                    $              783    $      (12,711)
                                                                                                      ============  ============
Net  income  (loss)  per  share:                                                                                                
    Basic                                                                                        $            0.01    $          (0.23)
                                                                                                      ============  ============
    Diluted                                                                                    $            0.01    $          (0.23)
                                                                                                      ============  ============
Weighted-average  number  of  shares  used  in  per                                                              
  share  calculations:                                                                                                                
    Basic                                                                                                  56,954              55,050  
                                                                                                      ============  ============
    Diluted                                                                                              58,838              55,050  
                                                                                                      ============  ============
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                            FORMFACTOR,  INC.                                                            
                                RECONCILIATION  OF  NON-GAAP  NET  INCOME  (LOSS)                                
                                    (In  thousands,  except  per  share  amounts)                                    
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                                                              Three  Months  Ended      
                                                                                                      -------------------------
                                                                                                          March  28,        March  29,  
                                                                                                              2015                  2014        
                                                                                                      ------------  ------------
GAAP  net  income  (loss)                                                          $              783    $      (12,711)
Stock-based  compensation                                                                  2,909                2,570  
Restructuring  charges,  net                                                                  503                1,997  
Acquisition  and  integration  related  expenses                              (90)                    41  
Amortization  of  intangibles,  inventory  and  fixed                                                        
  assets  fair  value  adjustment  due  to  acquisition                  3,291                4,949  
Impairment  of  long-lived  assets                                                            -                    743  
Loss  contingency                                                                                          -                    133  
Business  interruption  insurance  claim  recovery                    (1,484)                      -  
                                                                                                      ------------  ------------
Non-GAAP  net  income  (loss)                                                  $          5,912    $        (2,278)
                                                                                                      ============  ============
                                                                                                                                                        
Non-GAAP  net  income  (loss)  per  share:                                                                              
Basic                                                                                            $            0.10    $          (0.04)
                                                                                                      ============  ============
Diluted                                                                                        $            0.10    $          (0.04)
                                                                                                      ============  ============
                                                                                                                                                        
Weighted-average  number  of  shares  used  in  per                                                              
  share  calculations:                                                                                                                
Basic                                                                                                      56,954              55,050  
                                                                                                      ============  ============
Diluted                                                                                                  58,838              55,050  
                                                                                                      ============  ============
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                            FORMFACTOR,  INC.                                                            
                                        CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                      
                                                              (In  thousands)                                                              
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                                                        March  28,      December  27,
                                                                                                            2015                    2014        
                                                                                                    ------------  -------------
ASSETS                                                                                                                                            
Current  assets:                                                                                                                          
Cash  and  cash  equivalents                                                  $      125,993    $        113,940  
Marketable  securities                                                                    45,660                49,897  
Accounts  receivable,  net                                                              41,055                45,152  
Inventories,  net                                                                              24,571                25,548  
Deferred  tax  assets                                                                          2,031                  2,036  
Refundable  income  taxes                                                                          -                      782  
Prepaid  expenses  and  other  current  assets                              6,154                  6,919  
                                                                                                    ------------  -------------
    Total  current  assets                                                                245,464              244,274  
Restricted  cash                                                                                      435                      435  
Property,  plant  and  equipment,  net                                          25,077                25,498  
Goodwill                                                                                              30,731                30,731  
Intangibles,  net                                                                              35,504                38,689  
Deferred  tax  assets                                                                          3,477                  3,466  
Other  assets                                                                                            831                  1,150  
                                                                                                    ------------  -------------
    Total  assets                                                                        $      341,519    $        344,243  
                                                                                                    ============  =============
LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                                
Current  liabilities:                                                                                                                
Accounts  payable                                                                    $        16,143    $          20,274  
Accrued  liabilities                                                                        17,033                21,217  
Income  taxes  payable                                                                            158                        68  
Deferred  revenue                                                                                5,962                  6,303  
                                                                                                    ------------  -------------
    Total  current  liabilities                                                        39,296                47,862  
Long-term  income  taxes  payable                                                    1,025                  1,094  
Deferred  tax  liabilities                                                                2,208                  2,208  
Deferred  rent  and  other  liabilities                                          3,621                  3,643  
                                                                                                    ------------  -------------
    Total  liabilities                                                                        46,150                54,807  
                                                                                                    ------------  -------------
Commitments  and  contingencies                                                                                              
Stockholders'  equity:                                                                                                              
Common  stock  and  capital  in  excess  of  par  value              716,819              711,733  
Accumulated  other  comprehensive  loss                                      (1,697)              (1,761)
Accumulated  deficit                                                                    (419,753)          (420,536)
                                                                                                    ------------  -------------
    Total  stockholders'  equity                                                    295,369              289,436  
                                                                                                    ------------  -------------
    Total  liabilities  and  stockholders'  equity            $      341,519    $        344,243  
                                                                                                    ============  =============
                                                                                                                                                        
 

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