FormFactor, Inc. Reports First Quarter Results

LIVERMORE, CA -- (Marketwired) -- Apr 30, 2014 -- FormFactor, Inc. (NASDAQ: FORM) today announced its financial results for the first quarter of fiscal 2014 that ended on March 29, 2014. Quarterly revenues were $56.0 million, up 15% from $48.5 million in the fourth quarter of fiscal 2013, and up 6% from $52.6 million in the first quarter of fiscal 2013.

On a GAAP basis, net loss for the first quarter of fiscal 2014 was $(12.7) million, or $(0.23) per fully-diluted share, compared to a net loss for the fourth quarter of fiscal 2013 of $(18.8) million, or $(0.34) per fully-diluted share, and a net loss for the first quarter of fiscal 2013 of $(19.8) million, or $(0.37) per fully-diluted share.

On a non-GAAP basis, net loss for the first quarter of fiscal 2014 was $(2.3) million, or $(0.04) per fully-diluted share, compared to a net loss for the fourth quarter of fiscal 2013 of $(10.9) million, or $(0.20) per fully-diluted share, and a net loss for the first quarter of fiscal 2013 of $(6.9) million, or $(0.13) 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 first quarter of fiscal 2014 was $(7.1) million, compared to cash usage of $(5.2) million for the fourth quarter of fiscal 2013 and cash usage of $(12.1) million for the first quarter of fiscal 2013.

"We saw strong momentum in our SoC business during Q1 with increasing customer interest in our product solutions, including copper pillar test solutions," said Tom St. Dennis, CEO of FormFactor, Inc. "We also made significant progress on our recovery from the customer-specific DRAM issues we experienced in 2013. This progress enabled us to both re-engage with the customer and introduce new efficiencies into our operational processes."

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 3, 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 28662597. 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 created one of the leading wafer test solution providers 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; seasonal industry trends; risks of the company's ability to realize further operational efficiencies and recover fully from supplier and manufacturing challenges experienced in 2013; the company's ability to maintain or increase its SoC business and to realize sustainable profitability 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 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/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       
                                             ------------------------------ 
                                             March 29, 2014  March 30, 2013 
                                                                                       --------------    --------------  
Revenues                                                                          $              55,959    $              52,620  
Cost  of  revenues                                                                          43,634                    43,545  
                                                                                          --------------    --------------  
Gross  profit                                                                                  12,325                      9,075  
                                                                                          --------------    --------------  
Operating  expenses:                                                                                                                  
    Research  and  development                                                        9,747                    10,929  
    Selling,  general  and  administrative                                12,254                    14,618  
    Restructuring  charges,  net                                                    1,997                      3,980  
    Impairment  of  long-lived  assets                                              743                            58  
                                                                                          --------------    --------------  
        Total  operating  expenses                                                  24,741                    29,585  
                                                                                          --------------    --------------  
Operating  loss                                                                            (12,416)                (20,510)
Interest  income,  net                                                                          79                          107  
Other  income  (expense),  net                                                          (66)                        423  
                                                                                          --------------    --------------  
Loss  before  income  taxes                                                        (12,403)                (19,980)
Provision  (benefit)  for  income  taxes                                        308                        (207)
                                                                                          --------------    --------------  
Net  loss                                                                          $            (12,711)  $            (19,773)
                                                                                          ==============    ==============  
Net  loss  per  share:                                                                                                                  
    Basic  and  Diluted                                                    $                (0.23)  $                (0.37)
                                                                                          ==============    ==============  
Weighted-average  number  of  shares  used  in                                                                      
  per  share  calculations:                                                                                                        
    Basic  and  diluted                                                                    55,050                    53,664  
                                                                                          ==============    ==============  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                            FORMFACTOR,  INC.                                                            
                                        RECONCILIATION  OF  NON-GAAP  NET  LOSS                                          
                                    (In  thousands,  except  per  share  amounts)                                    
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                                                      Three  Months  Ended              
                                                                                          ------------------------------  
                                                                                          March  29,  2014    March  30,  2013  
                                                                                          --------------    --------------  
                                                                                                                                                        
GAAP  net  loss                                                                $            (12,711)  $            (19,773)
Stock-based  compensation                                                            2,570                      3,035  
Restructuring  charges,  net                                                        1,997                      3,980  
Acquisition  and  integration  related  expenses                          41                          912  
Amortization  of  intangibles,  inventory  and                                                                    
  fixed  assets  fair  value  adjustment  due  to                                                                    
  acquisition                                                                                    4,949                      4,786  
Impairment  of  long-lived  assets                                                  743                            58  
Loss  contingency                                                                                133                            --  
Income  tax  valuation  allowance                                                      --                          150  
                                                                                          --------------    --------------  
Non-GAAP  net  loss                                                        $              (2,278)  $              (6,852)
                                                                                          ==============    ==============  
                                                                                                                                                        
Non-GAAP  net  loss  per  share:                                                                                                
Basic  and  Diluted                                                        $                (0.04)  $                (0.13)
                                                                                          ==============    ==============  
                                                                                                                                                        
Weighted-average  number  of  shares  used  in                                                                      
  per  share  calculations:                                                                                                        
Basic  and  Diluted                                                                        55,050                    53,664  
                                                                                          ==============    ==============  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                            FORMFACTOR,  INC.                                                            
                                      CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                        
                                                                (In  thousands)                                                            
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                                                  March  29,          December  28,  
                                                                                                        2014                      2013          
                                                                                              -------------    -------------  
ASSETS                                                                                                                                            
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                        $            49,199    $            59,196  
    Marketable  securities                                                              94,798                  91,895  
    Accounts  receivable,  net                                                        37,057                  30,189  
    Inventories,  net                                                                        21,319                  20,707  
    Deferred  tax  assets                                                                    2,777                    2,776  
    Refundable  income  taxes                                                                782                        782  
    Prepaid  expenses  and  other  current  assets                        7,372                    6,106  
                                                                                              -------------    -------------  
        Total  current  assets                                                          213,304                211,651  
Restricted  cash                                                                                    435                        435  
Property,  plant  and  equipment,  net                                        30,049                  35,190  
Goodwill                                                                                            30,731                  30,731  
Intangibles,  net                                                                            52,398                  57,470  
Deferred  tax  assets                                                                        3,988                    3,960  
Other  assets                                                                                      1,273                    1,271  
                                                                                              -------------    -------------  
        Total  assets                                                              $          332,178    $          340,708  
                                                                                              =============    =============  
LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                                
Current  liabilities:                                                                                                                
    Accounts  payable                                                          $            15,921    $            16,313  
    Accrued  liabilities                                                                  13,814                  13,985  
    Capital  leases,  current  portion                                                140                        270  
    Income  taxes  payable                                                                      532                        172  
    Deferred  revenue                                                                          7,392                    7,030  
                                                                                              -------------    -------------  
        Total  current  liabilities                                                  37,799                  37,770  
Long-term  income  taxes  payable                                                  2,473                    2,497  
Deferred  rent  and  other  liabilities                                        6,393                    6,355  
                                                                                              -------------    -------------  
        Total  liabilities                                                                  46,665                  46,622  
                                                                                              -------------    -------------  
Commitments  and  contingencies                                                                                              
Stockholders'  equity:                                                                                                              
    Common  stock  and  capital  in  excess  of  par                                                                  
      value                                                                                          699,681                695,686  
    Accumulated  other  comprehensive  loss                                    (106)                    (249)
    Accumulated  deficit                                                              (414,062)            (401,351)
                                                                                              -------------    -------------  
        Total  stockholders'  equity                                              285,513                294,086  
                                                                                              -------------    -------------  
        Total  liabilities  and  stockholders'  equity  $          332,178    $          340,708  
                                                                                              =============    =============  
                                                                                                                                                        
                                                                                                                                                        
 

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