FormFactor, Inc. Reports Fourth Quarter and Annual Results

Participants in the Solicitation

Cascade Microtech and FormFactor and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from Cascade Microtech shareholders with respect to the transactions contemplated by the merger agreement. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of Cascade Microtech security holders in connection with the proposed merger will be set forth in the registration statement and the proxy statement/prospectus when filed with the SEC. Information regarding Cascade Microtech's executive officers and directors is included in Cascade Microtech's Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on March 12, 2015, and its proxy statement for its 2015 annual meeting of shareholders, filed with the SEC on April 6, 2015. Information regarding FormFactor's executive officers and directors is included in FormFactor's Annual Report on Form 10-K for the year ended December 27, 2014, filed with the SEC on March 6, 2015, its proxy statement for its 2015 annual meeting of shareholders, filed with the SEC on March 19, 2015 and its Current Report on Form 8-K, filed with the SEC on August 7, 2015. Copies of the foregoing documents may be obtained as provided above. Certain executive officers and directors of Cascade Microtech and FormFactor have interests in the transaction that may differ from the interests of Cascade Microtech and FormFactor shareholders generally, respectively. These interests will be described in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

FORM-F

                              FORMFACTOR, INC.                              
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               
                  (In thousands, except per share amounts)                  
                                 (Unaudited)                                
                                                                            
                                                                            
                         Three Months Ended           Fiscal Year Ended     
                     --------------------------  -------------------------- 
                     December 26,  December 27,  December 26,  December 27, 
                         2015          2014          2015          2014     
                     ------------  ------------  ------------  ------------ 
Revenues             $     71,782  $     71,285  $    282,358  $    268,530 
Cost of revenues           50,591        50,337       196,620       191,091 
                     ------------  ------------  ------------  ------------ 
Gross profit               21,191        20,948        85,738        77,439 
                     ------------  ------------  ------------  ------------ 
Operating Expenses:                                                         
  Research and                                                              
   development             11,236        10,706        44,184        42,725 
  Selling, general                                                          
   and administrative      10,719        12,631        45,090        51,385 
  Restructuring                                                             
   charges, net                (3)          584           559         2,668 
  Impairment of long-                                                       
   lived assets                --           390             8         1,219 
                     ------------  ------------  ------------    ------------  
        Total  operating                                                                                                                  
          expenses                            21,952                24,311                89,841                97,997  
                                          ------------    ------------    ------------    ------------  
Operating  loss                              (761)              (3,363)              (4,103)            (20,558)
Interest  income,  net                      70                        69                      285                      302  
Other  income                                                                                                                                
  (expense),  net                              (36)                    155                  2,547                      161  
                                          ------------    ------------    ------------    ------------  
Loss  before  income                                                                                                                    
  taxes                                              (727)              (3,139)              (1,271)            (20,095)
Provision  (benefit)                                                                                                                  
  for  income  taxes                        (108)              (1,268)                    252                    (910)
                                          ------------    ------------    ------------    ------------  
Net  loss                          $              (619)  $          (1,871)  $          (1,523)  $        (19,185)
                                          ============    ============    ============    ============  
                                                                                                                                                        
Net  loss  per  share:                                                                                                                  
Basic  and  diluted        $            (0.01)  $            (0.03)  $            (0.03)  $            (0.34)
                                          ============    ============    ============    ============  
                                                                                                                                                        
Weighted  average                                                                                                                        
  number  of  shares                                                                                                                      
  used  in  per  share                                                                                                                    
  calculations:                                                                                                                            
Basic  and  diluted                    58,128                56,472                57,850                55,908  
                                          ============    ============    ============    ============  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                            FORMFACTOR,  INC.                                                            
                                      RECONCILIATION  OF  NON-GAAP  NET  INCOME                                        
                                    (In  thousands,  except  per  share  amounts)                                    
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                                                                                                        
                                                  Three  Months  Ended                      Fiscal  Year  Ended          
                                          --------------------------    --------------------------  
                                          December  26,    December  27,    December  26,    December  27,  
                                                  2015                    2014                    2015                    2014          
                                          ------------    ------------    ------------    ------------  
GAAP  net  loss                $              (619)  $          (1,871)  $          (1,523)  $        (19,185)
Stock-based                                                                                                                                  
  compensation                              3,060                  3,256                11,575                13,279  
Restructuring                                                                                                                              
  charges,  net                                    (3)                    584                      559                  2,668  
Acquisition  and                                                                                                                          
  integration  related                                                                                                                
  expenses                                            35                        25                      231                      423  
Amortization  of                                                                                                                          
  intangibles,                                                                                                                              
  inventory  and  fixed                                                                                                                
  assets  fair  value                                                                                                                    
  adjustment  due  to                                                                                                                    
  acquisition                                3,359                  3,654                13,509                18,539  
Impairment  of  long-                                                                                                                  
  lived  assets                                    --                      390                          8                  1,219  
Loss  contingency                              --                      498                        --                  1,218  
Gain  on  sale  of                                                                                                                          
  intellectual                                                                                                                              
  property                                            --                        --                (1,040)                      --  
Business                                                                                                                                        
  interruption                                                                                                                              
  insurance  claim                                                                                                                        
  recovery                                            --                        --                (1,521)                      --  
                                          ------------    ------------    ------------    ------------  
Non-GAAP  net  income    $            5,832    $            6,536    $          21,798    $          18,161  
                                          ============    ============    ============    ============  
                                                                                                                                                        
Non-GAAP  net  income                                                                                                                  
  per  share:                                                                                                                                  
    Basic                            $              0.10    $              0.12    $              0.38    $              0.32  
                                          ============    ============    ============    ============  
    Diluted                        $              0.10    $              0.11    $              0.37    $              0.32  
                                          ============    ============    ============    ============  
                                                                                                                                                        
Weighted-average                                                                                                                        
  number  of  shares                                                                                                                      
  used  in  per  share                                                                                                                    
  calculations:                                                                                                                            
    Basic                                        58,128                56,472                57,850                55,908  
                                          ============    ============    ============    ============  
    Diluted                                    59,138                58,234                59,069                57,510  
                                          ============    ============    ============    ============  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                            FORMFACTOR,  INC.                                                            
                                      CONDENSED  CONSOLIDATED  BALANCE  SHEETS                                        
                                                                (In  thousands)                                                            
                                                                  (Unaudited)                                                                
                                                                                                                                                        
                                                                                                                                                        
                                                                                                December  26,      December  27,  
                                                                                                        2015                      2014          
                                                                                              -------------    -------------  
ASSETS                                                                                                                                            
Current  assets:                                                                                                                          
    Cash  and  cash  equivalents                                        $          146,264    $          113,940  
    Marketable  securities                                                              41,325                  49,897  
    Accounts  receivable,  net                                                        36,725                  45,152  
    Inventories,  net                                                                        27,223                  25,548  
    Refundable  income  taxes                                                                  --                        782  
    Prepaid  expenses  and  other  current  assets                        6,481                    6,919  
                                                                                              -------------    -------------  
        Total  current  assets                                                          258,018                242,238  
Restricted  cash                                                                                    435                        435  
Property,  plant  and  equipment,  net                                        23,853                  25,498  
Goodwill                                                                                            30,731                  30,731  
Intangibles,  net                                                                            25,552                  38,689  
Deferred  tax  assets                                                                        3,281                    5,502  
Other  assets                                                                                          853                    1,150  
                                                                                              -------------    -------------  
        Total  assets                                                              $          342,723    $          344,243  
                                                                                              =============    =============  
LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                                
Current  liabilities:                                                                                                                
    Accounts  payable                                                          $            18,072    $            20,274  
    Accrued  liabilities                                                                  21,507                  21,217  
    Income  taxes  payable                                                                      110                          68  
    Deferred  revenue                                                                          3,892                    6,303  
                                                                                              -------------    -------------  
        Total  current  liabilities                                                  43,581                  47,862  
Long-term  income  taxes  payable                                                  1,069                    1,094  
Deferred  tax  liabilities                                                                    --                    2,208  
Deferred  rent  and  other  liabilities                                        3,392                    3,643  
                                                                                              -------------    -------------  
        Total  liabilities                                                                  48,042                  54,807  
                                                                                              -------------    -------------  
Commitments  and  contingencies                                                                                              
Stockholders'  equity:                                                                                                              
    Common  stock  and  capital  in  excess  of  par                                                                  
      value                                                                                          718,962                711,733  
    Accumulated  other  comprehensive  loss                                (2,222)                (1,761)
    Accumulated  deficit                                                              (422,059)            (420,536)
                                                                                              -------------    -------------  
        Total  stockholders'  equity                                              294,681                289,436  
                                                                                              -------------    -------------  
        Total  liabilities  and  stockholders'  equity  $          342,723    $          344,243  
                                                                                              =============    =============  
                                                                                                                                                        
                                                                                                                                                        
 

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