UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 


 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the S
ecurities Exchange Act of 1934

 

Date of report (Date of earliest event reported):  May 1, 2013

 

FORMFACTOR, INC.

(Exact Name of Registrant as Specified in Charter)

 

Delaware

 

000-50307

 

13-3711155

(State or Other Jurisdiction of Incorporation)

 

(Commission File Number)

 

(IRS Employer Identification No.)

 

7005 Southfront Road
Livermore, CA

 

 

94551

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  (925) 290-4000

 

Not Applicable

(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 (see General Instruction A.2. below):

 

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))

 

 

 



 

Item 2.02.  Results of Operations and Financial Condition.

 

On May 1, 2013, FormFactor, Inc. (“FormFactor”) issued a press release announcing its financial results for the first quarter of fiscal 2013 that ended on March 30, 2013.  A copy of the press release is furnished as Exhibit 99.01 to this report and is incorporated herein by reference.

 

Item 9.01.     Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit

 

 

Number

 

Description

99.01

 

Press release dated May 1, 2013.

 

The information in this report and the accompanying exhibit shall not be incorporated by reference into any filing of FormFactor with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. The information in this report, including the accompanying exhibit, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

 

2



 

SIGNATURES

 

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.

 

 

 

FORMFACTOR, INC.

 

 

 

 

Date:

May 1, 2013

 

By:

/s/ Stuart L. Merkadeau

 

 

Name:

Stuart L. Merkadeau

 

 

Title:

Senior Vice President, General Counsel and Secretary

 

3



 

EXHIBIT INDEX

 

Exhibit

 

 

Number

 

Description

99.01

 

Press release dated May 1, 2013.

 

4


Exhibit 99.01

 

 

News Release

 

Investor Contact:

Stan Finkelstein

Investor Relations

(925) 290-4321

ir@formfactor.com

 

FormFactor, Inc. Reports First Quarter Results

 

LIVERMORE, Calif. — May 1, 2013 — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the first quarter of fiscal 2013 that ended on March 30, 2013. Quarterly revenues were $52.6 million, up 10% from $47.7 million in the fourth quarter of fiscal 2012, and up 51% from $34.8 million in the first quarter of fiscal 2012.

 

On a GAAP basis, net loss for the first quarter of fiscal 2013 was $19.8 million or $(0.37) per fully-diluted share, compared to a net profit for the fourth quarter of fiscal 2012 of $0.6 million or $0.01 per fully-diluted share, and a net loss for the first quarter of fiscal 2012 of $17.5 million or $(0.35) per fully-diluted share.

 

On a Non-GAAP basis, net loss for the first quarter of fiscal 2013 was $6.9 million, or $(0.13) per fully-diluted share, compared to a net loss for the fourth quarter of fiscal 2012 of $13.3 million or $(0.25) per fully-diluted share, and a net loss for the first quarter of fiscal 2012 of $14.3 million or $(0.29) 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 2013 was $12.1 million, compared to cash usage of $110.4 million for the fourth quarter of fiscal 2012 and cash usage of $16.4 million for the first quarter of fiscal 2012.

 

“Our overall business improved as we moved through Q1, primarily driven by increased demand for our memory probe cards,” said Tom St. Dennis, CEO of FormFactor. “Q1 was also the first full quarter of MicroProbe’s contributions to our financial results and we made substantial progress integrating the MicroProbe business, which is helping us capture certain synergies earlier than anticipated.”

 

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, 2013, 9:00 p.m. Pacific Daylight Time, and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering confirmation code 32979746. 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 creates the leading wafer test solution provider 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, 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: our ability to successfully integrate and realize the anticipated benefits of the Astria Semiconductor Holdings, Inc. acquisition, including MicroProbe Incorporated; risks of the company’s ability to meet customers’ test roadmaps; risks arising from structural changes in the computing industry; seasonal cyclicality of our business; risks of the company’s ability to realize further operational efficiencies and achieve synergies through the MicroProbe integration; 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 29, 2012, 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 30,

 

March 31,

 

 

 

2013

 

2012

 

 

 

 

 

 

 

Revenues

 

$

52,620

 

$

34,806

 

Cost of revenues

 

43,545

 

30,650

 

Gross profit

 

9,075

 

4,156

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Research and development

 

10,929

 

10,847

 

Selling, general and administrative

 

14,618

 

11,148

 

Restructuring charges (credits), net

 

3,980

 

(33

)

Impairments of long-lived assets

 

58

 

168

 

Total operating expenses

 

29,585

 

22,130

 

Operating loss

 

(20,510

)

(17,974

)

 

 

 

 

 

 

Interest income, net

 

107

 

212

 

Other income, net

 

423

 

410

 

Loss before income taxes

 

(19,980

)

(17,352

)

Provision for (benefit from) income taxes

 

(207

)

102

 

 

 

 

 

 

 

Net loss

 

$

(19,773

)

$

(17,454

)

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

Basic and Diluted

 

$

(0.37

)

$

(0.35

)

 

 

 

 

 

 

Weighted-average number of shares used in per share calculations:

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

53,664

 

49,487

 

 

Reconciliation of Non-GAAP Loss:

 

 

 

Three Months Ended

 

 

 

March 30,

 

March 31,

 

 

 

2013

 

2012

 

 

 

 

 

 

 

GAAP net loss

 

$

(19,773

)

$

(17,454

)

Stock-based compensation

 

3,035

 

3,043

 

Restructuring charges (credits), net

 

3,980

 

(33

)

Acquisition costs related expenses

 

912

 

 

Amortization of intangibles, inventory and fixed assets fair value adjustment due to acquisition

 

4,786

 

 

Impairment of long-lived assets

 

58

 

168

 

Income tax valuation allowance release

 

150

 

 

Non-GAAP net loss

 

$

(6,852

)

$

(14,276

)

 

 

 

 

 

 

Non-GAAP net loss per share:

 

 

 

 

 

Basic and Diluted

 

$

(0.13

)

$

(0.29

)

 

 

 

 

 

 

Weighted-average number of shares used in per share calculations:

 

 

 

 

 

Basic and Diluted

 

53,664

 

49,487

 

 



 

FORMFACTOR, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

(Unaudited)

 

 

 

March 30,

 

December 29,

 

 

 

2013

 

2012

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

77,381

 

$

72,243

 

Marketable securities

 

76,183

 

93,545

 

Accounts receivable, net

 

33,453

 

28,919

 

Inventories

 

24,689

 

23,616

 

Deferred tax assets

 

4,208

 

4,613

 

Refundable income taxes

 

5,414

 

5,667

 

Prepaid expenses and other current assets

 

9,476

 

10,569

 

Total current assets

 

230,804

 

239,172

 

Restricted cash

 

420

 

318

 

Property, plant and equipment, net

 

42,054

 

45,515

 

Goodwill

 

31,100

 

30,994

 

Intangible, net

 

69,880

 

74,276

 

Deferred tax assets

 

4,180

 

4,207

 

Other assets

 

589

 

1,200

 

Total assets

 

$

379,027

 

$

395,682

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

24,191

 

$

21,014

 

Accrued liabilities

 

14,381

 

17,270

 

Capital leases, current portion

 

491

 

573

 

Income taxes payable

 

268

 

 

Deferred revenue

 

6,538

 

6,189

 

Total current liabilities

 

45,869

 

45,046

 

Long-term income taxes payable

 

2,803

 

3,028

 

Capital leases, net of current portion

 

205

 

340

 

Deferred rent and other liabilities

 

7,538

 

8,009

 

Total liabilities

 

56,415

 

56,423

 

Stockholders’ equity:

 

 

 

 

 

Common stock and capital in excess of par value

 

685,465

 

681,211

 

Accumulated other comprehensive income

 

587

 

1,715

 

Accumulated deficit

 

(363,440

)

(343,667

)

Total stockholders’ equity

 

322,612

 

339,259

 

Total liabilities and stockholders’ equity

 

$

379,027

 

$

395,682