FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
------------------------- -------------------------
December 27, December 29, December 27, December 29,
2008 2007 2008 2007
----------- ------------ ----------- ------------
Revenues $ 39,889 $ 120,505 $ 210,189 $ 462,191
Cost of revenues 39,300 58,921 173,926 215,484
----------- ------------ ----------- ------------
Gross margin 589 61,584 36,263 246,707
----------- ------------ ----------- ------------
Operating expenses:
Research and development 16,221 16,246 65,509 60,951
Selling, general and
administrative 26,170 23,203 95,208 92,552
Restructuring charge 473 - 9,157 -
Impairment of
long-lived assets 4,400 - 4,400 -
----------- ------------ ----------- ------------
Total operating
expenses 47,264 39,449 174,274 153,503
----------- ------------ ----------- ------------
Operating (loss)
income (46,675) 22,135 (138,011) 93,204
Interest income, net 1,638 5,741 12,446 22,508
Other income 249 293 653 528
----------- ------------ ----------- ------------
1,887 6,034 13,099 23,036
(Loss) income before
income taxes (44,788) 28,169 (124,912) 116,240
Provision for (benefit
from) income taxes (14,828) 13,818 (44,291) 43,350
----------- ------------ ----------- ------------
Net (loss) income $ (29,960) $ 14,351 $ (80,621) $ 72,890
=========== ============ =========== ============
Basic $ (0.61) $ 0.30 $ (1.65) $ 1.52
=========== ============ =========== ============
Diluted $ (0.61) $ 0.29 $ (1.65) $ 1.47
=========== ============ =========== ============
Weighted-average number
of shares used in per
share calculations:
Basic 49,061 48,610 48,905 48,044
=========== ============ =========== ============
Diluted 49,061 49,924 48,905 49,557
=========== ============ =========== ============
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
December 27, December 29,
2008 2007
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 337,926 $ 315,232
Marketable securities 184,968 254,814
Accounts receivable, net 34,127 69,486
Inventories 18,788 29,309
Deferred tax assets 23,039 17,995
Refundable income taxes 29,413 2,043
Prepaid expenses and other current assets 14,702 13,461
------------ ------------
Total current assets 642,963 702,340
Restricted cash 680 2,250
Property and equipment, net 113,813 130,882
Deferred tax assets 20,580 10,038
Other assets 7,674 9,812
------------ ------------
Total assets $ 785,710 $ 855,322
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LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 33,214 $ 42,893
Accrued liabilities 25,693 30,029
Income taxes payable 1,904 1,328
Deferred revenue 4,946 5,535
Deferred rent 452 462
------------ ------------
Total current liabilities 66,209 80,247
Long term income taxes payable 7,732 12,248
Deferred rent and other liabilities 5,705 5,877
------------ ------------
Total liabilities 79,646 98,372
------------ ------------
Stockholders' equity
Common stock, $0.001 par value 50 49
Additional paid-in capital 602,294 573,553
Accumulated other comprehensive income 1,922 929
Retained earnings 101,798 182,419
------------ ------------
Total stockholders' equity 706,064 756,950
------------ ------------
Total liabilities and stockholders' equity $ 785,710 $ 855,322
============ ============
Contact Information: Investor Contact: Michael Magaro Investor Relations (925) 290-4321 Trade Press Contact: David Viera Director of Corporate Communications (925) 290-4681