FormFactor, Inc. Reports First Quarter Results

FORM-F


FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended
	April 1, 2017			March 26, 2016
Revenues	$	128,829		$	53,611
Cost of revenues	81,258			43,819
Gross profit	47,571			9,792
Operating expenses:
Research and development	17,414			10,849
Selling, general and administrative	22,829			12,516
Restructuring and impairment charges, net	269			—
Total operating expenses	40,512			23,365
Operating income (loss)	7,059			(13,573		)
Interest income, net	67			117
Other income (expense), net	(1,574		)	(314		)
Income (loss) before income taxes	5,552			(13,770		)
Provision for income taxes	367			30
Net income (loss)	$	5,185		$	(13,800	)
Net income (loss) per share:
Basic	$	0.07		$	(0.24	)
Diluted	$	0.07		$	(0.24	)
Weighted-average number of shares used in per share calculations:
Basic	71,423			58,431
Diluted	72,922			58,431

FORMFACTOR, INC.
RECONCILIATION OF NON-GAAP NET INCOME (LOSS)
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended
	April 1, 2017			March 26, 2016
GAAP net income (loss)	$	5,185		$	(13,800	)
Adjustments to reconcile GAAP net income (loss) to Non-GAAP net income (loss):
Stock-based compensation	3,302			2,734
Restructuring and impairment charges, net	269			—
Acquisition and integration related expenses	588			2,001
Amortization of intangibles	8,540			2,770
Contingencies	(206		)	—
Income tax effect of non-GAAP adjustments	(427		)	—
Non-GAAP net income (loss)	$	17,251		$	(6,295	)

Non-GAAP net income (loss) per share:
Basic	$	0.24		$	(0.11	)
Diluted	$	0.24		$	(0.11	)

Weighted-average number of shares used in per share calculations:
Basic	71,423			58,431
Diluted	72,922			58,431