Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date hereof, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to statements regarding future financial and operating results, customer demand, conditions in the semiconductor industry, and growth opportunities, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” and “continue,” the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in demand for the Company’s products; customer-specific demand; the speed of customer implementation of new technologies; industry seasonality; risks to the Company’s realization of benefits from acquisitions, investments in capacity and investments in new electronic data systems and information technology; changes macro-economic environments; events affecting global and regional economic conditions and stability such as Brexit, infectious diseases and pandemics (such as the current COVID-19 pandemic), military conflicts, political volatility and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. We are operating in an environment with especially substantial uncertainties arising from the COVID-19 pandemic, including with respect to its current and future impact on our operations, workforce, manufacturing capacity, customer demand, supply chain, macroeconomic environment and other important aspects of our business. In addition, there are increasingly restrictive export regulations being adopted in the U.S., including recently published amendments to export regulations that may substantially restrict or condition our sales in China with considerable uncertainty regarding the ultimate interpretation and implementation of these rules. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
December 26,
2020 |
December 28,
2019 |
December 26,
2020 |
December 28,
2019 | ||||||||||||||||
Revenues | $ | 197,043 | $ | 178,629 | $ | 693,616 | $ | 589,464 | |||||||||||
Cost of revenues | 119,429 | 104,324 | 405,696 | 351,968 | |||||||||||||||
Gross profit | 77,614 | 74,305 | 287,920 | 237,496 | |||||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development | 23,970 | 21,606 | 89,034 | 81,499 | |||||||||||||||
Selling, general and administrative | 32,816 | 28,981 | 115,098 | 106,335 | |||||||||||||||
Total operating expenses | 56,786 | 50,587 | 204,132 | 187,834 | |||||||||||||||
Operating income | 20,828 | 23,718 | 83,788 | 49,662 | |||||||||||||||
Interest income | 191 | 726 | 1,501 | 2,714 | |||||||||||||||
Interest expense | (182 | ) | (376 | ) | (864 | ) | (1,915 | ) | |||||||||||
Other income, net | 609 | 379 | 750 | 602 | |||||||||||||||
Income before income taxes | 21,446 | 24,447 | 85,175 | 51,063 | |||||||||||||||
Provision for income taxes | 2,173 | 5,811 | 6,652 | 11,717 | |||||||||||||||
Net income | $ | 19,273 | $ | 18,636 | $ | 78,523 | $ | 39,346 | |||||||||||
Net income per share: | |||||||||||||||||||
Basic | $ | 0.25 | $ | 0.25 | $ | 1.02 | $ | 0.52 | |||||||||||
Diluted | $ | 0.24 | $ | 0.24 | $ | 0.99 | $ | 0.51 | |||||||||||
Weighted-average number of shares used in per share calculations: | |||||||||||||||||||
Basic | 77,416 | 75,731 | 76,681 | 74,994 | |||||||||||||||
Diluted | 79,562 | 78,055 | 79,001 | 77,286 | |||||||||||||||
FORMFACTOR, INC.