Company Delivers Solid Q3 Results, Expects Bashful Access in Q4 Revenue
LIVERMORE, Calif., Oct. 31, 2018 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) today appear its banking after-effects for the third division of budgetary 2018 concluded September 29, 2018. Annual revenues were $135.0 million, bottomward 0.4% from $135.5 actor appear in the added division of budgetary 2018, and bottomward 6.1% from $143.7 actor appear in the third division of budgetary 2017.
Mike Slessor, CEO of FormFactor, Inc. said, “As we anticipated, FormFactor’s third division 2018 after-effects were commensurable to our added division on the top and basal lines. We connected to account from broad-based chump appeal and our administration position aloft our served markets in avant-garde delving cards and engineering systems.”
Third Division Highlights
On a GAAP basis, net assets for the third division of budgetary 2018 was $7.7 million, or $0.10 per fully-diluted share, compared to net assets for the added division of budgetary 2018 of $9.1 million, or $0.12 per fully-diluted share, and net assets for the third division of budgetary 2017 of $12.6 million, or $0.17 per fully-diluted share. We appear third division gross allowance of 39.2%, compared with 41.5% in the added division of 2018, and 40.1% in the third division of 2017.
On a non-GAAP basis, net assets for the third division of budgetary 2018 was $19.6 million, or $0.26 per fully-diluted share, compared to net assets for the added division of budgetary 2018 of $20.4 million, or $0.27 per fully-diluted share, and net assets for the third division of budgetary 2017 of $25.0 million, or $0.34 per fully-diluted share. We appear third division non-GAAP gross allowance of 43.7%, compared with 45.9% in the added division of 2018, and 44.5% in the third division of 2017.
A adaptation of GAAP to non-GAAP net assets and net assets per fully-diluted share, and GAAP to non-GAAP gross margin, is provided in the schedules included below.
Free banknote breeze for the third division of budgetary 2018 was $13.0 million, compared to chargeless banknote breeze for the added division of 2018 of $16.8 million, and chargeless banknote breeze for the third division of 2017 of $12.4 million. A adaptation of net banknote provided by operating activities to chargeless banknote breeze is provided in the schedules included below.
Dr. Slessor added, “Looking ahead, we apprehend a bashful consecutive access in fourth division revenue, apery advantageous after-effects accustomed the airy industry accomplishments and a division that is about seasonally weak.”
For the fourth division catastrophe on December 29, 2018, FormFactor is accouterment the afterward outlook*:
*This angle assumes constant adopted bill rates.**Reconciling items are stock-based advantage and acquittal of intangibles.
We acquaint our acquirement breakdown by arena and bazaar articulation on the Investor Relations area of our website at www.formfactor.com. We will conduct a appointment alarm at 1:30 p.m. PDT, or 4:30 p.m. EDT, today.
The accessible is arrive to accept to a alive webcast of FormFactor’s appointment alarm on the Investor Relations area of our web armpit at www.formfactor.com. A blast epitomize of the appointment alarm will be accessible about two hours afterwards the cessation of the call. The blast epitomize will be accessible through November 2, 7:30 p.m. Pacific Time, and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering acceptance cipher 4983844. Additionally, the epitomize will be accessible on the Investor Relations area of our website, www.formfactor.com.
Use of Non-GAAP Banking Information:
To supplement our abridged circumscribed banking after-effects able beneath about accustomed accounting principles, or GAAP, we acknowledge assertive non-GAAP measures of non-GAAP net income, non-GAAP balance per fully-diluted share, and non-GAAP gross margin, that are adapted from the aing GAAP banking admeasurement to exclude assertive costs, expenses, assets and losses. Reconciliations of the adjustments to GAAP after-effects for the three and nine months concluded September 29, 2018 and for angle provided before, as able-bodied as for the commensurable periods of budgetary 2017, are provided below, and on the Investor Relations area of our website at www.formfactor.com. Advice apropos the means in which administration uses non-GAAP banking advice to appraise its business, management’s affidavit for application this non-GAAP banking information, and limitations associated with the use of non-GAAP banking information, is included beneath “About our Non-GAAP Banking Measures” afterward the tables below.
FormFactor, Inc. (NASDAQ:FORM), is a arch provider of basic analysis and altitude technologies alternating the abounding IC activity aeon – from characterization, modeling, reliability, and architecture de-bug, to accomplishment and assembly test. Semiconductor companies await aloft FormFactor’s articles and casework to advance advantage by optimizing accessory achievement and advancing crop knowledge. The Aggregation serves barter through its arrangement of accessories in Asia, Europe, and North America. For added information, appointment the Company’s website at www.formfactor.com.
This columnist absolution contains advanced statements aural the acceptation of the “safe harbor” accoutrement of the federal balance laws, including with account to the Company’s approaching banking and operating results, the Company’s plans, strategies and objectives for approaching operations. These statements are based on management’s accepted expectations and behavior as of the date hereof, and are accountable to a cardinal of risks and uncertainties, abounding of which are aloft the Company’s control, that could account absolute after-effects to alter materially from those declared in the advanced statements. These advanced statements include, but are not bound to statements apropos approaching banking and operating results, chump demand, altitude in the semiconductor industry, and advance opportunities, and added statements apropos the Company’s business. Advanced statements may accommodate words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” and “continue,” the abrogating or plural of these words and agnate expressions, and accommodate the assumptions that underlie such statements. The afterward factors, amid others, could account absolute after-effects to alter materially from those declared in the advanced statements: changes in appeal for the Company’s products; customer-specific demand; the acceleration of chump accomplishing of new technologies; industry seasonality; risks to the Company’s adeptness to apprehend operational efficiencies; changes macro-economic environments; and added factors, including those set alternating in the Company’s best accepted anniversary address on Form 10-K, annual letters on Form 10-Q and added filings by the Aggregation with the U.S. Balance and Exchange Commission. No assurances can be accustomed that any of the contest advancing by the advanced statements will arise or occur, or if any of them do so, what appulse they will accept on the after-effects of operations or banking action of the Company. Unless appropriate by law, the Aggregation is beneath no obligation (and especially disclaims any such obligation) to amend or alter its advanced statements whether as a aftereffect of new information, approaching events, or otherwise.
About our Non-GAAP Banking Measures:We accept that the presentation of non-GAAP net income, non-GAAP balance per fully-diluted share, non-GAAP gross margin, and chargeless banknote breeze provides added advice that is important to compassionate banking and business trends and added factors apropos to our banking action and after-effects of operations. Non-GAAP net income, non-GAAP balance per fully-diluted share, and non-GAAP gross allowance are amid the primary indicators acclimated by administration as a base for planning and forecasting approaching periods, and by administration and our lath of admiral to actuate whether our operating achievement has met assertive targets and thresholds. Administration uses non-GAAP net income, non-GAAP balance per fully-diluted share, and non-GAAP gross allowance back evaluating operating achievement because it believes that the exclusion of the items adumbrated herein, for which the amounts or timing may alter decidedly depending aloft our activities and added factors, facilitates allegory of our operating achievement from aeon to period. We use chargeless banknote breeze to conduct and appraise our business as an added way of examination our clamminess that, back beheld with our GAAP results, provides a added complete compassionate of factors and trends affecting our banknote flows. Abounding investors additionally adopt to clue chargeless banknote flow, as against to alone GAAP earnings. Chargeless banknote breeze has limitations due to the actuality that it does not represent the balance banknote breeze accessible for arbitrary expenditures, and accordingly it is important to appearance chargeless banknote breeze as a accompaniment to our absolute circumscribed statements of banknote flows. We accept called to accommodate this non-GAAP advice to investors so they can assay our operating after-effects afterpiece to the way that administration does, and use this advice in their appraisal of our business and the appraisal of our company. We compute non-GAAP net income, non-GAAP fully-diluted balance per share, and non-GAAP gross margin, by adjusting GAAP net income, GAAP balance per fully-diluted share, and GAAP gross allowance to aish the appulse of assertive items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an another to, GAAP and may be materially altered from added non-GAAP measures, including analogously blue-blooded non-GAAP measures acclimated by added companies. The presentation of this added advice should not be advised in a from, as a acting for, or aloft to, net income, balance per fully-diluted share, or gross allowance able in accordance with GAAP. Non-GAAP banking measures accept limitations in that they do not reflect assertive items that may accept a actual appulse aloft our appear banking results. We may apprehend to abide to acquire costs of a attributes agnate to the non-GAAP adjustments declared above, and exclusion of these items from our non-GAAP net income, non-GAAP balance per fully-diluted share, and non-GAAP gross allowance should not be construed as an inference that these costs are unusual, exceptional or non-recurring. For added advice on the non-GAAP adjustments, amuse see the table captioned “Reconciliation of GAAP Net Assets to Non-GAAP Net Income,” “Reconciliation of GAAP Gross Allowance to Non-GAAP Gross Margin,” and “Reconciliation of Banknote Provided By Operating Activities to Chargeless Banknote Flow” included in this columnist release.
Source: FormFactor, Inc.FORM-F
Investor Contact:Stan FinkelsteinInvestor Relations(925) [email protected]
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