2010 Q4 Form 10-K Financial Statement

#000103939912000006 Filed on February 21, 2012

View on sec.gov

Income Statement

Concept 2010 Q4 2009 2008 Q4
Revenue $43.90M $135.3M $39.90M
YoY Change 33.03% -35.62% -66.89%
Cost Of Revenue $40.60M $134.5M $39.30M
YoY Change 15.67% -22.65% -33.28%
Gross Profit $3.300M $819.0K $600.0K
YoY Change -257.14% -97.74% -99.03%
Gross Profit Margin 7.52% 0.61% 1.5%
Selling, General & Admin $14.40M $78.43M $26.20M
YoY Change -12.73% -17.62% 12.93%
% of Gross Profit 436.36% 9576.07% 4366.67%
Research & Development $11.50M $57.51M $16.20M
YoY Change -26.75% -12.2% 0.0%
% of Gross Profit 348.48% 7021.86% 2700.0%
Depreciation & Amortization $3.500M -$32.71M $8.100M
YoY Change -58.82% -201.57% 12.5%
% of Gross Profit 106.06% -3993.41% 1350.0%
Operating Expenses $25.90M $146.0M $42.40M
YoY Change -19.57% -9.14% 7.34%
Operating Profit -$22.60M -$145.2M -$41.80M
YoY Change -34.11% 16.71% -289.14%
Interest Expense $400.0K $3.300M
YoY Change -73.39%
% of Operating Profit
Other Income/Expense, Net $400.0K -$535.0K $200.0K
YoY Change 0.0% -176.43% -33.33%
Pretax Income -$23.00M -$142.4M -$46.40M
YoY Change -35.03% 14.04% -307.14%
Income Tax -$2.600M $13.21M -$14.80M
% Of Pretax Income
Net Earnings -$20.40M -$155.7M -$31.60M
YoY Change -28.92% 93.12% -467.44%
Net Earnings / Revenue -46.47% -115.01% -79.2%
Basic Earnings Per Share
Diluted Earnings Per Share -$403.2K -$3.145M -$643.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2010 Q4 2009 2008 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $347.2M $449.2M $522.9M
YoY Change -22.71% -14.09% -8.26%
Cash & Equivalents $121.2M $122.0M $337.9M
Short-Term Investments $226.0M $327.2M $185.0M
Other Short-Term Assets $15.40M $15.60M $37.70M
YoY Change -1.28% -58.62% 19.68%
Inventory $25.00M $25.50M $18.80M
Prepaid Expenses
Receivables $28.60M $29.40M $34.10M
Other Receivables $0.00 $26.80M $29.40M
Total Short-Term Assets $416.3M $546.6M $643.0M
YoY Change -23.84% -14.99% -8.44%
LONG-TERM ASSETS
Property, Plant & Equipment $37.31M $97.80M $113.8M
YoY Change -61.85% -14.06% -13.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.710M $11.60M $28.90M
YoY Change -42.16% -59.86% 30.77%
Total Long-Term Assets $49.76M $109.4M $142.7M
YoY Change -54.51% -23.34% -6.73%
TOTAL ASSETS
Total Short-Term Assets $416.3M $546.6M $643.0M
Total Long-Term Assets $49.76M $109.4M $142.7M
Total Assets $466.1M $656.0M $785.7M
YoY Change -28.96% -16.51% -8.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.95M $29.30M $33.20M
YoY Change -48.98% -11.75% -22.61%
Accrued Expenses $24.05M $22.90M $25.70M
YoY Change 5.0% -10.89% -14.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.52M $64.00M $66.20M
YoY Change -28.87% -3.32% -17.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.300M $12.00M $13.40M
YoY Change -22.5% -10.45% -25.97%
Total Long-Term Liabilities $9.300M $12.00M $13.40M
YoY Change -22.5% -10.45% -25.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.52M $64.00M $66.20M
Total Long-Term Liabilities $9.300M $12.00M $13.40M
Total Liabilities $54.85M $78.20M $79.60M
YoY Change -29.86% -1.76% -19.11%
SHAREHOLDERS EQUITY
Retained Earnings -$242.1M
YoY Change
Common Stock $651.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $411.2M $577.8M $706.1M
YoY Change
Total Liabilities & Shareholders Equity $466.1M $656.0M $785.7M
YoY Change -28.96% -16.51% -8.14%

Cashflow Statement

Concept 2010 Q4 2009 2008 Q4
OPERATING ACTIVITIES
Net Income -$20.40M -$155.7M -$31.60M
YoY Change -28.92% 93.12% -467.44%
Depreciation, Depletion And Amortization $3.500M -$32.71M $8.100M
YoY Change -58.82% -201.57% 12.5%
Cash From Operating Activities -$14.80M -$52.70M -$10.50M
YoY Change 7300.0% 115.98% -124.53%
INVESTING ACTIVITIES
Capital Expenditures -$8.400M $19.17M -$3.800M
YoY Change 37.7% -163.49% -67.24%
Acquisitions $12.03M
YoY Change
Other Investing Activities $26.50M -$155.2M -$75.90M
YoY Change -205.58% -318.59% 15080.0%
Cash From Investing Activities $18.00M -$174.4M -$79.80M
YoY Change -157.69% -528.5% 559.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -500.0K 11.50M 100.0K
YoY Change -112.82% 91.67% -90.91%
NET CHANGE
Cash From Operating Activities -14.80M -52.70M -10.50M
Cash From Investing Activities 18.00M -174.4M -79.80M
Cash From Financing Activities -500.0K 11.50M 100.0K
Net Change In Cash 2.700M -215.6M -90.20M
YoY Change -109.82% -1066.82% -383.65%
FREE CASH FLOW
Cash From Operating Activities -$14.80M -$52.70M -$10.50M
Capital Expenditures -$8.400M $19.17M -$3.800M
Free Cash Flow -$6.400M -$71.87M -$6.700M
YoY Change -208.47% -1339.19% -112.32%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Formation and Business of the Company</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">FormFactor,&#160;Inc. (the "Company") was incorporated in Delaware on April&#160;15, 1993 and designs, develops, manufactures, sells and supports precision, high performance advanced semiconductor wafer probe cards. We are based in Livermore, California, home to our corporate offices, research and development, and manufacturing locations. We have facilities in the United States, Singapore, Japan, Taiwan, South Korea and the People's Republic of China.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:26px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our fiscal year ends on the last Saturday in December. The fiscal year ended on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2011</font><font style="font-family:inherit;font-size:10pt;">, consisted of 53 weeks and the fiscal years ended on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;25, 2010</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;26, 2009</font><font style="font-family:inherit;font-size:10pt;">, respectively, consisted of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">52</font><font style="font-family:inherit;font-size:10pt;">&#160;weeks.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:26px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to the prior year's Consolidated Balance Sheets, Consolidated Statements of Cash Flows and Consolidated Statements of Operations to conform to the current year presentation.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:26px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Out of Period Adjustment</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the third quarter of fiscal </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2010</font><font style="font-family:inherit;font-size:10pt;">, we recorded a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$4.1 million</font><font style="font-family:inherit;font-size:10pt;"> adjustment to cost of revenues net of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;"> income tax benefit, which resulted from an error in the calculation of capitalized manufacturing variances starting in the first quarter of fiscal </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2009</font><font style="font-family:inherit;font-size:10pt;"> through the second quarter of fiscal </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2010</font><font style="font-family:inherit;font-size:10pt;">. The error caused the understatement of cost of revenues and the overstatement of the overhead capitalized in inventory for most quarters. The income tax benefit resulted from higher net losses in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2009</font><font style="font-family:inherit;font-size:10pt;"> due to higher cost of revenue expenses. We are able to carry back the increase in the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2009</font><font style="font-family:inherit;font-size:10pt;"> loss to recover more prior year tax payments. Out of the total adjustment, a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$2.9 million</font><font style="font-family:inherit;font-size:10pt;"> adjustment to cost of revenues net of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;"> income tax benefit was related to fiscal </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2009</font><font style="font-family:inherit;font-size:10pt;">. Management and the Audit Committee believe that such amounts are not material to current and previously reported financial statements.</font></div></div>
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CY2011 dei Document Period End Date
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CY2011 dei Document Type
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10-K
CY2011 dei Entity Central Index Key
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0001039399
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CY2011 dei Entity Current Reporting Status
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CY2011 dei Entity Filer Category
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CY2011 dei Entity Registrant Name
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FORMFACTOR INC
CY2011 dei Entity Voluntary Filers
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