2013 Q1 Form 10-Q Financial Statement

#000103939913000004 Filed on May 03, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $52.62M $34.81M
YoY Change 51.18% -13.91%
Cost Of Revenue $43.55M $30.65M
YoY Change 42.07% -15.7%
Gross Profit $9.075M $4.156M
YoY Change 118.36% 2.14%
Gross Profit Margin 17.25% 11.94%
Selling, General & Admin $14.62M $11.15M
YoY Change 31.13% -10.0%
% of Gross Profit 161.08% 268.24%
Research & Development $10.93M $10.85M
YoY Change 0.76% -6.17%
% of Gross Profit 120.43% 261.0%
Depreciation & Amortization $7.407M $2.843M
YoY Change 160.53% -3.13%
% of Gross Profit 81.62% 68.41%
Operating Expenses $29.59M $22.13M
YoY Change 33.69% -12.65%
Operating Profit -$20.51M -$17.97M
YoY Change 14.11% -15.48%
Interest Expense $100.0K $200.0K
YoY Change -50.0% -50.0%
% of Operating Profit
Other Income/Expense, Net $423.0K $410.0K
YoY Change 3.17% -209.63%
Pretax Income -$19.98M -$17.35M
YoY Change 15.15% -18.22%
Income Tax -$207.0K $102.0K
% Of Pretax Income
Net Earnings -$19.77M -$17.45M
YoY Change 13.29% -18.53%
Net Earnings / Revenue -37.58% -50.15%
Basic Earnings Per Share -$0.37 -$0.35
Diluted Earnings Per Share -$0.37 -$0.35
COMMON SHARES
Basic Shares Outstanding 53.66M shares 49.49M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.6M $280.3M
YoY Change -45.2% -15.88%
Cash & Equivalents $77.38M $135.5M
Short-Term Investments $76.20M $144.8M
Other Short-Term Assets $13.70M $8.800M
YoY Change 55.68% -26.67%
Inventory $24.69M $20.15M
Prepaid Expenses
Receivables $33.45M $21.20M
Other Receivables $5.400M $900.0K
Total Short-Term Assets $230.8M $331.3M
YoY Change -30.34% -15.43%
LONG-TERM ASSETS
Property, Plant & Equipment $42.05M $34.38M
YoY Change 22.34% -4.78%
Goodwill $31.10M
YoY Change
Intangibles $69.88M
YoY Change
Long-Term Investments
YoY Change
Other Assets $589.0K $4.357M
YoY Change -86.48% -60.75%
Total Long-Term Assets $148.2M $44.84M
YoY Change 230.53% -4.79%
TOTAL ASSETS
Total Short-Term Assets $230.8M $331.3M
Total Long-Term Assets $148.2M $44.84M
Total Assets $379.0M $376.2M
YoY Change 0.75% -14.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.19M $15.17M
YoY Change 59.46% -5.18%
Accrued Expenses $14.38M $14.11M
YoY Change 1.95% -9.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K
YoY Change
Total Short-Term Liabilities $45.87M $34.91M
YoY Change 31.4% -4.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.30M $8.400M
YoY Change 22.62% -9.68%
Total Long-Term Liabilities $10.30M $8.400M
YoY Change 22.62% -9.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.87M $34.91M
Total Long-Term Liabilities $10.30M $8.400M
Total Liabilities $56.42M $43.32M
YoY Change 30.24% -5.21%
SHAREHOLDERS EQUITY
Retained Earnings -$363.4M -$325.6M
YoY Change 11.63%
Common Stock $685.5M $656.4M
YoY Change 4.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $322.6M $332.9M
YoY Change
Total Liabilities & Shareholders Equity $379.0M $376.2M
YoY Change 0.75% -14.29%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$19.77M -$17.45M
YoY Change 13.29% -18.53%
Depreciation, Depletion And Amortization $7.407M $2.843M
YoY Change 160.53% -3.13%
Cash From Operating Activities -$9.700M -$15.00M
YoY Change -35.33% 21.95%
INVESTING ACTIVITIES
Capital Expenditures $2.725M $1.804M
YoY Change 51.05% 17.37%
Acquisitions
YoY Change
Other Investing Activities $17.20M $12.70M
YoY Change 35.43% 44.32%
Cash From Investing Activities $14.50M $10.90M
YoY Change 33.03% 49.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.000K $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.000M 1.200M
YoY Change -16.67% -400.0%
NET CHANGE
Cash From Operating Activities -9.700M -15.00M
Cash From Investing Activities 14.50M 10.90M
Cash From Financing Activities 1.000M 1.200M
Net Change In Cash 5.800M -2.900M
YoY Change -300.0% -46.3%
FREE CASH FLOW
Cash From Operating Activities -$9.700M -$15.00M
Capital Expenditures $2.725M $1.804M
Free Cash Flow -$12.43M -$16.80M
YoY Change -26.06% 21.44%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fiscal year.</font><font style="font-family:inherit;font-size:10pt;">&#160;We operate on a 52/53 week fiscal year, whereby the fiscal year ends on the last Saturday of December. Fiscal 2013 will end on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;28, 2013</font><font style="font-family:inherit;font-size:10pt;">, and will consist of 52 weeks.</font></div></div>
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CY2013Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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CY2013Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2012Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
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0 USD
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10847000 USD
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CY2012Q1 us-gaap Product Warranty Accrual
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CY2012Q1 us-gaap Product Warranty Accrual Warranties Issued
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133000 USD
CY2013Q1 us-gaap Product Warranty Accrual Warranties Issued
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CY2013Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2012Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
318000 USD
CY2013Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
20
CY2012Q1 us-gaap Restructuring Charges
RestructuringCharges
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CY2013Q1 us-gaap Restructuring Charges
RestructuringCharges
3980000 USD
CY2012Q1 us-gaap Restructuring Costs
RestructuringCosts
0 USD
CY2013Q1 us-gaap Restructuring Costs
RestructuringCosts
2743000 USD
CY2013Q1 us-gaap Restructuring Costs And Asset Impairment Charges
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2743000 USD
CY2013Q1 us-gaap Restructuring Reserve
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529000 USD
CY2012Q4 us-gaap Restructuring Reserve
RestructuringReserve
616000 USD
CY2013Q1 us-gaap Restructuring Reserve Accrual Adjustment
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CY2013Q1 us-gaap Restructuring Reserve Settled With Cash
RestructuringReserveSettledWithCash
1320000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2013Q1 us-gaap Share Based Compensation
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CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
339258000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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200000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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400000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
6000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
100000 USD
CY2013Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
2600000 USD
CY2012Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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49487000 shares
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
53664000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49487000 shares
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53664000 shares
CY2012Q4 form Accumulated Depreciation Depletion And Amortization And Impairment Property Plant Equipment
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227126000 USD
CY2013Q1 form Accumulated Depreciation Depletion And Amortization And Impairment Property Plant Equipment
AccumulatedDepreciationDepletionAndAmortizationAndImpairmentPropertyPlantEquipment
229102000 USD
CY2012Q1 form Allowance For Doubtful Accounts Receivable Period Increase Decrease From Provision
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecreaseFromProvision
30000 USD
CY2013Q1 form Allowance For Doubtful Accounts Receivable Period Increase Decrease From Provision
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecreaseFromProvision
0 USD
CY2013Q1 form Allowance For Doubtful Accounts Receivable Period Increase Decrease From Recoveries And Charge Offs
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecreaseFromRecoveriesAndChargeOffs
-3000 USD
CY2012Q1 form Allowance For Doubtful Accounts Receivable Period Increase Decrease From Recoveries And Charge Offs
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecreaseFromRecoveriesAndChargeOffs
0 USD
CY2012Q4 form Deferred Rent Credit And Other Liabilities Noncurrent
DeferredRentCreditAndOtherLiabilitiesNoncurrent
8009000 USD
CY2013Q1 form Deferred Rent Credit And Other Liabilities Noncurrent
DeferredRentCreditAndOtherLiabilitiesNoncurrent
7539000 USD
CY2013Q1 form Finite Lived Intangible Assets Amortization Expense Total
FiniteLivedIntangibleAssetsAmortizationExpenseTotal
58880000 USD
CY2013Q1 form Intangible Assets Net Excluding Goodwill Acquired During Period
IntangibleAssetsNetExcludingGoodwillAcquiredDuringPeriod
0 USD
CY2012Q4 form Intangible Assets Net Excluding Goodwill Gross
IntangibleAssetsNetExcludingGoodwillGross
83548000 USD
CY2013Q1 form Intangible Assets Net Excluding Goodwill Gross
IntangibleAssetsNetExcludingGoodwillGross
83548000 USD
CY2013Q1 form Property Plant And Equipment Gross Excludes Construction In Progress Gross
PropertyPlantAndEquipmentGrossExcludesConstructionInProgressGross
264068000 USD
CY2012Q4 form Property Plant And Equipment Gross Excludes Construction In Progress Gross
PropertyPlantAndEquipmentGrossExcludesConstructionInProgressGross
259236000 USD
CY2012Q4 form Property Plant And Equipment Net Excludes Construction In Progress
PropertyPlantAndEquipmentNetExcludesConstructionInProgress
32110000 USD
CY2013Q1 form Property Plant And Equipment Net Excludes Construction In Progress
PropertyPlantAndEquipmentNetExcludesConstructionInProgress
34966000 USD
CY2013Q1 form Restructuring Charges Gross
RestructuringChargesGross
4061000 USD
CY2013Q1 form Working Capital Adjustments Effecting Microprobe Purchase Price
WorkingCapitalAdjustmentsEffectingMicroprobePurchasePrice
684000 USD
CY2013Q1 dei Amendment Flag
AmendmentFlag
false
CY2013Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-28
CY2013Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2013Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013Q1 dei Document Period End Date
DocumentPeriodEndDate
2013-03-30
CY2013Q1 dei Document Type
DocumentType
10-Q
CY2013Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001039399
CY2013Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
53941978 shares
CY2013Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2013Q1 dei Entity Registrant Name
EntityRegistrantName
FORMFACTOR INC.
CY2013Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

Files In Submission

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