Business
FormFactor, Inc. Reports 2020 First Quarter Results
Company Delivers 22% Year-on-Year Revenue Growth Despite COVID-19 Interruptions LIVERMORE, Calif., May 06, 2020 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq:
About this update from Formfactor, Inc.
[{"type":"text","content":"Company Delivers 22% Year-on-Year Revenue Growth Despite COVID-19 Interruptions\nLIVERMORE, Calif., May 06, 2020 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the first quarter of fiscal 2020 ended March 28, 2020. Quarterly revenues were $160.8 million, down 10.0% from $178.6 million in the fourth quarter of fiscal 2019, and up 21.6% from $132.2 million in the first quarter of fiscal 2019.\n Strong performance driven by strong Foundry and Logic probe card demand during the first 11 weeks of the quarterSecond consecutive quarter of results validating target financial modelLiquidity, balance sheet and cost structure provide resilience to weather an economic downturn “During these unprecedented times, our priority has been to safeguard the health and safety of our employees while working closely with our customers to ensure their products are prioritized and quickly delivered,” said Mike Slessor, CEO of FormFactor, Inc. “Despite significant operational challenges related to COVID-19, our employees’ extraordinary efforts, dedication, and perseverance enabled us to deliver these excellent results.” First Quarter Highlights On a GAAP basis, net income for the first quarter of fiscal 2020 was $15.9 million, or $0.20 per fully-diluted share, compared to net income for the fourth quarter of fiscal 2019 of $18.6 million, or $0.24 per fully-diluted share, and net income for the first quarter of fiscal 2019 of $5.5 million, or $0.07 per fully-diluted share. Gross margin for the first quarter of 2020 was 41.9%, compared with 41.6% in the fourth quarter of 2019, and 39.7% in the first quarter of 2019. On a non-GAAP basis, net income for the first quarter of fiscal 2020 was $26.1 million, or $0.33 per fully-diluted share, compared to net income for the fourth quarter of fiscal 2019 of $32.0 million, or $0.41 per fully-diluted share, and net income for the first quarter of fiscal 2019 of $15.2 million, or $0.20 per fully-diluted share. On a non-GAAP basis, gross margin for the first quarter of 2020 was 46.1%, compared with 45.7% in the fourth quarter of 2019, and 44.1% in the first quarter of 2019. A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below. Free cash flow for the first quarter of fiscal 2020 was $27.6 million, compared to free cash flow for the fourt...