Business
FormFactor, Inc. Reports Fourth Quarter and Full Year 2019 Results
Reports Record Q4 Revenue and Profitability, Exceeding Increased Outlook Ranges LIVERMORE, Calif., Feb. 05, 2020 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq:
About this update from Formfactor, Inc.
[{"type":"text","content":"Reports Record Q4 Revenue and Profitability, Exceeding Increased Outlook Ranges\nLIVERMORE, Calif., Feb. 05, 2020 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the fourth quarter of fiscal 2019 ended December 28, 2019. Quarterly revenues were $178.6 million, up 27.0% from $140.6 million in the third quarter of fiscal 2019 and up 26.8% from $140.9 million in the fourth quarter of fiscal 2018. For fiscal 2019, FormFactor posted revenues of $589.5 million, up 11.3% from $529.7 million in fiscal 2018.\n Benefitted from accelerated demand for Foundry & Logic probe cards, layered upon steady demand for other productsCaptured incremental demand by quickly and efficiently adding capacityDelivered record quarterly revenue, non-GAAP EPS and Free Cash Flow \"FormFactor’s strong fourth quarter performance closed an exceptional year, again demonstrating the benefits of our broadly diversified leadership positions in semiconductor test and measurement,\" said Mike Slessor, CEO of FormFactor, Inc. \"We delivered exceptional results by executing effectively to capitalize on strong customer demand.\" Fourth Quarter Highlights On a GAAP basis, net income for the fourth quarter of fiscal 2019 was $18.6 million, or $0.24 per fully-diluted share, compared to net income for the third quarter of fiscal 2019 of $8.3 million or $0.11 per fully-diluted share, and net income for the fourth quarter of fiscal 2018 of $85.1 million, or $1.13 per fully-diluted share. Net income for fiscal 2019 was $39.3 million, or $0.51 per fully-diluted share, compared to net income of $104.0 million, or $1.38, per fully-diluted share. GAAP net income for the fourth quarter of fiscal 2018 and fiscal 2018 included a release of $75.8 million dollars of the valuation allowance which was previously recorded against the majority of our deferred tax assets. On a GAAP basis, gross margin for the fourth quarter of fiscal 2019 was 41.6%, compared with 39.3% in the third quarter of fiscal 2019, and 39.8% in the fourth quarter of fiscal 2018. Gross margin for fiscal 2019 was 40.3%, compared to 39.7% for fiscal 2018. On a non-GAAP basis, net income for the fourth quarter of fiscal 2019 was $32.0 million, or $0.41 per fully-diluted share, compared to net income for the third quarter of fiscal 2019 of $17.3 million, or $0.22 per fully-dilut...