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FormFactor, Inc. Announces Cost Reduction Plan
LIVERMORE, CA, Jan 13, 2009 (MARKET WIRE via COMTEX) --
FormFactor, Inc. (NASDAQ: FORM) today announced a global
reorganization and cost reduction plan. As part of the plan the
company will reduce its workforce by 22%.
FormFactor expects to incur approximately $8 million in charges
related to the plan, which will be recorded in the first quarter of
fiscal 2009.
"These are extraordinary times for the semiconductor market and our
customers," said Mario Ruscev, FormFactor CEO. "We have seen a rapid
slowdown in our customers' investment plans, which has driven
significant volatility in our forecasts. Therefore, we are moving
aggressively to lower our cash breakeven level, which will enable the
company to sustain itself financially through these difficult times."
FormFactor, Inc. will report financial results for its 2008 fourth
quarter on Wednesday, January 28, 2009, at 1:30 p.m. Pacific Standard
Time. The public is invited to listen to a live webcast and archived
replay of FormFactor's conference call on the Investors section of
the company's web site at www.formfactor.com. A telephone replay of
the conference call will be available approximately two hours after
the conclusion of the call. The telephone replay will be available
through January 30, 2009, 9:00 p.m. Pacific Standard Time, and can be
accessed by dialing 888-203-1112 (domestic) or 719-457-0820
(international) and entering confirmation code 4718123.
About FormFactor:
Founded in 1993, FormFactor, Inc. (NASDAQ: FORM) is the leader in
advanced wafer probe cards, which are used by semiconductor
manufacturers to electrically test integrated circuits, or ICs. The
company's wafer sort, burn-in and device performance testing products
move IC testing upstream from post-packaging to the wafer level,
enabling semiconductor manufacturers to lower their overall
production costs, improve yields, and bring next-generation devices
to market. FormFactor is headquartered in Livermore, California with
operations in Europe, Asia and North America. For more information,
visit the company's website at www.formfactor.com.
FORM-F
FormFactor and the FormFactor logo are registered trademarks of
FormFactor, Inc. All other product, trademark, company or service
names mentioned herein are the property of their respective owners.
Forward-looking Statements
Statements in this press release that are not strictly historical in
nature are forward-looking statements within the meaning of the
federal securities laws, including statements regarding business
momentum, demand for our products and future growth. These
forward-looking statements are based on current information and
expectations that are inherently subject to change and involve a
number of risks and uncertainties. Actual events or results might
differ materially from those in any forward-looking statement due to
various factors, including, but not limited to: changes in the
semiconductor market environment, including DRAM and Flash memories;
changes in the company's customers' announced capital equipment
investment plans; the volatility of demand for certain semiconductor
devices; and the company's ability to execute its cost reduction
plan, to lower its cash breakeven level and to implement and execute
measures for enabling efficiencies and still support future growth.
Additional information concerning factors that could cause actual
events or results to differ materially from those in any
forward-looking statement is contained in the company's SEC filings,
including the Form 10-K for the fiscal year ended December 29, 2007
and the Form 10-Qs for the first three quarters of 2008. Copies of
the company's SEC filings are available at
http://investors.formfactor.com/edgar.cfm. The company assumes no
obligation to update the information in this press release, to revise
any forward-looking statements or to update the reasons actual results
could differ materially from those anticipated in forward-looking
statements.
Contacts:
Investor Contact:
Michael Magaro
Investor Relations
(925) 290-4321
Email Contact
Trade Press Contact:
David Viera
Director of Corporate Communications
(925) 290-4681
Email Contact
SOURCE: FormFactor
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