ffq118logorgbinlinea04.jpgEXHIBIT 99.01

News Release
 
Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4321
ir@formfactor.com
 
FORMFACTOR, INC. REPORTS 2019 FIRST QUARTER RESULTS
Company Delivers Results at the Top End of Outlook, Expects Modest Increase in Q2 Revenue

LIVERMORE, Calif. — May 1, 2019 —FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the first quarter of fiscal 2019 ended March 30, 2019. Quarterly revenues were $132.2 million, down 6.2% from $140.9 million reported in the fourth quarter of fiscal 2018, and up 11.8% from $118.3 million reported in the first quarter of fiscal 2018.

Performance driven by relatively steady overall demand and good execution
Gross margins benefited from strong product mix in engineering systems segment
Diversified opportunity set providing more stable overall revenue stream

“FormFactor again delivered solid financial performance in the first quarter of 2019, with revenue and non-GAAP earnings-per-share at the high end of the outlook we provided three months ago,” said Mike Slessor, CEO of FormFactor, Inc. “This performance was driven by a combination of steady overall demand and good execution, augmented by particularly strong mix-related gross margins in our engineering systems segment.”

First Quarter Highlights

On a GAAP basis, net income for the first quarter of fiscal 2019 was $5.5 million, or $0.07 per fully-diluted share, compared to net income for the fourth quarter of fiscal 2018 of $85.1 million, or $1.13 per fully-diluted share, and net income for the first quarter of fiscal 2018 of $2.1 million, or $0.03 per fully-diluted share. We reported first quarter gross margin of 39.7%, compared with 39.8% in the fourth quarter of 2018, and 38.2% in the first quarter of 2018. GAAP net income for the fourth quarter of fiscal 2018 includes a valuation allowance release of $75.8 million.
 
On a non-GAAP basis, net income for the first quarter of fiscal 2019 was $15.2 million, or $0.20 per fully-diluted share, compared to net income for the fourth quarter of fiscal 2018 of $23.4 million, or $0.31 per fully-diluted share, and net income for the first quarter of fiscal 2018 of $12.7 million, or $0.17 per fully-diluted share. We reported first quarter 2019 non-GAAP gross margin of 44.1%, compared with 44.1% in the fourth quarter of 2018, and 43.3% in the first quarter of 2018.

A reconciliation of GAAP to non-GAAP net income and net income per fully-diluted share, and GAAP to non-GAAP gross margin, is provided in the schedules included below.

Free cash flow for the first quarter of fiscal 2019 was $14.9 million, compared to free cash flow for the fourth quarter of fiscal 2018 of $15.8 million, and free cash flow for the first quarter of 2018 of $6.3 million. A reconciliation of net cash provided by operating activities to free cash flow is provided in the schedules included below.

Outlook

Dr. Slessor added, “As is shown in our current outlook, we expect to deliver modest sequential revenue growth in the second quarter, as we continue to experience steady overall demand.”
  



The following information was filed by Formfactor Inc (FORM) on Wednesday, May 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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