FormFactor (FORM) 8-K/A Results of Operations and Financial Condition

Exhibit 99.01

FORMFACTOR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 25,			June 26,			June 25,			June 26,
	2011			2010			2011			2010
Revenues	$	46,558		$	57,640		$	86,987		$	97,306
Cost of revenues	36,668			53,710			73,027			95,704
Gross profit	9,890			3,930			13,960			1,602
Operating expenses:
Research and development	10,878			15,997			22,438			31,088
Selling, general and administrative	11,154			18,725			23,541			36,592
Restructuring charges, net	(1,099		)	2,513			(60		)	6,063
Impairment of long-lived assets	—			999			351			999
Total operating expenses	20,933			38,234			46,270			74,742
Operating loss	(11,043		)	(34,304		)	(32,310		)	(73,140		)
Interest income, net	369			722			793			1,497
Other income (expense), net	584			(82		)	210			35
Loss before income taxes	(10,090		)	(33,664		)	(31,307		)	(71,608		)
Provision for (benefit from) income taxes	(2,412		)	200			(2,205		)	440
Net loss	$	(7,678	)	$	(33,864	)	$	(29,102	)	$	(72,048	)
Net loss per share:
Basic and Diluted	$	(0.15	)	$	(0.68	)	$	(0.57	)	$	(1.44	)
Weighted-average number of shares used in per share calculations:
Basic and Diluted	50,733			50,084			50,705			49,989
Reconciliation of Non-GAAP Net loss:

	Three Months Ended						Six Months Ended
	June 25,			June 26,			June 25,			June 26,
	2011			2010			2011			2010
GAAP Net loss	$	(7,678	)	$	(33,864	)	$	(29,102	)	$	(72,048	)
Stock-based compensation, net of related income-tax impact *	2,353			3,894			6,322			9,152
Restructuring charges, net of related income-tax impact *	(1,099		)	2,513			(60		)	6,063
Income tax valuation allowance release	(2,450		)	—			(2,450		)	—
Impairment of long-lived assets, net of related income-tax impact *	—			999			351			999
Non-GAAP Net loss	$	(8,874	)	$	(26,458	)	$	(24,939	)	$	(55,834	)
Non-GAAP Net loss per share:
Basic and Diluted	$	(0.17	)	$	(0.53	)	$	(0.49	)	$	(1.12	)
Weighted-average number of shares used in per share calculations:
Basic and Diluted	50,733			50,084			50,705			49,989

*  There was no related income tax impact to stock-based compensation, restructuring and impairment charges in fiscal 2011 and fiscal 2010 as a result of the valuation allowance recorded after the second quarter of fiscal 2009.

FORMFACTOR, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

(Unaudited)

	June 25,			December 25,
	2011			2010
ASSETS
Current assets:
Cash and cash equivalents	$	130,085		$	121,207
Marketable securities	194,142			226,028
Restricted cash	383			383
Accounts receivable, net	28,017			28,598
Inventories	21,799			25,003
Deferred tax assets	297			329
Prepaid expenses and other current assets	9,022			14,743
Total current assets	383,745			416,291
Restricted cash	297			297
Property and equipment, net	35,078			37,311
Deferred tax assets	7,364			5,445
Other assets	5,110			6,710
Total assets	$	431,594		$	466,054
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	16,023		$	14,948
Accrued liabilities	15,176			24,045
Income taxes payable	382			1,894
Deferred revenue	4,409			4,637
Total current liabilities	35,990			45,524
Long-term income taxes payable	4,209			4,248
Deferred rent and other liabilities	4,101			5,081
Total liabilities	44,300			54,853
Stockholders’ equity:
Common stock and capital in excess of par value	655,726			651,315
Accumulated other comprehensive income	2,811			2,027
Accumulated deficit	(271,243		)	(242,141		)
Total stockholders’ equity	387,294			411,201
Total liabilities and stockholders’ equity	$	431,594		$	466,054

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