FormFactor, Inc. (FORM) saw its loss widen to $15.44 million, or $0.22 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.62 million, or $0.01 a share. On the other hand, adjusted net income for the quarter stood at $14.42 million, or $0.20 a share compared with $5.83 million or $0.10 a share, a year ago.
Revenue during the quarter surged 72.59 percent to $123.89 million from $71.78 million in the previous year period. Gross margin for the quarter expanded 299 basis points over the previous year period to 32.51 percent. Operating margin for the quarter stood at negative 11.73 percent as compared to a negative 1.06 percent for the previous year period.
Operating loss for the quarter was $14.53 million, compared with an operating loss of $0.76 million in the previous year period.
"FormFactor delivered solid growth fueled by our transformative acquisition of Cascade Microtech, which provided significant product and market diversification, as well as growth in our core probe card business as we doubled capacity for our largest foundry and logic customer," said Mike Slessor, chief executive officer of FormFactor, Inc. "In addition, we are pleased to have extended our leadership position, supported the advancement of our customers’ product roadmaps and accelerated our earnings performance."
For the first-quarter, Formfactor expects revenue to be in the range of $120 million to $128 million and expects adjusted revenue to be in the range of $120 million to $128 million. On an adjusted basis, the company projects diluted earnings per share to be in the range of $0.17 to $0.23.
Working capital declines
FormFactor, Inc. has witnessed a decline in the working capital over the last year. It stood at $170.99 million as at Dec. 31, 2016, down 20.26 percent or $43.45 million from $214.44 million on Dec. 26, 2015. Current ratio was at 3.04 as on Dec. 31, 2016, down from 5.92 on Dec. 26, 2015.
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