Item 2.02. Results of Operations and Financial Condition.
On October 26, 2022, FormFactor, Inc. ("FormFactor") issued a press release
announcing its financial results for the third quarter of fiscal 2022 that ended
on September 24, 2022. A copy of the press release is furnished as Exhibit 99.01
to this report and is incorporated herein by reference.
Item 2.05. Costs Associated with Exit or Disposal Activities
On October 25, 2022, FormFactor adopted restructuring plans to align
FormFactor's cost structure with reduced demand levels within the Probe Cards
segment by streamlining and improving the efficiency and business effectiveness
of our operations. The plans include lowering headcount by approximately 13% of
our workforce, which is expected to result in FormFactor recording restructuring
charges of approximately $6.6 million in cash, consisting of severance and
employee-related costs. We expect the actions defined under this plan will be
largely completed by the end of the fourth quarter of fiscal 2022. The financial
impact of the action is expected to reduce the Company's cost structure by
approximately $25 to $30 million on an annualized basis once the actions are
fully implemented.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is filed herewith and this list is intended to constitute
the exhibit index.
Exhibit Number Description
99.01 Press release dated October 26, 2022
The information in this report and the accompanying exhibit shall not be
incorporated by reference into any filing of FormFactor with the Securities and
Exchange Commission, whether made before or after the date hereof, regardless of
any general incorporation language in such filing, unless expressly incorporated
by specific reference in such filing. The information in this report, including
the accompanying exhibit, shall not be deemed to be "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section or Sections 11 and 12(a)(2) of the
Securities Act of 1933, as amended.
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