FormFactor, Inc. (NASDAQ: FORM) announced its financial results for the third quarter of fiscal 2008, ended September 27, 2008. Quarterly revenues were $52.6 million, up 1.2% from $52.0 million in the second quarter of fiscal 2008, and down 58.0% from $125.3 million in the third quarter of fiscal 2007.
Net loss for the third quarter of fiscal 2008 was $14.0 million or ($0.29) per share on a diluted basis, which included $3.3 million or $0.07 per share of stock-based compensation, net of tax and a one-time tax benefit of $2.8 million or $0.06 per share from the settlement of certain tax audits. This compares to a net loss for the second quarter of fiscal 2008 of $18.7 million or ($0.38) per share on a diluted basis, including $4.5 million or $0.09 per share of stock-based compensation, net of tax. Net income for the third quarter of fiscal 2007 was $22.2 million or $0.45 per share on a diluted basis, which included $3.7 million or $0.08 per share of stock-based compensation, net of tax.
"Despite continued semiconductor industry weakness, we made progress with our technology and business model," stated Mario Ruscev, chief executive officer of FormFactor. "That includes improving product performance and delivery, with continued emphasis on innovation to drive future growth. We are also building an organization with greater regionalization for stronger customer support, and refining our financial model."