FormFactor (FORM) Tops Q3 EPS by 5c; Appoints New CEO

FormFactor (NASDAQ: FORM) reported Q3 EPS of $0.16, $0.05 better than the analyst estimate of $0.11. Revenue for the quarter came in at $73.9 million versus the consensus estimate of $72.55 million.

The company also announced that its Board of Directors has unanimously approved a CEO succession plan. Michael Slessor, President of the Company, will succeed Thomas (Tom) St. Dennis as CEO on December 28, 2014, the start of the Company's fiscal 2015. Mr. St. Dennis will continue to serve as Executive Chairman of the Board of Directors, helping guide inorganic growth and FormFactor's long-term opportunities.

Dr. Slessor has served as President of the Company, and a member of its Board of Directors, since October 2013. Previously, Dr. Slessor served at the Company as Sr. VP & General Manager, MicroProbe Product Group from October 2012 to October, 2013. Before joining the Company, Dr. Slessor was the President and Chief Executive Officer of MicroProbe from July 2008 through the October 2012 closing of FormFactor's acquisition of MicroProbe. Prior to joining MicroProbe, Dr. Slessor held various management, product-marketing, and applications-engineering positions in the semiconductor industry, most notably with KLA-Tencor, where he led marketing and applications for the company's fastest growing division. Dr. Slessor received a Ph.D. in Aeronautics and Physics from California Institute of Technology, and a B.A.Sc. in Engineering Physics (First Class Honors) from the University of British Columbia.

"I am honored to have been chosen by the Board to lead the next phase of FormFactor's growth," said Dr. Slessor. "Under Tom's leadership, we have turned the company around by driving operational efficiencies, successfully integrating the FormFactor/MicroProbe companies, and becoming a better supplier to our customers. I look forward to working with our executive team and our employees as we drive to deliver innovation, future growth and value to our shareholders."

"This announced transition is the culmination of our succession planning, and comes at a time of operational strength as FormFactor has delivered its first two consecutive quarters of non-GAAP profitability since 2007," said Richard DeLateur, Lead Independent Director of FormFactor. "During his tenure as CEO, Tom has provided exceptional leadership in designing and executing a turn-around plan, integrating a major strategic acquisition, and building a strong foundation for future growth and success for the company, its employees and its shareholders. Mike and Tom have worked closely together over the past two years and Tom's continuing executive role will help facilitate a smooth CEO transition for our employees, customers and suppliers."

"I am very proud of what our teams have accomplished over the past several years," said Mr. St. Dennis. "Mike is an excellent choice to lead the company. He has the experience, market knowledge, leadership style and motivational skills that will make him an outstanding CEO. I look forward to working with Mike as FormFactor moves into the next chapter of innovation and growth."

Mr. DeLateur remains the company's Lead Independent Director.

For earnings history and earnings-related data on FormFactor (FORM) click here.

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