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TTM Technologies, Inc. Reports 2011 Third Quarter Results

for immediate release

SANTA ANA, CA - November 2, 2011 - TTM Technologies, Inc. (Nasdaq: TTMI), a major global printed circuit board (PCB) manufacturer, today reported results for the third quarter 2011, ended September 26, 2011.

Third Quarter 2011 Highlights
  • Net sales were $358.3 million
  • GAAP net income attributable to stockholders was $24.5 million, or $0.30 per diluted share
  • Non-GAAP net income attributable to stockholders was $31.0 million, or $0.38 per diluted share
  • Gross margin was 19.7 percent

"Our third quarter financial results were impacted by the challenging macroeconomic environment," said Kent Alder, President and CEO of TTM. "Softer demand for printed circuit boards due to weaker economic conditions - combined with several push outs of orders at the end of the quarter - led to lower than expected revenue for the quarter.

"We remain confident that the underlying long-term drivers for advanced PCBs, such as the proliferation of converged mobile devices and the surge in networking applications, remain unchanged," Alder said. "We believe we have invested wisely in our capacity expansion, which has been focused on advanced PCB technology, enabling TTM to be well positioned for the next stage of growth when the demand environment improves."

Financial Results
Net sales for the third quarter decreased to $358.3 million from $366.1 million in the second quarter.

Operating income for the third quarter increased to $36.3 million compared to an operating loss of $8.5 million in the second quarter due to a non-cash asset impairment charge of $48.1 million. Excluding the asset impairment charge, operating income for the second quarter was $39.6 million.

GAAP net income attributable to stockholders for the third quarter was $24.5 million, or $0.30 per diluted share, compared to net loss of $20.9 million, or $0.26 per basic share, for the second quarter. Included in the second quarter net loss attributable to stockholders was the after-tax asset impairment charge of $46.6 million, or $0.57 per basic share.

On a non-GAAP basis, net income attributable to stockholders for the third quarter was $31.0 million, or $0.38 per diluted share. This compares to non-GAAP net income attributable to stockholders of $32.9 million, or $0.40 per diluted share, in the second quarter.

EBITDA for the third quarter was $59.3 million, or 16.5 percent of net sales, compared to adjusted EBITDA of $64.2 million, or 17.5 percent of net sales, for the second quarter.

Please refer to the tables below for a reconciliation between GAAP and non-GAAP net income attributable to stockholders as well as adjusted EBITDA.

Business Outlook
For the fourth quarter, TTM estimates revenue will be in the range of $345 million to $365 million, GAAP earnings attributable to stockholders in a range from $0.19 to $0.28 per diluted share and non-GAAP earnings attributable to stockholders in a range from $0.27 to $0.36 per diluted share.

To Access the Live Webcast/Conference Call
The company will host a conference call and webcast to discuss the third quarter results and the fourth quarter outlook on Wednesday, November 2, 2011, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time).

Telephone access is available by dialing domestic 1-877-941-6009 or international 1-480-629-9645. The conference call also will be webcast on TTM Technologies' website at http://www.ttmtech.com/.

To Access a Replay of the Webcast
The webcast will be available for replay until November 9, 2011, on TTM Technologies' website at http://www.ttmtech.com/.

About Our Non-GAAP Financial Measures
This release includes information about the Company's non-GAAP net income attributable to stockholders and non-GAAP earnings per share attributable to stockholders, which are non-GAAP financial measures. Management believes that both measures -- which add back amortization of intangibles, stock-based compensation expense, non-cash interest expense on debt, asset impairment, restructuring and other charges as well as the associated tax impact of these charges -- provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations.

A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable with similar non-GAAP financial measures used by other companies. The Company compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliation to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Safe Harbor Statement
This release contains forward-looking statements that relate to future events or performance. These statements reflect the company's current expectations, and the company does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other company statements will not be realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, the company's dependence upon the electronics industry, contemplated significant capital expenditures and related financing requirements, the Company’s ability to integrate and manage its Asia Pacific operations, the company's dependence upon a small number of customers, the unpredictability of and potential fluctuation in future revenues and operating results and other "Risk Factors" set forth in the company's most recent SEC filings.

About TTM
TTM Technologies, Inc. is a major global printed circuit board manufacturer, focusing on quick-turn and technologically advanced PCBs and the backplane and sub-system assembly business. TTM stands for time-to-market, representing how the company's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at http://www.ttmtech.com/.

- Tables Follow -
TTM Technologies, Inc. Reports Third Quarter 2011 Results

 

 

Company

TTM Technologies
(ticker: TTMI, exchange: NASDAQ)

Release Info

News Release:
11/2/2011

Contact

Steve Richards
Chief Financial Officer
714-327-3000