updated 5/5/2011 4:16:48 PM ET 2011-05-05T20:16:48

SANTA ANA, Calif., May 5, 2011 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (Nasdaq:TTMI), a major global printed circuit board (PCB) manufacturer, today reported results for the first quarter 2011, ended March 28, 2011.

First Quarter 2011 Highlights

  • Net sales were $342.8 million
  • GAAP net income attributable to stockholders was $27.1 million, or $0.33 per diluted share
  • Non-GAAP net income attributable to stockholders was $33.3 million, or $0.40 per diluted share
  • Gross margin was 23.9 percent

"We are pleased with the continuing progress in our business," said Kent Alder, President and CEO of TTM. "Our first quarter results were in line with our expectations and reflected normal seasonality. We maintained solid gross margin despite typical seasonal sales patterns, which reflects the growing contribution of our advanced technology products to our overall product mix. Overall, sales increased approximately 16 percent compared to first quarter 2010 pro forma sales of $296.5 million."

Financial Results

Net sales for the first quarter of 2011 decreased to $342.8 million from $373.4 million in the fourth quarter of 2010.

Operating income for the first quarter of 2011 decreased to $45.7 million from $52.6 million in the fourth quarter of 2010.

GAAP net income attributable to stockholders for the first quarter of 2011 was $27.1 million, or $0.33 per diluted share, compared to $33.0 million, or $0.41 per diluted share, for the fourth quarter of 2010.

On a non-GAAP basis, net income attributable to stockholders for the first quarter of 2011 was $33.3 million, or $0.40 per diluted share. This compares to non-GAAP net income attributable to stockholders of $39.7 million, or $0.49 per diluted share, in the fourth quarter of 2010.

EBITDA for the first quarter of 2011 was $66.5 million, or 19.4 percent of net sales, compared to $76.5 million, or 20.5 percent of net sales, for the fourth quarter of 2010.

"We remain encouraged by current market trends and believe we are well positioned within the global PCB market," Alder continued. "Our Asia Pacific operations, in particular, are experiencing strong demand for PCBs used in touchpad tablets and smartphones. Our North America operations continue to generate solid cash flow. We are focused on leveraging our combined strengths as a company to continue to execute our growth strategy."

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

Business Outlook

For the second quarter of 2011, TTM estimates revenue will be in the range of $350 million to $370 million, GAAP earnings attributable to stockholders in a range from $0.28 to $0.37 per diluted share and non-GAAP earnings attributable to stockholders in a range from $0.36 to $0.45 per diluted share.

To Access the Live Webcast/Conference Call

The company will host a conference call and webcast to discuss the first quarter 2011 results and the second quarter 2011 outlook on Thursday, May 5, 2011, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time).

Telephone access is available by dialing 1-877-941-2928. The conference also will be webcast on TTM Technologies' website at www.ttmtech.com .

To Access a Replay of the Webcast

The webcast will be available for replay until May 12, 2011, on TTM Technologies' website at 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 www.ttmtech.com.

The TTM Technologies logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5691

 

TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)
       
     
  First Quarter Fourth Quarter
  2011 2010 2010
       
CONSOLIDATED STATEMENTS OF OPERATIONS      
       
Net sales  $ 342,801  $ 138,219  $ 373,391
Cost of goods sold  260,875  111,246  283,388
       
Gross profit  81,926  26,973  90,003
       
Operating expenses:      
Selling and marketing  9,033  6,727  9,460
General and administrative  23,051  9,037  23,360
Amortization of definite-lived intangibles  4,158  791  4,613
Restructuring charges  --   50  (60)
Impairment of long-lived assets  --   500  -- 
Total operating expenses  36,242  17,105  37,373
       
Operating income  45,684  9,868  52,630
       
Interest expense  (6,291)  (2,781)  (6,373)
Interest income  197  61  145
Other, net  780  (69)  2,446
       
Income before income taxes  40,370  7,079  48,848
Income tax provision  (11,282)  (2,594)  (12,319)
       
Net income  29,088  4,485  36,529
       
Net income attributable to noncontrolling interest  (1,965)  --   (3,503)
Net income attributable to stockholders  $ 27,123  $ 4,485  $ 33,026
       
Earnings per share attributable to stockholders:      
Basic  $ 0.34  $ 0.10  $ 0.41
Diluted  $ 0.33  $ 0.10  $ 0.41
       
Weighted average common shares:      
Basic  80,696  43,310  80,139
Diluted  82,304  43,979  80,962
     
     
SELECTED BALANCE SHEET DATA     
  March 28, 2011 December 31, 2010
Cash and cash equivalents  $ 202,340  $ 216,078
Accounts and notes receivable, net  292,033  287,703
Inventories  144,600  135,385
Total current assets  679,505  676,499
Property, plant and equipment, net  760,370  740,630
Other non-current assets  349,059  344,823
Total assets  1,788,934  1,761,952
     
Current portion long-term debt  87,504  67,123
Accounts payable  204,025  204,974
Total current liabilities  449,739  418,200
Debt, net of discount  407,277  458,278
Total long-term liabilities  464,023  510,894
Noncontrolling interest  106,911  104,603
Total stockholders' equity  875,172  832,858
Total liabilities and stockholders' equity  1,788,934  1,761,952
       
SUPPLEMENTAL DATA      
     
  First Quarter Fourth Quarter
  2011 2010 2010
Gross margin  23.9%  19.5%  24.1%
EBITDA margin  19.4  10.5  20.5
Operating margin  13.3  7.1  14.1
       
End Market Breakdown:      
     
  First Quarter Fourth Quarter
  2011 2010 2010
       
Aerospace/Defense  16%  42%  16%
Cellular Phone  9  --   12
Computing/Storage/Peripherals  27  12  22
Medical/Industrial/Instrumentation  8  11  8
Networking/Communications  34  33  37
Other  6  2  5
       
Stock-based Compensation:      
     
  First Quarter Fourth Quarter
  2011 2010 2010
Amount included in:      
Cost of goods sold  $ 216  $ 328  $ 308
Selling and marketing  111  108  107
General and administrative  1,427  976  1,839
Total stock-based compensation expense  $ 1,754  $ 1,412  $ 2,254
       
       
Operating Segment Data:      
     
  First Quarter Fourth Quarter
 Net sales:  2011 2010 2010
 Asia Pacific   $ 202,465  $ --   $ 220,212
 North America   142,250  138,219  156,421
 Total sales   344,715  138,219  376,633
 Inter-segment sales   (1,914)  --   (3,242)
 Total net sales   $ 342,801  $ 138,219  $ 373,391
       
 Operating segment income:       
 Asia Pacific   $ 33,077  $ --   $ 38,257
 North America   16,765  10,659  18,986
 Total operating segment income   49,842  10,659  57,243
 Amortization of definite-lived intangibles   (4,158)  (791)  (4,613)
 Total operating income   45,684  9,868  52,630
 Total other expense   (5,314)  (2,789)  (3,782)
 Income before income taxes   $ 40,370  $ 7,079  $ 48,848
       
RECONCILIATIONS1      
     
  First Quarter Fourth Quarter
  2011 2010 2010
EBITDA reconciliation2:      
Net income  $ 29,088  $ 4,485  $ 36,529
Add back items:      
Income tax provision  11,282  2,594  12,319
Interest expense  6,291  2,781  6,373
Amortization of definite-lived intangibles  4,188  820  4,643
Depreciation expense  15,695  3,883  16,633
EBITDA  $ 66,544  $ 14,563  $ 76,497
       
Non-GAAP EPS reconciliation3:      
GAAP net income attributable to stockholders  $ 27,123  $ 4,485  $ 33,026
Add back items:      
Amortization of definite-lived intangibles  4,188  820  4,643
Stock-based compensation  1,754  1,412  2,254
Non-cash interest expense  2,191  1,440  2,189
Impairment, restructuring and other charges  --   2,769  (54)
Income tax effects  (1,993)  (1,704)  (2,389)
Non-GAAP net income attributable to stockholders  $ 33,263  $ 9,222  $ 39,669
       
Non-GAAP earnings per diluted share attributable to stockholders  $ 0.40  $ 0.21  $ 0.49
       
1 This information provides a reconciliation of EBITDA, non-GAAP net income attributable to stockholders and non-GAAP EPS attributable to stockholders to the financial information in our consolidated statements of operations.
2 EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization. We present EBITDA to enhance the understanding of our operating results, and it is a key measure we use to evaluate our operations. In addition, we provide our EBITDA because we believe that investors and securities analysts will find EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States of America.
3 This information provides non-GAAP net income attributable to stockholders and non-GAAP EPS 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 (before consideration of capitalized interest), 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.
CONTACT: Steve Richards, CFO
         714-327-3000

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 4.97%
$30K home equity loan FICO 5.23%
$75K home equity loan FICO 4.67%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.28%
13.21%
Cash Back Cards 17.74%
17.70%
Rewards Cards 17.01%
16.96%
Source: Bankrate.com