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."
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.
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 .
To Access a Replay of the Webcast
The webcast will be available for replay until May 12, 2011, on TTM Technologies' website at .
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.
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
CONTACT: Steve Richards, CFO 714-327-3000