Strong Gains Continue At TTM Technologies, Inc.; First Quarter 2004 Net Income Of
$0.15 Per Share On Revenues Of $57.7 Million
SANTA ANA, CA - April 26, 2004 - TTM Technologies, Inc. (Nasdaq: TTMI), a
leading manufacturer of time-critical and technologically advanced printed circuit
boards, today reported results for the first quarter ended March 29, 2004.
First quarter 2004 revenue increased 46 percent to $57.7 million, compared to $39.6
million for the first quarter of 2003, due to continued strengthening of end-market
demand and market share gains. Sequentially, revenues increased $3.4 million, or
6 percent, compared to the fourth quarter of 2003.
For the first quarter of 2004, the quick-turn business remained strong, with year-over-year
revenue growth of 25 percent. As a percent of total revenues, quick turn represented
24 percent, compared to 28 percent for the first quarter of 2003 and 27 percent
for the fourth quarter of 2003. The percentage declined, year-over-year, as the
company's Chippewa Falls facility-which specializes in technologically advanced,
standard lead time boards-grew at a particularly rapid pace. The sequential decline
reflects the typical seasonal slowdown in quick-turn business in the first quarter.
Gross margins increased to 30.0 percent for the first quarter of 2004, compared
to 11.4 percent for the first quarter of 2003 and 26.1 percent for the fourth quarter
of 2003. This margin improvement reflects TTM's significant operating leverage,
favorable mix and pricing trends, and strong operating efficiency achieved during
TTM posted an operating profit of $10.4 million for the first quarter of 2004, compared
to an operating loss of $1.3 million for the first quarter of 2003 and an operating
profit of $7.1 million for the fourth quarter of 2003.
Net income for the first quarter of 2004 was $6.5 million, or $0.15 per diluted
share, compared with net income of $4.7 million, or $0.11 per diluted share, for
the fourth quarter of 2003, and net loss of $150,000, or breakeven on a per share
basis, for the first quarter of 2003. Net income for the fourth quarter of 2003
included a restructuring charge of $446,000 and a $411,000 extraordinary gain related
to the acquisition of ACI. Net income for the first quarter of 2003 included a restructuring
charge of $203,000 and an extraordinary gain of $824,000 related to ACI.
Earnings before interest, taxes, depreciation, amortization and extraordinary gain
(EBITDA before extraordinary gain) for the first quarter of 2004 was $12.7 million,
up from $897,000 for the first quarter of 2003 and $9.9 million for the fourth quarter
"Despite the typical seasonal slowdown in our quick-turn business in the first quarter
of the year, we posted strong sequential revenue and earnings growth as we continued
to gain market share in an expanding market," said Kent Alder, President and CEO
of TTM Technologies.
"Our cash position strengthened even further in the first quarter of 2004," continued
Alder. TTM ended the quarter with cash and short-term investments of $37.2 million,
compared with $31.7 million at year-end 2003. Debt remained flat at $7.8 million.
TTM's $25 million revolving credit facility remained undrawn at the end of the quarter.
"Due to continued strong operational execution and the expectation of further market
share gains, we are forecasting sequential revenue and earnings improvement for
the second quarter," concluded Alder.
For the second quarter of 2004, TTM is estimating revenues of $59 to $62 million
and earnings of $0.16 to $0.18 per share.
"We also anticipate favorable market conditions to continue in the second half of
2004. Based on input from customers, we expect second-half volumes to exceed first-half
TTM Technologies, Inc. is a leading supplier of time-critical and technologically
advanced printed circuit boards to original equipment manufacturers and electronics
manufacturing services companies. 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.
The company will conduct a conference call to discuss its first-quarter performance
and outlook today at 4:30 p.m. Eastern/1:30 p.m. Pacific time. The call will be
simulcast and available for replay until May 4, 2004, on the company's Web site,
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,
the company's dependence upon a small number of customers, general economic conditions
and specific conditions in the markets TTM addresses, the unpredictability of and
potential fluctuation in future revenues and operating results, increased competition
from low-cost foreign manufacturers, and other "Risk Factors" set forth in the company's
most recent Registration Statement on Form S-3 and 10-K.
Tables Follow - (Please, Click on link below)
TTM Technologies, Inc. Earnings
Release Schedule For First Quarter 2004
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements in this press release regarding TTM Technologies' business which are
not historical facts are "forward-looking statements" that involve risks and uncertainties.
For a discussion of such risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements, see "Risk Factors"
in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.