TTM Technologies, Inc. Reports First Quarter 2011 Results
SANTA ANA, CA - May 5, 2010 - 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
- Non-GAAP net income attributable to stockholders was $33.3 million, or $0.40 per
- 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
"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 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
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
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.
- Tables Follow -
TTM Technologies, Inc. Reports 2011 First Quarter