TTM Technologies, Inc. Reports 2011 Third Quarter Results
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.
- 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
"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."
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
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
Please refer to the tables below for a reconciliation between GAAP and non-GAAP
net income attributable to stockholders as well as adjusted EBITDA.
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
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
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 Companyâ€™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 http://www.ttmtech.com/.
- Tables Follow -
TTM Technologies, Inc. Reports Third Quarter 2011