TTM Technologies, Inc. Reports 2010 Second Quarter Results

SANTA ANA, Calif., Aug. 5, 2010 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (Nasdaq:TTMI), a major global printed circuit board (PCB) manufacturer, today reported results for the second quarter of 2010, ended June 28, 2010.

Second Quarter Highlights

• In the second quarter, we reported record revenue of $310 million, which exceeded the $300 million midpoint of our guidance range.
• GAAP earnings were $0.06 per diluted share, and non-GAAP earnings were $0.26 per diluted share in the second quarter. The combination with Meadville Holdings Ltd. was accretive to non-GAAP earnings per share this quarter.
• The integration with Meadville is on track with our expectations.

Second Quarter 2010 Financial Results - GAAP

Second quarter net sales of $310.2 million increased $172.0 million, or 124 percent, from first quarter net sales of $138.2 million. The increase in net sales was primarily due to the combination with Meadville.

Second quarter operating income of $17.4 million increased from first quarter operating income of $9.9 million. We recorded charges of $14.6 million in the second quarter and $2.8 million in the first quarter related to previously announced plant closures, impairment of long-lived assets, transaction costs and inventory adjustments. Net income attributable to stockholders for the second quarter was $4.9 million, or $0.06 per diluted share, compared to net income in the first quarter of $4.5 million, or $0.10 per diluted share.

"We are very pleased with the business performance across the board and excited about the major contribution from our new Asia Pacific operations in the second quarter," said Kent Alder, President and CEO of TTM. "Our integration with Meadville is on track, and further good news is that the Meadville business combination was accretive to non-GAAP earnings in the second quarter, which was earlier than originally expected."