TTM Technologies, Inc. Reports Record Third Quarter Results

SANTA ANA, Calif., Nov. 4, 2010 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (Nasdaq:TTMI), a major global printed circuit board (PCB) manufacturer, today reported results for the third quarter of 2010, ended September 27, 2010.

Third Quarter 2010 Highlights

• Net sales increased 15 percent sequentially to a record $357.8 million.
• GAAP net income attributable to stockholders grew sequentially to $29.1 million, or $0.36 per diluted share
• Non-GAAP net income attributable to stockholders increased sequentially 75 percent to $35.0 million, or $0.43 per diluted share.
• Gross margins increased to 22.5 percent.
• The combination with Meadville Holdings Ltd. was highly accretive to GAAP earnings, adding $0.15 per diluted share this quarter.
• The integration of the two companies is progressing well.

Financial Results

Net sales for the third quarter of 2010 increased to $357.8 million from $310.2 million in the second quarter of 2010.

Operating income for the third quarter 2010 increased 163 percent to $45.7 million from $17.4 million in the second quarter. The second quarter results included charges of $14.6 million related to plant closures, impairment of long-lived assets, transaction costs, and inventory fair value adjustments.

GAAP net income attributable to stockholders for the third quarter of 2010 was $29.1 million, or $0.36 per diluted share, compared to $4.9 million, or $0.06 per diluted share for the second quarter of 2010. The results for the third quarter of 2010 included a $1.8 million foreign exchange gain and a decrease in the estimated annual effective tax rate that combined contributed $0.04 per diluted share.

On a non-GAAP basis, net income attributable to stockholders for the third quarter of 2010 was $35.0 million, or $0.43 per diluted share. This compares to second quarter of 2010 non-GAAP net income attributable to stockholders of $19.9 million, or $0.26 per diluted share.