TTM Technologies, Inc. Reports Record Fourth Quarter And Fiscal Year 2010 Results

SANTA ANA, Calif., Feb. 10, 2011 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (Nasdaq:TTMI), a major global printed circuit board (PCB) manufacturer, today reported results for the fourth quarter and fiscal year 2010, ended December 31, 2010.

Fourth Quarter 2010 Highlights

• Net sales increased 6 percent sequentially to a record $377.9 million
• GAAP net income attributable to stockholders grew 14 percent sequentially to $33.0 million, or $0.41 per diluted share
• Non-GAAP net income attributable to stockholders increased sequentially 13 percent to $39.7 million, or $0.49 per diluted share
• Gross margin increased sequentially to 23.8 percent
• The combination with Meadville Holdings Ltd. was again highly accretive to GAAP earnings, adding more than $0.20 per diluted share in the fourth quarter

Fiscal Year 2010 Highlights

• Completed combination with Meadville on April 9, 2010
• Net sales increased to $1.2 billion
• GAAP net income attributable to stockholders grew to $71.5 million, or $1.01 per diluted share
• Non-GAAP net income attributable to stockholders increased to $105.5 million, or $1.49 per diluted share
• Gross margin increased to 21.5 percent

Financial Results

Net sales for the fourth quarter of 2010 increased to $377.9 million from $357.8 million in the third quarter of 2010.

Operating income for the fourth quarter of 2010 increased to $52.6 million from $45.7 million in the third quarter of 2010.

GAAP net income attributable to stockholders for the fourth quarter of 2010 was $33.0 million, or $0.41 per diluted share, compared to $29.1 million, or $0.36 per diluted share, for the third quarter of 2010. The results for both the third and fourth quarters of 2010 included foreign exchange gains that contributed approximately $0.02 per diluted share each quarter.

On a non-GAAP basis, net income attributable to stockholders for the fourth quarter of 2010 was $39.7 million, or $0.49 per diluted share. This compares to non-GAAP net income attributable to stockholders of $35.0 million, or $0.43 per diluted share, in the third quarter of 2010.