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TTM Technologies, Inc. Reports Fourth Quarter And Fiscal Year 2012 Results

COSTA MESA, Calif., Feb. 5, 2013 (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 2012, which ended December 31, 2012.

Fourth Quarter 2012 Highlights

-  Net sales were $382.4 million

-  GAAP net income attributable to stockholders was $15.7 million, or $0.19 per diluted share

-  Non-GAAP net income attributable to stockholders was $21.5 million, or $0.26 per diluted share

-  Gross margin was 16.3 percent

Fiscal Year 2012 Highlights

-  Net sales were $1.3 billion

-  GAAP net loss attributable to stockholders was $172.6 million, or $2.11 per share

-  Excluding the goodwill and asset impairment charges recorded in 2012, GAAP net income attributable to stockholders was $43.2 million, or $0.52 per diluted share

-  Non-GAAP net income attributable to stockholders was $72.0 million, or $0.87 per diluted share

-  Gross margin was 16.7 percent

Fourth Quarter 2012 Financial Results

Net sales for the fourth quarter increased 12.8 percent to $382.4 million from $339.0 million in the third quarter. 

GAAP operating income for the fourth quarter was $21.4 million compared to operating loss of $202.7 million in the third quarter.

Included in operating results for the third quarter of 2012 were non-cash charges of $218.4 million to write down goodwill, customer-related intangibles and property, plant and equipment. Excluding these charges, operating income for the third quarter of 2012 was $15.7 million.

GAAP net income attributable to stockholders for the fourth quarter was $15.7 million, or $0.19 per diluted share, compared to net loss attributable to stockholders of $208.3 million, or $2.54 per share, for the third quarter. Fourth quarter net income attributable to stockholders includes a $3.3 million, or $0.04 per diluted share, tax valuation adjustment to noncontrolling interest.  Net income attributable to stockholders, excluding the impairment charges, was $7.5 million, or $0.09 per diluted share, for the third quarter.

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