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TTM Technologies, Inc. Reports First Quarter 2013 Results

COSTA MESA, Calif., May 2, 2013 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (Nasdaq:TTMI), a major global printed circuit board (PCB) manufacturer, today reported results for the first quarter of 2013, which ended April 1, 2013.

First Quarter 2013 Highlights

  • Net sales were $325.4 million
  • GAAP net income attributable to stockholders was $5.2 million, or $0.06 per diluted share
  • Non-GAAP net income attributable to stockholders was $10.7 million, or $0.13 per diluted share
  • Gross margin was 15.6 percent

First Quarter 2013 Financial Results

Net sales for the first quarter decreased 14.8 percent to $325.4 million from $381.7 million in the fourth quarter.

GAAP operating income for the first quarter was $12.7 million compared to operating income of $20.7 million in the fourth quarter.

GAAP net income attributable to stockholders for the first quarter was $5.2 million, or $0.06 per diluted share, compared to net income attributable to stockholders of $13.7 million, or $0.17 per diluted share, for the fourth quarter.

On a non-GAAP basis, net income attributable to stockholders for the first quarter was $10.7 million, or $0.13 per diluted share. This compares to non-GAAP net income attributable to stockholders of $18.6 million, or $0.23 per diluted share, for the fourth quarter.

EBITDA for the first quarter was $39.1 million, or 12.0 percent of net sales, compared to EBITDA of $49.6 million, or 13.0 percent of net sales, for the fourth quarter.

"Our results for the first quarter for both Asia Pacific and North America were in line with our expectations," said Kent Alder, CEO of TTM. "While we experienced normal seasonality during the quarter, we were pleased to realize a year-over-year increase in revenue due to increased sales in our cellular phone and networking end markets. We were also encouraged to see an improvement in the aerospace and defense end market both sequentially and year-over-year, despite current defense budget challenges."

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