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TTM Technologies, Inc. Reports First Quarter 2015 Results
for immediate release
COSTA MESA, CA - April 29, 2015 - TTM Technologies, Inc. (Nasdaq:TTMI), a major global printed circuit board ("PCB") manufacturer, today reported results for the first quarter 2015, which ended March 30, 2015.
First Quarter 2015 Highlights
First Quarter 2015 Financial Results
GAAP operating income for the first quarter of 2015 was $8.3 million compared to GAAP operating income of $26.6 million in the fourth quarter of 2014 and $4.5 million in the first quarter of 2014.
GAAP net income for the first quarter of 2015 was $3.4 million, or $0.04 per diluted share. This compares to GAAP net income of $13.9 million, or $0.17 per diluted share, in the fourth quarter of 2014 and a net loss of $3.8 million, or $0.05 per share, in the first quarter of 2014.
On a non-GAAP basis, net income for the first quarter of 2015 was $10.8 million, or $0.13 per diluted share. This compares to non-GAAP net income of $23.2 million, or $0.28 per diluted share, for the fourth quarter of 2014 and $1.2 million, or $0.01 per diluted share, for the first quarter of 2014.
Adjusted EBITDA for the first quarter of 2015 was $42.5 million, or 12.9 percent of net sales, compared to adjusted EBITDA of $60.5 million, or 15.5 percent of net sales, for the fourth quarter of 2014 and $29.1 million, or 10.0 percent of net sales, for the first quarter of 2014.
"We are pleased to report strong operating results in the first quarter, with revenue at the high end and non-GAAP earnings above our initial guidance ranges," said Tom Edman, CEO of TTM. "We are encouraged by the year-over-year improvement in revenue driven by strong cellular phone demand as well as the ongoing bookings strength in the aerospace and defense market."
Mr. Edman continued, "While our acquisition of Viasystems is still subject to U.S. regulatory approvals, we expect to complete the acquisition during the second quarter of 2015. Viasystems will bring TTM meaningful strength in the automotive end market and will complement our position in other end markets, enabling us to continue to broaden our product portfolio to address an increasingly diverse set of end markets."
The Acquisition of Viasystems Group, Inc.
To Access the Live Webcast/Conference Call
Telephone access is available by dialing domestic 1-888-539-3678 or international 1-719-325-2420 (ID 2158367). The conference call also will be webcast on TTM's website at www.ttmtech.com.
To Access a Replay of the Webcast
About Our Non-GAAP Financial Measures
Adjusted EBITDA is defined as earnings before interest expense, income taxes, depreciation, amortization of intangibles, stock-based compensation expense, gain on sale of assets, asset impairments, restructuring, costs related to acquisitions, and other charges. Management believes that the non-GAAP financial information - which adds back amortization of intangibles, stock-based compensation expense, non-cash interest expense on debt, acquisition-related costs, asset impairments, restructuring and other unusual or infrequent items as well as the associated tax impact of these charges and discrete tax items - provides additional useful information to investors regarding TTM's ongoing financial condition and results of operations.
A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliation to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
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(ticker: TTMI, exchange: NASDAQ)
Chief Financial Officer