|View printer-friendly version|
TTM Technologies, Inc. Reports First Quarter 2016 Results
for immediate release
COSTA MESA, Calif., April 27, 2016 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (Nasdaq:TTMI), a major global printed circuit board ("PCB") manufacturer, today reported results for the first quarter 2016, which ended March 28, 2016. Our results include the contribution from the Viasystems Group, Inc. ("Viasystems") acquisition, which was completed on May 31, 2015.
First Quarter 2016 Highlights
First Quarter 2016 Financial Results
GAAP operating income for the first quarter of 2016 was $18.9 million, compared to operating income of $8.3 million in the first quarter of 2015 and $36.5 million in the fourth quarter.
GAAP net loss attributable to stockholders for the first quarter of 2016 was $7.3 million, or $0.07 per share. This compares to GAAP net income of $3.4 million, or $0.04 per diluted share, in the first quarter of 2015 and $9.5 million, or $0.09 per diluted share, in the fourth quarter. The GAAP results were negatively impacted by approximately $6.0 million of expenses related to the acquisition and integration of Viasystems.
On a non-GAAP basis, net income attributable to stockholders for the first quarter of 2016 was $13.9 million, or $0.14 per diluted share. This compares to non-GAAP net income of $10.8 million, or $0.13 per diluted share, for the first quarter of 2015 and $31.5 million, or $0.31 per diluted share, in the fourth quarter of last year.
Adjusted EBITDA for the first quarter of 2016 was $74.5 million, or 12.8 percent of net sales, compared to adjusted EBITDA of $42.5 million, or 12.9 percent of net sales, for the first quarter of 2015 and $95.8 million, or 14.3 percent of net sales, for the fourth quarter of 2015.
"Our first quarter results marked a solid start to the year and demonstrated the benefits of our diversification initiative," said Tom Edman, CEO of TTM. "Strong operational execution across all of our business units drove non-GAAP earnings above the high end of our guidance. Relative strength in the aerospace and defense, automotive and computing end markets helped offset a softer demand environment in the cellular phone end market."
"We continue to deliver on our integration milestones and have now implemented or announced actions that represent more than 90% of our $55 million annualized synergy target. The new market focused business unit structure put in place at the beginning of the year has already begun to yield operational benefits. We believe a larger and more diverse TTM with focus on key end markets such as Aerospace & Defense and Automotive is an important differentiator in the PCB market," concluded Mr. Edman.
To Access the Live Webcast/Conference Call
Telephone access is available by dialing domestic 888-417-8516 or international 719-325-2354 (ID 1413218). The conference call also will be webcast on TTM's website at www.ttm.com.
To Access a Replay of the Webcast
About Our Non-GAAP Financial Measures
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.
- Tables Follow -
(ticker: TTMI, exchange: NASDAQ)
Senior Director, Corporate Development & Investor Relations