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TTM Technologies, Inc. Reports Fourth Quarter and Fiscal Year 2014 Results
for immediate release
COSTA MESA, CA - February 4, 2015 - TTM Technologies, Inc. (Nasdaq: TTMI), a major global printed circuit board ("PCB") manufacturer, today reported results for the fourth quarter and fiscal year 2014, which ended December 29, 2014.
Fourth Quarter 2014 Highlights
Fiscal Year 2014 Highlights
Fourth Quarter 2014 Financial Results
GAAP operating income for the fourth quarter of 2014 was $26.6 million compared to GAAP operating income of $12.3 million in the third quarter of 2014 and $29.3 million in the fourth quarter of 2013.
GAAP net income for the fourth quarter of 2014 was $13.9 million, or $0.17 per diluted share. This compares to GAAP net income of $7.7 million, or $0.09 per diluted share, in the third quarter of 2014 and $11.3 million, or $0.14 per diluted share, in the fourth quarter of 2013.
On a non-GAAP basis, net income for the fourth quarter of 2014 was $23.2 million, or $0.28 per diluted share. This compares to non-GAAP net income of $11.0 million, or $0.13 per diluted share, for the third quarter of 2014 and $22.1 million, or $0.27 per diluted share, for the fourth quarter of 2013.
Adjusted EBITDA for the fourth quarter of 2014 was $60.5 million, or 15.5 percent of net sales, compared to adjusted EBITDA of $43.6 million, or 12.6 percent of net sales, for the third quarter of 2014 and $58.4 million, or 16.0 percent of net sales, for the fourth quarter of 2013.
"We were pleased with our execution during the seasonally robust fourth quarter as our operating performance was on plan and resulted in significant sequential increases in revenue and operating profit," said Tom Edman, CEO of TTM. "Revenue was slightly above and non-GAAP earnings were at the high end of our guidance ranges for the quarter. Demand for our advanced HDI and rigid-flex PCB products used in smartphones was notably strong and drove our product shift toward advanced technology PCBs, resulting in strong utilization rates in our Asia Pacific manufacturing facilities. We are also encouraged to see bookings in the cellular phone end market remain solid as we enter the seasonally weaker first quarter."
Mr. Edman continued, "During the quarter, we received all necessary shareholder and foreign approvals required to complete the acquisition of Viasystems. While the proposed acquisition remains subject to review by the United States Federal Trade Commission and approval of the Committee on Foreign Investment in the United States, we continue to expect to close the acquisition in the first half of 2015. The combination with Viasystems will create a leading global PCB manufacturer and enhance the company's end market and customer diversification."
Full Year 2014 Financial Results
GAAP operating income for fiscal year 2014 was $46.5 million, a decrease from GAAP operating income of $69.1 million in fiscal year 2013.
GAAP net income for fiscal year 2014 was $14.7 million, or $0.18 per diluted share, compared to GAAP net income of $21.9 million, or $0.26 per diluted share, for fiscal year 2013.
On a non-GAAP basis, net income for fiscal year 2014 was $39.3 million, or $0.47 per diluted share. This compares to fiscal year 2013 non-GAAP net income of $51.3 million, or $0.62 per diluted share.
Adjusted EBITDA for fiscal year 2014 was $166.0 million, or 12.5 percent of net sales, compared to $181.3 million, or 13.3 percent of net sales, for fiscal year 2013.
The Acquisition of Viasystems
To Access the Live Webcast/Conference Call
Telephone access is available by dialing domestic 1-888-417-8465 or international 1-719-457-2727 (ID 9222207). 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.
(ticker: TTMI, exchange: NASDAQ)
Chief Financial Officer