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TTM Technologies, Inc. Reports Fourth Quarter and Fiscal Year 2015 Results
for immediate release
COSTA MESA, CA - February 4, 2016 - TTM Technologies, Inc. (Nasdaq:TTMI), a leading global printed circuit board ("PCB") manufacturer, today reported results for the fourth quarter and fiscal year 2015, which ended December 28, 2015. Our results include the contribution from the Viasystems Group, Inc. ("Viasystems") acquisition, which was completed on May 31, 2015.
Fourth Quarter 2015 Highlights
Fiscal Year 2015 Highlights
Fourth Quarter 2015 Financial Results
GAAP operating income for the fourth quarter of 2015 was $36.5 million compared to operating income of $23.6 million in the third quarter of 2015 and operating income of $26.6 million in the fourth quarter of 2014.
GAAP net income attributable to stockholders for the fourth quarter of 2015 was $9.5 million, or $0.09 per diluted share. This compares to GAAP net loss attributable to stockholders of $2.2 million, or $0.02 per share, in the third quarter of 2015 and GAAP net income of $13.9 million, or $0.17 per diluted share, in the fourth quarter of 2014.
On a non-GAAP basis, net income attributable to stockholders for the fourth quarter of 2015 was $31.5 million, or $0.31 per diluted share. This compares to non-GAAP net income of $23.8 million, or $0.24 per diluted share, for the third quarter of 2015 and $23.2 million, or $0.28 per diluted share, for the fourth quarter of 2014.
Adjusted EBITDA for the fourth quarter of 2015 was $95.8 million, or 14.3 percent of net sales, compared to adjusted EBITDA of $87.6 million, or 13.4 percent of net sales, for the third quarter of 2015 and $60.5 million, or 15.5 percent of net sales, for the fourth quarter of 2014.
"Our solid fourth quarter execution combined with seasonal growth in the cellular phone end market and robust demand in the automotive and aerospace and defense end markets drove our sequential increases in gross margin, operating profit and strong free cash flow generation," said Tom Edman, CEO of TTM. "We are pleased to report non-GAAP earnings above the high end of our guidance range and revenue in line with expectations. In addition, we generated $118 million in free cash flow during the quarter which we will use to repay $70-80 million of principal on our term loan late in the first quarter."
Full Year 2015 Financial Results
GAAP operating income for fiscal year 2015 was $61.3 million, an increase from GAAP operating income of $46.5 million in fiscal year 2014.
GAAP net loss attributable to stockholders for fiscal year 2015 was $25.9 million, or $0.28 per share, compared to GAAP net income of $14.7 million, or $0.18 per diluted share, for fiscal year 2014. The GAAP results were negatively impacted by approximately $59.4 million of expenses related to the acquisition and integration of Viasystems.
On a non-GAAP basis, net income attributable to stockholders for fiscal year 2015 was $81.1 million, or $0.87 per diluted share. This compares to fiscal year 2014 non-GAAP net income of $39.3 million, or $0.47 per diluted share.
Adjusted EBITDA for fiscal year 2015 was $285.7 million, or 13.6 percent of net sales, compared to $166.0 million, or 12.5 percent of net sales, for fiscal year 2014.
"2015 was a transformational year for our company that culminated in the creation of one of today's leading global PCB manufacturers with increased customer and end market diversity. We delivered on our integration initiatives and exited the year having achieved 80% of our $55 million annualized synergy target," continued Edman.
"We expect our leadership in a diverse set of end markets to pay-off in the first quarter of 2016 as anticipated strength in automotive and aerospace and defense markets will help to mitigate a seasonal downturn in the cellular phone market. We will continue to build on these strengths as we leverage TTM's advanced technology position into the automotive market in particular."
To Access the Live Webcast/Conference Call
Telephone access is available by dialing domestic 888-438-5535 or international 719-457-2648 (ID 4399593). 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.
(ticker: TTMI, exchange: NASDAQ)
Chief Financial Officer