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TTM Technologies, inc. reports second quarter 2014 results
for immediate release
COSTA MESA, CA - July 30, 2014 - TTM Technologies, Inc. (Nasdaq: TTMI), a major global printed circuit board (PCB) manufacturer, today reported results for the second quarter 2014, which ended June 30, 2014.
Second Quarter 2014 Highlights
Second Quarter 2014 Financial Results
GAAP operating income for the second quarter of 2014 was $3.2 million compared to operating income of $4.5 million in the first quarter of 2014 and operating income of $28.3 million in the second quarter of 2013. Operating results for the second quarter of 2013 included a gain of $17.9 million resulting from TTM's sale of its equity interest in the SYE plant. Excluding this gain, operating income was $10.4 million in the second quarter of 2013.
GAAP net loss for the second quarter of 2014 was $3.1 million, or $0.04 per share. This compares to a GAAP net loss of $3.8 million, or $0.05 per share, in the first quarter of 2014 and GAAP net income of $13.1 million, or $0.16 per diluted share in the second quarter of 2013.
On a non-GAAP basis, net income for the second quarter of 2014 was $3.9 million, or $0.05 per diluted share. This compares to non-GAAP net income of $1.2 million, or $0.01 per diluted share, for the first quarter of 2014 and $7.7 million, or $0.09 per diluted share, for the second quarter of 2013.
Adjusted EBITDA for the second quarter of 2014 was $32.8 million, or 11.0 percent of net sales, compared to adjusted EBITDA of $29.1 million, or 10.0 percent of net sales, for the first quarter of 2014 and $39.1 million, or 11.6 percent of net sales, for the second quarter of 2013.
"We generated sales and non-GAAP earnings in line with our expectations for the second quarter," said Tom Edman, CEO of TTM. "We are pleased with our strong performance in the networking/communications and aerospace & defense end markets. In most other end markets, we experienced normal seasonality, with somewhat broader softness in the computing end market."
To Access the Live Webcast/Conference Call
Telephone access is available by dialing domestic 1-888-539-3612 or international 1-719-325-2420 (ID 3718229). The conference call also will be webcast on TTM Technologies' website at www.ttmtech.com.
To Access a Replay of the Webcast
About Our Non-GAAP Financial Measures
Management believes that the non-GAAP financial information - which add back amortization of intangibles, stock-based compensation expense, non-cash interest expense on debt, asset impairments, restructuring and other unusual or infrequent items (such as the gain realized on the SYE transaction) as well as the associated tax impact of these charges and discrete tax items - provides additional useful information to investors regarding the Company'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. The Company 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.
Safe Harbor Statement
- Tables Follow -
(ticker: TTMI, exchange: NASDAQ)
Chief Financial Officer