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TTM Technologies, Inc. Reports Third Quarter 2015 Results
for immediate release
COSTA MESA, CA - October 28, 2015 - TTM Technologies, Inc. (Nasdaq:TTMI), a major global printed circuit board ("PCB") manufacturer, today reported results for the third quarter 2015, which ended September 28, 2015. Results for the period reflect the first full quarter of consolidated results from the acquisition of Viasystems Group, Inc. ("Viasystems"), completed on May 31, 2015.
Third Quarter 2015 Highlights
Third Quarter 2015 Financial Results
GAAP operating income for the third quarter of 2015 was $23.6 million compared to an operating loss of $7.1 million in the second quarter of 2015 and operating income of $12.3 million in the third quarter of 2014.
GAAP net loss attributable to stockholders for the third quarter of 2015 was $2.2 million, or $0.02 per share. This compares to GAAP net loss of $36.6 million, or $0.41 per share, in the second quarter of 2015 and GAAP net income of $7.7 million, or $0.09 per diluted share, in the third quarter of 2014. The GAAP results were negatively impacted by approximately $12.3 million of expenses related to the acquisition and integration of Viasystems.
On a non-GAAP basis, net income attributable to stockholders for the third quarter of 2015 was $23.8 million, or $0.24 per diluted share. This compares to non-GAAP net income of $14.9 million, or $0.17 per diluted share, for the second quarter of 2015 and $11.0 million, or $0.13 per diluted share, for the third quarter of 2014.
Adjusted EBITDA for the third quarter of 2015 was $87.6 million, or 13.4 percent of net sales, compared to adjusted EBITDA of $59.7 million, or 13.4 percent of net sales, for the second quarter of 2015 and $43.6 million, or 12.6 percent of net sales, for the third quarter of 2014.
"Our strong third quarter operating performance included the first full quarter of contribution from the Viasystems acquisition," said Tom Edman, CEO of TTM. "Revenue was within our guidance range and non-GAAP earnings exceeded expectations. Demand in the aerospace and defense and mobility end markets, in particular, remained strong throughout the quarter."
Mr. Edman continued, "We are pleased with both our organic growth and our continued progress with the integration of Viasystems during the quarter. Shortly after the quarter ended, we announced plans to close three facilities as a part of our global integration plan. We expect the consolidation to improve plant utilization, operational performance and customer focus, and project that these actions will drive us closer to realizing our annualized synergies goal of $55.0 million. We remain focused on ongoing operational excellence and execution across our newly expanded diverse set of end markets and customers."
To Access the Live Webcast/Conference Call
Telephone access is available by dialing domestic 1-877-876-9176 or international 1-785-424-1667 (ID 319737). 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.
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(ticker: TTMI, exchange: NASDAQ)
Chief Financial Officer