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TTM Technologies, Inc. Updates Its First Quarter 2015 Guidance
for immediate release
COSTA MESA, CA - April 21, 2015 - TTM Technologies, Inc. (Nasdaq:TTMI) ("TTM"), a major global printed circuit board ("PCB") manufacturer, today updated its first quarter 2015 guidance in conjunction with its ongoing financing activities related to its previously announced proposed acquisition of Viasystems Group, Inc. (Nasdaq:VIAS).
Based on preliminary, unaudited financial results, TTM now expects first quarter 2015 revenue to be approximately $329 million, compared to its previously announced range of $310 million to $330 million and revenue of $292 million in the first quarter of 2014. Non-GAAP net income in the first quarter of 2015 is expected to be approximately $0.13 per diluted share, compared to its previously announced range of $0.06 to $0.12 per diluted share and non-GAAP net income of $0.01 per diluted share in the first quarter of 2014. TTM expects adjusted EBITDA in the first quarter of 2015 to be approximately $42 million, compared to $29 million in the first quarter of 2014.
TTM's first quarter 2015 results are preliminary and are therefore subject to change until completion of TTM's customary quarterly closing and review procedures. TTM expects to report actual results on April 29, 2015.
First Quarter 2015 Conference Call Information
Telephone access is available by dialing domestic 1-888-539-3678 or international 1-719-325-2420 (ID 2158367). 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 TT'M's ongoing financial condition and results of operations.
A material limitation associated with the use of 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. For a reconciliation of non-GAAP earnings per share and adjusted EBITDA for the first quarter of 2014, please see TTM's press release dated April 30, 2014. The non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.