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TTM Technologies Raises Fourth Quarter 2000 Guidance; Discusses Slowdown In The Electronics Industry
“We have seen a decline in lead times and the book-to-bill ratio for our higher volume businesses,” said Kent Alder, CEO of TTM Technologies. “However, it is our strategy to enhance our mix towards advanced-technology, quick-turn printed circuit boards. And that part of the business continues to perform well. Our customers are looking for ways to reduce product development cycles and time to market. That is what our quick-turn capabilities, with delivery times of less then 10 days, enable them do.”
TTM presently expects revenues for the fourth quarter of 2000 of $58 to $59 million, representing year-over-year revenue growth of approximately 75 percent. For the same period, it expects cash earnings per share of $0.29 to $0.30. The company will announce fourth quarter 2000 results on February 8, 2001. For 2001, the company remains comfortable with its previous guidance, with targeted growth of approximately 20 percent in revenues and 30 percent in cash EPS.
As part of its strategy to expand the percentage of revenues from quick-turn, technologically advanced printed circuit boards, the company is expanding its Santa Ana facility. The expansion remains on schedule, with a 50 percent increase in output expected by year-end 2001, and an additional 50 percent increase in capacity to come on stream at Santa Ana by the end of 2002. In addition, the company has been able to shift some of its quick-turn business from its Santa Ana facility to its Redmond, WA operation, thereby optimizing facility utilization.
TTM Technologies, Inc. is a leading supplier of quick-turn, technologically advanced printed circuit boards to original equipment manufacturers and electronic manufacturing services companies. TTM stands for “time-to-market,” representing how the company’s time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. TTM completed its IPO in September 2000 and trades on the Nasdaq National Market System under the symbol “TTMI.”
“Forward-looking” statements made in this release should be considered
subject to the many uncertainties that exist in the company’s operations
and business environment. These risk factors, including the company’s heavy
dependence on the electronics industry, are set forth in the TTM Technologies
September 20, 2000, Prospectus filed with the Securities and Exchange Commission.