March 16, 2010 - EX-99.1 - 8-K/A: Current report filing

Exhibit 99.1

TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(in thousands, except per share data)


							Third
	Fourth Quarter						Quarter			Full Year
	2009			2008^{1, 2}			2009			2009			2008^{1, 2}

CONSOLIDATED STATEMENTS OF OPERATIONS
Net Sales	$	149,924		$	164,916		$	139,075		$	582,476		$	680,981
Cost of goods sold		122,250			134,145			114,868			479,267			543,741


Gross profit		27,674			30,771			24,207			103,209			137,240


Operating expenses:
Selling and marketing		6,480			7,420			6,546			26,517			30,436
General and administrative		11,088			7,940			9,403			36,548			33,255
Amortization of definite-lived intangibles		860			951			860			3,440			3,799
Restructuring charges		481						2,501			5,490
Impairment of long-lived assets		2,125			123,322			10,293			12,761			123,322
Metal reclamation														(3,700	)

Total operating expenses		21,034			139,633			29,603			84,756			187,112


Operating income (loss)		6,640			(108,862	)		(5,396	)		18,453			(49,872	)

Interest expense		(2,802	)		(2,777	)		(2,919	)		(11,198	)		(11,065	)
Interest income		111			223			196			467			1,370
Other, net		305			(416	)		57			401			(1,804	)


Income (loss) before income taxes		4,254			(111,832	)		(8,062	)		8,123			(61,371	)
Income tax (provision) benefit		(1,887	)		42,644			3,177			(3,266	)		24,460


Net income (loss)	$	2,367		$	(69,188	)	$	(4,885	)	$	4,857		$	(36,911	)


Earnings (loss) per common share:
Basic	$	0.05		$	(1.62	)	$	(0.11	)	$	0.11		$	(0.86	)
Diluted	$	0.05		$	(1.62	)	$	(0.11	)	$	0.11		$	(0.86	)

Weighted average common shares:
Basic		43,172			42,810			43,142			43,080			42,681
Diluted		43,930			42,810			43,142			43,579			42,681

SELECTED BALANCE SHEET DATA


	December 31,		December 31,
	2009		2008¹
Cash and cash equivalents	$	94,347	$	148,465
Restricted cash		120,000
Short-term investments		1,351		3,657
Accounts receivable, net		89,519		115,232
Inventories		60,153		71,011


	December 31,		December 31,
	2009		2008¹
Total current assets		382,559		353,130
Property, plant and equipment, net		88,577		114,931
Other non-current assets		71,922		72,179
Total assets		543,058		540,240

Accounts payable		37,867		48,750
Total current liabilities		59,447		72,768
Convertible senior notes, net		139,882		134,914
Total long-term liabilities		142,694		137,436
Stockholders equity		340,917		330,036
Total liabilities and stockholders equity		543,058		540,240

SUPPLEMENTAL DATA


							Third
	Fourth Quarter						Quarter			Full Year
	2009			2008^{1, 2}			2009			2009			2008^{1, 2}
EBITDA	$	12,594		$	(102,653	)	$	399		$	42,028		$	(25,065	)
EBITA	$	7,945		$	(108,074	)	$	(4,253	)	$	22,888		$	(46,389	)

Gross margin		18.5	%		18.7	%		17.4	%		17.7	%		20.2	%
EBITDA margin		8.4			(62.2	)		0.3			7.2			(3.7	)
Operating margin		4.4			(66.0	)		(3.9	)		3.2			(7.3	)

End Market Breakdown:


							Third
	Fourth Quarter						Quarter
	2009			2008			2009
Aerospace/Defense		42	%		40	%		44	%
Networking/Communications		38			37			35
Computing/Storage/Peripherals		10			12			12
Medical/Industrial/Instrumentation/Other		10			11			9

Stock-based Compensation:


					Third
	Fourth Quarter				Quarter
	2009		2008		2009
Amount included in:
Cost of goods sold	$	412	$	331	$	413
Selling and marketing		134		98		133
General and administrative		1,021		786		980

Total stock-based compensation expense	$	1,567	$	1,215	$	1,526

Operating Segment Data:


							Third
	Fourth Quarter						Quarter
	2009			2008¹			2009
Net sales:
PCB Manufacturing	$	128,207		$	144,211		$	123,171
Backplane Assembly		29,332			31,064			23,950
Total sales		157,539			175,275			147,121
Inter-company sales		(7,615	)		(10,359	)		(8,046	)

Total net sales	$	149,924		$	164,916		$	139,075


Operating segment income (loss):
PCB Manufacturing	$	5,118		$	(107,505	)	$	(1,897	)
Backplane Assembly		2,382			(406	)		(2,639	)

Total operating segment income (loss)		7,500			(107,911	)		(4,536	)
Amortization of intangibles		(860	)		(951	)		(860	)

Total operating income (loss)		6,640			(108,862	)		(5,396	)
Total other expense		(2,386	)		(2,970	)		(2,666	)

Income (loss) before income taxes	$	4,254		$	(111,832	)	$	(8,062	)

RECONCILIATIONS³


							Third
	Fourth Quarter						Quarter			Full Year
	2009			2008¹			2009			2009			2008¹
EBITA/EBITDA reconciliation:
Net income (loss)	$	2,367		$	(69,188	)	$	(4,885	)	$	4,857		$	(36,911	)

Add back items:
Income tax provisions (benefit)		1,887			(42,644	)		(3,177	)		3,266			(24,460	)
Interest expense		2,802			2,777			2,919			11,198			11,065
Amortization of intangibles		889			981			890			3,567			3,917

EBITA		7,945			(108,074	)		(4,253	)		22,888			(46,389	)

Depreciation expense		4,649			5,421			4,652			19,140			21,324

EBITDA	$	12,594		$	(102,653	)	$	399		$	42,028		$	(25,065	)


Add back: Impairment of long-lived assets		2,125			123,322			10,293			12,761			123,322

Adjusted EBITDA	$	14,719		$	20,669		$	10,692		$	54,789		$	98,257


Non-GAAP EPS reconciliation⁴:
GAAP net income (loss)	$	2,367		$	(69,188	)	$	(4,885	)	$	4,857		$	(36,911	)
Add back items:
Amortization of definite-lived intangibles		889			981			890			3,567			3,917
Stock-based compensation		1,567			1,215			1,526			6,265			5,076
Non-cash convertible debit interest expense		1,410			1,298			1,381			5,469			3,208
Impairment of long-lived assets		2,125			123,322			10,293			12,761			123,322
Restructuring charges		481						2,501			5,490
Inventory write-down related to facility closures								2,637			3,350
Meadville Holdings transaction costs		4,004						1,377			5,383
Miscellaneous closing costs		160						292			884
Income tax effects		(4,718	)		(48,358	)		(8,235	)		(17,357	)		(54,014	)

Non-GAAP net income	$	8,285		$	9,270		$	7,777		$	30,669		$	44,598

Non-GAAP earnings per diluted share	$	0.19		$	0.22		$	0.18		$	0.70		$	1.04


¹		On January 1, 2009, the Company adopted new authoritative guidance for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) by separately accounting for the liability and equity components in a manner that will reflect the entitys nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. The Company has retrospectively applied this method of accounting back to the issuance date of convertible debt, which for the Company was May 2008.


²		Certain reclassifications of prior year amounts have been made to conform to the current year presentation. Beginning in the second quarter of 2009, the Company reports gains and losses from the sale or disposal of property, plant and equipment as a component of general and administrative expenses in the consolidated condensed statements of operations. Prior to the second quarter 2009, the gains and losses from the sale or disposal of property, plant and equipment were included as a component of cost of goods sold.

³		This information provides a reconciliation of EBITA/EBITDA/Adjusted EBITDA and non-GAAP EPS to the financial information in our consolidated statements of operations.

⁴		This information provides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures which exclude amortization of intangibles, stock-based compensation expense, non-cash interest expense on our convertible debt (before consideration of capitalized interest), asset impairment and restructuring charges, inventory write-down related to facility closures, costs related to the Meadville Holdings transaction and miscellaneous closing costs as well as the associated tax impact of these charges provide additional useful information to investors regarding the Companys ongoing financial condition and results of operations.

EBITDA means earnings before interest expense, income taxes, depreciation and amortization.EBITA means earnings before interest expense, income taxes and amortization. We present EBITDA / EBITA / Adjusted EBITDA to enhance the understanding of our operating results. EBITDA / EBITA / Adjusted EBITDA is a key measure we use to evaluate our operations. In addition, we provide our EBITDA / EBITA / Adjusted EBITDA because we believe that investors and securities analysts will find EBITDA / EBITA / Adjusted EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, EBITDA / EBITA / Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States of America.

Form: 8-K/A

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