May 8, 2003 - EX-99.1 - 8-K: Current report filing

Exhibit 99.1

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State of the North American PBC Market
TMRC Conference
May 6, 2003

President
and
Chief Executive Officer

During the course of this presentation, we will make projections or other forward-looking statements regarding future events or the future financial performance of the Company. We wish to caution you that such statements reflect only our current expectations, and that actual events or results may differ materially.

We refer you to the risk factors and cautionary language contained in the documents that the Company files from time to time with the Securities and Exchange Commission, specifically the Companys 10-K for our last fiscal year ended December 31, 2002. Such documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. We undertake no obligation to update such projections or such forward-looking statements in the future.

For your convenient reference, a copy of this presentation on Form 8-K has been filed with the Securities and Exchange Commission and will be posted on our website.

Industry Overview

North American PCB Market
Challenging Industry Trends

	Prolonged downturn in electronics industry		Diversified customer base well positioned for recovery

	Increased competition		Focus on cost management and operational efficiency

	Capacity reduction / consolidation		Remaining competitors gaining customers / share

	North American PCB market transitioning to high mix, high complexity		Differentiation through technology and service

	Several companies experiencing liquidity constraints / solvency issues		Well capitalized players capturing share

Consolidation Trends-

U.S. PCB Market

10 firms with sales > $100 million

6 firms with sales $50 $99.9 million

29 firms with sales $20 $49.9 million

69 firms with sales $10 $19.9 million

115 firms with sales

$5 $9.9 million

283 firms with sales

< $5 million

Increasing Market Share Among the Top Tier Firms		2001 Total U.S. Industry
32% in 1990		Sales: $6.0 Billion
45% in 2001

Consolidation Trends-

U.S. PCB Market

Estimate of U.S. PCB fabricators with

>$100 million in 2002 revenues*

Independent
Public		Captive		Integrated EMS
	TTM		Tyco		Sanmina
	DDI		IBM Endicott		Flextronics
	Merix		Photocircuits		Viasystems
			3M

TTM continues to benefit from rapid consolidation in the U.S. PCB market

*PCB Fab magazine, September 2002

Capacity Reductions:
30% - 35% Since 2001

Announced Plant Closings(1)		Estimated Capacity Shutdown(2)

2001 Total		$1,655

2002
Sanmina (NH)		$70 $80
Teradyne (CA)		$60 $70
Omni Circuits (CA)		$30 $35
Honeywell (Various U.S. Sites)		$60 $100
Tyco Advanced Quick (FL)		$60
Paragon Circuits (CA)		$20
Carolina Circuits (SC)		$40
Viasystems (Toronto)		$50
Printed Circuit Corp (MA)		$40
Flextronics / Multek (CA)		$40
TTM Burlington (WA)		$30

Total		$2,155 - $2,220

Source: Research analysts / company estimates.

(1) Some facilities could re-open if demand improves, but this would require significant lead time and rebuilding of front-end capabilities.

(2) Measured in 2001 revenue.

PCB Competitive Landscape

TTM focus

Panel volume

Most susceptible
to Asian competition

Most susceptible to Asian competition

Transitional
markets

High (lots of 1,000+)

PCs

Cell phones

High-end networking

Computer peripherals

Advanced PDAs

Automotive

Power supplies

Consumer electronics

Medium (lots of 1000-)

PCs

Low-end servers

High-end servers

Computer peripherals

High-end computers

Telecom infrastructure

Semiconductor capital equipment

Low (lots of 100-)

Misc. industrial equipment

Semicap equipment

Specialized communications

Low-end aerospace/defense

Medical equipment

High-end aerospace/ defense

Aerospace/ defense

Instrumentation

Industrial equipment

QTA

0-8 layers, standard materials

9-15 layers, standard materials

16+ layers, exotic materials

Technology Level

Advantages of Niche Focus -Time and Technology

Faster Growth

Access to more diversified customer base

Critical to NPI across industries

Superior margins and profitability

Significant barriers to entry

Unique capabilities and culture for time

Significant investment and expertise for technology

Few competitors in either target market segment

TTMs Strategy

Industry-Leading Financial Results

Strong Long-Term Outlook

Customers / End Markets

Diversified customer base of industry leading clients

Targeting emerging customers and end-markets

Expanded sales force

Time

24 hour turn-time capability

Prototype to mid-volume production in under 10 days

Ability to handle 40 45 new designs per day

Financial Strength

Strong balance sheet

Superior asset management

Opportunistic acquisitions

Technology

Specialization in high layer count, advanced technology PCBs

Provider of valued-added engineering / design services

ACIindustry leading layer count of 18

Time-to-Market: TTM Technologies

Leader of quick-turn and technologically advanced printed circuit board solutions

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Price by Delivery Time

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Recent Development:
Advanced Circuits (ACI) Acquisition

	Strategic fit		Positions TTM as leading technology provider

	Scale		Creates one of three largest U.S. PCB fabricators
			Favorably impacts material and capital costs

	Customers		New blue chip relationships
			Minimal customer overlap drives cross selling opportunities

	Purchase price / balance sheet		Attractive pricing
			Maintain strong balance sheet

	Financial performance		Restructurings during 2002
			Profitability expected in 2003

	Mutually beneficial transaction		Core focus vs. orphan asset

ACI Acquisition:

Doubles Revenue Base / Minimal Overlap

TTM		ACI

[LOGO]	42% Sales	[LOGO]	>90% Sales

2002 pro forma revenues $185 million*

*Pro forma estimates include annualized fourth quarter revenues for ACI combined with 2002 full year results for remaining TTM divisions

ACI Acquisition:

Strategic Fit

TTM			ACI

	Premier quick-turn provider			Leading edge technology provider
	Industry leading financial performance				Average layer count of 17
		Strong balance sheet			Expertise in specialty materials
		Lowest cost structure			Tier I customer base
		Proven strategy and execution

Serve most attractive niches of PBC industry

Diversified customers and end-markets

Superior margins and profitability

Top 3 PCB fabricator in U.S.

ACI Upgrades TTMs
Technological Capabilities

1Q 2003 average layer count of 13

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Recognized by

Industry Leaders

OEMs		EMS Providers

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TTM Serves Diversified

End-Markets

(% of Revenues)

	1999		2000		2001		2002		1Q 2003

Networking/ Communication	25	%	34	%	34	%	31	%	34	%

Industrial/ Medical	21	%	19	%	27	%	26	%	11	%

High-End Computing	22	%	27	%	20	%	15	%	41	%

Computer Peripherals	23	%	12	%	10	%	20	%	10	%

Handheld	5	%	5	%	4	%	3	%	2	%

Other	5	%	4	%	5	%	5	%	4	%

Future Acquisition Strategy

Niche-oriented

Expand quick-turn market share

Expand specialty materials opportunities with military / aerospace end-market exposure

Develop profitable Asian relationship

Focus on PCB manufacturing

Stacey Peterson

Chief Financial Officer

Historical Sales Growth

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*Pro forma estimates include annualized fourth quarter revenues for ACI combined with 2002 full year results for remaining TTM divisions

Historical EBITDA and

EBITDA Margin

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*EBITDA means earnings before interest expense (including amortization of debt issuance costs), interest income and other, income taxes, depreciation and amortization and non-cash restructuring charges. EBITDA Margin = EBITDA / Sales

EBITDA Reconciliation

	1998		1999		2000		2001		2002		1Q 2003

Net Income	8.4		(0.2	)	28.1		11.0		1.6		(0.2	)
Add back items:
Extraordinary item			1.5		6.8				(6.3	)	(0.8	)
Income taxes			0.8		(1.9	)	6.2		(2.3	)	(0.5	)
Interest expense	0.8		10.4		12.2		2.6		1.1		0.2
Amortization of debt issuance costs	0.1		0.8		0.7		0.0		0.1		0.0
Interest income and other	(0.9	)	(0.1	)	(0.2	)	(0.6	)	(0.7	)	(0.1	)
Depreciation of property, plant, and equipment	3.0		3.6		5.5		8.3		8.8		1.9
Amortization of intangibles			2.2		4.8		4.8		1.2		0.3
Amortization of deferred retention bonus	0.1		1.8		5.5
Non-cash restructuring charges									1.8
Total	3.1		21.2		33.4		21.3		3.7		1.0

EBITDA	11.6		20.9		61.5		32.3		5.3		0.9

First Quarter 2003 Results

Dollars in millions, except per share data

	FIRST QUARTER
	2002			2003
Sales	$	23.7		$	39.6

Gross Profit	2.6			4.5

Operating Profit	(0.2		)	(1.3		)

Net Income Before Extraordinary*	(0.3		)	(0.8		)

EPS Before Extraordinary*	$	(0.01	)	$	(0.02	)

Operating Cash Flow	$	3.9		$	7.8

Inventory Turns	26x			14x

*1Q 2003 results includes $203,000 restructuring charge and are before extraordinary gain of $824,000, related to acquisition of ACI

Capitalized

for Future Growth

	12/31/02		3/31/03

Cash	$	18.9	$	26.1

Net Cash (Debt)	8.9		16.1

Total Shareholders Equity	167.4		167.5

Total Capitalization	177.4		177.5

Interest Coverage*	4.9x		5.8x

*EBITDA / Interest Expense, includes cash restructuring charges of $2.0 M for 2002 and $203,000 for 1Q 2003

Conclusion

Proven, industry-leading execution

ACI acquisition establishes TTM as leading technology provider

Well-positioned for industry recovery as one of the largest U.S. PCB fabricators

Investing in time and technology

Positioned to gain market share as industry winner

Strong balance sheet

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Form: 8-K

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