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

Exhibit 99.1

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JP Morgan Technology & Telecom Conference

May 8, 2003

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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.

Kent Alder

President
and
Chief Executive Officer

Time-to-Market: TTM Technologies

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

[CHART]

Advantages of
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

Investment Opportunity

 Industry leading financial performance

 Most profitable business model through the cycle

 Strong balance sheet

 Lowest domestic cost structure

 Focus on most attractive PCB industry niches

 Time and technology

 Recent ACI acquisition surpasses high-technology positioning in the market

 Well positioned for industry upturn

 Diversified customers and end-markets

 Ability to double revenues without additional capital investment

 Proven ability to integrate acquisitions

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
[LOGOS]		42% Sales		[LOGOS]		> 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 18
Strong balance sheet		Expertise in specialty materials
Lowest cost structure		Tier I customer base
Proven strategy and execution

[GRAPHIC]

		Serve most attractive niches of PBC industry
		Diversified customers and end-markets
		Superior margins and profitability
		Top 3 PCB fabricator in U.S.

Industry Overview

TTM Capitalizing on
Challenging Industry Trends

Prolonged downturn in electronics industry		Diversified customer basewell positioned for recovery

Increased competition		Focus on cost management and operational efficiency

Capacity reduction / consolidation [GRAPHIC]		Remaining competitors including TTM 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 like TTM capturing share

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

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

Price by Delivery Time

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Revenue with lead times of 10 days or less

 ~47% 2002

 ~28% 1Q 2003

ACI Upgrades TTMs
Technological Capabilities

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1Q 2003 average layer count of 13

Recognized by
Industry Leaders

OEMs		EMS Providers
[LOGOS]		[LOGOS]

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

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

	FIRST QUARTER
Dollars in millions, except per share data	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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