January 9, 2004 - EX-99.1 - 8-K: Current report filing

Exhibit 99.1

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TTM Technologies

Needham & Company Growth Conference
January 8, 2004

Safe Harbor Provision

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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 most recent S-3 Registration Statement. 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.

Kent Alder

President
and
Chief Executive Officer

Company Overview

TTM is a leading provider of time-critical and technologically complex printed circuit
boards to the worlds leading electronic equipment designers and manufacturers

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Pure Play printed circuit board (PCB) manufacturer

Focused on time (24 hrs to 10 days) & technology service segments

Three integrated, mission focused production facilities:

Santa Ana, CA

Redmond, WA

Chippewa Falls, WI

$126 million in YTD 2003* sales

1,367 employees

*Through Q3 2003.

Investment Highlights

Improving Industry Conditions	Multiple indicators of demand recovery
Improving Industry Conditions	Rationalization of capacity leading to share gains

Focused Strategy and Strong Market Position	Leader in most attractive PCB industry segments time & technology
Focused Strategy and Strong Market Position	Mission focused facilities speed, flexibility and technology

Demonstrated Execution Excellence	Strong relationships with leading OEM and EMS customers
	Proven ability to integrate acquisitions
	Cross-selling efforts leading to success

Industry Leading Financial Performance	Profitable business model across cycle
Industry Leading Financial Performance	Strong balance sheet

Market Leadership. . .Focus. . . Execution. .. . Performance

Attractiveness of
Time & Technology Strategy

Growth	Early access to new customers with high-growth potential
	Key supplier to high-growth programs within market leaders
	Critical service for new product introduction across multiple industries

Limited Competition	Difficult business model to replicate
	Significant technology expertise and investment required
	Quick-turn, high-mix production subject to less competition

Performance	Time and technology focus allows premium pricing
Performance	Leads to superior margins and profitability

Consistent Strategic Focus Driving Growth and Profitability

Industry Overview

Industry Dynamics and
Key Success Factors

Current Industry Dynamics		Key Success Factors

Key indicators of industry recovery solidifying		Capacity in place for complex products and short lead times

High volume, low-mix production transitioning to Asia		Focus on quick-turn, high-mix and technology limits foreign competition
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Significant consolidation of North American capacity		Well-capitalized firms with targeted strategy gaining share

Financial performance of several key players remains uncertain		Financial strength and stability drives customer confidence

TTM is Positioned to Capitalize on Industry Trends

PCB Competitive Landscape

			Most susceptible to Asian competition
			Competitive markets

Panel Volume (lots)

High (> 1,000)	PCs	Cell phones	Limited product application
	Computer peripherals	Advanced PDAs	Limited product application
	Automotive	Power supplies
	Consumer electronics

Medium (100 < 1,000)	PCs	Low-end servers	High-end servers	TTM focus
	Computer peripherals	High-end computers	Telecom infrastructure
	Computer peripherals		High-end networking

Low (< 100)	Misc. industrial equipment	Semicap equipment	Specialized communications
	Misc. industrial equipment	Medical equipment	Specialized communications
	Low-end aerospace/ defense	Aerospace/defense	High-end aerospace/defense
	Low-end aerospace/ defense	Instrumentation	High-end aerospace/defense
		Industrial equipment

Quick-Turn

0-8 layers, standard materials		9-15 layers, standard materials		16+ layers, exotic materials
		Technology Level

North American
PCB Market Overview

$5.2 billion North American PCB market in 2002

Total number of PCB manufacturers has been reduced by approximately 50%

950 companies in 1992 to less than 500 in 2002

30 40% of PCB capacity has been permanently removed since 2001

Only 7 PCB fabricators with greater than $100 million in 2002 revenue

Pure Play Independent		Conglomerates		Integrated EMS
	TTM		Tyco		DDI
	Merix				EIT
	Photocircuits				Sanmina-SCI

TTM Benefiting from Ongoing Industry Consolidation

Source: iSuppli; N.T. Information Ltd. (Dr. Hayao Nakahara) 2003 NTI Quarterly. Excludes companies focused on flex circuits.

Impact of Broad-Based
Capacity Reductions

Capturing Programs from Factory Closures		Closures facilitating market share gains
Capturing Programs from Factory Closures		Increasing customer attention to supplier viability

Extending Industry Lead Times		Competitors extending lead times
Extending Industry Lead Times		TTM enjoying share capture and spot orders due to superior cycle times and responsiveness

Increasing Order Velocity		Average PCB industry book-to-bill exceeds parity for 2003
Increasing Order Velocity		Daily order rates highest of the year thru Q4

Firming Price Environment		Improving complexity and mix key new programs ramping
Firming Price Environment		Quick-turn pricing strengthening

Environment of Tighter Capacity Benefits Survivors

End Market Indicators
Improving on Multiple Fronts

Electronic Equipment Orders & Inventory	[GRAPHIC]	Favorable
		Double digit order growth year-to-date
		Inventory-to-Order ratio below pre-boom levels

Infrastructure Spending	[GRAPHIC]	Favorable
		High end (10 Gbps) router market +10%
		Service provider router market +6%

Electronics Buyers Index (EBI)	[GRAPHIC]	Neutral and Improving
		November 03 is highest in nearly three years
		Leading indicators slightly short of expansionary threshold

Electronic Equipment Book-to-Bill	[GRAPHIC]	Favorable
		Greater than parity all year
		Strong end market orders, lower supply chain inventory

PCB Book-to-Bill	[GRAPHIC]	Favorable TTM Outperforming
		Six consecutive months in excess of parity
		TTM book-to-bill stronger than broader index

Source: Department of Commerce, Dell Oro, Electronic Buyers News, Gartner Dataquest and IPC.

TTMs Strategy

	Customers / End Markets
	Diverse base of industry leading customers

	Early access to emerging customers and niche end-markets

	Global sales reach

Technology		Time
Technology	Industry Leading Execution and Financial Results	Time
High performance, technologically complex PCBs	Industry Leading Execution and Financial Results	Dedicated ultra-short lead time capability (<24 hours available)
Advanced manufacturing processes & technology expertise		Dedicated, highly flexible, ramp-to-volume production in <10 days
Industry leading avg. layer count of 18+ at Chippewa Falls facility	Strong Long-Term Outlook	High-mix complex technology production with standard delivery

	Financial Strength

	Focus on operational excellence

	Superior asset management and strong balance sheet

	Successful integration of opportunistic acquisitions

Facility Specialization Strategy

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Mission Focused Facilities Speed, Flexibility and Technology

Price by Delivery Time

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Quick-Turn Service Allows Premium Pricing

*Through Q3 2003.

Revenue By Layer Count

Percentage of Revenue

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Continuing to Upgrade Technological Capabilities

* Through Q3 2003.

Global Sales Reach

	TTM Shipments by Geography YTD 03*		Sales	Technical Support	Inventory Hub	Comments

Asia & ROW	14	%	2	1	1	Malaysia

Europe	8	%	3	1	2	UK & Italy

North America	78	%	103	8	3	Integrated direct & rep force

Global Sales and Customer Service Network Driving Incremental Sales

* Through Q3 2003.

Customer Concentration

Percentage of Revenue

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Increased Exposure to End Market Leaders

* Pro forma for the acquisition of Power Circuits, which occurred in July 1999.

** Through Q3 2003.

Revenue Chain

YTD 03* - % of total production revenues

End Markets			Customers		Channel
		Enterprise I/T 58%	Top OEM Customers		EMS Providers - 59%
High-End Computing	Networking/ Comms	Telecom Service Provider	Cisco		Solectron
37%	38%	18%	Hewlett-Packard	<	Celestica
			IBM		Benchmark	<	TTM Technologies
Indust./Med. - 12%			Motorola		Jabil
Peripherals - 8%		Other End Markets	Sun Microsystems		Plexus
Handheld/Other - 5%		24%			Others
			Top 5 = 52%
					Shipped OEM-direct
			Top 10 = 64%		41%

Enterprise IT Spending Primary End Market Driver

* Through Q3 2003.

Key Customers by End Market

Percentage of Revenue by End Market YTD 03*

High-End Computing	37	%	[LOGO]

Networking & Communications	38	%	[LOGO]

Industrial & Medical	12	%	[LOGO]

Computer Peripherals	8	%	[LOGO]

Handheld & Other	5	%	[LOGO]

Leading Positions with Industry Leaders. . .

Over 600 Active Customers

*Through Q3 2003.

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Delivery of Total TTM Solution

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Each Facility Delivering Unique Value Proposition to Cisco

Compelling Growth Opportunities

Leverage one-stop manufacturing solution through cross-selling

Use quick-turn capabilities to attract emerging high-growth customers

Continue to improve technology and manufacturing processes

Expand into niche markets through internal initiatives and acquisitions

Stacey Peterson

Chief Financial Officer

Annual Sales

Sales ($mm)

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*Through Q3 2003.

Quarterly Sales

Sales ($mm)

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Annual EBITDA and
EBITDA Margin

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* Please see Appendix for EBITDA reconciliation. 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.

Quarterly EBITDA and
EBITDA Margin

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Financial Model

(% of sales)	1999*		2000		2001		2002		YTD 03**		Target

Gross Margin	23	%	38	%	28	%	11	%	16	%	25-30	%

EBITDA Margin	22	%	30	%	25	%	6	%	8	%	18-24	%

Operating Margin***	19	%	27	%	19	%	(6	)%	2	%	14-19	%

CAPEX	5	%	11	%	9	%	9	%	4	%	5-9	%

Quick-Turn	32	%	35	%	40	%	45	%	27	%	35-40	%

Cash Cycle****	34		21		21		28		24		17-20

Significant Leverage in Operating Model

*		Pro Forma for Power Circuits acquisition.
**		Through Q3 2003.
***		Earnings before interest expense (including amortization of debt issuance costs), income taxes and amortization.
****		Cash Cycle defined as Days Sales Outstanding plus Days Inventory less Days Payable.

2003 Quarterly Results
and Estimates

2003

($mm, except per share data)

4QE

Sales

39.6

41.0

45.3

$50.0-$52.0

Gross Profit

4.5

6.4

9.5

% Margin

22%-24%

Operating Income

(1.3

)

0.7

3.7

GAAP EPS

(0.00

)

0.01

0.06

$0.08-$0.10

Operating Cash Flow

7.8

6.9

0.1

Inventory Turns

Capitalization

($mm)	12/31/02		9/29/03 Actual

Cash	$	18.9	$	31.3

Net Cash	8.9		21.3

Total Shareholders Equity	167.4		173.0

Total Capitalization	177.4		183.0

Well-Capitalized for Future Growth

Conclusion

Improving industry conditions

Focused strategy and strong market position

Demonstrated execution excellence

Industry leading financial performance

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Form: 8-K

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