May 6, 2004 - EX-99.1 - 8-K: Current report filing

Exhibit 99.1

Link to searchable text of slide shown above

Searchable text section of graphics shown above

[GRAPHIC]

[LOGO]

JP Morgan Technology
& Telecom Conference
May 5, 2004

[GRAPHIC]

Safe Harbor Provision

[LOGO]

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 and Form 10-K. 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

[GRAPHIC]

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

$57.7 million in 1Q 2004 sales

1,609 employees

Investment Highlights

Solid Industry			Multiple indicators of sustained demand
Fundamentals			Increased capacity utilization leading to price increases


Focused Strategy &			Leader in most attractive PCB segments time & technology
Leading 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			Profitable business model across cycle
Financial Performance			Strong balance sheet

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

Attractiveness of Time & Technology Strategy

			Early access to new customers with high-growth potential
Growth			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 & 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

Continued outlook for solid industry conditions

High volume, low-mix, low-technology production transitioning to Asia

Significant consolidation of North American capacity

Key Success Factors

Capacity in place for complex products and short lead times

Focus on quick-turn, high-mix and technology limits foreign competition

Well-capitalized firms with targeted strategy gaining share

TTM is Positioned to Capitalize on Industry Trends

End Market Indicators Remain Positive

Electronic Equipment		Favorable
Orders & Inventory		Early 2004 orders upturn after year-end dip
		Inventories remain low

Infrastructure Spending		Favorable
		Robust Mar 04 durable-goods orders
		US purchasing managers index remains strong

Electronics Supply &		Favorable
Manufacturing Business Index		Remains above expansionary level
(formerly EBNs Electronics Buyers Index)		Leading indicators show steady rather than heated growth

Electronic Equipment		Neutral
Book-to-Bill		Slipped below parity in Jan and Feb 04
		Supply chain inventory remains low

PCB Book-to-Bill		Favorable
		Greater than parity for 11 consecutive months
		TTM Book-to-Bill stronger than broader index

Sources (in order): Department of Commerce; Department of Commerce and Institute for Supply Management; Electronic Supply & Manufacturing; Department of Commerce; and IPC.

PCB Competitive Landscape

Panel Volume (lots)

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

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

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

	Quick-Turn

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

	Technology Level

North American PCB Market Overview

$5.3 billion North American PCB market in 2003

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

950 companies in 1992 to fewer than 500 in 2003

30 40% of PCB capacity has been removed since 2000 peak

Only 7 PCB fabricators with greater than $100 million in 2003 revenue

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

TTM Benefiting from Ongoing Industry Consolidation

Source: Henderson Ventures; N.T. Information Ltd. (Dr. Hayao Nakahara). Excludes companies focused on flex circuits.

TTMs Strategy

Industry Leading Execution and Financial Results

Strong Long-Term Outlook

Customers / End Markets

Diverse base of industry leading customers

Early access to emerging customers and niche end-markets

Global sales reach

Time

Dedicated ultra-short lead time capability (<24 hours available)

Dedicated, highly flexible, ramp-to-volume production in <10 days

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

Technology

High performance, technologically complex PCBs

Advanced manufacturing processes & technology expertise

Industry leading avg. layer count of 19+ at Chippewa Falls facility

Facility Specialization Strategy

[CHART]

Mission-Focused Facilities Speed, Flexibility and Technology

Capacity Expansion Plan at Existing Facilities

	Chippewa Falls Phase One
	Approximately 100 additional employees by mid-04
	44,000 sq. ft. physical expansion
	Capital equipment and plant expansion ($10mm)
	Additional employees	Santa Ana / Redmond
	Target completion by end of 2004	Ongoing capacity expansion
55% Expansion		Capital equipment
		Additional employees
Chippewa Falls Phase Two
Capital equipment ($4mm) and staffing only
Can be completed in 3-6 months
Additional 30% Expansion

Total Post-Expansion Revenue Capacity of $425 million

Price by Delivery Time

[CHART]

Quick-Turn Service Allows Premium Pricing

Revenue By Layer Count

Percentage of Revenue

[CHART]

Continuing to Upgrade Technological Capabilities

Global Sales Reach

[CHART]

Integrated Direct and Rep Network Driving Incremental Sales

Customer Concentration

Percentage of Revenue

[CHART]

Increased Exposure to End Market Leaders

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

Revenue Chain

1Q 2004 - % of total production revenues

	End Markets			Customers	Channel

Enterprise I/T	High-End Computing	Networking/ Comms	54%	Top OEM Customers	EMS Providers - 67%

Telecom Service Provider	34%	40%	20%	Cisco Hewlett-Packard IBM Juniper Sun Microsystems	Benchmark Celestica Jabil Plexus Solectron Others	TTM Technologies

Other End Markets	Indust./Med. - 13%		26%
	Peripherals - 7%
	Handheld/Other - 6%


				Top 5 = 56% Top 10 = 66%	Shipped OEM-direct 33%

Enterprise IT Spending Primary End Market Driver

Key Customers by End Market

Percentage of Revenue by End Market 1Q 2004

Networking & Communications	40%	[LOGO]

High-End Computing	34%	[LOGO]

Industrial & Medical	13%	[LOGO]

Computer Peripherals	7%	[LOGO]

Handheld & Other	6%	[LOGO]

Leading Positions with Industry Leaders. . ..

Approximately 600 Active Customers

[LOGO]

Delivery of Total TTM Solution

[CHART]

Step 1: ACI acquisition created position as a leading supplier to Cisco for complex PCBs

Step 2: Chippewa Falls capabilities and best practices shared w/ Redmond to meet Ciscos high-mix, mid-volume needs

Step 3: Cisco emerges as a leading proto customer at Santa Ana during Q4

Step 4: Key qualification activities completed and initial orders captured in Q4

Each Facility Delivering Unique Value Proposition to Cisco

Compelling Growth Opportunities

One-stop manufacturing solution with numerous cross-selling opportunities

Quick-turn capabilities for attracting emerging high-growth customers

Leadership in technology and advanced manufacturing processes

Capacity available through low risk, low cost expansion plan

Successful track record of completing and integrating acquisitions

Stacey Peterson

Chief Financial Officer

Annual Sales

Sales ($mm)

[CHART]

Quarterly Sales

Sales ($mm)

[CHART]

Annual EBITDA* and EBITDA* Margin

[CHART]

* Please see Appendix for EBITDA reconciliation. EBITDA means earnings before interest expense (including amortization of debt issuance costs), income taxes, depreciation and amortization.

Quarterly EBITDA* and EBITDA* Margin

[CHART]

* Please see Appendix for EBITDA reconciliation. EBITDA means earnings before interest expense (including amortization of debt issuance costs), income taxes, depreciation and amortization.

Quarterly Results and Estimates

($mm, except per share data)

	2003												2004
	1Q			2Q			3Q			4Q			1Q			2QE
Sales	$	39.6		$	41.0		$	45.3		$	54.3		$	57.7		$59.0-$62.0

Gross Profit	4.5			6.4			9.5			14.2			17.3

*% Margin*	11		%	16		%	21		%	26		%	30		%

Operating Income*	(1.0		)	1.0			4.0			7.4			10.7

GAAP EPS	$	(0.00	)	$	0.01		$	0.06		$	0.11		$	0.15		$0.16-$0.18

Operating Cash Flow	$	7.8		$	6.9		$	0.1		$	3.8		$	7.5

Inventory Turns	14		x	16		x	18		x	19		x	17		x

Guiding For Continued Revenue and Profit Improvement

*Earnings before interest expense (including amortization of debt issuance costs), income taxes and amortization.

Capitalization

($mm)

	12/31/02		12/31/03		3/29/04

Cash & ST Investments	$	18.9	$	31.7	$	37.2

Net Cash	8.9		23.9		29.4

Total Shareholders Equity	167.4		178.3		185.7

Total Capitalization	177.4		186.1		193.5

Well-Capitalized for Future Growth

Conclusion

Solid industry fundamentals

Focused strategy and strong market position

Demonstrated execution excellence

Industry leading financial performance

[GRAPHIC]

[LOGO]

Appendix

Annual EBITDA Reconciliation

1998

1999

2000

2001

2002

2003

Net Income (loss)

8.4

(0.2

)

28.1

11.0

1.6

7.4

Add back items:

Income taxes

(5.0

)

6.2

(2.3

)

3.9

Interest expense

0.9

10.4

12.2

2.6

1.1

0.6

Amortization of debt issuance costs

0.1

0.8

0.7

0.0

0.1

Depreciation of property, plant, and equipment

3.0

3.6

5.5

8.3

8.8

7.8

Amortization of intangibles

2.2

4.8

1.2

1.3

Amortization of deferred retention bonus

0.1

1.9

5.5

Total Add back items

4.1

18.9

23.7

21.9

8.9

13.7

EBITDA

12.5

18.7

51.8

32.9

10.5

21.1

Quarterly EBITDA Reconciliation

2002

2003

2004

1 Q

2 Q

3 Q

4 Q

1 Q

2 Q

3 Q

4 Q

1 Q

Net Income (loss)

(0.3

)

(1.3

)

(0.4

)

3.5

(0.2

)

0.4

2.5

4.7

6.5

Add back items:

Income taxes

(0.1

)

(0.6

)

(0.2

)

(1.3

)

(0.4

)

0.2

1.4

2.8

3.9

Interest expense

0.3

0.2

0.1

Amortization of debt issuance costs

0.0

0.1

0.0

Depreciation of property, plant, and equipment

2.3

2.4

2.1

2.0

1.9

2.0

1.9

2.0

Amortization of intangibles

0.3

Total Add back items

2.8

2.4

2.5

1.4

2.0

2.7

3.7

5.2

6.3

EBITDA

2.5

1.1

2.1

4.9

1.8

3.1

6.2

9.9

12.8

Form: 8-K

Documents