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TTM Technologies Reports Strong Q1 2007 Results
Written by Tracy Heffner
Wednesday, 02 May 2007
SANTA ANA, CA – TTM Technologies Inc. reported first quarter 2007 net sales increased $32.7 million, or 23%, from the fourth quarter of 2006, and $104.2 million, or 143%, to $176.9 million from the first quarter of 2006 due to the inclusion of PCG. First quarter 2007 results included a full quarter of the operations of PCG, which TTM acquired from Tyco International Ltd. on October 27, 2006, compared with two months in the fourth quarter of 2006.
Gross margins were 19.6% for the first quarter of 2007, compared with 19.1% in the fourth quarter of 2006 and 27.8% for the first quarter of 2006. On a year-over-year basis, gross margins were affected by the inclusion of PCG's backplane assembly operations, which carry a lower gross margin than printed circuit board manufacturing. Net income for the first quarter of 2007 was $8.5 million compared with $5.1 million for the fourth quarter of 2006 and $8.8 million for the first quarter of 2006.
EBITDA (earnings before interest, taxes, depreciation and amortization) for the first quarter of 2007 was $25.5 million, compared with $18.5 million for the fourth quarter of 2006 and $16.7 million for the first quarter of 2006. (A reconciliation of this non-GAAP measure is provided after the GAAP financial statements below.)
PCB quick-turn business represented approximately 15% of net sales in the first quarter of 2007, compared to 13% for the fourth quarter of 2006 and 21% for the first quarter of 2006. The year-over-year decline was primarily due to PCG's limited quick-turn capacity.
"We are pleased with the company's solid financial results for the first quarter of 2007, the first full quarter of contributions from the PCG acquisition," said Kent Alder, president and CEO. "Our results reflect the success of our strategy to diversify our customer base through the acquisition of PCG, which clearly differentiates us from our peers. With the exception of high-end computing and the inventory realignment by one of our key customers, we saw continued steady demand."
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