COSTA MESA, CA – Printed circuit board manufacturer TTM Technologies reported net sales of $339 million for the third quarter ended Sept. 24, down 5.4% year-over-year, and up 3.5% sequentially.
GAAP net loss attributable to stockholders was $208.3 million, compared to net income of $24.5 million in the same quarter of 2011, and compared to net income of $7.4 million in the prior quarter.
The firm posted a GAAP operating loss in the third quarter of $202.7 million, compared to operating income of $36.3 million in the third quarter of 2011, and operating income of $18.1 million in the second quarter 2012.
Included in operating results for the quarter were non-cash charges of $218.4 million to write down goodwill, customer-related intangibles and property, plant and equipment.
“Performance in our Asia Pacific segment was less robust than anticipated, primarily due to later than expected orders for several customer programs,” said Kent Alder, president and CEO of TTM.
“As we turn to the fourth quarter, we are seeing strong orders for our PCBs used in smartphones, touchpad tablets and e-readers.”
For the fourth quarter, TTM estimates revenue will be in the range of $360 million to $380 million.
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