SANTA ANA, CA – Printed circuit board manufacturer TTM Technologies today reported fourth-quarter 2011 net sales of $361.5 million, up 0.9% year-over-year.

GAAP net income was $8.4 million, down 66% year-over-year. Operating income was $17.6 million, down 51.5% compared to the fourth quarter of 2010.

“Our fourth quarter financial results were in line with our outlook with revenue toward the high end of our guidance range. Performance in each of our end markets was generally consistent with expectations,” said Kent Alder, president and CEO. “We experienced continued solid demand for advanced HDI PCBs, used in high-growth products such as touchpad tablets, smartphones and, more recently, e-readers. Advanced HDI products continued to represent a growing part of our overall product mix, and we expect this trend to continue. The shift in product mix helped offset the softer demand environment the industry experienced for conventional multilayer PCBs during the second half.”

Net sales for fiscal year 2011 were $1.4 billion, up 16.7% compared to 2010. GAAP net income for the year was $39.1 million, down 45.3% year-over-year.

For the first quarter of 2012, TTM estimates revenue will be in the range of $310 million to $330 million.