SANTA ANA, CA – Printed circuit board manufacturer TTM Technologies reported first-quarter net sales of $300.5 million, down 17% sequentially.

GAAP net income for the quarter was $12.6 million, up 12.5% compared to the fourth quarter.

Operating income increased 24% sequentially to $21.8 million.

Adjusted EBITDA for the first quarter was $46.4 million, or 15.4% of net sales, down 23% sequentially.

For the second quarter, TTM estimates revenue in the range of $320 million to $340 million.