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TTM Reverses December Quarter Profit Slide

Published: 01 May 2009
 by Administrator
SANTA ANA, CA – TTM Technologies Inc. swung to a first-quarter profit, reporting net income of $1.4 million, compared to a net loss of $69.2 million the previous quarter. Year-over-year, net income plummeted 90% from $14.4 million.  
 
For the quarter ended March 30, net sales declined 14.3% to $149 million, compared to $174 million last year. Gross profit dropped 35%, year-over-year, to $24.2 million.
 
The Backplane Assembly segment reported net sales of $24.9 for the quarter, with $132.3 million in net sales for the PCB Manufacturing segment.
 
The company had a $2.5 million restructuring charge for the quarter, related to layoffs and the closure of its Redmond, WA, plant. TTM generated $12.1 million of cash, and plans to continue to cut costs during the second quarter.
 
Second-quarter revenue is forecast between $141 million and $149 million.
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