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 TTM Technologies, Inc. Reports Fourth Quarter and Fiscal Year 2016 Results
   Wednesday, February 08, 2017 4:05:36 PM ET

TTM Technologies, Inc. (TTMI ), a leading global printed circuit board ("PCB") manufacturer, today reported results for the fourth quarter of fiscal 2016, which ended January 2nd, 2017.

Fourth Quarter 2016 Highlights

-- Net sales were $706.5 million

-- GAAP net loss attributable to stockholders was $2.0 million, or $0.02 per share, which included a pre-tax charge of $47.8 million for debt extinguishment

-- Non-GAAP net income attributable to stockholders was $59.8 million, or $0.58 per diluted share

-- Adjusted EBITDA was $128.5 million

Fourth Quarter 2016 Financial Results

Net sales for the fourth quarter of 2016 were $706.5 million, compared to $668.9 million in the fourth quarter of 2015 and $641.7 million in the third quarter of 2016.

GAAP operating income for the fourth quarter of 2016 was $69.6 million, compared to $36.5 million in the fourth quarter of 2015 and $50.2 million in the third quarter of 2016.

GAAP net loss attributable to stockholders for the fourth quarter of 2016 was $2.0 million, or $0.02 per share. This compares to a GAAP net income attributable to stockholders of $9.5 million, or $0.09 per diluted share, in the fourth quarter of 2015 and $25.6 million, or $0.23 per diluted share, in the third quarter of 2016. The fourth quarter GAAP net loss includes a pre-tax charge of $47.8 million due to the early extinguishment of debt.

On a non-GAAP basis, net income attributable to stockholders for the fourth quarter of 2016 was $59.8 million, or $0.58 per diluted share. This compares to non-GAAP net income attributable to stockholders of $31.5 million, or $0.31 per diluted share, for the fourth quarter of 2015 and $40.1 million, or $0.39 per diluted share, in the third quarter of 2016.

Adjusted EBITDA for the fourth quarter of 2016 was $128.5 million, or 18.2 percent of net sales, compared to adjusted EBITDA of $95.8 million, or 14.3 percent of net sales, for the fourth quarter of 2015 and $102.2 million, or 15.9 percent of net sales, for the third quarter of 2016.

"Our fourth quarter revenues exceeded the high end of our guidance and our profitability was better than our forecast," said Tom Edman, CEO of TTM. "On a year over year basis, most end markets grew, with the fastest growth coming from the cellular and automotive end markets. This drove substantial operating income leverage in the business resulting in the highest non-GAAP EPS in the history of the company."

Full Year 2016 Financial Results

Net sales for fiscal year 2016 increased to $2.5 billion from $2.1 billion in fiscal year 2015.

GAAP operating income for fiscal year 2016 was $173.5 million, an increase from GAAP operating income of $61.3 million in fiscal year 2015.

GAAP net income attributable to stockholders for fiscal year 2016 was $34.9 million, or $0.34 per diluted share, compared to GAAP net loss attributable to stockholders of $25.9 million, or $0.28 per share, for fiscal year 2015.

On a non-GAAP basis, net income attributable to stockholders for fiscal year 2016 was $142.3 million, or $1.40 per diluted share. This compares to fiscal year 2015 non-GAAP net income attributable to stockholders of $81.1 million, or $0.87 per diluted share.

Adjusted EBITDA for fiscal year 2016 was $395.4 million, or 15.6 percent of net sales, compared to $285.7 million, or 13.6 percent of net sales, for fiscal year 2015.

"2016 was the year that validated TTM’s strategy of diversification, differentiation and discipline. We saw solid growth in the automotive and aerospace and defense end markets that partially offset the declines in the cellular and networking and communications end markets. Due to disciplined execution of synergies and cost controls, we generated $217 million in free cash flow and repaid approximately $218 million of our debt, allowing us to achieve a net debt to EBITDA ratio of less than 2.0 well ahead of our original timeline," continued Edman. "I would like to thank our employees for their tremendous efforts to achieve these results for the year 2016 as we created a new "One TTM" resulting from the combination of Viasystems and TTM Technologies."

"In 2017, we are looking forward to year on year growth in many of our end markets driven by megatrends such as growing automotive electronic content, increased aerospace and defense procurement, and upgrades in cellular phones."

Business Outlook

For the first quarter of 2017, TTM estimates that revenue will be in the range of $595 million to $635 million, and non-GAAP net income attributable to stockholders will be in the range of $0.25 to $0.31 per diluted share.

To Access the Live Webcast/Conference Call

TTM will host a conference call and webcast to discuss fourth quarter 2016 results and first quarter 2017 outlook on Wednesday, February 8th, 2017, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call will include forward-looking statements.

Telephone access is available by dialing domestic 888-278-8459 or international 913-312-1495 (ID 6391150). The conference call also will be webcast on TTM’s website at www.ttm.com.

To Access a Replay of the Webcast

The replay of the webcast will remain accessible for one week following the live event on TTM’s website at www.ttm.com.

About TTM

TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

Forward-Looking Statements

This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM’s current expectations, and TTM does not undertake to update or revise these forward looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM’s control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, general market and economic conditions, including interest rates, currency exchange rates and consumer spending, demand for TTM’s products, market pressures on prices of TTM’s products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM’s dependence upon a small number of customers and other factors set forth in the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company’s public reports filed with the SEC.

About Our Non-GAAP Financial Measures

This release includes information about TTM’s adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share, all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM’s ongoing financial performance.

A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliation to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

- Tables Follow -

TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)
                                                                                                      Fourth Quarter                                       Third Quarter      Full Year
                                                                                                                 2016                     2015                  2016            2016           2015
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
          Net sales                                                                                   $          706,534       $          668,874          $    641,720       $ 2,533,359    $ 2,095,488
          Cost of goods sold                                                                                     573,689                  560,604               532,158         2,109,744      1,785,351
          Gross profit                                                                                           132,845                  108,270               109,562         423,615        310,137
          Operating expenses:
                                 Selling and marketing                                                           16,848                   17,963                15,643          66,366         57,361
                                 General and administrative                                                      38,998                   41,654                35,641          148,719        167,109
                                 Amortization of definite-lived intangibles                                      6,407                    6,683                 5,949           24,252         18,888
                                 Restructuring charges                                                           946                      5,429                 2,103           8,951          7,941
                                 Impairment of long-lived assets                                                 -                        -                     -               3,346          -
                                 Gain on sale of assets                                                          -                        -                     -               (1,472    )    (2,504    )
                                                        Total operating expenses                                 63,199                   71,729                59,336          250,162        248,795
          Operating income                                                                                       69,646                   36,541                50,226          173,453        61,342
          Interest expense                                                                                       (15,267    )             (20,208    )          (18,873 )       (76,008   )    (59,753   )
          Loss on extinguishment of debt                                                                         (47,767    )             -                     -               (47,767   )    (802      )
          Other, net                                                                                             8,994                    3,925                 3,930           17,324         8,189
          Income before income taxes                                                                             15,606                   20,258                35,283          67,002         8,976
          Income tax provision                                                                                   (17,416    )             (10,601    )          (9,513  )       (31,427   )    (34,594   )
          Net income (loss)                                                                           $          (1,810     )  $          9,657            $    25,770        $ 35,575       $ (25,618   )
          Net income attributable to noncontrolling interest                                                     (195       )             (136       )          (188    )       (714      )    (264      )
          Net income (loss) attributable to stockholders                                              $          (2,005     )  $          9,521            $    25,582        $ 34,861       $ (25,882   )
          Earnings (loss) per share attributable to stockholders:
                                 Basic                                                                $          (0.02      )  $          0.10             $    0.26          $ 0.35         $ (0.28     )
                                 Diluted                                                              $          (0.02      )  $          0.09             $    0.23          $ 0.34         $ (0.28     )
          Weighted-average shares used in computing per share amounts:
                                 Basic                                                                           100,365                  99,134                100,245         100,099        92,675
                                 Diluted                                                                         100,365                  126,329               127,645         101,482        92,675
          Reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share:
          Net income attributable to stockholders                                                                              $          9,521            $    25,582
                                 Add back items: interest expense, net of tax                                                             2,009                 3,321
          Adjusted net income attributable to stockholders                                                                     $          11,530           $    28,903
          Weighted-average shares outstanding                                                                                             99,134                100,245
          Dilutive effect of convertible debt                                                                                             25,940                25,940
          Dilutive effect of performance-based stock units, restricted stock units and stock options                                      1,255                 1,460
          Diluted shares                                                                                                                  126,329               127,645
          Earnings per share attributable to stockholders:
                                 Basic                                                                                         $          0.10             $    0.26
                                 Diluted                                                                                       $          0.09             $    0.23
SELECTED BALANCE SHEET DATA
                                                                                                      January 2, 2017          December 28, 2015
          Cash and cash equivalents, including restricted cash                                        $          256,277       $          262,630
          Accounts and notes receivable, net                                                                     432,596                  454,001
          Inventories                                                                                            269,212                  268,923
          Total current assets                                                                                   1,012,841                1,022,520
          Property, plant and equipment, net                                                                     966,638                  1,103,067
          Other non-current assets                                                                               520,597                  514,546
          Total assets                                                                                           2,500,076                2,640,133
          Short-term debt, including current portion of long-term debt                                $          110,652       $          157,375
          Accounts payable                                                                                       355,774                  347,916
          Total current liabilities                                                                              689,065                  744,994
          Debt, net of discount                                                                                  909,030                  1,013,411
          Total long-term liabilities                                                                            981,886                  1,068,470
          Total equity                                                                                           829,125                  826,669
          Total liabilities and equity                                                                           2,500,076                2,640,133
SUPPLEMENTAL DATA
                                                                                                      Fourth Quarter                                       Third Quarter      Full Year
                                                                                                                 2016                     2015                  2016            2016           2015
          Gross margin                                                                                           18.8       %             16.2       %          17.1    %       16.7      %    14.8      %
          Operating margin                                                                                       9.9        %             5.5        %          7.8     %       6.8       %    2.9       %
          End Market Breakdown:
                                                                                                      Fourth Quarter                                       Third Quarter
                                                                                                                 2016                     2015                  2016
                                 Aerospace/Defense                                                               14         %             13         %          15      %
                                 Automotive                                                                      19         %             18         %          19      %
                                 Cellular Phone                                                                  19         %             18         %          17      %
                                 Computing/Storage/Peripherals                                                   12         %             12         %          12      %
                                 Medical/Industrial/Instrumentation                                              13         %             13         %          14      %
                                 Networking/Communications                                                       21         %             23         %          21      %
                                 Other                                                                           2          %             3          %          2       %
          Stock-based Compensation:
                                                                                                      Fourth Quarter                                       Third Quarter
Contact:
Sameer Desai,
Senior Director, Corporate Development & Investor Relations
sameer.desai@ttmtech.com
714-327-3050

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