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 TTM Technologies, Inc. Reports Fiscal Second Quarter 2017 Results
   Wednesday, August 02, 2017 4:05:34 PM ET

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

Second Quarter 2017 Highlights

-- Net sales were $627.2 million

-- GAAP net income attributable to stockholders was $20.6 million, or $0.18 per diluted share

-- Non-GAAP net income attributable to stockholders was $33.3 million, or $0.31 per diluted share

-- Excluding a $6.5 million foreign exchange loss, non-GAAP earnings per diluted share would have been $0.36

-- Adjusted EBITDA was $85.5 million

Second Quarter 2017 Financial Results

Net sales for the second quarter of 2017 were $627.2 million, compared to $601.8 million in the second quarter of 2016 and $625.2 million in the first quarter of 2017.

GAAP operating income for the second quarter of 2017 was $45.1 million, compared to $34.7 million in the second quarter of 2016 and $52.6 million in the first quarter of 2017.

GAAP net income attributable to stockholders for the second quarter of 2017 was $20.6 million, or $0.18 per diluted share. This compares to a GAAP net income attributable to stockholders of $18.5 million, or $0.17 per diluted share, in the second quarter of 2016 and a GAAP net income of $33 million, or $0.28 per diluted share, in the first quarter of 2017.

On a non-GAAP basis, net income attributable to stockholders for the second quarter of 2017 was $33.3 million, or $0.31 per diluted share. This compares to non-GAAP net income attributable to stockholders of $28.4 million, or $0.28 per diluted share, for the second quarter of 2016 and $39.2 million, or $0.37 per diluted share, in the first quarter of 2017.

Adjusted EBITDA for the second quarter of 2017 was $85.5 million, or 13.6 percent of net sales, compared to adjusted EBITDA of $90.2 million, or 15.0 percent of net sales, for the second quarter of 2016 and $95.6 million, or 15.3 percent of net sales, for the first quarter of 2017.

"TTM delivered the third consecutive quarter of year on year organic growth at 4 percent and our operating performance was in line with our expectations" said Tom Edman, CEO of TTM. "On a year over year basis, most end markets grew, with the fastest growth coming from the cellular, computing, automotive and the aerospace and defense end markets. Absent a foreign exchange loss due to the weakening dollar, operating results were towards the high end of guidance."

Business Outlook

For the third quarter of 2017, TTM estimates that revenue will be in the range of $625 million to $675 million, and non-GAAP net income attributable to stockholders will be in the range of $0.29 to $0.35 per diluted share. "Our third quarter is being impacted by a slower start in the normal seasonal ramp of cellular products. We expect this ramp to accelerate in the coming quarters" concluded Tom Edman.

To Access the Live Webcast/Conference Call

TTM will host a conference call and webcast to discuss second quarter 2017 results and third quarter 2017 outlook on Wednesday, August 2nd, 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 877-397-0272 or international 719-325-2322 (ID 5738422). 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)
                                                                                                    Second Quarter                                       First Quarter      First Two Quarters
                                                                                                               2017                     2016                  2017             2017             2016
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
          Net sales                                                                                 $          627,182       $          601,847          $    625,247       $  1,252,429     $  1,185,105
          Cost of goods sold                                                                                   531,315                  504,202               520,228          1,051,543        1,003,897
          Gross profit                                                                                         95,867                   97,645                105,019          200,886          181,208
          Operating expenses:
                                 Selling and marketing                                                         15,851                   16,569                16,655           32,506           33,875
                                 General and administrative                                                    29,885                   37,931                30,822           60,707           74,080
                                 Amortization of definite-lived intangibles                                    5,910                    5,949                 5,912            11,822           11,896
                                 Restructuring charges                                                         416                      3,989                 609              1,025            5,902
                                 Impairment of long-lived assets                                               -                        -                     -                -                3,346
                                 Gain on sale of assets                                                        (1,251     )             (1,472     )          (1,549  )        (2,800    )      (1,472    )
                                                        Total operating expenses                               50,811                   62,966                52,449           103,260          127,627
          Operating income                                                                                     45,056                   34,679                52,570           97,626           53,581
          Interest expense                                                                                     (12,922    )             (20,084    )          (13,596 )        (26,518   )      (41,868   )
          Other, net                                                                                           (5,825     )             3,191                 (1,710  )        (7,535    )      4,400
          Income before income taxes                                                                           26,309                   17,786                37,264           63,573           16,113
          Income tax provision                                                                                 (5,558     )             979                   (4,139  )        (9,697    )      (4,498    )
          Net income (loss)                                                                         $          20,751        $          18,765           $    33,125        $  53,876        $  11,615
          Net income attributable to noncontrolling interest                                                   (160       )             (217       )          (166    )        (326      )      (331      )
          Net income (loss) attributable to stockholders                                            $          20,591        $          18,548           $    32,959        $  53,550        $  11,284
          Earnings (loss) per share attributable to stockholders:
                                 Basic                                                              $          0.20          $          0.19             $    0.33          $  0.53          $  0.11
                                 Diluted                                                            $          0.18          $          0.17             $    0.28          $  0.46          $  0.11
          Weighted-average shares used in computing per share amounts:
                                 Basic                                                                         101,756                  100,170               100,932          101,344          99,883
                                 Diluted                                                                       133,224                  126,950               130,922          132,073          100,789
          Reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share:
          Net income attributable to stockholders                                                   $          20,591        $          18,548           $    32,959        $  53,550
                                 Add back items: interest expense, net of tax                                  3,432                    3,285                 3,394            6,826
          Adjusted net income attributable to stockholders                                          $          24,023        $          21,833           $    36,353        $  60,376
          Weighted-average shares outstanding                                                                  101,756                  100,170               100,932          101,344
          Dilutive effect of convertible debt                                                                  25,940                   25,940                25,940           25,940
          Dilutive effect of warrants                                                                          3,924                    -                     2,183            3,054
          Dilutive effect of performance-based stock units, restricted stock units & stock options             1,604                    840                   1,867            1,735
          Diluted shares                                                                                       133,224                  126,950               130,922          132,073
          Earnings per share attributable to stockholders:
                                 Basic                                                              $          0.20          $          0.19             $    0.33          $  0.53
                                 Diluted                                                            $          0.18          $          0.17             $    0.28          $  0.46
SELECTED BALANCE SHEET DATA
                                                                                                    July 3, 2017             January 2, 2017
          Cash and cash equivalents, including restricted cash                                      $          246,947       $          256,277
          Accounts and notes receivable, net                                                                   452,796                  432,596
          Inventories                                                                                          282,485                  269,212
          Total current assets                                                                                 1,025,261                1,012,841
          Property, plant and equipment, net                                                                   1,034,385                966,638
          Other non-current assets                                                                             512,304                  520,597
          Total assets                                                                                         2,571,950                2,500,076
          Short-term debt, including current portion of long-term debt                              $          110,669       $          110,652
          Accounts payable                                                                                     365,254                  355,774
          Total current liabilities                                                                            722,675                  689,065
          Debt, net of discount                                                                                863,847                  909,030
          Total long-term liabilities                                                                          938,684                  981,886
          Total equity                                                                                         910,591                  829,125
          Total liabilities and equity                                                                         2,571,950                2,500,076
SUPPLEMENTAL DATA
                                                                                                    Second Quarter                                       First Quarter      First Two Quarters
                                                                                                               2017                     2016                  2017             2017             2016
          Gross margin                                                                                         15.3       %             16.2       %          16.8    %        16.0      %      15.3      %
          Operating margin                                                                                     7.2        %             5.8        %          8.4     %        7.8       %      4.5       %
          End Market Breakdown:
                                                                                                    Second Quarter                                       First Quarter
                                                                                                               2017                     2016                  2017
                                 Aerospace/Defense                                                             17         %             16         %          15      %
                                 Automotive                                                                    20         %             19         %          20      %
                                 Cellular Phone                                                                13         %             10         %          14      %
                                 Computing/Storage/Peripherals                                                 14         %             13         %          15      %
                                 Medical/Industrial/Instrumentation                                            15         %             16         %          15      %
                                 Networking/Communications                                                     20         %             25         %          20      %
                                 Other                                                                         1          %             1          %          1       %
          Stock-based Compensation:
                                                                                                    Second Quarter                                       First Quarter
                                                                                                               2017                     2016                  2017
Contact:
Sameer Desai,
Senior Director, Corporate Development & Investor Relations
sameer.desai@ttmtech.com
714-327-3050

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