TTM Technologies Reports Record Sales and Earnings For the Third Quarter of 2000
REDMOND, Wash., Oct. 30 /PRNewswire/ -- TTM Technologies, Inc. (Nasdaq: TTMI - news), a leading manufacturer of time-critical and technologically advanced printed circuit boards, today reported results for the third fiscal quarter ended October 2, 2000.
Third Quarter Results
Net sales for the third quarter of 2000 increased 86 percent to $55.1 million from $29.6 million for the third quarter of 1999. On an organic basis, sales increased 79 percent. Gross profit increased 178 percent to $21.5 million, as gross profit margins expanded to 39.0 percent in the third quarter of 2000, compared to 26.1 percent for the same period in 1999.
Adjusted operating income (excluding one-time costs associated with the buyout of compensation and management contracts) increased 269 percent to $14.7 million for the third quarter of 2000, compared to $4.0 million for the third quarter of 1999.
Adjusted net income (excluding the above-listed nonrecurring items, an extraordinary item related to the extinguishment of debt, and a one-time tax benefit) was $6.8 million, or $0.20 per diluted share, for the third quarter of 2000, compared to $225,000, or $0.01 per diluted share, for the same period last year. Adjusted cash EPS was $0.24 per diluted share for the third quarter of 2000.
Adjusted EBITDA increased 175 percent to $18.2 million for the third quarter of 2000, compared to $6.6 million for the same period in 1999.
``Our quarterly results demonstrate TTM's strong position in the printed circuit board market and more specifically in the faster growing quick-turn segment of the market,'' said Kent Alder, President and CEO of TTM Technologies. ``We are successfully executing our business strategy of increasing our mix towards the high value-added quick-turn and technologically advanced products, as well as optimizing our production through facility specialization. By serving the time-critical needs of our customers, we enable them to introduce their products to market faster, and at the same time, enhance our own strong performance trends.
``For the third quarter of 2000, quick-turn business as a percentage of total revenues increased to approximately 41 percent, compared to approximately 30 percent for the first half of 2000. In addition, the company increased the percentage of revenues generated by faster growing end-markets, such as networking and communications equipment.''
Year-to-Date Results
Net sales for the first three fiscal quarters ended October 2, 2000 increased 95 percent to $143.2 million from $73.4 million for the same period in 1999. On an organic basis, sales increased 57 percent. Gross profit increased 205 percent to $48.8 million, as gross profit margins expanded to 34.1 percent for the first nine months of 2000, compared to 21.8 percent for the same period of 1999.
Adjusted operating income increased 234 percent to $30.8 million for first three quarters of 2000, compared to $9.2 million for the same period last year. Adjusted net income was $12.0 million, or $0.37 per diluted share, for the first three quarters of 2000, compared to $1.1 million, or $ 0.06 per diluted share, for the same period last year. Adjusted cash EPS was $0.48 per diluted share for the first three quarters of 2000.
Adjusted EBITDA increased 180 percent to $40.5 million for the first three quarters of 2000, compared to $14.4 million for the same period in 1999. |
