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TTMI - PE 12- Same space as SANM and CLS
02/08 08:13 TTM Technologies, Inc. Reports Record Fourth-Quarter and Full
Year <TTMI.O>
TTM Technologies, Inc. Reports Record Fourth-Quarter and Full-Year Results
REDMOND, Wash., Feb. 8 /PRNewswire/ -- TTM Technologies, Inc. (Nasdaq: TTMI),
a leading manufacturer of time-critical, technologically advanced printed circuit
boards, today reported results for the fourth quarter and full year ended December
31, 2000. TTM posted record results, marked by high growth rates for the fourth
quarter and the full year.
Fourth-Quarter Results
Net sales for the fourth quarter of 2000 increased 83 percent to $60.5 million from
$33.1 million for the fourth quarter of 1999. This increase resulted entirely from
organic growth. Gross profit increased 237 percent to $27.8 million, as gross profit
margins expanded to 45.9 percent in the fourth quarter of 2000, compared to 24.9
percent for the same period in 1999.
Operating income increased more than 400 percent to $20.5 million for the fourth
quarter of 2000, compared to $4.0 million for the fourth quarter of 1999. Net income
was $12.7 million, or $0.33 per diluted share, for the fourth quarter of 2000,
compared to $121,000, or $0.00 per diluted share, for the same period in 1999.
Cash EPS was $0.36 per diluted share for the fourth quarter of 2000, compared to
$0.04 in the year-ago period.
EBITDA increased 236 percent to $23.2 million for the fourth quarter of 2000,
compared to $6.9 million for the same period in 1999.
For the fourth quarter of 2000, quick-turn business as a percentage of total revenues
increased to approximately 37 percent, compared to approximately 29 percent for
the fourth quarter of 1999. In addition, the percentage of revenues generated by
faster-growing end markets, including networking and high-end computing
equipment, expanded from 52 percent in the fourth quarter of 1999 to 66 percent in
the fourth quarter of 2000.
"Revenues and income beat our expectations for the fourth quarter, due to the
successful implementation of our time-to-market strategy, combined with strong
demand in both the quick-turn and volume segments of the market," said Kent Alder,
President and CEO of TTM Technologies. "In addition, we continued to expand the
capacity and technological capabilities at our quick-turn facilities during the quarter."
Full-Year Results
Net sales for 2000 increased 91 percent to $203.7 million from $106.4 million for
1999. On a pro forma basis, assuming Power Circuits was acquired January 1,
1999, sales increased 64 percent. Gross profit increased 216 percent to $76.6
million, as gross profit margins expanded to 37.6 percent for 2000, compared to
22.8 percent for 1999.
Adjusted operating income (excluding costs associated with the buyout of
compensation and management contracts) increased 288 percent to $51.3 million
for 2000, compared to $13.2 million for 1999.
Adjusted net income (excluding the above-listed items, an extraordinary item related
to the extinguishment of debt, and a tax benefit) was $24.7 million, or $0.72 per
diluted share, for 2000. This compares to a net income before extraordinary items of
$1.3 million, or $ 0.06 per diluted share, for 1999.
Adjusted cash EPS was $0.86 per diluted share for 2000, compared to $0.15 in
1999.
Adjusted EBITDA increased 198 percent to $63.6 million for 2000, compared to
$21.4 million for 1999.
"2000 represented a year of tremendous accomplishment, including record financial
results and the successful completion of our initial public offering," commented
Alder.
Return on Invested Capital
TTM's Return on Invested Capital (ROIC), based on after-tax EBITA, expanded in the
fourth quarter of 2000. The annualized rate of return for the fourth quarter of 2000
increased to 35 percent from 12 percent for the year-ago period. For the year, ROIC
was 24 percent.
Outlook
"The long-term fundamentals of the industry remain healthy," said Alder. "However,
we expect growth rates in 2001 to return to more sustainable levels, compared with
the exceptional revenue and earnings growth posted in 2000. Consistent with trends
in the electronics industry and general economy, we've experienced a slowdown in
demand during the first quarter of 2001."
For the first quarter of 2001, TTM anticipates revenues of $45 to $48 million,
compared to $42 million for the first quarter of 2000. Cash earnings per share are
projected at $0.20 to $0.22, compared to $0.10 for the year-ago period.
As part of its continuing efforts to manage costs relative to market demand, the
company has announced layoffs of approximately 9 percent of its work force at its
Redmond Division, related to its volume segment. Based on long-term end market
growth, TTM has not reduced its capital plan for the year, continuing to invest in
expansion of its quick-turn capacity and increasing the technological complexity of
its printed circuit boards.
TTM Technologies, Inc. is a leading supplier of time-critical, technologically
advanced printed circuit boards to original equipment manufacturers and electronic
manufacturing services companies. TTM stands for "time-to-market," representing
how the company's time-critical, one-stop manufacturing services enable
customers to shorten the time required to develop new products and bring them to
market. TTM completed its IPO in September 2000 and trades on the Nasdaq
National Market System under the symbol "TTMI."
Fred |
