TTM Technologies, Inc. Updates Its First Quarter 2015 Guidance
21 April 2015 - 11:00PM
TTM Technologies, Inc. (Nasdaq:TTMI) ("TTM"), a major global
printed circuit board ("PCB") manufacturer, today updated its first
quarter 2015 guidance in conjunction with its ongoing financing
activities related to its previously announced proposed acquisition
of Viasystems Group, Inc. (Nasdaq:VIAS).
Based on preliminary, unaudited financial results, TTM now
expects first quarter 2015 revenue to be approximately $329
million, compared to its previously announced range of $310 million
to $330 million and revenue of $292 million in the first quarter of
2014. Non-GAAP net income in the first quarter of 2015 is expected
to be approximately $0.13 per diluted share, compared to its
previously announced range of $0.06 to $0.12 per diluted share and
non-GAAP net income of $0.01 per diluted share in the first quarter
of 2014. TTM expects adjusted EBITDA in the first quarter of 2015
to be approximately $42 million, compared to $29 million in the
first quarter of 2014.
TTM's first quarter 2015 results are preliminary and are
therefore subject to change until completion of TTM's customary
quarterly closing and review procedures. TTM expects to report
actual results on April 29, 2015.
First Quarter 2015 Conference Call
Information
TTM will host a conference call and webcast to discuss first
quarter 2015 results and second quarter 2015 outlook on Wednesday,
April 29, 2015, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time).
The conference call may include forward-looking statements.
Telephone access is available by dialing domestic 1-888-539-3678
or international 1-719-325-2420 (ID 2158367). The conference call
also will be webcast on TTM's website at www.ttmtech.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.ttmtech.com.
About TTM
TTM Technologies, Inc. is a major global printed circuit board
manufacturer, focusing on quick-turn and technologically advanced
PCBs and the backplane and sub-system assembly business. 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.ttmtech.com.
Forward-Looking Statements
This release contains forward-looking statements that relate to
future events or performance, including TTM's financial results for
the first quarter of 2015. 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 except as required by law, 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 "Risk Factors" set forth in TTM's most recent SEC
filings.
About Our Non-GAAP Financial Measures
This release includes information about TTM's expected non-GAAP
earnings per share and adjusted EBITDA, 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.
Adjusted EBITDA is defined as earnings before interest expense,
income taxes, depreciation, amortization of intangibles,
stock-based compensation expense, gain on sale of assets, asset
impairments, restructuring, costs related to acquisitions, and
other charges. Management believes that the non-GAAP financial
information—which adds back amortization of intangibles,
stock-based compensation expense, non-cash interest expense on
debt, acquisition-related costs, asset impairments, restructuring
and other unusual or infrequent items as well as the associated tax
impact of these charges and discrete tax items—provides additional
useful information to investors regarding TT'M's ongoing financial
condition and results of operations.
A material limitation associated with the use of 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. For a reconciliation of non-GAAP
earnings per share and adjusted EBITDA for the first quarter of
2014, please see TTM's press release dated April 30, 2014. The
non-GAAP financial measures should not be considered in isolation
from, or as a substitute for, financial information prepared in
accordance with GAAP.
Contact:
Todd Schull, CFO
714-327-3000
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