TTM Technologies, Inc. Reports Fiscal First Quarter 2019 Results
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SELECTED BALANCE SHEET DATA | | | | | |
| | | | | | | April 1, 2019 | | December 31, 2018 | |
| | Cash and cash equivalents, including restricted cash | | $ | 235,219 | | $ | 256,360 | |
| | Accounts and notes receivable, net | | | 516,828 | | | 523,165 | |
| | Contract assets | | | 263,073 | | | 287,741 | |
| | Inventories | | | | 114,800 | | | 109,377 | |
| | Total current assets | | | 1,169,549 | | | 1,206,914 | |
| | Property, plant and equipment, net | | | 1,037,696 | | | 1,052,024 | |
| | Operating lease right of use asset | | | 21,631 | | | - | |
| | Other non-current assets | | | 1,185,409 | | | 1,198,565 | |
| | Total assets | | | 3,414,285 | | | 3,457,503 | |
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| | Short-term debt, including current portion of long-term debt | | $ | - | | $ | 30,000 | |
| | Accounts payable | | | 424,291 | | | 431,288 | |
| | Total current liabilities | | | 607,732 | | | 673,214 | |
| | Debt, net of discount | | | 1,466,010 | | | 1,462,425 | |
| | Total long-term liabilities | | | 1,579,694 | | | 1,557,202 | |
| | Total equity | | | 1,226,859 | | | 1,227,087 | |
| | Total liabilities and equity | | | 3,414,285 | | | 3,457,503 | |
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SUPPLEMENTAL DATA | | | | | | |
| | | | | | | First Quarter | | Fourth Quarter |
| | | | | | | | 2019 | | | | 2018 | | | | 2018 | |
| | Gross margin | | | 14.3 | % | | | 13.4 | % | | | 17.2 | % |
| | Operating margin | | | 2.8 | % | | | 4.5 | % | | | 6.0 | % |
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| | End Market Breakdown: | | | | | | |
| | | | | | | First Quarter | | Fourth Quarter |
| | | | | | | | 2019 | | | | 2018 | | | | 2018 | |
| | | | | | | | | | | |
| | | Aerospace/Defense | | | 27 | % | | | 19 | % | | | 23 | % |
| | | Automotive | | | 17 | % | | | 21 | % | | | 16 | % |
| | | Cellular Phone | | | 7 | % | | | 16 | % | | | 14 | % |
| | | Computing/Storage/Peripherals | | | 13 | % | | | 13 | % | | | 13 | % |
| | | Medical/Industrial/Instrumentation | | | 15 | % | | | 15 | % | | | 14 | % |
| | | Networking/Communications | | | 18 | % | | | 15 | % | | | 18 | % |
| | | Other | | | | 3 | % | | | 1 | % | | | 2 | % |
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| | Stock-based Compensation: | | | | | | |
| | | | | | | First Quarter | | Fourth Quarter |
| | | | | | | | 2019 | | | | 2018 | | | | 2018 | |
| | | Amount included in: | | | | | | |
| | | | Cost of goods sold | | $ | 705 | | | $ | 529 | | | $ | 766 | |
| | | | Selling and marketing | | | 466 | | | | 374 | | | | 525 | |
| | | | General and administrative | | | 2,755 | | | | 2,719 | | | | 4,442 | |
| | | | Total stock-based compensation expense | | $ | 3,926 | | | $ | 3,622 | | | $ | 5,733 | |
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| | Operating Segment Data: | | | | | | |
| | | | | | | First Quarter | | Fourth Quarter |
| | | Net sales: | | | 2019 | | | | 2018 | | | | 2018 | |
| | | PCB | | | $ | 571,804 | | | $ | 619,329 | | | $ | 655,706 | |
| | | E-M Solutions | | | 51,378 | | | | 47,151 | | | | 57,473 | |
| | | Corporate | | | - | | | | - | | | | - | |
| | | | Total sales | | | 623,182 | | | | 666,480 | | | | 713,179 | |
| | | Inter-segment sales | | | (2,982 | ) | | | (2,898 | ) | | | (2,224 | ) |
| | | | Total net sales | | $ | 620,200 | | | $ | 663,582 | | | $ | 710,955 | |
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| | | Operating segment income: | | | | | | | | | | | | |
| | | PCB | | | $ | 58,542 | | | $ | 63,464 | | | $ | 87,201 | |
| | | E-M Solutions | | | 1,179 | | | | 40 | | | | 3,364 | |
| | | Corporate | | | (24,226 | ) | | | (27,642 | ) | | | (28,863 | ) |
| | | | Total operating segment income | | | 35,495 | | | | 35,862 | | | | 61,702 | |
| | | Amortization of definite-lived intangibles | | | (18,005 | ) | | | (5,861 | ) | | | (18,902 | ) |
| | | | Total operating income | | | 17,490 | | | | 30,001 | | | | 42,800 | |
| | | Total other expense | | | (22,218 | ) | | | (14,854 | ) | | | (20,176 | ) |
| | | Income (loss) before income taxes | | $ | (4,728 | ) | | $ | 15,147 | | | $ | 22,624 | |
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