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SANTA ANA, CA – PCB manufacturer TTM Technologies Inc. reported first-quarter 2008 net sales of $174.1 million, up 3.9% year-over-year.
Net income was $14.4 million, up 21.5% compared to the same period last year, according to TTM.
Strong operating cash flow of $26.8 million enabled further pay down of debt associated with the Printed Circuit Group acquisition, the firm said. TTM paid down $10 million in debt during the first quarter, reducing the debt balance to $75 million.
“We delivered another quarter of solid financial performance, with the aerospace/defense end market showing improved strength, coupled with continued strong demand for our high-tech manufacturing services. Our results were above expectations, and we realized sequential improvement in net sales, gross margin and net income,” said Kent Alder, president and CEO of TTM. TTM posted operating income of $24.4 million for the quarter, up 39.2% sequentially. For the PCB manufacturing segment, first quarter net sales were $148.7 million, up a slight 0.8% sequentially. TTM estimates second-quarter revenues in a range of $170 million to $177 million. |
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