News
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.
ST. LOUIS – Electronics provider LaBarge Inc. reported fiscal 2008 third-quarter net sales of $75.4 million, up 27% year-over-year. Net earnings rose 52% year-over-year to $4.3 million, the company said.
Net sales for the nine months ended March 30 grew 18% to $201.7 million compared to the same period in 2007. Net earnings for the period grew 21% to $10.3 million.
Bookings remained strong during the third quarter, with the largest contributions coming from the defense, industrial and natural resources market sectors, said LaBarge.
After a record level of shipments in the third quarter, backlog at March 30 was $238.06 million, down 3% sequentially, and up 16% from a year earlier.
Shipments on a variety of defense programs comprised the largest portion of revenues, accounting for 37% of net sales, compared with 39% in the previous year’s third quarter.
Shipments to industrial customers were 19% of revenues, compared to 14% in the same quarter last year. Shipments to commercial aerospace customers were 8% of revenues, compared with 5% last year. Shipments to medical customers represented 7%, versus 3% in the year-ago third quarter.
LaBarge anticipates sales and earnings in the fourth quarter to be comparable to third-quarter results.
PEMBROKE, BERMUDA – Tyco International Ltd. reported second-quarter 2008 revenue of $4.86 billion, up 8.4% year-over-year, topping company estimates.
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