Cash from operations exceeded $9 million for the quarter. TTM ended the year with cash and short-term investments of $58.5 million and no outstanding debt.

Sequentially, net sales fell 5% ($3 million), the result of lower orders due to capacity constraints at the circuit board maker's Chippewa Falls facility.

For the quarter, quickturn business made up 26% of net sales, down 1 point from last year. Gross margin decreased to 24.6%, compared to 26.1% last year and 28.4% sequentially. Gross margin was affected by a raw materials price increase, pricing pressure, lower operating efficiency and mix changes, the company said.

For the year, net revenues rose 33% to $240.6 million and net income was up nearly 400%, to $28.3 million. The 2004 results included a restructuring charge of $855,000 and a $1.2 million reversal of a tax valuation allowance.

For its first quarter 2005, TTM guided for revenues of $59 million to $62 million.

In a statement, Kent Alder, president and CEO, said, "While we expect business conditions to remain relatively stable, the benefits of our capacity expansion at Chippewa Falls should offset the seasonal slowdown in quickturn typically experienced in the first quarter of the year."