TTM Technologies, Inc. Reports Fiscal First Quarter 2019 Results


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 
          
 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 


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 %
                     
  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 %
                     
  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  
                     
                     
  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  
                                 
    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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