TTM Technologies, Inc., North America's largest PCB manufacturer, today reported results for the third quarter of 2009, ended September 28, 2009.

Third Quarter 2009 Financial Results - GAAP

Third quarter net sales of $139.1 million decreased $5.4 million, or 3.7%, from second quarter net sales of $144.5 million. Net loss for the third quarter was $4.9 million, or $0.11 per basic share, compared to second quarter net income of $5.9 million, or $0.14 per diluted share. Excluding non-recurring charges, net income for the third quarter was $5.5 million, or $0.13 per diluted share.

During the third quarter, TTM recorded non-recurring charges totaling $17.1 million, or $0.24 per diluted share, primarily related to the closure of the company's Hayward, California and Los Angeles, California facilities announced on September 1, 2009 as well as further impairment of its Dallas, Oregon building.

"We are encouraged by the improvement in demand we are experiencing in our PCB business," said Kent Alder, President and CEO of TTM. "For the first time in five quarters, PCB sales increased due to growth with our commercial customers."

Third quarter gross margin of 17.4% declined from second quarter gross margin of 18.7%. Excluding $2.6 million of inventory write-down costs related to the facility closures, gross margin was 19.3%.

Operating loss for the third quarter was $5.4 million compared to operating income of $12.2 million for the second quarter. Excluding non-recurring charges, operating income for the third quarter was $11.7 million.

"TTM continues to perform solidly in all key financial metrics," Alder said. "With the restructuring of our North American footprint, we have positioned the company to better serve customers, improve operating efficiencies and take advantage of improving market conditions."

Third Quarter 2009 Financial Results - Non-GAAP

Non-GAAP results for the third quarter exclude amortization of intangibles, stock-based compensation expense, non-cash interest expense, asset impairment and restructuring charges, inventory write-down related to facility closures and other costs and the income tax effects related to these expenses.

Third quarter non-GAAP net income was $7.8 million, or $0.18 per diluted share. This compares to second quarter non-GAAP net income of $8.7 million, or $0.20 per diluted share.

Excluding asset impairment charges, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the third quarter was $10.7 million, or 7.7% of net sales, compared with second quarter EBITDA of $18.3 million, or 12.6% of net sales.

A reconciliation of the Company's non-GAAP financial measures is provided after the GAAP financial statements accompanying this press release.