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