Key Developments For TTM Technologies, Inc.
TTM Technologies, Inc. (TTMI.O) (Nasdaq)
TTM Technologies, Inc. Signs Definitive Agreement To Create A Business Combination With Meadville Holdings Limited's Printed Circuit Board Business
TTM Technologies, Inc. announced the signing of a definitive agreement to create a business combination with Meadville Holdings Limited's PCB business (Meadville PCB). As part of the transaction, TTM will acquire Meadville's PCB business in exchange for an equity purchase price of approximately $521 million which will be payable in the form of cash and TTM common stock. This implies a transaction enterprise value of approximately $936 million. The debt being assumed is in the form of a new fully committed bank facility with a syndicate of seven Asian banks. The transaction is expected to be completed in the first quarter of 2010.
TTM Technologies, Inc. Issues Q4 2009 Guidance; EPS Guidance Above Analysts' Estimates
TTM Technologies, Inc. announced that for fourth quarter 2009 it expects revenue in a range of $140 million to $148 million and GAAP earnings in a range from $0.11 to $0.16 per diluted share. The Company expects non-GAAP earnings in a range from $0.18 to $0.23 per diluted share. According to Reuters Estimates, analysts are expecting the Company to report revenue of $144 million and EPS of $0.16 for fourth quarter 2009.
TTM Technologies, Inc. Announces Closure Of Hayward And Los Angeles Facilities; Reaffirms Q3 2009 Guidance
TTM Technologies, Inc. announced that it will close its Hayward, California and Los Angeles, California facilities due to continued weak demand in North America for commercial printed circuit boards and backplane products. The Los Angeles operation, which primarily produces commercial printed circuit boards, employs 263 full-time employees. The Hayward operation, which produces commercial backplane assemblies and system integration products, employs 84 full-time employees. The combined reduction in force represents approximately 11% of TTM Technologies, Inc.'s work force. TTM Technologies, Inc. will offer separation and other benefits to the affected employees. The Company also announced that. excluding asset impairment charges and closure costs, the Company remains on track to achieve its earnings and revenue guidance for the third quarter of 2009 with revenue in a range of $134-$142 million and GAAP earnings in a range from $0.09 to $0.15 per diluted share (EPS). . According to Reuters Estimates, analysts on an average were expecting the Company to report GAAP EPS of $0.11 on revenues of $138 million for the same period.
TTM Technologies, Inc. Issues Q3 2009 Outlook; Revenue Outlook Below Analysts' Estimates
TTM Technologies, Inc. announced that for the third quarter of 2009, it expects revenue in a range of $134 to $142 million and GAAP earnings in a range from $0.09 to $0.15 per diluted share and non-GAAP earnings in a range from $0.14 to $0.20 per diluted share. According to Reuters Estimates, analysts on an average were expecting the Company to report non-GAAP EPS of $0.15 on revenue of $149 million for the same period.
TTM Technologies, Inc. Issues Q2 2009 Guidance; EPS Guidance Above Analysts' Estimates
TTM Technologies, Inc. announced that for the second quarter of 2009, it expects revenue in a range of $141-$149 million and GAAP earnings in a range from $0.08-$0.14 per diluted share. The Company estimates non-GAAP earnings in a range from $0.13-$0.19 per diluted share. According to Reuters Estimates, analysts were expecting the Company to report revenue of $147 million and EPS of $0.10 for the same period.
