TTM TECHNOLOGIES INC - FORM 8-K - EX-99.2 - December 15, 2009

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8-K - FORM 8-K - TTM TECHNOLOGIES INCp16489e8vk.htm
EX-99.4 - EX-99.4 - TTM TECHNOLOGIES INCp16489exv99w4.htm
EX-99.1 - EX-99.1 - TTM TECHNOLOGIES INCp16489exv99w1.htm
EX-99.3 - EX-99.3 - TTM TECHNOLOGIES INCp16489exv99w3.htm
EX-99.5 - EX-99.5 - TTM TECHNOLOGIES INCp16489exv99w5.htm
EX-23.1 - EX-23.1 - TTM TECHNOLOGIES INCp16489exv23w1.htm
Exhibit 99.2
ITEM 6. SELECTED FINANCIAL DATA
     The selected historical financial data presented below are derived from our consolidated financial statements. The selected financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included elsewhere in this report.
     As discussed in Note 2 to our consolidated financial statements, our consolidated financial statements for 2008 have been adjusted for the retrospective application of Financial Accounting Standards Board Staff Position APB 14-1, “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)”, (FSP APB 14-1), which has been applied to the Convertible Notes issued May 2008.
                                         
    Years Ended December 31,  
    2008     2007     2006(1)(2)     2005     2004  
    As Adjusted                                  
    (In thousands, except per share data)  
Consolidated Statement of Operations Data:
                                        
Net sales
   $ 680,981     $ 669,458     $ 369,316     $ 240,209     $ 240,650  
Cost of goods sold
     543,993       539,289       276,168       186,453       172,103  
 
                              
Gross profit
     136,988       130,169       93,148       53,756       68,547  
 
                              
Operating expenses:
                                        
Selling and marketing
     30,436       29,835       16,473       11,977       12,032  
General and administrative
     33,003       32,628       19,656       14,135       13,223  
Amortization of definite-lived intangibles
     3,799       4,126       1,786       1,202       1,202  
Impairment of goodwill and long-lived assets(3)
     123,322       —       —       —       —  
Metal reclamation
     (3,700 )     —       —       —       —  
Restructuring charges(4)
     —       —       199       —       855  
 
                              
Total operating expenses
     186,860       66,589       38,114       27,314       27,312  
 
                              
Operating (loss) income
     (49,872 )     63,580       55,034       26,442       41,235  
Other income (expense):
                                        
Interest expense
     (11,065 )     (13,828 )     (3,394 )     (251 )     (515 )
Interest income
     1,370       1,379       4,419       2,126       664  
Other, net
     (1,804 )     137       43       —       129  
 
                              
(Loss) income before income taxes
     (61,371 )     51,268       56,102       28,317       41,513  
Income tax benefit (provision)
     24,460       (16,585 )     (21,063 )     2,524       (13,183 )
 
                              
Net (loss) income
   $ (36,911 )   $ 34,683     $ 35,039     $ 30,841     $ 28,330  
 
                              
Net (loss) income per common share:
                                        
Basic
   $ (0.86 )   $ 0.82     $ 0.84     $ 0.75     $ 0.69  
Diluted
   $ (0.86 )   $ 0.81     $ 0.83     $ 0.74     $ 0.68  
Weighted average common shares:
                                        
Basic
     42,681       42,242       41,740       41,232       40,780  
Diluted
     42,681       42,568       42,295       41,770       41,868  
Other Financial Data:
                                        
Depreciation of property, plant and equipment
   $ 21,324     $ 22,772     $ 12,178     $ 9,290     $ 8,213  
 
(1)   Our results for the year ended December 31, 2006, include 65 days of activity of PCG, which we acquired on October 27, 2006.
 
(2)   Effective January 1, 2006, we adopted Statement of Financial Accounting Standards No. 123R, Share Based Payment and began recording expense related to our stock options. See Note 2 to our consolidated financial statements included herein.
 
(3)   We recorded an impairment of goodwill and long-lived assets in 2008 as a result of our annual goodwill impairment test and the write-down of certain long-lived assets associated with specific plant facilities and assets held for sale.
 
(4)   We recorded restructuring charges in 2004 related to the closure of our Burlington, Washington facility and sale of the building. The charges were to further write down the value of the building and equipment. We recorded a restructuring charge in 2006 for severance for certain sales and administrative employees of the acquired business.

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    As of December 31,
    2008   2007   2006   2005   2004
    As Adjusted                                
    (In thousands)
Consolidated Balance Sheet Data:
                                        
Working capital
   $ 280,362     $ 98,839     $ 127,405     $ 111,224     $ 82,645  
Total assets
     540,240       498,798       573,698       273,143       235,770  
Convertible senior notes
     134,914       —       —       —       —  
Long-term debt, including current maturities
     —       85,000       200,705       —       —  
Stockholders’ equity
     330,036       328,594       287,315       243,952       211,626  
                                         
    Year Ended December 31,
    2008   2007   2006   2005   2004
    As Adjusted                                
    (In thousands)
Supplemental Data:
                                        
EBITDA(1)
   $ (25,065 )   $ 92,110     $ 73,577     $ 39,176     $ 51,560  
Cash flows provided by operating activities
     75,632       73,984       32,784       31,027       48,810  
Cash flows used in investing activities
     (21,281 )     (1,705 )     (234,579 )     (13,583 )     (9,276 )
Cash flows provided by (used in) financing activities
     74,793       (113,828 )     200,027       626       (5,989 )
 
(1)   “EBITDA” means earnings before interest expense, income taxes, depreciation and amortization. We present EBITDA to enhance the understanding of our operating results. EBITDA is a key measure we use to evaluate our operations. We provide our EBITDA because we believe that investors and securities analysts will find EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States. The following provides a reconciliation of EBITDA to the financial information in our consolidated statement of operations.
                                         
    Year Ended December 31,  
    2008     2007     2006     2005     2004  
    As Adjusted                                  
    (In thousands)  
Net (loss) income
   $ (36,911 )   $ 34,683     $ 35,039     $ 30,841     $ 28,330  
 
                              
Add back items:
                                        
Income tax (benefit) provision
     (24,460 )     16,585       21,063       (2,524 )     13,183  
Interest expense
     11,065       13,828       3,394       251       515  
Depreciation of property, plant and equipment
     21,324       22,772       12,178       9,290       8,213  
Amortization of intangibles
     3,917       4,242       1,903       1,318       1,319  
 
                              
Total
     11,846       57,427       38,538       8,335       23,230  
 
                              
EBITDA
   $ (25,065 )   $ 92,110     $ 73,577     $ 39,176     $ 51,560  
 
                              

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