TTM (TTMI) 8-K TTM Technologies, Inc. Reports Strong Second Quarter 2006 Results

Exhibit 99.1

Contact:	Steve Richards
	Chief Financial Officer
	714/241-0303

TTM TECHNOLOGIES, INC. REPORTS STRONG SECOND QUARTER 2006 RESULTS

SANTA ANA, CA — July 26, 2006 — TTM Technologies, Inc. (Nasdaq: TTMI), a leading manufacturer of time-critical and technologically advanced printed circuit boards, today reported results for the second quarter of 2006.

Second-Quarter Results

Second quarter 2006 net sales increased $4.0 million, or 5.5 percent, to a record $76.7 million from $72.7 million in the first quarter of 2006 and increased $19.5 million, or 34.0 percent, from $57.2 million in the second quarter of 2005. These favorable comparisons resulted from strong pricing and rising demand.

For the second quarter of 2006, quick-turn business represented 19.5 percent of net sales, compared to 20.7 percent for the first quarter of 2006 and 21.8 percent for the second quarter of 2005.

Gross margin increased to 30.0 percent for the second quarter of 2006 from 27.8 percent in the first quarter of 2006 and 19.3 percent for the second quarter of 2005. Gross margin benefited from higher prices as well as better absorption of fixed costs due to increased production.

General and administrative expense, including amortization of intangibles, was $4.0 million in the second quarter of 2006, an increase of $80,000 over the first quarter of 2006 and $628,000 over the year-ago period. As a percent of sales, G&A expense declined to 5.2 percent in the second quarter of 2006, compared to 5.3 percent in the first quarter of 2006 and 5.8 percent in the second quarter of 2005. The year-over-year increase in G&A expense was due primarily to higher incentive compensation expense and stock-based compensation expense.

As a result of strong revenue growth and higher profitability, TTM posted operating income of $15.6 million for the second quarter of 2006, compared to $13.0 million for the first quarter of 2006 and $4.8 million for the second quarter of 2005.

Net income for the second quarter of 2006 was $10.6 million, or $0.25 per diluted share, compared with $8.8 million, or $0.21 per diluted share, for the first quarter of 2006, and $3.3 million, or $0.08 per diluted share, for the second quarter of 2005.

EBITDA (earnings before interest, taxes, depreciation and amortization) increased to $19.4 million for the second quarter of 2006 from $16.7 million for the first quarter of 2006 and $7.9 million for the second quarter of 2005.

In the second quarter of 2006, TTM generated cash flow from operations of $10.8 million, enabling it to fund net capital expenditures of $2.3 million, while expanding its cash and short-term investments to a total of $101.2 million, an increase of $10.7 million during the quarter.

“We again posted excellent results in the second quarter of 2006 as we capitalized on solid market conditions and continued to execute our time and technology strategy. We are proud of the fact that we consistently increase market share and generate superior profitability in the printed circuit board marketplace,” said Kent Alder, President and CEO of TTM Technologies.

Outlook

For the third quarter of 2006, TTM is estimating revenues in a range of $73 million to $78 million and earnings in a range of $0.20 to $0.25 per diluted share.

“Business indicators for the printed circuit board industry, while somewhat mixed, suggest relative stability in the third quarter of 2006,” concluded Alder. “And TTM will continue to expand on its time and technology leadership.”

Conference Call/Webcast

TTM Technologies, Inc. is a leading supplier of time-critical and technologically advanced printed circuit boards to original equipment manufacturers and electronics manufacturing services companies. TTM stands for time-to-market, representing how the company’s time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market.

The company will conduct a conference call to discuss its second-quarter performance and outlook today at 4:30 p.m. Eastern/1:30 p.m. Pacific time. The call will be simulcast and available for replay until August 3, 2006, on the company’s website, www.ttmtech.com.

This release contains forward-looking statements that relate to future events or performance. These statements reflect the company’s current expectations, and the company does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other company statements will not be realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, the company’s dependence upon the electronics industry, the company’s dependence upon a small number of customers, general economic conditions and specific conditions in the markets TTM addresses, the unpredictability of and potential fluctuation in future revenues and operating results, increased competition from low-cost foreign manufacturers, and other “Risk Factors” set forth in the company’s most recent SEC filings.

— Tables Follow —

TTM TECHNOLOGIES, INC.

Selected Unaudited Financial Information

(In thousands, except per share data)

	Second Quarter						First Quarter			First Two Fiscal Quarters
	2006			2005			2006			2006			2005
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$	76,683		$	57,216		$	72,688		$	149,371		$	116,099
Cost of goods sold		53,714			46,179			52,485			106,199			91,524
Gross profit		22,969			11,037			20,203			43,172			24,575
Operating expenses:
Selling and marketing		3,454			2,865			3,359			6,813			5,882
General and administrative		3,663			3,035			3,584			7,247			6,439
Amortization of intangibles		301			301			300			601			601
Total operating expenses		7,418			6,201			7,243			14,661			12,922
Operating income		15,551			4,836			12,960			28,511			11,653
Interest expense		(25	)		(49	)		(42	)		(67	)		(100	)
Amortization of debt issuance costs		(20	)		(13	)		(19	)		(39	)		(26	)
Interest income and other, net		1,118			462			977			2,095			846
Income before income taxes		16,624			5,236			13,876			30,500			12,373
Income tax provision		(6,068	)		(1,964	)		(5,065	)		(11,133	)		(4,641	)
Net income	$	10,556		$	3,272		$	8,811		$	19,367		$	7,732
Earnings per common share:
Basic		0.25			0.08			0.21			0.47			0.19
Diluted		0.25			0.08			0.21			0.46			0.19
Weighted average common shares:
Basic		41,694			41,267			41,441			41,566			41,171
Diluted		42,512			41,772			41,978			42,242			41,778

SELECTED BALANCE SHEET DATA

	July 3, 2006		December 31, 2005
Cash and short-term investments	$	101,244	$	82,358
Accounts receivable, net		44,837		38,631
Inventories, net		13,886		12,564
Total current assets		165,100		140,415
Net property, plant and equipment		52,553		51,798
Other assets		79,223		80,930
Total assets		296,876		273,143
Accounts payable	$	12,112	$	11,310
Total current liabilities		28,119		29,191
Stockholders’ equity		268,757		243,952
Total liabilities and stockholders’ equity		296,876		273,143

SUPPLEMENTAL DATA

	Second Quarter						First Quarter			First Two Fiscal Quarters
	2006			2005			2006			2006			2005
EBITDA	$	19,444		$	7,887		$	16,677		$	36,121		$	17,570
EBITA	$	16,999		$	5,628		$	14,266		$	31,265		$	13,158
Gross margin		30.0	%		19.3	%		27.8	%		28.9	%		21.2	%
EBITDA margin		25.4			13.8			22.9			24.2			15.1
Operating margin		20.3			8.5			17.8			19.1			10.0

End Market Breakdown:

	Second Quarter
	2006			2005
Networking/communications		43.9	%		43.5	%
High-end computing		27.3			29.6
Industrial/medical		16.3			15.3
Computer peripherals		6.4			5.1
Handheld		2.1			3.1
Other		4.0			3.4

RECONCILIATIONS*

	Second Quarter				First Quarter		First Two Fiscal Quarters
	2006		2005		2006		2006		2005
EBITA/EBITDA reconciliation:
Net income	$	10,556	$	3,272	$	8,811	$	19,367	$	7,732
Add back items:
Income taxes		6,068		1,964		5,065		11,133		4,641
Interest expense		25		49		42		67		100
Amortization of debt issuance costs		20		13		19		39		26
Amortization of intangibles		330		330		329		659		659
EBITA		16,999		5,628		14,266		31,265		13,158
Depreciation expense		2,445		2,259		2,411		4,856		4,412
EBITDA	$	19,444	$	7,887	$	16,677	$	36,121	$	17,570

*

This information provides a reconciliation of EBITA/EBITDA to the financial information in our consolidated statements of operations.

“EBITDA” means earnings before interest expense, income taxes, depreciation and amortization. “EBITA” means earnings before interest expense, income taxes and amortization. We present EBITDA / EBITA to enhance the understanding of our operating results. EBITDA / EBITA is a key measure we use to evaluate our operations. In addition, we provide our EBITDA / EBITA because we believe that investors and securities analysts will find EBITDA / EBITA 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 / EBITA 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.