TTM (TTMI) 8-K TTM Technologies, Inc. Reports Second Quarter 2008 Results

Exhibit 99.1

Contacts:	Corporation:	Investors and Media:
	TTM Technologies, Inc.	Guerrant Associates
	Steve Richards, Chief Financial Officer	Laura Guerrant
	(714) 241-0303	(808) 882-1467
	investor@ttmtech.com	lguerrant@guerrantir.com

TTM TECHNOLOGIES, INC. REPORTS SECOND QUARTER 2008 RESULTS

SANTA ANA, CA –– July 29, 2008 –– TTM Technologies, Inc. (Nasdaq: TTMI), North America’s largest printed circuit board (PCB) manufacturer, today reported results for the second quarter of 2008, ended June 30, 2008.

Financial & Operational Highlights

§ Second quarter 2008 net sales of $173.0 million were in line with the Company’s guidance, and gross margin of 21.1 percent exceeded the Company’s guidance.

§ The Company completed a successful convertible debt offering and used a portion of the proceeds to retire the remaining balance of the term loan debt associated with the Printed Circuit Group acquisition.

Second Quarter 2008 Financial Results

Kent Alder, President and CEO of TTM, noted, “Results for the second quarter continued our long history of delivering solid financial performance. Our gross margin and our diluted earnings per share, when adjusted for costs related to repaying our debt, exceeded our expectations.” Alder continued, “The Aerospace/Defense end market showed continued strength, and we again saw strong demand for our high tech manufacturing services.”

Second quarter net sales of $173.0 million decreased from first quarter 2008 net sales of $174.1 million and were in line with the Company’s guidance.

Second quarter 2008 gross margin of 21.1 percent declined slightly from first quarter 2008 gross margin of 21.6 percent but exceeded the high end of the guidance range.

Selling and marketing expense for the second quarter was $7.8 million, representing 4.5 percent of net sales. This is consistent with first quarter selling and marketing expense of $7.7 million, representing 4.4 percent of net sales.

Second quarter general and administrative expense, including amortization of intangibles,  was $9.8 million, representing 5.7 percent of net sales. This compares to general and administrative expense, including amortization of intangibles, for the first quarter of $9.2 million, representing 5.3 percent of sales. General and administrative expense increased in the second quarter due to higher incentive compensation and stock-based compensation expense.

Operating expenses totaled $17.5 million in the second quarter. During the first quarter of 2008, TTM reduced operating expenses by $3.7 million due to a metal reclamation recovery.  Absent this reduction in expense, first quarter operating expenses would have totaled $16.9 million.

TTM Technologies, Inc. Reports Second Quarter 2008 Financial Results…Page 2 of  3

TTM posted second quarter operating income of $19.1 million, which compares to first quarter operating income of $24.4 million, which included the aforementioned $3.7 million metal reclamation recovery.

Other expense in the second quarter was $4.1 million compared to $1.6 million in the first quarter.  This increase is largely attributable to the write-off of the remaining financing costs and the unwinding of a hedge related to the Company’s term loan, which was repaid in May with the proceeds from the convertible debt offering. TTM recorded $1.9 million in expense to amortize the remaining financing costs and $1.2 million to unwind the hedge.

Second quarter net income of $9.4 million, or $0.22 per diluted share, was in line with guidance and compares with first quarter net income of $14.4 million, or $0.34 per diluted share.  Net income in the first quarter benefited by $3.7 million, or about $0.05 per diluted share, from the metal reclamation recovery. Net income decreased in the second quarter by $3.1 million, or about $0.04 per diluted share, due to the costs discussed above related to the term loan repayment.

EBITDA (earnings before interest, taxes, depreciation and amortization) for the second quarter was $24.5 million, or 14.1 percent of sales, compared with first quarter EBITDA of $31.0 million, or 17.8 percent of sales.  (A reconciliation of this non-GAAP measure is provided after the GAAP financial statements accompanying this press release.)

Second Quarter Segment Information – PCB Manufacturing and Backplane Assembly

TTM Technologies reports two operating segments: PCB Manufacturing and Backplane Assembly.

For the PCB Manufacturing segment, second quarter net sales (before inter-company sales) were $149.6 million, compared with $148.7 million in the first quarter.  Second quarter operating segment income (before amortization of intangibles) was $17.8 million, compared with $22.7 million in the first quarter.

For the Backplane Assembly segment, second quarter net sales (before inter-company sales) were $31.2 million, compared with $32.6 million for the first quarter. Second quarter operating segment income (before amortization of intangibles) was $2.2 million, compared with $2.7 million in the first quarter.

Balance Sheet

Cash and cash equivalents at the end of the second quarter totaled $118.7 million, compared with $32.6 million at the end of the first quarter.  The substantial increase in cash is primarily attributable to the successful convertible debt offering the Company completed during the quarter.

Third Quarter Fiscal Year 2008 Forecast

For the third quarter of 2008, TTM estimates revenues in a range of $163 million to $171 million and earnings in a range of $0.19 to $0.25 per diluted share.

To Access the Live Web Cast/Conference Call

The company will host a conference call to discuss the second quarter results and third quarter outlook on July 29, 2008, at 4:30 p.m. Eastern Daylight Time (1:30 p.m. Pacific Daylight Time).

TTM Technologies, Inc. Reports Second Quarter 2008 Financial Results…Page 3 of  3

To listen to the live web cast, log on to the TTM Technologies website at http://www.ttmtech.com.  To access the live conference call, dial 303-262-2137 or 800-218-4007.

To Access a Replay of the Web Cast

A digital replay will be available on TTM Technologies' website at http://www.ttmtech.com and will remain accessible for one week following the live event.

A telephone replay also will be available beginning two hours after the conclusion of the conference call until August 5, 2008.  You may access the telephone replay by dialing 303-590-3000 or 800-405-2236 and entering confirmation code 11117066#.

Safe Harbor Statement

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.

About TTM

TTM Technologies, Inc. is North America’s largest printed circuit board manufacturer, focusing on quick-turn and technologically advanced PCBs and the backplane and sub-system assembly business.  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.  Additional information can be found at www.ttmtech.com.

- Tables Follow -

TTM TECHNOLOGIES, INC.

Selected Unaudited Financial Information

(In thousands, except per share data)

	Second Quarter						First Quarter			First Two Fiscal Quarters
	2008			2007			2008			2008			2007
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$	172,975		$	162,016		$	174,071		$	347,046		$	338,913
Cost of goods sold		136,395			132,470			136,469			272,864			274,646
Gross profit		36,580			29,546			37,602			74,182			64,267
Operating expenses:
Selling and marketing		7,750			7,551			7,714			15,464			15,111
General and administrative		8,825			7,890			8,205			17,030			16,232
Amortization of definite-lived intangibles		950			1,046			947			1,897			2,071
Metal reclamation		-			-			(3,700	)		(3,700	)		-
Total operating expenses		17,525			16,487			13,166			30,691			33,414
Operating income		19,055			13,059			24,436			43,491			30,853
Interest expense		(3,288	)		(3,368	)		(1,835	)		(5,123	)		(8,466	)
Interest income and other, net		(843	)		236			284			(559	)		995
Income before income taxes		14,924			9,927			22,885			37,809			23,382
Income tax provision		(5,480	)		(3,743	)		(8,513	)		(13,993	)		(8,733	)
Net income	$	9,444		$	6,184		$	14,372		$	23,816		$	14,649
Earnings per common share:
Basic	$	0.22		$	0.15		$	0.34		$	0.56		$	0.35
Diluted	$	0.22		$	0.15		$	0.34		$	0.56		$	0.35
Weighted average common shares:
Basic		42,676			42,199			42,429			42,553			42,174
Diluted		43,080			42,496			42,736			42,908			42,447

SELECTED BALANCE SHEET DATA
	June 30, 2008		December 31, 2007
Cash and cash equivalents	$	118,687	$	18,681
Accounts receivable, net		118,197		118,581
Inventories		78,348		65,675
Total current assets		331,263		219,936
Property, plant and equipment, net		122,874		123,647
Other non-current assets		166,977		155,215
Total assets		621,114		498,798
Current portion long-term debt	$	-	$	40,000
Accounts payable		51,515		53,632
Total current liabilities		81,350		121,097
Long-term liabilities		177,453		49,107
Stockholders' equity		362,311		328,594
Total liabilities and stockholders' equity		621,114		498,798

SUPPLEMENTAL DATA
	Second Quarter						First Quarter			First Two Fiscal Quarters
	2008			2007			2008			2008			2007
EBITDA	$	24,460		$	20,113		$	30,976		$	55,436		$	45,581
EBITA	$	19,191		$	14,369		$	25,696		$	44,887		$	33,977
Gross margin		21.1	%		18.2	%		21.6	%		21.4	%		19.0
EBITDA margin		14.1			12.4			17.8			16.0			13.4
Operating margin		11.0			8.1			14.0			12.5			9.1
End Market Breakdown:
	Second Quarter						First Quarter
	2008			2007			2008
Networking/Communications		40	%		42	%		42	%
Aerospace/Defense		36			30			34
Computing/Storage/Peripherals		11			15			12
Medical/Industrial/Instrumentation/Other		13			13			12
Stock-based Compensation:
	Second Quarter						First Quarter
	2008			2007			2008
Amount included in:
Cost of goods sold	$	390		$	255		$	233
Selling and marketing		118			48			73
General and administrative		970			581			685
Total stock-based compensation expense	$	1,478		$	884		$	991
Operating Segment Data:
	Second Quarter						First Quarter
Net sales:	2008			2007			2008
PCB Manufacturing	$	149,596		$	138,651		$	148,705
Backplane Assembly		31,160			32,164			32,570
Total Sales		180,756			170,815			181,275
Inter-Company Sales		(7,781	)		(8,799	)		(7,204	)
Total Net Sales	$	172,975		$	162,016		$	174,071
Operating Segment Income:
PCB Manufacturing	$	17,780		$	12,019		$	22,679
Backplane Assembly		2,225			2,086			2,704
Total Op Segment Income		20,005			14,105			25,383
Amortization of Intangibles		(950	)		(1,046	)		(947	)
Total Op Income		19,055			13,059			24,436
Total Other Income (Expense)		(4,131	)		(3,132	)		(1,551	)
Income Before Income Taxes	$	14,924		$	9,927		$	22,885

RECONCILIATIONS*
	Second Quarter				First Quarter		First Two Fiscal Quarters
	2008		2007		2008		2008		2007
EBITA/EBITDA reconciliation:
Net income	$	9,444	$	6,184	$	14,372	$	23,816	$	14,649
Add back items:
Income taxes		5,480		3,743		8,513		13,993		8,733
Interest expense		3,288		3,368		1,835		5,123		8,466
Amortization of intangibles		979		1,074		976		1,955		2,129
EBITA		19,191		14,369		25,696		44,887		33,977
Depreciation expense		5,269		5,744		5,280		10,549		11,604
EBITDA	$	24,460	$	20,113	$	30,976	$	55,436	$	45,581

* 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 of America.