TTM reports Q4 and FY2005 results - Ends year with strong trends and performance
Feb 09, 2006
Fourth-Quarter Results
Fourth quarter 2005 net sales increased $2.1 million, or 4 percent, to $63.1 million from $61.0 million in the third quarter of 2005 and increased $3.9 million, or 7 percent, from $59.2 million in the fourth quarter of 2004. The sequential increase, from the third quarter of 2005, resulted from favorable pricing and demand trends. Quick-turn business represented 22 percent of net sales in the fourth quarter of 2005, compared to 21 percent for both the third quarter of 2005 and the fourth quarter of 2004. Gross margin of 23.8 percent for the fourth quarter of 2005 increased from 23.2 percent in the third quarter of 2005 but decreased from 24.6 percent for the fourth quarter of 2004. General and administrative expense of $3.1 million in the fourth quarter of 2005 decreased from $5.2 million in the third quarter of 2005 and $3.3 million in the year-ago period. G&A expense in the third quarter of 2005 included a $2.0 million accrual related to an agreement in principle to resolve a customer dispute concerning goods shipped in 2002 and 2003. TTM posted an operating profit of $8.8 million for the fourth quarter of 2005, up from $5.9 million for the third quarter of 2005 and $8.2 million for the fourth quarter of 2004.
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