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| TTM Technologies, Inc. |
| 17550 N.E. 67th Court, Redmond, WA 98052 * (425) 883-7575 |
| Business Description | The Company is a leading independent provider of time-critical, one-stop manufacturing services for highly complex printed circuit boards. |
| Offering Information Company has | |||
| Trading As | TTMI (NASNTL) | Industry | High-Tech (SIC 3672) |
| Type of Stock Offered | Common Shares | Filing Date | 6/22/00 |
| Domestic Shares Offered | 7,500,000 | Offer Date | 9/20/00 |
| Foreign Shares Offered | 0 | Filing Range | $13.00 - $15.00 |
| Company Shares | 5,625,000 | Offer Price | $16.00 |
| Selling Shrhldrs Shares | 1,875,000 | Gross Spread | $1.120 |
| Gross Proceeds | $120,000,000 | Selling | $0.660 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 35,550,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Robertson, Stephens & Company | Lead Manager | (415) 989-8500 |
| Chase H&Q; | Co-manager | (415) 439-3626 |
| Donaldson, Lufkin & Jenrette Securities Corp. | Co-manager | (212) 371-0641 |
| First Union Capital Markets Corp. | Co-manager | (804) 649-2311 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/31/98 | 12/31/99 | 3/31/99 | 4/3/00 | ||
| Revenues | - | - | 76.921 | 78.526 | 106.447 | 24.788 | 42.080 |
| Income from Oper. | - | - | 10.062 | 8.482 | 13.225 | 3.921 | 7.341 |
| Net Income | - | - | 10.013 | 8.427 | -0.227 | 1.286 | 2.123 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | - | - | 2.09 | 35.556 | 69.76 | ||
| Net Income Growth (%) | - | - | -15.84 | - | 65.09 | ||
| Oper. Profit Margin (%) | - | - | 13.08 | 10.80 | 12.42 | 17.45 | 15.82 |
| Net Profit Margin (%) | - | - | 13.02 | 10.73 | - | 5.05 | 5.19 |
| Cash Flow - Oper. | -2.23 | 1.27 | 4.43 | ||||
| Cash Flow - Inv. | -99.91 | -0.32 | -1.50 | ||||
| Cash Flow - Fin. | 103.25 | -1.15 | -3.12 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 4/3/00 | Financial Ratios | ||||
| Total Assets | 167.38 | Current Assets | - | Current Ratio | - |
| Total Liab. | 148.71 | Current Liab. | - | Debt Ratio | 88.85% |
| Total Equity | 18.66 | Working Cap. | 15.36 | Debt to Equity Ratio | 7.97 |
| Cash | - | Return on Assets | 1.27% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to redeem all of our senior subordinated debt; redeem all of our subordinated debt; terminate a management agreement with entities related to four of our directors; eliminate our obligations under our retention bonus plan; and reduce our indebtedness under our senior credit facility. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Shearman & Sterling |
| Bank's Law Firm | O'Melveny & Meyers |
| Auditor | Arthur Andersen |
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| Industry Competition |
The printed circuit board industry is highly fragmented and characterized by intense competition. The Company�s principal competitors include: DDi; Hadco, which recently agreed to be acquired by Sanmina; Merix; and Tyco. The Company believes that it competes favorably on the following competitive factors: capability and flexibility to produce customized complex products; ability to offer time-to-market capabilities; ability to offer one-stop manufacturing capabilities; consistently high-quality product; and outstanding customer service. |
| Business Plan |
The Company�s goal is to be the leading provider of technologically advanced, time-critical, one-stop manufacturing services for highly complex printed circuit boards. Key aspects of the Company�s strategy include: (i) Targeting additional customers, (ii) Further expanding quick-turn manufacturing capacity, (iii) Capitalizing on quick-turn services, (iv) Continuing to improve technological capabilities, and (v) Pursuing complementary acquisition opportunities. |
| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Circuit Holdings entities | 87.60 | |
| TCW entities | 3.70 | |
| Note: represents ownership of 5% or more prior to the offering. | ||