8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

April 26, 2006
Date of report (Date of earliest event reported)

TTM TECHNOLOGIES, INC.

(Exact Name of Registrant as Specified in Charter)

DELAWARE
(State or other jurisdiction of incorporation)

0-31285	91-1033443
(Commission File Number)	( IRS Employer Identification Number)

2630 SOUTH HARBOR BOULEVARD
SANTA ANA, CALIFORNIA
92704
(Address of Principal Executive Offices) (Zip Code)

(714) 327-3000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On April 26, 2006, the Company issued a press release setting forth its first quarter 2006 earnings. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

The information in this report on Form 8-K (including the exhibit) is furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section.

The Company does not have, and expressly disclaims, any obligation to release any updates or any changes in its expectations or any change in events, conditions, or circumstances on which any forward-looking statement is based.

The text included with this report is available on our website located at www.ttmtech.com, although we reserve the right to discontinue that availability at any time.

Item 9.01. Financial Statements and Exhibits

(a)	Financial Statements of Business Acquired.
	Not applicable.
(b)	Pro Forma Financial Information.
	Not applicable.
(c)	Exhibits.

                       Exhibit 99.1. Press Release from the registrant, dated April 26, 2006 entitled “TTM
Technologies, Inc. Reports First Quarter 2006 Results; Strong Performance
Continues, and Outlook Remains Positive”.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	TTM TECHNOLOGIES, INC.
Date: April 26, 2006	By:	/s/ Steven W. Richards
		Steven W. Richards
		Chief Financial Officer

EXHIBIT INDEX

99.1 Press release from the registrant, dated April 26, 2006, entitled “TTM Technologies, Inc. Reports First Quarter 2006 Results; Strong Performance Continues, and Outlook Remains Positive”.

EX-99.1

Exhibit 99.1

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

TTM TECHNOLOGIES, INC. REPORTS FIRST QUARTER 2006 RESULTS;
STRONG PERFORMANCE CONTINUES, AND OUTLOOK REMAINS POSITIVE

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

First-Quarter Results

First quarter 2006 net sales increased $9.6 million, or 15 percent, to a record $72.7 million from $63.1 million in the fourth quarter of 2005 and increased $13.8 million, or 23 percent, from $58.9 million in the first quarter of 2005. The sequential increase, from the fourth quarter of 2005, resulted primarily from improved demand as well as favorable quick-turn pricing trends.

For the first quarter of 2006, quick-turn business represented 21 percent of net sales, compared to 22 percent for the fourth quarter of 2005 and 21 percent for the first quarter of 2005.

Gross margin increased to 27.8 percent for the first quarter of 2006 from 23.8 percent in the fourth quarter of 2005 and 23.0 percent for the first 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 $3.9 million in the first quarter of 2006, an increase from $3.1 million in the fourth quarter of 2005 and $3.7 million in the year-ago period. The increase was primarily due to incentive compensation and stock-based compensation expense.

As a result of strong revenue growth and higher profitability, TTM posted operating income of $13.0 million for the first quarter of 2006, up from $8.8 million for the fourth quarter of 2005 and $6.8 million for the first quarter of 2005.

Net income for the first quarter of 2006 was $8.8 million, or $0.21 per diluted share, compared with $19.0 million, or $0.46 per diluted share, for the fourth quarter of 2005, and $4.5 million, or $0.11 per diluted share, for the first quarter of 2005. Net income for the fourth quarter of 2005 included a $12.7 million, or $0.31 per diluted share, benefit from a reduction of the deferred income tax asset valuation allowance.

EBITDA (earnings before interest, taxes, depreciation and amortization) increased to $16.7 million for the first quarter of 2006 from $12.5 million for the fourth quarter of 2005 and $9.7 million for the first quarter of 2005.

In the first quarter of 2006, TTM generated cash flow from operations of $9.8 million, enabling it to fund net capital expenditures of $3.3 million while expanding its cash and

short-term investments to a total of $90.5 million, an increase of $8.1 million from year-end 2005 levels.

“TTM continues to capitalize on strong industry conditions with solid demand across multiple market segments, especially in networking and communications,” said Kent Alder, President and CEO of TTM Technologies. “We significantly increased production at each of our facilities during the first quarter. We’re particularly pleased with TTM’s industry-leading earnings, strong cash flow and margin expansion.”

Outlook

For the second quarter of 2006, TTM is estimating further gains, with revenues in a range of $73 million to $77 million and earnings in a range of $0.20 to $0.24 per diluted share.

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 first-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 May 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)

	First Quarter						Fourth Quarter
	2006			2005			2005
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$	72,688		$	58,883		$	63,131
Cost of goods sold		52,485			45,345			48,102
Gross profit		20,203			13,538			15,029
Operating expenses:
Selling and marketing		3,359			3,017			3,045
General and administrative		3,584			3,404			2,840
Amortization of definite-lived intangibles		300			300			301
Total operating expenses		7,243			6,721			6,186
Operating income		12,960			6,817			8,843
Interest expense		(42	)		(51	)		(63	)
Amortization of debt issuance costs		(19	)		(13	)		(20	)
Interest income and other, net		977			384			733
Income before income taxes		13,876			7,137			9,493
Income tax benefit (provision)		(5,065	)		(2,677	)		9,555
Net income	$	8,811		$	4,460		$	19,048
Earnings per common share:
Basic		0.21			0.11			0.46
Diluted		0.21			0.11			0.46
Weighted average common shares:
Basic		41,441			41,078			41,301
Diluted		41,978			41,784			41,810

SELECTED BALANCE SHEET DATA

	April 3, 2006		December 31, 2005
Cash and short-term investments	$	90,453	$	82,358
Accounts receivable, net		42,422		38,631
Inventories, net		12,867		12,564
Total current assets		151,376		140,415
Net property, plant and equipment		52,650		51,798
Other assets		77,965		80,930
Total assets		281,991		273,143
Accounts payable	$	12,567	$	11,310
Total current liabilities		27,464		29,191
Stockholders’ equity		254,527		243,952
Total liabilities and stockholders’ equity		281,991		273,143

SUPPLEMENTAL DATA

	First Quarter						Fourth Quarter
	2006			2005			2005
EBITDA	$	16,678		$	9,684		$	12,477
EBITA	$	14,267		$	7,531		$	9,906
Gross margin		27.8	%		23.0	%		23.8	%
EBITDA margin		22.9			16.4			19.8
Operating margin		17.8			11.6			14.0

End Market Breakdown:

	First Quarter
	2006			2005
Networking/communications		44.2	%		49.3	%
High-end computing		23.2			25.9
Industrial/medical		18.4			14.3
Computer peripherals		6.0			5.0
Handheld		2.7			2.4
Other		5.5			3.1

RECONCILIATIONS*

	First Quarter				Fourth Quarter
	2006		2005		2005
EBITA/EBITDA reconciliation:
Net income	$	8,811	$	4,460	$	19,048
Add back items:
Income taxes		5,065		2,677		(9,555	)
Interest expense		42		51		63
Amortization of debt issuance costs		19		13		20
Amortization of intangibles		330		330		330
EBITA		14,267		7,531		9,906
Depreciation expense		2,411		2,153		2,571
EBITDA	$	16,678	$	9,684	$	12,477

* 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.