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| TTMI > SEC Filings for TTMI > Form 8-K/A on 1-Mar-2013 | All Recent SEC Filings |
1-Mar-2013
Results of Operations and Financial Condition
On February 5, 2013, TTM Technologies, Inc. (the "Company") filed a Current Report on Form 8-K (the "Original Filing") with the Securities and Exchange Commission furnishing a press release that announced the Company's financial results for the fourth quarter and year ended December 31, 2012. This Amendment No. 1 on Form 8-K/A is being filed to amend certain information set forth in the Original Filing.
Subsequent to the issuance of the press release and the Original Filing, the Company was notified by a customer of a warranty claim for defective products. The Company estimates a potential liability of approximately $650,000 for this claim. The warranty claim resulted in an approximate $650,000 decrease in the Company's fourth quarter and full year 2012 net sales reflected in the Original Filing. Net sales are $381.7 million for the quarter ended December 31, 2012 (compared to $382.4 million as previously reported) and $1,348.7 million for the year ended December 31, 2012 (compared to $1,349.3 million as previously reported).
In addition, the Company increased the valuation allowance on the deferred tax assets of one of its China-based subsidiaries by approximately $1.6 million. The increase in the valuation allowance on the deferred tax assets and the tax impact of the warranty claim resulted in a net increase of $1.3 million in the Company's tax provision for the fourth quarter and year ended December 31, 2012.
The net impact of the above adjustments is a decrease in net income attributable to stockholders for the quarter ended December 31, 2012 to $13.7 million, or $0.17 per diluted share (compared to $15.7 million, or $0.19 per diluted share, as previously reported), and an increase in the net loss attributable to stockholders for the year ended December 31, 2012 to $174.6 million, or $2.13 per share (compared to $172.6 million, or $2.11 per share, as previously reported).
On a non-GAAP basis, the net impact of the above adjustments is a decrease to net income attributable to stockholders for the quarter ended December 31, 2012 to $18.6 million, or $0.23 per diluted share (compared to $21.5 million, or $0.26 per diluted share, as previously reported), and a decrease in net income attributable to stockholders for the year ended December 31, 2012 to $69.1 million, or $0.84 per diluted share (compared to $72.0 million, or $0.87 per diluted share, as previously reported).
Previously reported results for the first three quarters of 2012 are not affected by the adjustments. The financial statements included below in this report reflect the adjustments noted above. The Company's Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on March 1, 2013, reflects this corrected information.
About Our Non-GAAP Financial Measures
This report contains information about the Company's non-GAAP net income attributable to stockholders and non-GAAP earnings per share attributable to stockholders, which are non-GAAP financial measures. Management believes that both measures - which add back amortization of intangibles, stock-based compensation expense, non-cash interest expense on debt, asset impairments, restructuring and other charges as well as the associated tax impact of these charges - provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations.
A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. The Company compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliation to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
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