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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 10-K/A

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2003

Commission file number 0-31285


TTM TECHNOLOGIES, INC.
(Exact Name of Registrant as Specified in Its Charter)

Washington
(State or Other Jurisdiction of Incorporation or Organization)
  91-1033443
(I.R.S. Employer Identification No.)

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)
Title of Each Class

  Name of Each Exchange on Which Registered
Common Stock, no par value   Nasdaq National Market

        Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o

        Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

        Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).: Yes ý    No o

        The aggregate market value of Common Stock held by nonaffiliates of the registrant (20,605,355) based on the closing price of the registrant's Common Stock as reported on the Nasdaq National Market on July 1, 2002, was $113,123,399. For purposes of this computation, all officers, directors, and 10% beneficial owners of the registrant are deemed to be affiliates. Such determination should not be deemed to be an admission that such officers, directors, or 10% beneficial owners are, in fact, affiliates of the registrant.

        As of March 29, 2004, there were outstanding 40,718,550 shares of the registrant's Common Stock, no par value.





EXPLANATORY NOTE

        The Registrant is amending its annual report on Form 10-K solely to revise its presentation of EBITDA to conform to the guidance in Item 10 of Regulation S-K.


ITEM 6. SELECTED FINANCIAL DATA

        The selected historical financial data presented below are derived from our consolidated financial statements. The selected financial data should be read in conjunction with Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the notes thereto included elsewhere in this report.

 
  Year Ended December 31,
 
 
  1999
  2000
  2001
  2002(1)
  2003(1)
 
 
  (In thousands, except per share data)

 
Consolidated Statement of Operations Data:                                
Net sales   $ 106,447   $ 203,729   $ 128,989   $ 88,989   $ 180,317  
Cost of goods sold     82,200     127,137     92,235     78,456     145,694  
   
 
 
 
 
 
  Gross profit     24,247     76,592     36,754     10,533     34,623  
   
 
 
 
 
 
Operating expenses:                                
  Selling and marketing     3,920     10,156     7,272     6,447     10,858  
  General and administrative     2,584     8,305     5,435     5,519     11,696  
  Amortization of intangibles(2)     2,230     4,810     4,808     1,202     1,202  
  Restructuring charges(3)                 3,859     649  
  Amortization of deferred retention bonus     1,849     5,470              
  Management fees     439     2,150              
   
 
 
 
 
 
    Total operating expenses     11,022     30,891     17,515     17,027     24,405  
   
 
 
 
 
 
Operating income (loss)     13,225     45,701     19,239     (6,494 )   10,218  
Other income (expense):                                
  Interest expense     (10,432 )   (12,176 )   (2,644 )   (1,084 )   (583 )
  Amortization of debt issuance costs     (755 )   (742 )   (41 )   (105 )   (97 )
  Interest income and other, net     54     181     629     694     352  
  Loss on early extinguishments of debt     (2,317 )   (9,930 )            
   
 
 
 
 
 
Income (loss) before income taxes and extraordinary item     (225 )   23,034     17,183     (6,989 )   9,890  
Income tax (provision) benefit     (2 )   5,038     (6,189 )   2,278     (3,901 )
   
 
 
 
 
 
Income (loss) before extraordinary item     (227 )   28,072     10,994     (4,711 )   5,989  
Extraordinary gain                 6,296     1,453  
   
 
 
 
 
 
Net income (loss)   $ (227 ) $ 28,072   $ 10,994   $ 1,585   $ 7,442  
   
 
 
 
 
 

Income (loss) per common share, before extraordinary item:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Basic   $ (0.01 ) $ 0.88   $ 0.29   $ (0.12 ) $ 0.15  
   
 
 
 
 
 
  Diluted   $ (0.01 ) $ 0.82   $ 0.28   $ (0.12 ) $ 0.15  
   
 
 
 
 
 

Income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Basic   $ (0.01 ) $ 0.88   $ 0.29   $ 0.04   $ 0.19  
   
 
 
 
 
 
  Diluted   $ (0.01 ) $ 0.82   $ 0.28   $ 0.04   $ 0.18  
   
 
 
 
 
 

Weighted average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Baic     22,312     31,919     37,482     39,511     39,993  
  Diluted     22,312     34,166     38,899     39,511     41,123  
Other Financial Data:                                
Depreciation of property, plant and equipment   $ 3,635   $ 5,500   $ 8,294   $ 8,761   $ 7,774  
Non-cash restructuring charges for impairment of building and equipment                 1,838     446  
Non-cash interest expense imputed on debt     455     476              

(1)
Our results for the year ended December 31, 2002 include only six days of activity of Advanced Circuits, Inc., which we acquired on December 26, 2002. A full year of activity at this subsidiary is included in our results for the year ended December 31, 2003. In both 2002 and 2003, we recorded extraordinary gains related to this acquisition. See Note 3 to our consolidated financial statements included herein.

(2)
In 2002, we adopted Statement of Financial Accounting Standards ("SFAS") No. 142, "Goodwill and Intangible Assets" and ceased amortizing goodwill. Our expense in 2002 and 2003 reflects amortization of intangibles related to our acquisition of Power Circuits in July 1999. See Note 2 to our consolidated financial statements included herein.

(3)
We recorded restructuring charges in 2002 and 2003 related to the closure of our Burlington, Washington, facility. The charge in 2002 is composed primarily of severance expense and other cash exit costs as well as non-cash expenses to write down the value of the building and equipment held for sale. The charge in 2003 was to further write down the value of the building and equipment. See Note 4 to our consolidated financial statements included herein.

23


 
  As of December 31,
 
  1999
  2000
  2001
  2002
  2003
 
  (In thousands)

Consolidated Balance Sheet Data:                              
Working capital   $ 13,995   $ 22,186   $ 29,099   $ 40,405   $ 52,352
Total assets     168,327     202,133     193,076     197,506     205,857
Long-term debt, including current maturities     140,164     43,312     32,625     10,000     7,777
Shareholders' equity     16,537     137,742     150,079     167,426     178,327
 
  Year Ended December 31,
 
 
  1999
  2000
  2001
  2002
  2003
 
 
  (In thousands)

 
Supplemental Data:                                
EBITDA(1)   $ 16,827   $ 46,262   $ 32,970   $ 10,459   $ 21,057  
Cash flows from operating activities     (2,227 )   43,692     38,245     10,011     18,582  
Cash flows from investing activities     (99,907 )   (24,079 )   (13,176 )   (8,517 )   (14,087 )
Cash flows from financing activities     103,253     (11,635 )   (9,873 )   (7,105 )   863  

(1)
EBITDA means earnings before interest expense (including amortization of debt issuance costs), income taxes and depreciation and amortization. However, EBITDA 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. Our definition of EBITDA may differ from definitions used by other companies. The following is a reconciliation of net income (loss) to EBITDA for each period presented:

 
  Year Ended December 31,
 
  1999
  2000
  2001
  2002
  2003
 
  (In thousands)

Net income (loss)   $ (227 ) $ 28,072   $ 10,994   $ 1,585   $ 7,442
Add back items:                              
  Income taxes     2     (5,038 )   6,189     (2,278 )   3,901
  Interest expense     10,432     12,176     2,644     1,084     583
  Amortization of debt issuance costs     755     742     41     105     97
  Depreciation of property, plant and equipment     3,635     5,500     8,294     8,761     7,774
  Amortization of intangibles     2,230     4,810     4,808     1,202     1,260
   
 
 
 
 
    Total     17,054     18,190     21,976     8,874     13,615
   
 
 
 
 

EBITDA

 

$

16,827

 

$

46,262

 

$

32,970

 

$

10,459

 

$

21,057
   
 
 
 
 

24



SIGNATURES

        Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

    TTM TECHNOLOGIES, INC.

Date: August 19, 2004

 

By:

/s/  
STACEY M. PETERSON      
Stacey M. Peterson
Chief Financial Officer, Secretary, (Principal Financial and Accounting Officer)


Exhibit Index

Exhibit
Number

  Description
31.1   Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended.
31.2   Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended.
32.1   Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2   Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



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EXPLANATORY NOTE
SIGNATURES
Exhibit Index