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| TTM Technologies, Inc. Announces Expansion Of Chippewa Falls Facility |
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| For Immediate Release |
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| SANTA ANA, CA - February 25, 2004 - TTM Technologies, Inc. (Nasdaq: TTMI) today announced that in response to increased customer demand and higher current capacity utilization rates, TTM's board of directors has approved a plan to significantly expand production capacity at its Chippewa Falls, Wisconsin facility. Chippewa Falls is TTM's largest facility and serves the high-end, complex technology needs of some of its largest and most sophisticated commercial customers. The expansion is planned to occur in two phases that will permit TTM to incrementally match its capital expenditures with demand and market conditions. Together, the two phases of the plan represent an 85% increase in production capacity over current levels. |
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TTM Technologies
(ticker: TTMI, exchange: NASDAQ) |
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News Release:
02/25/2004 |
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Stacey Peterson
Chief Financial Officer
714/241-0303 |
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| In the first phase, TTM expects to hire approximately 100 additional employees by mid-2004 that will increase Chippewa Falls' production capacity by more than 20% using the plant's existing facility footprint. In addition, TTM expects to immediately commence construction on a 44,000 square foot expansion and has approved the order of capital equipment necessary to support it. TTM expects that construction of the first phase of the expansion, along with additional employee hires beyond those expected by mid-2004, will increase its Chippewa Falls' capacity by approximately 55% from current levels and will cost approximately $10 million. TTM expects to complete construction of the first phase and reach production by the end of 2004. |
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| TTM has also planned a second phase of expansion that will allow it to increase its production at the Chippewa Falls facility by an additional 30%, or a total of 85%, over current capacity. TTM expects to accomplish this second phase through additional staffing and the purchase of approximately $4 million in capital equipment. The implementation of the second phase will be made as demand and market conditions warrant and can be completed within three to six months of determining to proceed. The decision to proceed with the second phase will be revisited on a regular basis throughout 2004 and in future periods. |
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| Kent Alder, President and Chief Executive Officer stated, "our optimism in current industry conditions, our future prospects and our competitive position is reflected in our decision to proceed with the facility expansion at this time. We believe that our ability to expand within our existing facilities allows us to efficiently grow without having to qualify customers for, and develop management infrastructure at, a new facility. We reviewed numerous alternatives to meet our customers' needs and believe that this expansion provides us with a significant opportunity for growth with relatively limited risk." |
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| 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. |
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| 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 the company's dependence upon the electronics industry and a small number of customers, general economic conditions and the unpredictability of and potential fluctuations in demand for the company's services. If demand for the company's services does not increase to the levels it is anticipating, the company may decide to scale back or delay its planned expansion. |
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