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News Article | May 15, 2017
Site: globenewswire.com

COSTA MESA, Calif., May 15, 2017 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (PCB) manufacturer, today announced that members of its management team will present at the following investor conferences: All presentations will be webcast live on the company’s website, www.ttm.com, and a replay will be accessible for a limited time following the events. About TTM TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.


News Article | May 15, 2017
Site: globenewswire.com

COSTA MESA, Calif., May 15, 2017 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (PCB) manufacturer, today announced that members of its management team will present at the following investor conferences: All presentations will be webcast live on the company’s website, www.ttm.com, and a replay will be accessible for a limited time following the events. About TTM TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.


News Article | May 15, 2017
Site: globenewswire.com

COSTA MESA, Calif., May 15, 2017 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (PCB) manufacturer, today announced that members of its management team will present at the following investor conferences: All presentations will be webcast live on the company’s website, www.ttm.com, and a replay will be accessible for a limited time following the events. About TTM TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.


News Article | May 15, 2017
Site: globenewswire.com

COSTA MESA, Calif., May 15, 2017 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (PCB) manufacturer, today announced that members of its management team will present at the following investor conferences: All presentations will be webcast live on the company’s website, www.ttm.com, and a replay will be accessible for a limited time following the events. About TTM TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.


News Article | August 2, 2017
Site: globenewswire.com

COSTA MESA, Calif., Aug. 02, 2017 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (“PCB”) manufacturer, today reported results for the second quarter of fiscal 2017, which ended July 2nd, 2017.  Second Quarter 2017 Financial Results Net sales for the second quarter of 2017 were $627.2 million, compared to $601.8 million in the second quarter of 2016 and $625.2 million in the first quarter of 2017. GAAP operating income for the second quarter of 2017 was $45.1 million, compared to $34.7 million in the second quarter of 2016 and $52.6 million in the first quarter of 2017. GAAP net income attributable to stockholders for the second quarter of 2017 was $20.6 million, or $0.18 per diluted share.  This compares to a GAAP net income attributable to stockholders of $18.5 million, or $0.17 per diluted share, in the second quarter of 2016 and a GAAP net income of $33 million, or $0.28 per diluted share, in the first quarter of 2017. On a non-GAAP basis, net income attributable to stockholders for the second quarter of 2017 was $33.3 million, or $0.31 per diluted share. This compares to non-GAAP net income attributable to stockholders of $28.4 million, or $0.28 per diluted share, for the second quarter of 2016 and $39.2 million, or $0.37 per diluted share, in the first quarter of 2017. Adjusted EBITDA for the second quarter of 2017 was $85.5 million, or 13.6 percent of net sales, compared to adjusted EBITDA of $90.2 million, or 15.0 percent of net sales, for the second quarter of 2016 and $95.6 million, or 15.3 percent of net sales, for the first quarter of 2017. “TTM delivered the third consecutive quarter of year on year organic growth at 4 percent and our operating performance was in line with our expectations” said Tom Edman, CEO of TTM.  “On a year over year basis, most end markets grew, with the fastest growth coming from the cellular, computing, automotive and the aerospace and defense end markets.  Absent a foreign exchange loss due to the weakening dollar, operating results were towards the high end of guidance.” Business Outlook For the third quarter of 2017, TTM estimates that revenue will be in the range of $625 million to $675 million, and non-GAAP net income attributable to stockholders will be in the range of $0.29 to $0.35 per diluted share.  “Our third quarter is being impacted by a slower start in the normal seasonal ramp of cellular products.  We expect this ramp to accelerate in the coming quarters” concluded Tom Edman. To Access the Live Webcast/Conference Call TTM will host a conference call and webcast to discuss second quarter 2017 results and third quarter 2017 outlook on Wednesday, August 2nd, 2017, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time).  The conference call will include forward-looking statements. Telephone access is available by dialing domestic 877-397-0272 or international 719-325-2322 (ID 5738422).  The conference call also will be webcast on TTM’s website at www.ttm.com. To Access a Replay of the Webcast The replay of the webcast will remain accessible for one week following the live event on TTM’s website at www.ttm.com. About TTM TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com. Forward-Looking Statements This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM's current expectations, and TTM 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 TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM'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, general market and economic conditions, including interest rates, currency exchange rates and consumer spending, demand for TTM's products, market pressures on prices of TTM's products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM's dependence upon a small number of customers and other factors set forth in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's public reports filed with the SEC. About Our Non-GAAP Financial Measures This release includes information about TTM’s adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share, all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM’s ongoing financial performance. 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.  TTM 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.


COSTA MESA, Calif., July 10, 2017 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI) will host a conference call on Wednesday, August 2nd, at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss its second quarter 2017 performance. Telephone access is available by dialing 877-397-0272 or international 719-325-2322 (ID 5738422).  The conference call will also be simulcast on the company’s website, www.ttm.com, and will remain accessible for one week following the live event. TTM Technologies will release its second quarter 2017 financial results after the market closes on Wednesday, August 2nd, 2017. About TTM TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.


COSTA MESA, Calif., July 26, 2017 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (Nasdaq:TTMI) will be exhibiting at the Electric & Hybrid Vehicle Technology Expo North America 2017 at Booth 1013. The expo runs September 12-14. Technical experts will be available at the booth to answer printed circuit board design, manufacturing, and assembly-related questions. The following key TTM automotive PCB technologies will also be displayed at the booth: “We are exhibiting to support our long-established customer base in the Detroit area and gain insight into emerging technologies that will drive the fast-growing electric and hybrid vehicle market,” said Jon Pereira, President of the Automotive, Medical, Industrial & Instrumentation Business Unit, “We have a broad range of products and services, as well as a global network of engineering and technology experts, that have the ability to bring game-changing technologies to life: printed circuit boards are the heart of the electronic devices that deliver the mobility, communications, entertainment, and safety features people rely on every day.” To promote their participation, TTM has published an eBook: 5 Essential PCB Design Best Practices for Cost Savings, available exclusively to those who register in advance at https://evtechexpo2017.ttm.com/. About the Electric & Hybrid Technology Expo America Electric & Hybrid Vehicle Technology Expo is the premier showcase for electric and hybrid vehicle technology and innovation. Based in Detroit, Michigan, the capital of EV manufacturing in America, Electric & Hybrid Vehicle Technology Expo will highlight advances right across the powertrain and across a wide range of vehicles from passenger and commercial to off-highway industrial vehicles. Additional information can be found at www.evtechexpo.com About TTM TTM Technologies, Inc. is a leading global printed circuit board (PCB) manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.


CALGARY, ALBERTA--(Marketwired - March 1, 2017) - Founders Advantage Capital Corp. (TSX VENTURE:FCF) (the "Corporation") is pleased to announce that it has completed its previously announced acquisition of a 52% majority interest (the "Transaction") in Cape Communications International Inc. (which operates as IMPACT Radio Accessories and is referred to herein as "IMPACT") for a total cash purchase price of $12.0 million (the "Purchase Price"), subject to post-closing adjustments. The Transaction was completed between the Corporation, Keith Kostek, IMPACT's President and founder, and Mr. Kostek's related entities (collectively referred to herein as the "IMPACT Founders"). IMPACT designs, manufactures, distributes and retails two-way radio accessories in the land mobile radio industry under the tradename IMPACT Radio Accessories and indirectly through its wholly-owned subsidiary, Threat4 Ltd. IMPACT sells through over 1,000 dealers throughout North America, with its products being used in the field by some of the most recognized names in public safety, military, security, retail, and hospitality (including the RCMP, NYPD, GAP, the Bellagio, Wynn Resorts, Yahoo and Google). More information about IMPACT can be found at www.impactcomms.com. The Transaction provides the Corporation with 52% of after-tax annual cash distributions up to $2.96 million (the "Annual Threshold") paid by IMPACT to its securityholders, with the IMPACT Founders receiving 48% of annual distributions up to such Annual Threshold. All cash distributions by IMPACT to its securityholders will be subject to Board approval and may be adjusted from time to time to pursue expansion or capital initiatives or other corporate purposes. To the extent that any cash distributions paid in a year are in excess of the Annual Threshold, the IMPACT Founders will receive 65% of such excess distributions, with the Corporation receiving 35% of such excess distributions. At Closing, it is anticipated that IMPACT will have excess working capital of approximately $1.47 million (above the normal working capital for the business of approximately $3.1 million). The Corporation has agreed to pay the IMPACT Founders an additional $735,000 as a working capital adjustment within 6 months from the closing date. As part of the Transaction, the Corporation has granted the IMPACT Founders the right to sell the Corporation an additional 22% of IMPACT for a fixed price of $5.1 million (the "Put Option"). The IMPACT Founders may elect to exercise the Put Option at any time between September 30, 2017 and March 31, 2018, provided the TTM EBITDA for IMPACT at the Put Option exercise date exceeds $4.0 million. The Corporation has 90 days to complete such acquisition if the Put Option is exercised. In the event the Put Option is exercised, the Corporation would hold a 74% interest in IMPACT and the IMPACT Founders would hold a 26% interest. Further, in the event the Put Option is exercised, the Corporation would be entitled to 74% of annual cash distributions up to the Annual Threshold and 65% of annual distributions above the Annual Threshold (with the IMPACT Founders entitled to 26% of annual distributions up to the Annual Threshold and 35% of annual distributions above the Annual Threshold). On closing of the Transaction, the IMPACT board of directors was comprised of Keith Kostek, Stephen Reid and James Bell. For further information on the Transaction please refer to the Corporation's press release dated December 22, 2016. Keith Kostek, President and founder of Impact, commented: "As a founder and entrepreneur, the FA Capital model was a perfect fit for me as it allowed me to add a sophisticated partner, enjoy a partial liquidity event and receive a disproportionate share of IMPACT's future growth. The IMPACT team is proud to have the Corporation as our majority shareholder and we look forward to building value for FA Capital's shareholders." Stephen Reid, Chief Executive Officer of the Corporation, commented: "IMPACT is an excellent addition to our portfolio as it has a talented management team, a history of impressive revenue growth and strong free cash flow. IMPACT has earned its extensive customer list through quality products and industry leading service. We believe that IMPACT is well positioned to take advantage of the current geopolitical environment and the increased focus on public safety, military and security. It is my pleasure to welcome Keith and his team to the FA Capital family." Further, the Corporation is pleased to announce that it has entered into an amended credit facility with Alberta Treasury Branches to increase its revolving credit facility from $17.0 million to $28.0 million and to cancel its non-revolving $5.0 million credit facility. As such, the Corporation has increased its available borrowings from $22.0 million to $28.0 million. The Corporation used its available borrowings to fund the Transaction. Toronto-based WCM Capital acted as exclusive corporate finance advisor to IMPACT, arranging the Transaction with the Corporation (for more information visit www.wcmcapital.ca). Toronto-based Wildeboer Dellelce LLP acted as legal advisor to IMPACT (for more information visit www.wildlaw.ca). Bennett Jones LLP, a national law firm, acted as legal advisor to Founders Advantage Capital Corp. (for more information visit www.bennettjones.com). IMPACT, which was formed in 2002, is a world leader in the design and manufacture of unique radio communication products for mission critical public safety, military, security, retail and hospitality applications. Headquartered in British Columbia, with a distribution center in North Carolina, IMPACT has grown to be one of the largest aftermarket brands of two-way radio accessories in North America. The Corporation is listed on the TSX Venture Exchange as an Investment Issuer (Tier 1) and employs a long-term investment approach. The Corporation has developed an investment approach to create long-term value for its shareholders and partner entrepreneurs (investees) by pursuing controlling interest acquisitions of cash flow positive, premium middle-market privately-held entities. The Corporation seeks to win mandates by appealing to the segment of the market which is not aligned with traditional private equity control, royalty monetizations or related structures. The Corporation's innovative platform offers disproportionate incentives (contractually) for growth in favour of our partner entrepreneurs. This unique platform is designed to appeal to entrepreneurs who believe in the growth of their businesses and who want the added ability to continue to manage the business with a long-term partner. The Corporation's common shares are listed on the TSX Venture Exchange under the symbol "FCF". For further information please refer to the Corporation's website at www.advantagecapital.ca. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


CALGARY, ALBERTA--(Marketwired - March 1, 2017) - Trinidad Drilling Ltd. (TSX:TDG) (Trinidad) announced its fourth quarter and year-end 2016 results today. The impact of improving industry conditions began to be seen in the fourth quarter of 2016; however, year-over-year results were largely lower in 2016 compared to 2015. Trinidad carefully managed its operations in 2016, responding to weak industry conditions in the first half of the year with lower operating costs and reduced general and administrative expenses. As industry conditions and customer demand began to improve gradually in the second half of the year, Trinidad re-activated rigs and increased activity levels, maintaining close attention to rig re-activation costs and keeping capital expenditures to a minimum. Trinidad recorded Adjusted EBITDA1 of $143.0 million in 2016, down 23.4% from the previous year as the impact of lower activity levels was partly offset by higher early termination and standby revenue than in the previous year. In the fourth quarter of 2016, Adjusted EBITDA was $23.8 million, down 49.5% from the same quarter last year as a result of lower activity, lower dayrates and less early termination and standby revenue in the current quarter. The impact of these factors was partly offset by lower general and administrative expenses in the fourth quarter of 2016. Net income2 increased to a loss of $11.8 million in the fourth quarter of 2016 and a loss of $52.5 million for the full year 2016, compared to a loss of $141.5 million and a loss of $218.4 million, respectively, in 2015. Net income improved in the current periods largely as a result of no impairment expense recorded in 2016. "Since industry conditions began to weaken over two years ago, Trinidad has responded quickly by lowering costs across our business to manage through one of the longest and deepest downturns in the industry," said Lyle Whitmarsh, Trinidad's Chief Executive Officer. "Towards the end of 2016, we began to see an improvement in customer demand, and while these were welcome changes, we were careful to continue to closely manage our costs and monitor the profitability of re-activated rigs. We have successfully re-crewed rigs and maintained our strong safety performance as rigs have gone back to work. We are encouraged by ongoing improvements in industry conditions and believe that Trinidad is well positioned with the right rigs, a reputation for high performing operations, and the financial flexibility to benefit from increasing customer demand in the coming year." 1. See Non-GAAP Measures Definitions and Additional GAAP Measures Definitions section of this document for further details. 2. Net (loss) income is net (loss) income attributable to shareholders of Trinidad. A copy of Trinidad's 2016 Management's Discussion and Analysis and the Financial Statements can be found at www.sedar.com and Trinidad's website at www.trinidaddrilling.com/investorrelations/reports.aspx To date in 2017, industry conditions have continued to improve in both Canada and the US, and activity levels have increased from the fourth quarter of 2016. In Canada, activity remains focused in the Montney, Deep Basin, Duvernay and in parts of Saskatchewan. In the US, demand is predominantly centered in the Permian Basin, where just over 80% of the Company's active fleet is operating. In addition to the Permian, Trinidad is also seeing growing interest from customers in the Eagle Ford, Haynesville and the SCOOP/STACK plays. Growing customer interest and improving industry conditions are beginning to drive increased dayrates and requests for longer duration contracts across the Company's operations. To date, Trinidad has successfully crewed rigs as they have returned to work. Since the low in the second quarter of 2016, the Company has increased its employee count by 90% or approximately 850 employees, the majority of which are returning employees. Trinidad remains committed to providing safe, efficient operations for its customers and its crews. The Company's ongoing industry-leading safety statistics and strong operational performance demonstrate its ability to train and recruit some of the best people in the industry. Trinidad currently has 35 rigs or 49% of its Canadian fleet working and 29 rigs or 43% of its US and international fleet working. In the Company's Joint Venture operations, three rigs in Saudi Arabia and one rig in Mexico are operating; one rig in Saudi Arabia and one rig in Mexico are receiving standby revenue. In early 2017, the contracts on the two rigs in Mexico were terminated and Trinidad Drilling International (TDI) expects to receive approximately US$18 million (US$10.8 million at Trinidad's 60% joint venture ownership) in early termination payments for these rigs. Trinidad is currently pursuing several opportunities to put these and other rigs to work in existing and new international locations, both through the joint venture and independently. As activity levels increase, Trinidad is continuing to carefully monitor costs in its operations and in its offices, retaining efficiency gains where possible. Other G&A expenses are expected to remain in line with 2016 and total between $45 million and $50 million in 2017. Trinidad expects to spend $40 million in capital expenditures in 2017, with $18 million directed to maintenance capital and $22 million directed to upgrades of existing equipment. Included in this upgrade program are the addition of 7,500 PSI circulating systems, additional mud pumps, high-torque top drives and bi-fuel kits. Trinidad will continue to monitor customer demand and requests for upgraded equipment and may choose to expand its upgrade program if sufficient demand exists and industry conditions support the additional expenditures. Over the past few months, in response to improving industry conditions, Trinidad has added to its contract base. Trinidad currently has 27 rigs or 18% of its fleet under long-term contracts, with an average term remaining of 1.2 years. There are 12 contracts with expiration dates in 2017; however, if industry conditions continue to improve Trinidad expects to be in a position to renew or add to its contract base over the coming year. The Company is carefully balancing the revenue stability provided by long-term contracts with its exposure to the spot market and improving industry conditions. A number of the Company's long-term contracts provide upside exposure, with the ability to earn higher dayrates through pricing tied to benchmark commodity prices, performance bonuses for specific targets met or exceeded, and pricing that increases as contract terms are extended. In early 2017, Trinidad completed a number of transactions to improve its financial flexibility and lower its leverage, positioning the Company well to take advantage of improving industry conditions. The Company refinanced its US$450 million senior notes (7.875%) that were due in 2019 with the proceeds of a $149.5 million equity offering and a new US$350 million senior note (6.625%) due in 2025. The effect of these transactions is expected to reduce Trinidad's financing costs by approximately US$12.3 million per year, lower overall debt levels, and has extended the maturity of the Company's long-term debt. Trinidad is encouraged by improving customer demand, growing activity levels and slowly increasing dayrates; however, the Company continues to carefully manage its operations. Trinidad is closely monitoring its costs, including repair and maintenance costs, operating costs and administration expenses, to ensure re-activated rigs contribute positively to the Company's profitability. With its improved financial flexibility, high performance fleet and skilled crews, Trinidad is well positioned to benefit from improving industry conditions. During the fourth quarter of 2016, Trinidad recorded operating revenue and operating income of $41.6 million and $15.7 million, respectively, a decrease of 31.8% and 37.8%, respectively, compared to the fourth quarter of 2015. Operating revenue and operating income decreased in the current quarter mainly due to lower activity and lower average dayrates compared to the fourth quarter of 2015. While customer demand increased during the fourth quarter of 2016, conditions did not improve to the extent to drive stronger year-over-year results. Dayrates in the fourth quarter of 2016 decreased by $3,961 per day, compared to the fourth quarter of 2015. Dayrates lowered mainly as result of a change in the active rig mix and increased competition for work. In addition, dayrates in the fourth quarter of 2016 and 2015 were impacted by early termination and standby revenue received to compensate Trinidad for shortfall days. Trinidad received higher early termination and standby revenue in the fourth quarter of 2015, which increased the average dayrate as this revenue is recorded with no operating days. Trinidad received early termination and standby revenue in the current quarter of $0.2 million, compared to $2.8 million recorded in the same quarter of 2015. Excluding early termination and standby revenue, dayrates averaged $20,011 per day in the fourth quarter of 2016, down $2,937 per day from the prior comparable adjusted period. The early termination and standby revenue recorded in the current quarter mainly related to one rig with a contract that would have expired by December 31, 2016 (2015 - 3 rigs with contracts that would have expired by December 31, 2015). An overall change in rig mix, combined with increased competition on pricing, caused lower adjusted dayrates in the fourth quarter of 2016, compared to the same quarter last year. Operating income decreased in the current quarter compared to the prior year largely due to lower activity, lower dayrates, and an increased contribution from lower specification rigs. This was slightly offset by cost mitigation strategies Trinidad had in place. Throughout 2015 and into 2016, Trinidad closely monitored repair and maintenance expenditures, incurring expenses only as rigs return to work. As well, the Company worked with its suppliers to reduce costs in all aspects of its operations. Operating income - net percentage decreased in the current quarter when compared to the same quarter last year as a result of the factors affecting operating income discussed above. Adjusted for early termination and standby revenues recorded, Trinidad recorded a slightly lower operating income - net percentage of 37.1% compared to 38.6% in 2015. Fourth quarter of 2016 versus third quarter of 2016 Improving industry conditions drove stronger results in the fourth quarter of 2016 compared to the third quarter of 2016. Operating revenue and operating income increased in the fourth quarter of 2016 by $15.0 million and $7.8 million, respectively, due to higher activity in the current quarter. In the third quarter of 2016, after spring break-up, Trinidad's customers were reluctant to ramp up development plans, and activity in Canada remained below historical norms. As commodity prices continued to gain strength into the fourth quarter, activity picked up and Trinidad recorded increased operating days. Utilization averaged 31% in the fourth quarter of 2016 compared to 21% in the third quarter. Dayrates also improved in the fourth quarter of 2016, averaging $20,118 per day compared to $18,856 per day in the third quarter due to an increase in seasonal rentals in the current quarter. In the fourth quarter of 2016, Trinidad recorded operating revenue and operating income of $44.8 million and $12.3 million, respectively, a decrease of 33.0% and 61.7%, respectively, from the fourth quarter of 2015. Revenue declined mainly due to lower activity and lower dayrates recorded in the fourth quarter of 2016. As well, lower early termination and standby revenue recorded in the current quarter negatively impacted overall revenue generation. Profitability was further impacted by costs associated with readying rigs to go back to work in 2017, mainly related to transportation costs to redeploy rigs to new plays. While customer demand increased during the fourth quarter of 2016, conditions did not improve to the extent to drive stronger year-over-year results. Trinidad recorded 1,761 operating days in the fourth quarter of 2016, compared to 2,378 operating days in the fourth quarter of 2015. Dayrates lowered in the current quarter compared to the same quarter last year due to lower early termination revenue and an increased number of rigs operating in the spot market. During the current quarter, Trinidad received standby revenue of US$1.6 million, compared to early termination and standby revenue of US$4.6 million in the prior year (of which US$1.0 million related to early termination lump sum payments). Excluding the impact of early termination and standby revenue, dayrates averaged US$18,290 per day in the current quarter compared to US$19,289 per day in 2015. The reduction in dayrates was mainly due to a greater percentage of rigs working in the spot market at highly competitive pricing compared to the prior year when more rigs were under long-term contracts. Operating income - net percentage decreased in the fourth quarter of 2016, compared to the prior year, driven by lower revenue generation, as discussed above. In addition, Trinidad incurred costs of approximately $3.8 million related to transportation and start-up expenses as rigs were readied to return to work. Fourth quarter of 2016 versus third quarter of 2016 When compared to the third quarter of 2016, Trinidad's operating revenue increased by $8.3 million in the fourth quarter of 2016, as a result of higher activity levels. Despite higher operating days in the current quarter, operating income and operating income - net percentage lowered, compared to the third quarter, as a result of rig re-activation costs discussed above. Dayrates in the fourth quarter of 2016 averaged US$19,191 per day, down from US$21,557 per day in the third quarter. Dayrates lowered in the fourth quarter compared to the previous quarter, as a result of less early termination and standby revenue received in the current period and a higher number of rigs working in the spot market as additional rigs returned to work. Trinidad Drilling International (TDI): Amounts below are presented at 100% of the value included in the statement of operations and comprehensive income for Trinidad Drilling International (TDI); Trinidad owns 60% of the shares of TDI. Operating revenue and operating income lowered in the fourth quarter of 2016 compared to the same quarter last year, mainly due to lower activity levels in 2016. Operating days lowered in the current quarter as a result of one idle-but-contracted rig in Saudi Arabia and four in Mexico, compared to all eight rigs active in the fourth quarter of 2015. Dayrates and operating income - net percentage increased in the current quarter over the fourth quarter of 2015 due to more standby revenue recorded in 2016. As this revenue is recorded with minimal operating costs and no operating days, it positively impacts profitability and the dayrate. Fourth quarter of 2016 versus third quarter of 2016 Compared to the third quarter of 2016, TDI recorded slightly higher operating days and operating income in the fourth quarter as one Mexican rig recorded move days during the fourth quarter in order to relocate to start drilling in 2017. Operating income - net percentage increased in the fourth quarter due to higher profitability in TDI's Mexican operations. Towards the end of 2015, due to lower demand for new and upgraded equipment, Trinidad chose to restructure its manufacturing operations, resizing its cost base to better reflect the lower activity levels. As of June 30, 2016, the restructuring of the manufacturing division was complete; therefore, there were no revenue or cost items recorded in the fourth quarter of 2016. In the fourth quarter of 2015, Trinidad's manufacturing division completed upgrade work for the TDI joint venture operations. Trinidad's total long-term debt balance at December 31, 2016 decreased by $103.9 million compared to December 31, 2015. This decrease was largely due to no amounts being drawn on the Canadian or US revolving facilities at December 31, 2016 compared to December 31, 2015 where $65.0 million and US$18.0 million, respectively, were drawn. Additionally, the value of the Senior Notes decreased as a result of foreign currency fluctuations as the Canadian dollar strengthened in value compared to the US dollar at December 31, 2016, closing at 1.3427 compared to 1.3840 at December 31, 2015. As these notes are held in US funds, the Senior Notes are translated at each period end, and as such, their aggregate value fluctuates with the US to Canadian exchange rates. Trinidad has designated the Senior Notes as a net investment hedge of the US and international operations. As a result, unrealized gains and losses on the US dollar Senior Notes are offset against foreign exchange gains and losses arising from the translation of the foreign subsidiaries and included in the cumulative translation account in other comprehensive income. Subsequent to year end, Trinidad announced a refinancing plan to lower its leverage and financing costs, extend its long-term debt maturity and improve its financial flexibility. Refer to the Debt Reduction Transactions for further details. Current financial performance is within the financial ratio covenants under the revolving credit facility as reflected in the table below: At December 31, 2016, Trinidad is in compliance with all of the covenants of the credit facility. Bank EBITDA does not include adjusted EBITDA from investment in the joint ventures. Dividends and distributions paid to Trinidad from the joint ventures are eligible for inclusion in Bank EBITDA in the period that payment occurs. In the first quarter of 2016, the TDI joint venture distributed approximately $36.0 million, of which $21.5 million was paid to Trinidad. The TDI joint venture expects to continue to distribute cash back to Trinidad in future periods. The amount and timing of these distributions will depend on the profitability of the joint venture and the working capital and capital expenditure needs within the joint venture. Readers are cautioned that the ratios noted above do not have standardized meanings under IFRS. Subsequent to year-end, Trinidad announced a refinancing plan to lower its leverage and financing costs, extend its long-term debt maturity and improve its financial flexibility. As part of this plan, Trinidad issued a total of 47,460,317 common shares for gross proceeds of approximately $149.5 million through a bought deal financing agreement. In addition, Trinidad announced a cash tender offer to purchase any and all of the Company's outstanding 7.875% senior unsecured notes due in 2019 (2019 Notes), of which US$450 million aggregate principal amount was outstanding at December 31, 2016. As well, all remaining notes due in 2019 that were not validly tendered will be redeemed on March 10, 2017, at their principal amount plus any accrued and unpaid interest. Additionally, as part of the above refinancing plan, Trinidad also completed a private offering of US$350 million of senior unsecured notes due in 2025(2025 Notes). These notes accrue at a rate of 6.625% per annum payable semi-annually. During the year ended December 31, 2016, Trinidad spent $44.3 million on capital expenditures, compared to $140.0 million in the prior year. Capital expenditures mainly related to upgrading equipment to get rigs ready to work and costs for additional inventory items. In addition to the amounts spent on Trinidad's capital, the Company spent $6.0 million related to its portion of capital spending for the TDI joint venture. The majority of the capital spent in 2016 for the joint venture related to upgrading rigs and investing in capital inventory items. Trinidad is a corporation focused on sustainable growth that trades on the Toronto Stock Exchange under the symbol TDG. Trinidad's divisions currently operate in the drilling sector of the oil and natural gas industry, with operations in Canada, the United States and internationally. In addition, through joint venture arrangements, Trinidad operates drilling rigs in Saudi Arabia and Mexico, and is currently assessing operations in other international markets. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry. Consolidated Statement of Changes in Equity This document contains references to certain financial measures and associated per share data that do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. These financial measures are computed on a consistent basis for each reporting period and include: adjusted EBITDA, adjusted EBITDA from investment in joint ventures, working capital, Senior Debt to Bank EBITDA, Bank EBITDA to Cash Interest Expense, operating days, utilization rate - operating day, and rate per operating day or dayrate. These non-GAAP measures are identified and defined as follows: Adjusted EBITDA is used by management and investors to analyze the Company's profitability based on the Company's principal business activities prior to how these activities are financed, how assets are depreciated and amortized and how the results are taxed in various jurisdictions. Additionally, in order to focus on the core business alone, amounts are removed related to foreign exchange, share-based payment expense, impairment expenses, the sale of assets, and fair value adjustments on financial assets and liabilities, as the Company does not deem these to relate to the core drilling business. Adjusted EBITDA also takes into account the Company's portion of the principal activities of the joint venture arrangements by removing the (gain) loss from investment in joint ventures and including adjusted EBITDA from investment in joint ventures. Adjusted EBITDA is not intended to represent net (loss) income as calculated in accordance with IFRS. Adjusted EBITDA is calculated using 100% of the related amounts from all entities controlled by Trinidad where Trinidad may not hold 100% of the outstanding shares. Adjusted EBITDA is calculated as follows: Adjusted EBITDA from investment in joint ventures is used by management and investors to analyze the results generated by the Company's joint venture operations prior to how these activities are financed, how assets are depreciated and amortized and how the results are taxed in various jurisdictions. Additionally, in order to focus on the core drilling business, amounts related to foreign exchange, share-based payment expense, impairment adjustments to property and equipment as well as preferred shares and the sale of assets are removed. Lastly, amounts recorded for the revaluation on the investment of the TDI joint venture are removed as these are non-cash entries and unrelated to the operations of the business. Adjusted EBITDA from investment in joint ventures is not intended to represent net (loss) income as calculated in accordance with IFRS. Adjusted EBITDA from investment in joint ventures is calculated as follows: Working capital is used by management and the investment community to analyze the operating liquidity available to the Company. Senior Debt to Bank EBITDA is defined as the consolidated balance of the revolving facility and other debt secured by a lien at quarter end to consolidated Bank EBITDA for the trailing 12 months (TTM). Bank EBITDA used in this financial ratio is calculated as net earnings before interest, taxes, depreciation and amortization, plus impairment expense, loss (gain) on sale of assets, loss (gain) from investment in joint ventures, share-based payment expense and unrealized foreign exchange. Bank EBITDA also includes all distributions received from the Company's joint ventures during the period. Bank EBITDA to Cash Interest Expense is defined as the consolidated Bank EBITDA for TTM to the cash interest expense on all debt balances for TTM. Bank EBITDA used in this financial ratio is calculated as net earnings before interest, taxes, depreciation and amortization, plus impairment expense, loss (gain) on sale of assets, loss (gain) from investment in joint ventures, share-based payment expense and unrealized foreign exchange. Bank EBITDA also includes all distributions received from the Company's joint ventures during the period. Operating days is defined as moving days (move in, rig up and tear out) plus drilling days (spud to rig release). Rate per operating day or Dayrate is defined as operating revenue (net of third party costs) divided by operating days (drilling days plus moving days). Utilization rate - operating day is defined as operating days divided by total available rig days. To assess performance, the Company uses certain additional GAAP financial measures within this document that are not defined terms under IFRS. Management believes that these measures provide useful supplemental information to investors, and provide the reader a more accurate reflection of our industry. These financial measures are computed on a consistent basis for each reporting period and include Operating revenue or Revenue, net of third party costs, Funds flow, Operating income, and Operating income - net percentage. These additional GAAP measures are defined as follows: Operating revenue or Revenue, net of third party costs is defined as revenue earned for drilling activities excluding all third party revenues. Third party revenues mainly consist of rental activities and other services provided by third parties for which Trinidad does not earn a mark-up on. This metric is used by analysts and investors to assess the operations of each segment based on the core drilling business alone and more accurately reflects the health of those operations. The operating revenue for each reportable segment is disclosed in the segmented information included in the consolidated financial statements. Funds flow is used by management and investors to analyze the funds generated by Trinidad's principal business activities prior to consideration of working capital, which is primarily made up of highly liquid balances. This balance is reported in the consolidated statements of cash flows included in the cash flows from operating activities section. Operating income is used by management and investors to analyze overall and segmented operating performance. Operating income is not intended to represent an alternative to net (loss) earnings or other measures of financial performance calculated in accordance with IFRS. Operating income is calculated from the consolidated statements of operations and comprehensive income and from the segmented information contained in the notes to the consolidated financial statements. Operating income is defined as revenue less operating expenses. Operating income - net percentage is used by management and investors to analyze overall and segmented operating performance excluding third party recovery and third party costs, as well as inter-segment revenue and inter-segment operating costs, as these revenue and expenses do not have an effect on consolidated net (loss) earnings. Operating income - net percentage is calculated from the consolidated statements of operations and comprehensive income and from the segmented information in the notes to the consolidated financial statements. Operating income - net percentage is defined as operating income less third party G&A expenses divided by revenue net of operating and G&A third party costs. This document contains certain forward-looking statements relating to Trinidad's plans, strategies, objectives, expectations and intentions. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this document. The forward-looking information and statements included in this document are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. In particular, but without limiting the foregoing, this document may contain forward-looking information and statements pertaining to: Trinidad cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Additional information on these and other factors that could affect Trinidad's business, operations or financial results are described in reports filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) including but not limited to Trinidad's annual MD&A, financial statements, Annual Information Form and Management Information Circular. The forward-looking information and statements contained in this document speak only as of the date of this document and Trinidad assumes no obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.


News Article | February 22, 2017
Site: globenewswire.com

COSTA MESA, Calif., Feb. 22, 2017 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (PCB) manufacturer, today announced that members of its management team will present at the J.P. Morgan Global High Yield & Leveraged Finance Conference in Miami at the Loews Miami Beach Hotel on February 27th, 2017 at 9:00 am Eastern Time. About TTM TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs, backplane assemblies and electro-mechanical solutions. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

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