SANTA ANA, CA – PCB manufacturer TTM Technologies Inc. reported first-quarter 2008 net sales of $174.1 million, up 3.9% year-over-year.
 

Net income was $14.4 million, up 21.5% compared to the same period last year, according to TTM.

Strong operating cash flow of $26.8 million enabled further pay down of debt associated with the Printed Circuit Group acquisition, the firm said. TTM paid down $10 million in debt during the first quarter, reducing the debt balance to $75 million.

“We delivered another quarter of solid financial performance, with the aerospace/defense end market showing improved strength, coupled with continued strong demand for our high-tech manufacturing services. Our results were above expectations, and we realized sequential improvement in net sales, gross margin and net income,” said Kent Alder, president and CEO of TTM.