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March 1, 2013
15:28 EDTTTMITTM Technologies discloses adjustments, cuts Q4 non-GAAP EPS to 23c from 26c
TTM Technologies disclosed in a regulatory filing that subsequent to filing its 8-K with the SEC on February 5, 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 Q4 net sales. Net sales are $381.7M for Q4, compared to $382.4M 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 $1.6M. 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 $1.3M in the company’s tax provision for Q4. On a non-GAAP basis, the net impact of the above adjustments is a decrease to net income attributable to stockholders for Q4 to $18.6M, or 23c per diluted share, compared to $21.5M, or 26c per diluted share, as previously reported.
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