Why the huge drop, are the Q numbers that bad.
Something about impairment charge, equipment now unneeded. I hope to learn more from the Fools who know more, but I find these boards silent when you need them. Here's a Caps 5 star stock with no current comments or blogs that I can see of any merit. Frustrating. I've been a member since 'o4 and am about to give up on trying to figure out this site.
Thanks, I guess I was expecting more disscussions on this five star topic too... :-(
are the fools sleeping. Looks like of late they have been recommending random stocks : look at dlb/ttmi..i own both on their recommendation.These days fools are too busy with tv/radio shows rather than real research.
I'm with you, I see less and less value with the Fool. They are very good at spinning the % gains so that they look much better than they probably are. Down more than 50% on TTM and don't see any turnaround any time soon.
This conversation is amazing - it sounds like you all just want to leach off others. That is not how a stock club works, and it only works here because it is perpetuated by the members, not the TMFxxx's. So, I am interested - you all are interested - then let's find out for ourselves.What is the news on TTMI? What was going on at the last annual meeting, the past proxy statement.I don't know who runs this company, where they came from, how much they think they should get paid. Who do they compete with? How is it going between TTMI and their customers?Has anything changed recently?Seems like these are all things we can learn about. Maybe if we show some active interest - not like this conversation, nothing active about that - we might get some interaction.The story I read originally about TTMI sounded very good, maybe there is no good reason for them to be down and they are a great deal right now. We better find out if we want to get ahead.
I feel your pain, I sold before the storm and took some profit. Now I am back in at the value level. I know we are long term investing, but I haven't been a member that long and bought and sold this stock 3 times. Being a stock advisor rec. I thought we would be updated on the ups and downs. Stay cool fools and don't forget Kramer's word, take the money when you can.
Who is on the BOD?CEO Kenton Alder has been in the PCB business going back at least to 1987. He is an employee director.Alder is not the Chairman that is held by Robert Klatell. He is upper managment and director of various technical manufacturers - medical equipment, IT, media and communications, and consulted with Arrow electronics (PCB connection and experience?). Presently, he is retired - not getting pad a slary to do work I guess. Has a law degree. Sounds like he might make sense as a chairman for a company like this."Our board of directors has determined that Mr. Klatell is an independent director. Mr. Klatell wasnominated to the board of directors because of his extensive experience with operations management and hisknowledge of corporate governance and global mergers and acquisitions. His membership with the NationalAssociation of Corporate Directors provides him with up to date information on corporate governance best practicesand the tools necessary to bring his leadership to our board of directors. As a result of Mr. Klatell’s significantinvolvement in director professionalism education, Mr. Klatell has been designated an NACD Governance Fellowby the National Association of Corporate Directors. Further, his deep knowledge of the electronics industry anddirect experience in the communications industry allows him to contribute a broad perspective to discussions aboutour future activities and our place in the current competitive landscape." (2011 proxy statement)Tang Chung Yen, (Tom), is an emplyee director - manages the Asia Pacific operations of the company since April 8, 2010 when TTMI acquired PCB operations of Meadville Holdings Limited He has "extensive experience with PCB operations in Asia and his business acumen, as evidenced by his senior executiverole with Meadville. Mr. Tang ...provides an insider’s perspective to ... Asianoperations." MBA from NYU.James K. Bass, director September 2000. Has a lot of high end manufacturing experience - electronics (Suntron, Sony), aircraft (Piper), Also GE Aerospace. BSME OSU.Thomas T. Edman, director since September 2004. BA Yale in East Asian Studies (Japan), MBA Wharton. Worked in applied films, and other materials realted to display technologies.Philip G. Franklin, director since November 2010. BA Econ, MBA Amos Tuck at Dartmouth. They like him for his corporate govenance experience."...financial and accounting expertise, including a deep understanding of accounting principles, financialreporting rules and regulations, and knowledge of audit procedures."Jacques S. Gansler, director since July 2010. Now a prof at UofMaryland. "Dr. Gansler wasnominated to the board of directors because of his prior experience with the U.S. government, national securityqualifications in the technology sector, and reputation as a distinguished academic leader in government policy"Ronald W. Iverson, director July 2010. Ret Lt. General US Air Force. CEO at LGS Innovations, a wholly-owned subsidiary of AlcatelLucent. VP Bell Labs for Special Projects. BS Ag U of Idaho. "...extensive experience in the aerospace/defense industry, his priorservice with the U.S. Department of Defense and intimate knowledge of government security matters, and his priorsenior role with the U.S. military."John G. Mayer, director since September 2000. Retired. Past VP of Tyco Printed Circuit Group. CEO at ElectroStar, Inc., previously a publiclyheld PCB manufacturing company. PCB man going back to 1986. BA History, Arts & Letters, Law Degree UCLA.Dov S. Zakheim director July 2010. "...substantial financial and accounting experience acquired in thecourse of acting as Chief Financial Officer for the U.S. Department of Defense, his expertise and leadership skills inglobal defense, and his national security qualifications."Richard P. Beck, director since February 2001. Not standing for reelection.At first glance this seems like an excellent BOD for this sort of company.
Compensation BOD of TTMII have a hard time understanding compensation information for corporations. Here hoping I am able to make sense of it some day.But take this under advisment if you read what I report below - I don't really know what I am talking about - go look at the proxy statement yourself if you are going to make investment decisions about TTMI based on what I write.And if you have any comments about how to evaluate this please chime in.They have chosen a compensation plan that seeks to emulate compensation of company at the median of companies in the same business as TTMI, a peer to TTMI. From the proxy statement:"Our compensation philosophy generally targets total compensation at the 50th percentile of comparable companies. Webelieve that targeting compensation at or near the median of comparable companies will enable us to remaincompetitive in attracting and retaining qualified executive officers while avoiding paying amounts in excess of whatwe believe is necessary to attract and retain such executive officers.""Our board of directors recognizes that stock ownership by directors may strengthen their commitment tothe long-term future of our company and further align their interests with those of our stockholders."The two emplyees on the BOD - Mr. Alder and Mr. Tang receive no additional compensation beyond their salary,bonuses and retirment funds.No one on the BOD owns as much as 1% of total TTMI stock.The non-emplyee BOD members get retainers and stock options. There are additional retainers for c0mmmittee participation.The numbers look huge in my terms, but I think the compensation is not so great as corporate BOD goes. I see other companies where the directors have a lot more skin in the game percentage wise.In interesting tidbit:The two 5% stockholders are Su Sih a holding copany wholly owned by Mr.Tang's father, Mr. Tang Hsiang Chien, who owns 34%, and Blackrock who holds 6.2%. Mr. Tang is on the BOD and director of the East Asia operations.So the Asian partners have a lot of skin in the game. This sounds very good. The people with Asian connections are going to care a great deal about the success of TTMI.TTMI has institutionalized compensatory means to limit excessively risky behavior by the BOD:"Several elements of the programs are also designed to promote the creation of long-term value and thereby discourage behavior that leads toexcessive risk:* They choose to concentrate on operating income as their main metric. And there is a cap on the bomus compensation:"the committee attempts to set ranges for this metric that encourages success without encouraging excessive risk taking to achieve short-term results. In addition, the overall annual incentive bonus for each of our executive officers never exceeds 140% of the target amount (230% in the case of our chief executive officer), no matter how much financial performance exceeds the ranges established at the beginning of the year." * "The use and equal weighting of both revenue and EBITDA performance metrics in our PRU program limits the ability of an executive to be rewarded for taking excessive risk on behalf of our company ..."* "The measures used to determine vesting of our PRUs granted in 2010 and 2011 are based on rolling three-year performance periods. The committee believes that these three-year performance periods 26 encourage executives to attain sustained performance over several periods,..."This gets old - there are so many ways they pay out compensation to BOD and executive officers. CEO gets between $1M & $1.5M I think.I need to get more familiar with all this so I can scan it quicker. Note to self to come back and look at this some more.
While I'm sure that you've probably satisfied your curiosity by now or written it off as a vagary of the market, here's some more information:http://www.ttmtech.com/news/press_releases/current/pr_080411...This is TTM's press release covering what happened. The specific relative information is also posted below.Due to a non-cash asset impairment charge of $48.1 million, we recorded an operating loss for the second quarter of $8.5 million compared to operating income of $45.7 million in the first quarter. Excluding the asset impairment charge, operating income for the second quarter was $39.6 million.And:The second quarter impairment charge primarily related to equipment at a plant that was acquired in 2007. While we previously had reduced the carrying value of some of these assets during purchase accounting, weaker than expected performance at this facility led us to record an additional impairment in the second quarter. This equipment is not suited for the advanced technology demands of our current customers.This, along with a revised (lower) guidance, caused the stock price to tumble. Also keep in mind that if a stock does something very strange (like lose 26% of its share price in a few days) the best place to look for answers will generally be the Press Release or Financial Reports section of that company's website.
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