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Electronics Production | October 25, 2007

Benchmark’s report a dissapointment

US based EMS Provider Benchmark Electronics, Inc. has announced sales of $673 million for the quarter ended September 30, 2007, compared to $770 million for the same quarter in the prior year.
Third quarter net income was $22 million, or $0.30 per diluted share. Net income for the period included a discrete tax benefit of $6 million relating to a previously closed facility. In the comparable period of 2006, net income was $29 million, or $0.45 per diluted share.

Excluding restructuring charges, integration costs, amortization of intangibles, the impact of stock-based compensation costs and the tax benefit, the Company would have reported net income of $17 million, or $0.24 per diluted share, in the third quarter of 2007. Excluding restructuring charges and the impact of stock-based compensation costs, the Company would have reported net income of $30 million, or $0.46 per diluted share, in the third quarter of 2006.

"We are clearly disappointed with our revenue performance for the third quarter," said Cary T. Fu, the Company's Chief Executive Officer. "However, as our fourth quarter guidance reflects, we continue to believe that Benchmark is well positioned for the future based on our operating focus and execution, new program bookings and continued strong cash flows from operations."

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