Ad
Ad
Ad
Electronics Production | July 29, 2009

Benchmark: net income down 46% Y-o-Y

EMS-provider Benchmark Electronics reported sales of $482 million for the quarter ended June 30, 2009, compared to $682 million for the same quarter in the prior year. The Company reported 2Q net income of $12 million.

In the comparable period of 2008, net income was $22 million, or $0.33 per diluted share. Excluding restructuring charges, the Company would have reported net income of $12 million, or $0.19 per diluted share, in the second quarter of 2009. "End market demand stabilized during the quarter, except for the computing sector, which saw declines from the first quarter. These declines were offset by increased sales in all the other sectors we serve," said Cary T. Fu, the Company's Chief Executive Officer. "We improved profitability from the first quarter, reduced inventories and generated operating cash flows and, at the same time, aligned our capacity with customer demand. In recent weeks we have seen the pipeline of opportunities increase, but we remain guarded about the overall economy." Second Quarter 2009 Financial Highlights - Operating margin for the second quarter was 2.6% on a GAAP basis and 2.8%, excluding restructuring charges. - Cash flows provided by operating activities for the second quarter and first half were approximately $13 million and $77 million, respectively. - Cash and long-term investments balance was $452 million at June 30, 2009. Long-term investments consist of $48 million of auction rate securities. - Accounts receivable was $350 million at June 30, 2009; calculated days sales outstanding were 66 days. - Inventory was $322 million at June 30, 2009; inventory turns were 5.6 times. - Repurchases of common shares for the second quarter totaled $4 million or 0.3 million shares. Third Quarter 2009 Outlook Sales for the third quarter of 2009 are expected to range from $470 million to $520 million. Diluted earnings per share for the third quarter, excluding restructuring charges, are expected to be between $0.17 and $0.22.
Load more news
June 25 2019 8:13 pm V13.3.22-2