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Electronics Production | April 29, 2010

Benchmark with 15% increase in sales

Benchmark Electronics reported sales of USD 572 million for the quarter ended March 31, 2010, a 15% increase compared to USD 497 million for the same quarter in the prior year.

The company reported first quarter net income of USD18 million. In the comparable period in 2009, Benchmark reported a net income of USD 9 million. "We delivered yet another quarter of strong performance despite continued component constraints in the supply chain, which impacted our revenues and inventory levels in the first quarter," said Cary T. Fu, the Company's Chief Executive Officer. "We achieved record new program bookings during the quarter which are expected to provide a solid foundation for future growth, generating estimated annual revenue at full production of USD 300 million to USD 375 million", he continued. First Quarter 2010 Financial Highlights • Operating margin for the first quarter was 3.7% on a GAAP basis and 4.0%, excluding restructuring charges. • Cash flows provided by operating activities for the first quarter were approximately USD 6 million. • Cash and long-term investments balance was USD 446 million at March 31, 2010. Long-term investments consist of USD 45 million of auction rate securities. • Accounts receivable was USD 408 million at March 31, 2010; calculated days sales outstanding were 64 days. • Inventory was USD 362 million at March 31, 2010; inventory turns were 5.8 times. • Repurchases of common shares for the first quarter totaled USD 18 million or 0.9 million shares. • Previously announced restructuring initiatives in the Americas were completed during the first quarter and resulted in restructuring charges of approximately USD 1.7 million related to capacity reduction and severance costs. Second Quarter 2010 Outlook Sales for the second quarter of 2010 are expected to range from $600 million to $630 million. Diluted earnings per share for the second quarter, excluding restructuring charges, are expected to be between $0.31 and $0.34.
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