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Electronics Production | July 28, 2011

Benchmark sales slightly down YoY

Benchmark Electronics, reported sales of USD 586 million for the quarter ended June 30, 2011, compared to USD 589 million for the same quarter in the prior year.

The Company reported second quarter net income of USD 15 million, or USD 0.24 per diluted share. In the comparable period in 2010, the company reported net income of USD 20 million, or USD 0.32 per diluted share. "During the quarter we saw strong demand across our customer base," said Cary T. Fu, the Company's Chief Executive Officer. "However, we incurred unexpected costs which had an unfavorable impact on our operating results. These were USD 3.1 million of settlement costs associated with the transfer of a major program and higher than expected new program ramp and capacity expansion costs. For the remainder of the year we expect operating margins to improve through increased operating efficiencies. Additionally, revenues are expected to increase in the second half of 2011 as new business awards come on-line." Second Quarter 2011 Financial Highlights - Operating margin for the second quarter was 2.5% excluding restructuring charges. - Cash flows used in operating activities for the second quarter were approximately USD 2 million. - Cash and long-term investments balance was USD 335 million at June 30, 2011. Long-term investments consist of USD 29 million of auction rate securities. - Accounts receivable was USD 453 million at June 30, 2011; calculated days sales outstanding were 70 days. - Inventory was USD 396 million at June 30, 2011; inventory turns were 5.5 times. - Repurchases of common shares for the second quarter totaled USD 20 million or 1.2 million shares. - Settlement costs associated with the transfer of a major program for the second quarter was USD 3.1 million, pre-tax. - The effective tax rate for the quarter was 2.1%. Third Quarter 2011 Outlook Sales for the third quarter of 2011 are expected to range from USD 585-620 million. Diluted earnings per share for the third quarter, excluding special items, are expected to be between USD 0.30-0.36.
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