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Electronics Production | April 24, 2007

UK closure impacts Benchmark result

US EMS provider Benchmark Electronics, Inc. announced sales of $752 million for the quarter ended March 31, 2007, compared to $651 million for the same quarter in the prior year.
First quarter net income was $24.5 million, or $0.34 per diluted share. In the comparable period of 2006, net income was $26.5 million, or $0.41 per diluted share. Excluding restructuring charges, integration costs, amortization of intangibles and the impact of stock-based compensation costs, the Company would have reported net income of $27.9 million, or $0.39 per diluted share, in the first quarter of 2007.

Excluding restructuring charges, the impact of stock-based compensation costs and a tax benefit resulting from the closure of our UK facility, the Company would have reported net income of $24.7 million, or $0.38 per diluted share, in the first quarter of 2006.

"Benchmark Electronics, Inc. continues to have solid performance," said Cary T. Fu, the Company's Chief Executive Officer. "We saw strong booking performance in the first quarter derived from both existing and new customers. Challenges during the first half of 2007 are seen with the softer market conditions and the ongoing customer initiatives focused on reducing inventory levels. However, we have seen excellent growth opportunities with our new bookings and new product initiatives with several customers and are optimistic that we will see steady improvement in business conditions as the year progresses."

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