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Benchmark Closes Fiscal Year

ANGLETON, Texas — Benchmark Electronics, Inc. (NYSE: BHE), a leading contract manufacturing provider, announced sales of $627 million for the quarter ended December 31, 2010, compared to $600 million for the same quarter in the prior year. The Company reported fourth quarter net income of $19 million, or $0.31 per diluted share. In the comparable period in 2009, the Company reported net income of $17 million, or $0.26 per diluted share. Excluding special items, the Company would have reported net income of $23 million, or $0.37 per diluted share for the fourth quarter of 2010, compared to net income of $19 million, or $0.29 per diluted share, in the fourth quarter of 2009. The reconciliation of GAAP to Non-GAAP financial results at the end of this press release includes a description of our special items.

Sales for the year ended December 31, 2010 were $2.4 billion, compared to $2.1 billion in 2009. The net income for the year ended December 31, 2010 was $81 million, or $1.29 per diluted share. In the prior year, the net income was $54 million, or $0.83 per diluted share. Excluding special items, the Company would have reported net income of $86 million, or $1.37 per diluted share, in 2010, compared to net income of $59 million, or $0.90 per diluted share, in 2009.

“We saw a strong close to the fourth quarter due to increased demand from our computing customers,” said Cary T. Fu, the Company's Chief Executive Officer. “Our 2010 new program wins and our recent precision technology services expansion will position us for continued revenue growth in the second half of 2011.”

Fourth Quarter 2010 Financial Highlights

• Operating margin for the fourth quarter was 4.1% excluding special items and 3.3% on a GAAP basis.
• Cash flows provided by operating activities for the fourth quarter were approximately $10 million.
• Cash and long-term investments balance was $382 million at December 31, 2010. Long-term investments consist of $35 million of auction rate securities.
• Accounts receivable was $456 million at December 31, 2010; calculated days sales outstanding were 66 days.
• Inventory was $362 million at December 31, 2010; inventory turns were 6.4 times.
• Repurchases of common shares for the fourth quarter totaled $5 million or 0.3 million shares.
• Net income for the fourth quarter includes $2 million foreign currency loss.
• Tax rate for the fourth quarter was 4.5% excluding special items and 0.3% on a GAAP basis due to a change in the mix of taxable income between jurisdictions.

{complink 12152|Benchmark Electronics Inc.}

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