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Benchmark Electronics Reports Q1

ANGLETON, Texas — Benchmark Electronics, Inc. (NYSE: BHE), a leading integrated contract manufacturing provider, announced sales of $538 million for the quarter ended March 31, 2011, compared to $572 million for the same quarter in the prior year. The Company reported first quarter net income of $15 million, or $0.25 per diluted share. In the comparable period in 2010, the Company reported net income of $18 million, or $0.29 per diluted share. Excluding restructuring charges, the Company would have reported net income of $19 million, or $0.30 per diluted share, in the first quarter of 2010. The Company did not report any restructuring charges in the first quarter of 2011.

“During the quarter we saw weaker than expected demand primarily due to customer inventory adjustments following strong fourth quarter demand,” said Cary Fu, the Company's Chief Executive Officer. “We expect sales in the second quarter to rebound, as our customers achieve balancing of inventory levels to match demand.”

First Quarter 2011 Financial Highlights

  • Operating margin for the first quarter was 3.1%.
  • Cash flows provided by operating activities for the first quarter were approximately $14 million.
  • Cash and long-term investments balance was $367 million at March 31, 2011. Long-term investments consist of $34 million of auction rate securities.
  • Accounts receivable was $419 million at March 31, 2011; calculated days sales outstanding were 70 days.
  • Inventory was $396 million at March 31, 2011; inventory turns were 5.1 times.
  • Repurchases of common shares for the first quarter totaled $5 million or 0.3 million shares.

    Read the full press release.

    {complink 12152|Benchmark Electronics Inc.}

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