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Benchmark Electronics Reports Q3

ANGLETON, Texas — Benchmark Electronics, Inc. (NYSE: BHE), a leading contract manufacturing provider, announced sales of $614 million for the quarter ended September 30, 2010, a 20% increase compared to $510 million for the same quarter in the prior year. The Company reported third quarter net income of $23 million, or $0.37 per diluted share. In the comparable period in 2009, the Company reported net income of $16 million, or $0.25 per diluted share. Excluding special items, the Company would have reported $0.38 per diluted share for the third quarter of 2010, which represented a 41% increase when compared to $0.27 per diluted share, in the third 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.

“We are pleased with another quarter of solid operating results, which were driven by strong revenue growth and excellent execution,” said Cary T. Fu, the Company's Chief Executive Officer. “Strategic initiatives expanding our precision technology services and diversification of our customer base have strengthened our business model and further enhanced our margin potential.”

Third Quarter 2010 Financial Highlights

• Operating margin for the third quarter was 4.0% excluding special items and 3.9% on a GAAP basis.
• Cash flows provided by operating activities for the third quarter were approximately $14 million.
• Cash and long-term investments balance was $383 million at September 30, 2010. Long-term investments consist of $36 million of auction rate securities.
• Accounts receivable was $427 million at September 30, 2010; calculated days sales outstanding were 63 days.
• Inventory was $381 million at September 30, 2010; inventory turns were 5.9 times.
• Repurchases of common shares for the third quarter totaled $21 million or 1.3 million shares.

{complink 12152|Benchmark Electronics Inc.}

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