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Benchmark Reports 2Q Results

ANGLETON, Texas — Benchmark Electronics, Inc. (NYSE: BHE), a leading integrated contract manufacturing provider, announced sales of $586 million for the quarter ended June 30, 2011, compared to $589 million for the same quarter in the prior year. The Company reported second quarter net income of $15 million, or $0.24 per diluted share. In the comparable period in 2010, the Company reported net income of $20 million, or $0.32 per diluted share.

Excluding restructuring charges, the Company would have reported net income of $15 million, or $0.25 per diluted share, in the second quarter of 2011. The Company did not report any restructuring charges in the second quarter of 2010.

“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 $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.”

Read the full press release.

{complink 12152|Benchmark Electronics Inc.}

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