Benchmark reports quarter ended March 31
Apr 24, 2007
Benchmark Electronics, Inc. (NYSE: BHE) 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."
First Quarter 2007 Financial Highlights
-- Operating margin for the first quarter was 3.6% on a GAAP basis and was
4.2%, excluding restructuring charges, integration costs, amortization
of intangibles and the impact of stock-based compensation expense.
-- Cash flows provided by operating activities for the first quarter were
approximately $95 million.
-- Cash and short-term investments balance at March 31, 2007 of $257
-- Total debt outstanding of $23 million.
-- Accounts receivable balance at March 31, 2007 of $512 million;
calculated days sales outstanding were 61 days.
-- Inventory of $464 million at March 31, 2007; inventory turns were 6.0
Second Quarter 2007 Guidance
Sales for the second quarter of 2007 are expected to be between $740 million and $775 million. Diluted earnings per share for the second quarter, excluding restructuring charges, integration costs, amortization of intangibles and the impact of stock-based compensation expense, are expected to be between $0.36 and $0.41.