Benchmark reports record sales and earnings for Q4
Feb 09, 2005
Benchmark Electronics, Inc., (NYSE: BHE) announced sales revenue of $524 million for the quarter ended December 31, 2004, compared to $487 million for the same quarter last year. Fourth quarter net income was $20.2 million, or $0.47 per diluted share. In the comparable period last year, net income was $13.4 million, or $0.32 per diluted share. In the fourth quarter of 2003, excluding a special item of $2.8 million ($1.9 million net of tax) in restructuring charges, the Company had net income before special items of $15.3 million, or $0.36 cents per diluted share.
Sales revenue for the year ended December 31, 2004 was $2.0 billion, an 8.8% increase from $1.8 billion of revenue in the previous year. Net income for the year ended December 31, 2004 was $71.0 million, compared to $55.4 million for the prior year. Diluted earnings per share was $1.67 for the year ended December 31, 2004, compared to $1.39 per share in the prior year. For the year ended December 31, 2003, excluding two special items, an $8.1 million ($5.4 million net of tax) contract settlement gain and $2.8 million ($1.9 million net of tax) in restructuring charges, the Company had net income before special items of $51.9 million, or $1.31 per diluted share.
"2004 was another good year for Benchmark," commented Cary T. Fu, President and CEO of Benchmark Electronics, Inc. "We again exceeded every major goal that we set last February. We enhanced our customer base, reduced customer concentration, expanded our low cost manufacturing capacities, realigned our resources, increased our technical capabilities and delivered solid financial performance. Additionally, our 2004 new program bookings provide good momentum for a strong 2005."