Benchmark reports Q1 - sales and income up

Benchmark Electronics, Inc., (NYSE: BHE) announced sales revenue of $510 million for the quarter ended March 31, 2005, compared to $481 million for the same quarter last year. First quarter net income was $16.9 million, or $0.40 per diluted share. In the comparable period last year, net income was $15.2 million, or $0.36 per diluted share.

"Our first quarter results reflect revenue growth of 6% and net income growth of 11% year over year," commented Cary T. Fu, President and CEO of Benchmark Electronics, Inc. "The first quarter results were excellent in light of the soft economic conditions seen recently in the technology marketplace. Our focus for the remainder of 2005 is on efficiently ramping our new programs in this challenging environment."

    First Quarter 2005 Financial Highlights
     *  Operating margin for the first quarter was 4.4%.
     *  Return on invested capital of 13.8%.
     *  Cash and short-term investments balance at March 31, 2005 of $344 million.
     *  No debt outstanding as of March 31, 2005.
     *  Accounts receivable were $267 million at March 31, 2005; calculated days sales outstanding were 47 days.
     *  Inventories increased by $39 million to $295 million; inventory turns were 6.4 times.

    Second Quarter 2005 Guidance
     *  Revenue in the second quarter of 2005 is expected to be between $525 million and $550 million.
     *  Earnings per share for the second quarter of 2005 are expected to be $0.41 to $0.45 per diluted share.