Texas
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1-10560
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74-2211011
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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3000 Technology Drive, Angleton, Texas
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77515
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(Address of principal executive offices)
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(Zip code)
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Item 2.02.
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Results of Operations and Financial Condition.
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On April 28, 2011, Benchmark Electronics, Inc. issued a press release announcing results for the quarter ended March 31, 2011. A copy of the press release is attached as Exhibit 99.1 hereto and is hereby incorporated herein by reference. The information in this Form 8-K is being furnished under Item 2.02 and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
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Item 9.01.
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Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit 99.1
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Press release dated April 28, 2011
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BENCHMARK ELECTRONICS, INC. | |||
Dated: April 28, 2011
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By:
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/s/ Donald F. Adam | |
Donald F. Adam | |||
Chief Financial Officer | |||
Exhibit
Number |
Description
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Exhibit 99.1
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Press release dated April 28, 2011
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·
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Operating margin for the first quarter was 3.1%.
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·
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Cash flows provided by operating activities for the first quarter were approximately $14 million.
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·
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Cash and long-term investments balance was $367 million at March 31, 2011. Long-term investments consist of $34 million of auction rate securities.
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·
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Accounts receivable was $419 million at March 31, 2011; calculated days sales outstanding were 70 days.
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·
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Inventory was $396 million at March 31, 2011; inventory turns were 5.1 times.
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·
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Repurchases of common shares for the first quarter totaled $5 million or 0.3 million shares.
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March 31, 2011 | December 31, 2010 | March 31, 2010 | ||||
Industrial control equipment | 28% | 24% | 24% | |||
Computers and related products for business enterprises | 27% | 33% | 32% | |||
Telecommunications equipment | 23% | 22% | 23% | |||
Testing and instrumentation products | 13% | 11% | 9% | |||
Medical devices | 9% | 10% | 12% |
Three Months Ended March 31, |
||||||||
2011
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2010
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|||||||
Income from operations (GAAP)
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$ | 16,616 | $ | 21,132 | ||||
Restructuring charges
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−− | 1,697 | ||||||
Non-GAAP income from operations
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$ | 16,616 | $ | 22,829 | ||||
Net income (GAAP)
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$ | 15,348 | $ | 18,250 | ||||
Restructuring charges, net of tax
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−− | 847 | ||||||
Non-GAAP net income
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$ | 15,348 | $ | 19,097 | ||||
Earnings per share: (GAAP)
|
||||||||
Basic
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$ | 0.25 | $ | 0.29 | ||||
Diluted
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$ | 0.25 | $ | 0.29 | ||||
Earnings per share: (Non-GAAP)
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||||||||
Basic
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$ | 0.25 | $ | 0.30 | ||||
Diluted
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$ | 0.25 | $ | 0.30 | ||||
Weighted average shares used in calculating earnings per share:
|
||||||||
Basic
|
60,919 | 63,403 | ||||||
Diluted
|
61,482 | 63,957 |
Three Months Ended
March 31,
|
||||||||
2011
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2010
|
|||||||
Net sales
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$ | 538,312 | $ | 571,905 | ||||
Cost of sales
|
499,853 | 526,560 | ||||||
Gross profit
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38,459 | 45,345 | ||||||
Selling, general and administrative expenses
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21,843 | 22,516 | ||||||
Restructuring charges
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−− | 1,697 | ||||||
Income from operations
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16,616 | 21,132 | ||||||
Other income (expense):
|
||||||||
Interest income
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404 | 367 | ||||||
Interest expense
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(332 | ) | (339 | ) | ||||
Other
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(435 | ) | (371 | ) | ||||
Total other expense, net
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(363 | ) | (343 | ) | ||||
Income before income taxes
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16,253 | 20,789 | ||||||
Income tax expense
|
905 | 2,539 | ||||||
Net income
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$ | 15,348 | $ | 18,250 | ||||
Denominator for basic earnings per share - weighted average number of common shares outstanding during the period
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60,919 | 63,403 | ||||||
Incremental common shares attributable to restricted shares and the exercise of outstanding equity instruments
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563 | 554 | ||||||
Denominator for diluted earnings per share
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61,482 | 63,957 | ||||||
Earnings per share:
|
||||||||
Basic
|
$ | 0.25 | $ | 0.29 | ||||
Diluted
|
$ | 0.25 | $ | 0.29 |
Assets
|
||||
Current assets:
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||||
Cash and cash-equivalents
|
$ | 333,527 | ||
Accounts receivable, net
|
419,138 | |||
Inventories, net
|
395,729 | |||
Other current assets
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50,754 | |||
Total current assets
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1,199,148 | |||
Long-term investments
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33,776 | |||
Property, plant and equipment, net
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147,962 | |||
Other assets, net
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59,033 | |||
Goodwill, net
|
37,912 | |||
Total assets
|
$ | 1,477,831 | ||
Liabilities and Shareholders’ Equity
|
||||
Current liabilities:
|
||||
Current installments of capital lease obligations
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$ | 377 | ||
Accounts payable
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245,492 | |||
Accrued liabilities
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57,778 | |||
Total current liabilities
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303,647 | |||
Capital lease obligations, less current installments
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10,925 | |||
Other long-term liabilities
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24,576 | |||
Shareholders’ equity
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1,138,683 | |||
Total liabilities and shareholders’ equity
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$ | 1,477,831 |