Benchmark Electronics, Inc.,
"Our team's performance speaks for itself. We are executing well and are continuing to challenge our teams to improve across all areas. While the technology recession continues, our vigilance to remain the supplier of choice for the sectors we serve has never been stronger," commented Cary T. Fu, President of Benchmark Electronics, Inc.
Quarterly Financial Highlights -- Received Supplier of the Year Award from two major customers for 2002 -- Cash generated from operations was $63 million in the third quarter of 2002 and $136 million for the nine month period ended September 30, 2002. -- Accounts receivables decreased by $4 million to $188 million in the third quarter of 2002 from $192 million in the second quarter of 2002. Calculated days sales outstanding improved to 40 days from 43 days in the previous quarter. -- Inventories increased to $208.7 million in the third quarter of 2002 from $195.7 million for the second quarter of 2002. Inventory turns remained comparable to the prior quarter at 7.6 for the quarter. Fourth Quarter 2002 Guidance
Based on current customer indications, the Company expects fourth quarter 2002 revenues to range from $425 million to $440 million, with corresponding earnings per share of $0.37 to $0.40.
This news release contains certain forward-looking statements within the scope of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "expect," "estimate," "anticipate," "predict," and similar expressions, and the negatives of such expressions, are intended to identify forward-looking statements. Although the Company believes that these statements are based upon reasonable assumptions, such statements involve risks, uncertainties and assumptions, including but not limited to industry and economic conditions, customer actions and the other factors discussed in Benchmark's Form 10-K for the year ended December 31, 2001 and its other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.
Benchmark Electronics, Inc. is in the business of manufacturing electronics and provides its services to original equipment manufacturers of computers and related products for business enterprises, medical devices, video/audio/entertainment products, industrial control equipment, testing and instrumentation products, and telecommunication equipment. Benchmark's global operations include facilities in seven countries. Benchmark's Common Stock trades on the New York Stock Exchange under the symbol BHE.
A conference call hosted by Benchmark management will be held today at 10:00 am CDT to discuss the financial results of the Company and its future outlook. This call will be broadcast via the Internet and may be accessed by logging on to our website at www.bench.com .
Benchmark Electronics, Inc. and Subsidiaries Consolidated Statements of Income (Amounts in Thousands, Except Per Share Data) (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, 2002 2001 2002 2001 Net sales $ 428,278 257,969 1,161,841 1,007,307 Cost of sales 395,767 239,071 1,073,653 934,194 Gross profit 32,511 18,898 88,188 73,113 Selling, general and administrative expenses 17,268 12,581 47,566 41,406 Asset write-offs --- 61,720 1,608 61,720 Restructuring charges --- 481 --- 5,094 Amortization of goodwill --- 3,222 --- 9,667 Operating income (loss) 15,243 (59,106) 39,014 (44,774) Other income (expense): Interest expense (2,886) (3,862) (8,577) (14,175) Other 2,364 719 5,543 1,013 Total other expense, net (522) (3,143) (3,034) (13,162) Income (loss) before income taxes 14,721 (62,249) 35,980 (57,936) Income tax expense (benefit) 5,138 (5,234) 12,791 (3,940) Net income (loss) $ 9,583 (57,015) 23,189 (53,996) Earnings (loss) per share: Basic $ 0.40 (2.90) 1.03 (2.75) Diluted 0.38 (2.90) 0.99 (2.75) Cash 0.38 0.11 0.99 0.64 Earnings per share before restructuring charges: Basic $ 0.40 0.00 1.03 0.32 Diluted 0.38 0.00 0.99 0.31 Cash 0.38 0.11 0.99 0.64 Weighted average number of shares outstanding: Basic 24,246 19,645 22,565 19,616 Diluted 24,924 19,645 23,378 19,616 Benchmark Electronics, Inc. and Subsidiaries Condensed Consolidated Balance Sheet September 30, 2002 (Amounts in Thousands) (UNAUDITED) Assets Current assets: Cash $ 237,621 Accounts receivable, net 188,393 Inventories, net 208,694 Other current assets 32,888 Total current assets 667,596 Property, plant and equipment, net 93,155 Other assets, net 10,535 Goodwill, net 130,976 Total assets $ 902,262 Liabilities and Shareholders' Equity Current liabilities: Current installments of other long-term debt $ 28,736 Notes payable 565 Accounts payable 199,157 Other current liabilities 49,390 Total current liabilities 277,848 Convertible subordinated notes 80,200 Other long-term debt, excluding current installments 39,166 Other long-term liabilities 22,174 Shareholders' equity 482,874 Total liabilities and shareholders' equity $ 902,262
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SOURCE: Benchmark Electronics, Inc.
CONTACT: Gayla J. Delly, Chief Financial Officer of Benchmark
Electronics, Inc., +1-979-849-6550
Web site: http://www.bench.com/