Press Release
For More Information, Call:
GAYLA J. DELLY
CHIEF FINANCIAL OFFICER OCTOBER 22, 2002
(979) 849-6550
FOR IMMEDIATE RELEASE
BENCHMARK ELECTRONICS REPORTS SEQUENTIAL QUARTERLY
INCREASES IN REVENUES AND EARNINGS FOR THIRD QUARTER 2002
ANGLETON, TX, OCTOBER 22, 2002– Benchmark Electronics, Inc., (NYSE: BHE) a
leading contract manufacturing provider, announced sales revenue of $428 million for the
quarter ended September 30, 2002 compared to $404 million in the previous quarter and
$258 million in the same quarter of the prior year. Third quarter net income was $9.6
million on a GAAP basis, compared to $8.3 million net income in the prior quarter and to
net income, excluding amortization of goodwill and restructuring charges, net of tax, of
$2.2 million for the same quarter in the previous year. Diluted earnings per share on a
GAAP basis was $0.38 for the third quarter of 2002, compared to $0.33 per share for the
previous quarter and $0.11 cash earnings per share (excluding amortization of goodwill
and restructuring charges, net of tax) for the same quarter in the previous year. During
the quarter ended September 30, 2002, GAAP earnings and cash earnings per share were
equal as no restructuring charges were incurred or goodwill amortization was recorded
during the period.
“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.
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