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Benchmark Electronics' 3Q Earnings Drop
October 25, 2007 | PRNewswireEstimated reading time: 1 minute
Benchmark Electronics, Inc. , a leading contract manufacturing provider, announced sales of $673 million for the quarter ended September 30, 2007, compared to $770 million for the same quarter in the prior year. Third quarter net income was $22 million, or $0.30 per diluted share. Net income for the period included a discrete tax benefit of $6 million relating to a previously closed facility. In the comparable period of 2006, net income was $29 million, or $0.45 per diluted share.
Excluding restructuring charges, integration costs, amortization of intangibles, the impact of stock-based compensation costs and the tax benefit, the Company would have reported net income of $17 million, or $0.24 per diluted share, in the third quarter of 2007. Excluding restructuring charges and the impact of stock-based compensation costs, the Company would have reported net income of $30 million, or $0.46 per diluted share, in the third quarter of 2006.
"We are clearly disappointed with our revenue performance for the third quarter," said Cary T. Fu, the Company's Chief Executive Officer. "However, as our fourth quarter guidance reflects, we continue to believe that Benchmark is well positioned for the future based on our operating focus and execution, new program bookings and continued strong cash flows from operations."
Third Quarter 2007 Financial Highlights -- Operating margin for the third quarter was 2.2% on a GAAP basis and was 2.6%, excluding restructuring charges, integration costs, amortization of intangibles and the impact of stock-based compensation expense. -- Selling, general and administrative expenses for the third quarter were $22 million, a decrease of 9.2% from the second quarter of 2007. -- Cash flows provided by operating activities for the third quarter were approximately $66 million. -- Cash and short-term investments balance was $379 million at September 30, 2007. -- Total debt outstanding was $13 million. -- Accounts receivable was $451 million at September 30, 2007; calculated days sales outstanding were 60 days. -- Inventory was $382 million at September 30, 2007; inventory turns were 6.6 times. -- Repurchases of common shares through October 24, 2007 were $30 million.
Fourth Quarter 2007 Guidance
Looking forward, sales for the fourth quarter of 2007 are expected to be between $700 million and $740 million. Diluted earnings per share for the fourth quarter, excluding restructuring charges, integration costs, amortization of intangibles and the impact of stock-based compensation expense, are expected to be between $0.32 and $0.38.