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Benchmark Declares 3-For-2 Stock Split
March 16, 2006 |Estimated reading time: Less than a minute
ANGLETON, Texas — Contract manufacturer (CM) Benchmark Electronics announced a 3-for-2 stock split in the form of a stock dividend, effective at end-of-business day, March 27, 2006. At that time, recorded shareholders will receive one additional share for every two shares owned.
Share distribution will occur on or about April 3, 2006. As of March 14, 2006, the company reportedly had 42,585,479 shares of common stock outstanding. This number is expected to hit about 63,878,218 shares following the stock split. Benchmark expects fiscal year 2006 GAAP earnings per share to be about $2/diluted share.
This announcement falls on the heels of Benchmark's February release of its sales and earnings report for Q4 2005. Sales revenue for the year ending December 31, 2005 reached $2.3B, a 12.8% rise from 2004. Operating margin for Q4 hit 4.65%, and cash flow received from operating activities was $15M, reports Benchmark Electronics. The company also reports no outstanding debts.
Projected revenues for 2006 range from $2.47 to $2.54B. This year, the company expects to broaden low-cost capacities and strengthen its global presence. Restructuring charges related to realignment efforts, related specifically to closing Benchmark's U.K. facility, are predicted to reach $3.5 to $4.5M.