Benchmark: Net Income Drops from $19M to $3M


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Benchmark Electronics has announced sales of $559 million for the quarter ended December 31, 2011, down from $627 million for the same quarter in the previous year. The company reported fourth quarter net income of $3 million, or $0.05 per diluted share. In the comparable period in 2010, the company reported net income of $19 million, or $0.31 per diluted share. Excluding restructuring and Thailand flood-related charges, net of insurance, the company's net income would have been $10 million, or $0.17 per diluted share, in 4Q2011 and $23 million, or $0.23 per diluted share, in 4Q2010.

Sales for the year ended December 31, 2011, were $2.3 billion, compared to $2.4 billion in 2010. The net income for the year ended December 31, 2011 was $52 million, or $0.87 per diluted share, which includes discrete income tax benefits of $12 million, or $0.20 per diluted share. In the prior year, the net income was $80 million, or $1.27 per diluted share. Excluding restructuring and Thai flood-related charges, net of insurance, the company's net income would have been $60 million, or $1.00 per diluted share, in 2011, compared to net income of $84 million, or $1.35 per diluted share, in 2010.

"Our fourth quarter revenues and earnings per share exceeded the high-end of our guidance. Customer demand levels were strong across each of our industry sectors in the fourth quarter," said Gayla J. Delly, Chief Executive Officer. "In addition, we are pleased with the phenomenal recovery in Thailand, made possible by the tremendous support of our global teams and our customers. We expect to return to full production levels by the end of March."

For more information, visit www.bench.com.

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