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Exhibit 99.1
PRESS RELEASE
FOR MORE INFORMATION, CALL:
GAYLA J. DELLY
CHIEF FINANCIAL OFFICER JULY 18, 2002
(979) 849-6550
FOR IMMEDIATE RELEASE
BENCHMARK ELECTRONICS REPORTS SEQUENTIAL QUARTERLY
INCREASES IN REVENUES AND EARNINGS FOR SECOND QUARTER 2002
ANGLETON, TX, JULY 18, 2002- Benchmark Electronics, Inc. (NYSE: BHE) announced
sales revenue of $404.4 million for the quarter ended June 30, 2002 compared to
$329.2 million in the previous quarter and $317.4 million in the same quarter of
the prior year. Second quarter net income was $8.3 million on a GAAP basis,
compared to $5.3 million net income in the prior quarter and to net income,
excluding amortization of goodwill and restructuring charges, net of tax, of
$2.4 million for the same quarter in the previous year. Diluted earnings per
share on a GAAP basis was $0.33 for the second quarter of 2002, compared to
$0.26 per share for the previous quarter and $0.12 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 June 30, 2002,
GAAP earnings and cash earnings per share are equal as no restructuring charges
were incurred or goodwill amortization was recorded during the period.
"Over the past year we remained focused on one of our key business strategies,
expansion in Asia. Our team is excited about our recently announced acquisition
of the ACT Thailand and UK operations. We are also pleased to announce our
greenfield operation in Suzhou, China which we expect to commence production in
the fourth quarter this year," commented Donald E. Nigbor, Chief Executive
Officer of Benchmark Electronics, Inc.
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PR July 18, 2002 Page 2
QUARTERLY FINANCIAL HIGHLIGHTS
o Cash generated from operations was $47 million in the second quarter
and $73 million for the six month period ended June 30th.
o Second quarter revenue grew by 23% over first quarter 2002.
o Accounts receivables increased by $5.8 million to $191.6 million in
the second quarter from $185.8 million in the first quarter.
Calculated days sales outstanding improved to 43 days from 51 days in
the previous quarter.
o Inventories decreased to $195.7 million in the quarter from $196.8
million for the first quarter 2002. Inventory turns improved to 7.6
for the quarter from 6.2 for the first quarter.
THIRD QUARTER 2002 GUIDANCE
We expect to close the acquisition of the ACT Thailand and UK operations in the
middle of the third quarter. Based on current customer indications and including
contributions for part of the quarter from the ACT Thailand and UK operations,
the Company expects third quarter 2002 revenues to range from $420 million to
$430 million, with corresponding earnings per share of $0.34 to $0.37, excluding
any one-time transaction and related charges associated with the acquisition.
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 telecommunication
equipment, computers and related products for business enterprises,
video/audio/entertainment products, industrial control equipment, testing and
instrumentation products and medical
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PR July 18, 2002 Page 3
devices. Benchmark's global operations include facilities in six 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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PR July 18, 2002 Page 4
Benchmark Electronics, Inc. and Subsidiaries
Consolidated Statements of Income
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)
<Table>
<Caption>
Three Months Ended Six Months Ended
June 30, June 30,
2002 2001 2002 2001
---- ---- ---- ----
Net sales $ 404,375 317,433 733,563 749,338
Cost of sales 373,573 295,381 677,886 695,123
---------- ------------ ----------- -----------
Gross profit 30,802 22,052 55,677 54,215
Selling, general and administrative expenses 16,122 14,666 30,298 28,825
Asset write-offs 1,608 - 1,608 -
Restructuring charges - 3,347 - 4,613
Amortization of goodwill - 3,223 - 6,445
---------- ------------ ----------- -----------
Operating income 13,072 816 23,771 14,332
Other income (expense):
Interest expense (2,777) (4,600) (5,691) (10,313)
Other 2,607 794 3,179 294
---------- ------------ ----------- -----------
Total other expense, net (170) (3,806) (2,512) (10,019)
---------- ------------ ----------- -----------
Income (loss) before income taxes 12,902 (2,990) 21,259 4,313
Income tax expense (benefit) 4,644 (897) 7,653 1,294
---------- ------------ ----------- -----------
Net income (loss) $ 8,258 (2,093) 13,606 3,019
========== ============ =========== ===========
Earnings (loss) per share:
Basic $ 0.35 (0.11) 0.63 0.15
========== ============ =========== ===========
Diluted 0.33 (0.11) 0.60 0.15
========== ============ =========== ===========
Cash 0.33 0.01 0.60 0.37
========== ============ =========== ===========
Earnings per share before restructuring charges:
Basic $ 0.35 0.01 0.63 0.32
========== ============ =========== ===========
Diluted 0.33 0.01 0.60 0.31
========== ============ =========== ===========
Cash 0.33 0.12 0.60 0.53
========== ============ =========== ===========
Weighted average number of shares outstanding:
Basic 23,654 19,605 21,719 19,601
========== ============ =========== ===========
Diluted 24,691 19,605 22,585 20,312
========== ============ =========== ===========
</Table>
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PR July 18, 2002 Page 4
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet
June 30, 2002
(Amounts in Thousands)
(UNAUDITED)
<Table>
Assets
- ------
Current assets:
Cash $ 225,976
Accounts receivable, net 191,585
Inventories, net 195,682
Other current assets 29,849
---------
Total current assets 643,092
Property, plant and equipment, net 80,733
Other assets, net 15,031
Goodwill, net 119,506
---------
Total assets $ 858,362
=========
Liabilities and Shareholders' Equity
- ------------------------------------
Current liabilities:
Current installments of other long-term debt $ 23,415
Accounts payable 188,988
Other current liabilities 37,836
---------
Total current liabilities 250,239
Revolving line of credit -
Convertible subordinated notes 80,200
Other long-term debt, excluding current installments 32,514
Other long-term liabilities 18,702
Shareholders' equity 476,707
---------
Total liabilities and shareholders' equity $ 858,362
=========
</Table>