ANGLETON, TX – Benchmark Electronics reported quarterly profits fell 24% on a 3% drop in sales for the period ended Dec. 31.

During the quarter, sales fell to $735 million and net income was $21 million. Benchmark took $4 million worth of restructuring and other one-time charges.

For the year, sales were flat at $2.9 billion. Net income fell 15.2% to $93 million. Excluding restructuring and other charges, the company’s non GAAP income was $98 million.

For the quarter, operating margin was 3% on a GAAP basis and 3.7% on a non GAAP basis. Cash flow from operations was $59 million. The company had cash and short-term investments of $382 million as of Dec. and outstanding debt of $13 million. Days sales outstanding were 60, and inventory turns were 7.6 times.

For 2008, Benchmark guided for revenue growth of 5 to 8%, with first quarter sales between $700 million and $725 million.

Chief executive Cary T. Fu said, "We are delighted to have the heavy lifting behind us. We are on an excellent pathway for increased business from new and existing customers in 2008.”