Benchmark Takes Big Q4 Slide
Published: 05 February 2009
by Mike Buetow
ANGLETON, TX – Benchmark Electronics reported sales fell 21% year-over-year to $582 million for the quarter ended Dec. 31.
The company reported a net loss of $204 million, down from net income of $21 million last year.
Benchmark guided for first quarter sales of $525 million to $570 million.
During the quarter, the EMS company recorded a non-cash goodwill impairment charge of $247 million ($219 million, net of tax), due to a decline in the company's market capitalization and recent market turmoil. The impairment charge did not result in any cash expenditures and did not affect cash position, cash flows from operating activities or credit facilities.
Excluding goodwill impairment and restructuring charges, the net income would have been $17 million.
For the year, Benchmark reported sales of $2.6 billion, down 10.3% from 2007. The net loss was $136 million, versus net income of $93 million rom its recove."
For the quarter, operating margin, excluding goodwill impairment and restructuring charges, was 3.1%. Inventory turns were 6.3 times. Cash flow from operations was $39 million for the quarter and $164 million for the year. Inventory was $343 million as of Dec. 31.
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