ANGLETON, TX -- Benchmark Electronics reported March quarter sales of $497 million, down 27% from last year.

For the quarter ended March 31, net income was $9 million, down from $22 million. Excluding restructuring charges, the Company would have reported net income of $10 million.

"Our diversification has not provided us with immunity from the broad-based economic downturn as end market demand decreased in the first quarter," said Cary T. Fu, chief executive. "We still see significant outsourcing opportunities, which have resulted in another solid quarter of new program wins.

Operating margin was 2% on a GAAP basis. Cash flow from operations was approximately $64 million. As of March 31, Benchmark had cash and long-term investments of $454 million. Accounts receivable was $338 million and days sales outstanding were 61 days. Inventory was $345 million; inventory turns were 5.4 times.

The electronics manufacturing services company guided for second quarter sales of $460 million to $520 million. 

• Prev
• Next