ANGLETON, TX -- Benchmark Electronics today reported net sales fell 2.8% from a year ago to $621 million for the quarter ended Mar. 31.

Net income dropped 26% to $14 million for the period.

"I am pleased with the performance of our team in a challenging quarter," said Gayla J. Delly, Benchmark's president and CEO. "The team delivered first quarter revenues and earnings within our expectations even though industrial control demand headwinds were stronger than expected."

Operating margin was 3%, down from 3.5% a year ago. Cash flow used in operating activities was $11 million, bringing the cash and cash equivalents balance to $384 million as of Mar. 31 During the quarter the EMS company booked $105 million to $125 million in new programs.  Inventory turns were flat at 5.3 days. Restructuring charges and integration costs totaled $5 million.

By segment revenues, industrial control was the largest at 32%, followed by telecommunications (27%), computers (19%), medical (13%) and testing/instrumentation (9%). No segment changed by more than two percentage points sequentially.

The company guided for second quarter revenue of $635 million to $665 million.

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