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8-K - FORM 8-K - BENCHMARK ELECTRONICS INCForm_8K.htm
EX-99 - EXHIBIT 99.1 - BENCHMARK ELECTRONICS INCExhibit_99.1.htm

Second Quarter Fiscal 2013 July 25, 2013 Financial Results

 
 

design develop deliver advanced technology 2 Forward - Looking Statements This document contains forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . In addition, from time to time, Benchmark Electronics, Inc . (“the Company”) or its representatives have made or may make forward - looking statements, orally or in writing . Such forward - looking statements may be included in, but are not limited to, various filings made by the Company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the Company . Actual results could differ materially from those projected or suggested in any forward - looking statements as a result of many factors, some of which have been described in the section of the Company’s Annual Report on Form 10 - K for the year ended December 31 , 2012 , entitled “Risk Factors,” and in other documents the Company’s files from time to time, with the Securities and Exchange Commission, including annual reports on Form 10 - K, quarterly reports on Form 10 - Q and current reports on Form 8 - K . This document includes financial measures for earnings and earnings per share that exclude certain items and therefore are not in accordance with generally accepted accounting principles (GAAP) . A detailed reconciliation between GAAP results and results excluding special items (non - GAAP) is included in our press release and in the Appendix of this presentation .

 
 

design develop deliver advanced technology 3 Second Quarter 2013 Results (In millions, except EPS) June 30, 2013 March 31, 2013 June 30, 2012 Net Sales $607.5 $542.4 $630.0 Net Income $8.5 $11.5 $13.6 Net Income – non - GAAP $16.8 $11.9 $18.2 Diluted EPS $0.16 $0.21 $0.24 Diluted EPS – non - GAAP $0.31 $0.22 $0.32 Operating Margin 2.1% 2.6% 2.9% Operating Margin – non - GAAP 3.5% 2.7% 3.7% For the Three Months Ended Results exceeded Guidance Provided for the June 30, 2013 Quarter: ▪ Revenue $560 – $590 ▪ Diluted EPS -- non - GAAP $0.25 – $0.30

 
 

design develop deliver advanced technology 4 Second Quarter Industry Sector Update Segment June 30, 2013 March 31, 2013 June 30, 2012 Computers and Related Products for Business Enterprises 29% 25% 31% Industrial Control Equipment 30% 30% 26% Telecommunication Equipment 23% 26% 25% Medical Devices 12% 13% 10% Testing and Instrumentation Products 6% 6% 8% Total Revenue 100% 100% 100% Revenue by Industry Sector

 
 

design develop deliver advanced technology 5 ▪ Non - Recurring Items ▪ Suntron Acquisition ▪ Thailand Flood Update Discussion Items Second Quarter Financial Statement Commentary

 
 

design develop deliver advanced technology 6 Financial Statement Highlights Income Statement June 30, 2013 March 31, 2013 June 30, 2012 Net Sales $607.5 $542.4 $630.0 Operating Margin – non - GAAP 3.5% 2.7% 3.7% Net Income – GAAP $8.5 $11.5 $13.6 Net Income – non - GAAP $16.8 $11.9 $18.2 Diluted EPS – non - GAAP $0.31 $0.22 $0.32 Effective Tax Rate 17.3% 19.2% 19.5% For the Three Months Ended

 
 

design develop deliver advanced technology 7 Financial Statement Highlights Balance Sheet and Cash Flows June 30, 2013 December 31, 2012 June 30, 2012 Cash and Long - term Investments $409.5 * $394.9 $296.5 Cash Flow from Operating Activities $11.4 $80.9 $41.4 Capital Expenditures $5.1 $13.5 $8.9 Depreciation & Amortization $9.9 $9.3 $9.0 Accounts Receivable $464.5 $459.1 $458.0 Days Sales Outstanding 69x 65x 65x Inventory $350.4 $324.0 $387.7 Inventory Turns 6.4x 7.3x 6.0x Total Cost of Shares Repurchased $9.2 $15.7 $19.4 * Approximately $100 million of cash is in the U.S.

 
 

design develop deliver advanced technology 8 Second Quarter 2013 New Business Wins Q2 2013 Number of New Business Wins by Segment ▪ Q2 2013: 28 new business bookings including 9 engineering projects ▪ E stimated annual revenue run rate between $ 135 million and $ 155 million Quarterly Estimated Annual Revenue Run Rate for New Business Wins

 
 

design develop deliver advanced technology 9 Third Quarter 2013 Guidance Guidance Net Sales (in millions) $590 – $620 Diluted EPS – non - GAAP $0.28 – $0.32

 
 

design develop deliver advanced technology 10 Overall Market Updates ▪ Computing Stable Demand ▪ Industrial Growth ▪ Telecommunications Stable Demand ▪ Medical Growth ▪ Test & Instrumentation Slight Improvement Reporting Sector Outlook

 
 

design develop deliver advanced technology 11 ▪ Strong Q2 Performance ▪ Focus on Growth ▪ Continued Productivity Management ▪ New Program Execution Summary Second Quarter 2013

 
 

design develop deliver advanced technology 12 Appendix

 
 

design develop deliver advanced technology 13 Reconciliation of GAAP to non - GAAP Financial Results (Amounts in Thousands, Except Per Share Data) – (UNAUDITED) 2013 2012 2013 2012 $ 12,783 $ 18,268 $ 26,776 $ 26,093 5,667 286 6,109 250 2,606 - 2,606 - - 4,658 - 14,876 $ 21,056 $ 23,212 $ 35,491 $ 41,219 $ 8,457 $ 13,580 $ 19,944 $ 19,178 5,541 287 5,945 161 2,849 - 2,849 - - 4,373 - 13,375 $ 16,847 $ 18,240 $ 28,738 $ 32,714 Basic $ 0.16 $ 0.24 $ 0.37 $ 0.34 Diluted $ 0.16 $ 0.24 $ 0.36 $ 0.33 Basic $ 0.31 $ 0.32 $ 0.53 $ 0.57 Diluted $ 0.31 $ 0.32 $ 0.52 $ 0.57 Income from operations (GAAP) Net income (GAAP) Restructuring charges and integration costs Thailand flood related charges, net of insurance Non-GAAP income from operations Thailand flood related charges, net of insurance and tax Non-GAAP net income Earnings per share: (GAAP) Restructuring charges and integration costs, net of tax Earnings per share: (Non-GAAP) Asset impairment charge and other Asset impairment charge and other, net of tax Six Months EndedThree months ended June 30, June 30,