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Benchmark Electronics Reports Results for the Quarter and Year Ended December 31, 2010

ANGLETON, Texas Feb. 3, 2011 $627 million $600 million $19 million $0.31 $17 million $0.26 $23 million $0.37 $19 million $0.29

December 31, 2010 $2.4 billion $2.1 billion December 31, 2010 $81 million $1.29 $54 million $0.83 $1.37 $0.90

Cary T. Fu

Fourth Quarter 2010 Financial Highlights

  • Operating margin for the fourth quarter was 4.1% excluding special items and 3.3% on a GAAP basis.
  • Cash flows provided by operating activities for the fourth quarter were approximately $10 million.
  • $382 million December 31, 2010 $35 million
  • $456 million December 31, 2010
  • $362 million December 31, 2010
  • $5 million
  • $2 million
  • Tax rate for the fourth quarter was 4.5% excluding special items and 0.3% on a GAAP basis due to a change in the mix of taxable income between jurisdictions.

Industry Sectors

December 31, 2010 September 30, 2010 December 31, 2009

December 31,

September 30,

December 31,

2010

2010

2009

Computers and related products

  for business enterprises

33%

31%

39%

Telecommunications equipment

22%

22%

21%

Industrial control equipment

24%

26%

21%

Medical devices

10%

10%

12%

Testing and instrumentation products

11%

11%

7%

First Quarter 2011 Outlook

$565 million to $605 million $0.30 and $0.36

Non-GAAP Financial Measures

This press release 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 the GAAP results and results excluding special items (non-GAAP) is included at the end of this press release. By disclosing this non-GAAP information, management intends to provide investors with additional information to further analyze the company’s performance and underlying trends. Management utilizes a measure of net income and earnings per share on a non-GAAP basis that excludes certain items to better assess operating performance and to help investors compare our results with our previous guidance.

The non-GAAP information included in this press release is not necessarily comparable to non-GAAP information of other companies. Non-GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as measures of our profitability or liquidity. Users of this financial information should consider the types of events and transactions for which adjustments have been made.

Forward-Looking Statements

This news release contains certain forward-looking statements within the scope of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "expect," "estimate," "anticipate," "predict," and similar expressions, and the negatives of such expressions, are intended to identify forward-looking statements. Our forward-looking statements may be deemed to include, among other things, the statement "our 2010 new program wins and our recent precision technology services expansion will position us for continued revenue growth in the second half of 2011", our sales and diluted earnings per share (excluding special items) guidance for the first quarter of 2011, as well as other statements, express or implied, concerning: future operating results or the ability to generate sales, income or cash flow; and Benchmark’s business and growth strategies, including expected internal growth and performance goals. Although Benchmark believes that these statements are based upon reasonable assumptions, such statements involve risks, uncertainties and assumptions, including but not limited to industry and economic conditions, and customer actions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.

December 31, 2009

Additional Information

Benchmark Electronics, Inc. provides integrated electronics manufacturing, design and engineering services to original equipment manufacturers of computers and related products for business enterprises, medical devices, industrial control equipment, testing and instrumentation products, and telecommunication equipment. Benchmark’s global operations include 21 facilities in ten countries. Benchmark’s Common Shares trade on the New York Stock Exchange under the symbol BHE.

10:00 am (Central time) www.bench.com

Benchmark Electronics, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Financial Results

(Amounts in Thousands, Except Per Share Data)

(UNAUDITED)

Three Months Ended

December 31,

Year Ended

December 31,

2010

2009

2010

2009

Income from operations (GAAP )

$20,839

$18,616

$89,723

$52,815

Restructuring charges

4,575

2,363

6,724

8,264

Non GAAP income from operations

$25,414

$20,979

$96,447

$61,079

Net income (GAAP )

$19,010

$16,686

$81,035

$53,895

Restructuring charges, net of tax

3,561

1,951

4,738

7,293

Discrete US tax benefit

(2,668)

Non GAAP net income

$22,571

$18,637

$85,773

$58,520

Earnings per share: (GAAP )

   Basic

$0.31

$0.26

$1.30

$0.83

   Diluted

$0.31

$0.26

$1.29

$0.83

Earnings per share: (Non GAAP )

   Basic

$0.37

$0.29

$1.38

$0.90

   Diluted

$0.37

$0.29

$1.37

$0.90

Weighted average shares used in calculating

    earnings per share:

   Basic

60,789

64,173

62,141

64,758

   Diluted

61,216

64,749

62,692

65,116

Benchmark Electronics, Inc. and Subsidiaries

Consolidated Statements of Income

(Amounts in Thousands, Except Per Share Data)

(UNAUDITED)

Three Months Ended

December 31,

Year Ended

December 31,

2010

2009

2010

2009

Net sales

$

626,925

$

600,223

$

2,402,143

$

2,089,253

Cost of sales

578,193

556,647

2,213,451

1,942,674

Gross profit

48,732

43,576

188,692

146,579

Selling, general and administrative expenses

23,318

22,597

92,245

85,500

Restructuring charges

4,575

2,363

6,724

8,264

Income from operations

20,839

18,616

89,723

52,815

Other income (expense):

Interest income

413

500

1,621

2,210

Interest expense

(340)

(348)

(1,362)

(1,399)

Other

(1,851)

(735)

(1,689)

(1,705)

Total other expense, net

(1,778)

(583)

(1,430)

(894)

Income before income taxes

19,061

18,033

88,293

51,921

Income tax benefit (expense)

(51)

(1,347)

(7,258)

1,974

Net income

$

19,010

$

16,686

$

81,035

$

53,895

Denominator for basic earnings per

  share – weighted average number

  of common shares outstanding  during the period

60,789

64,173

62,141

64,758

Incremental common shares

 attributable to restricted shares and

 the exercise of outstanding equity

 instruments

427

576

551

358

Denominator for diluted earnings per  share

61,216

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