Benchmark Electronics Reports Second Quarter Results

ANGLETON, Texas, July 21, 2016

			Three Months Ended
			Jun 30,			Mar 31,			Jun 30,
In millions, except EPS			2016 ARIVA.DE Börsen-Geflüster Kurse Benchmark Electronics 29,63 $ -0,77%			2016			2015
Net sales			$579			$549			$664
Net income			$13			$11			$21
Net income – non-GAAP(1)			$15			$13			$22
Diluted EPS(2)			$0.26			$0.22			$0.40
Diluted EPS – non-GAAP(1) (2)			$0.31			$0.26			$0.42
Operating margin			3.1%			3.0%			3.9%
Operating margin – non-GAAP			3.7%			3.5%			4.2%

"Second quarter revenues were $579 million, with non-GAAP EPS of $0.31," said Gayla Delly, Benchmark's President and CEO.  "Our year-over-year revenue from higher-value markets increased from 53% to 63% for the first half of the year driven by the successful transformation of our customer portfolio and the Secure acquisition."

"We are encouraged by the progress of our initiatives to improve our cash conversion cycle from 99 to 83 days.  We have transitioned a number of new programs to more efficient supply chain solutions over the last 18 months, primarily in our international locations and are on track to achieve 75 days as we exit the fourth quarter."

Ms. Delly concluded, "Our balance sheet remains strong, supporting continued investment in our business, strategic growth initiatives and our share repurchase program.  Our results for the quarter show continued progress on our strategy to drive shareholder value, including diversifying our portfolio, executing on our lean and operational initiatives and managing our working capital.  While our third quarter outlook reflects caution from customer forecasts, we remain committed to delivering higher returns on invested capital through better operating margins and working capital management."

Second Quarter 2016 Financial Highlights

• Operating margin was 3.1% (non-GAAP 3.7%).
• Cash flows from operating activities were $81 million during the quarter and $158 million through the first half of the year.
• Common stock repurchases totaled $15 million or 750,000 shares. The amount remaining under our current share repurchase plan is $105 million.
• Cash conversion cycle improved 16 days from 99 at March 31, 2016 to 83 days at June 30, 2016.
• Cash was $573 million at June 30, of which $535 million was held outside the U.S.

"We continue to deliver strong cash flows from operations, which in the second quarter totaled  $81 million and free cash flow of $73 million," said Don Adam, Benchmark's CFO.  "During the second quarter we repurchased $15 million of common stock, which represents the 36^th consecutive quarter of share buybacks."

Cash Conversion Cycle

Second Quarter 2016 Industry Sector Update

Revenue by industry sector (dollars in millions) was as follows.

			Jun 30,						Mar 31,						Jun 30,
	Higher-Value Markets		2016						2016						2015
Industrials		$	214		37	%		$	213		39	%		$	201		30	%
Medical			92		16				83		15				90		14
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