Benchmark Electronics Reports Third Quarter Results

ANGLETON, Texas, Oct. 20, 2016

			Three Months Ended
			Sep 30,			Jun 30,			Sep 30,
In millions, except EPS			2016 ARIVA.DE Börsen-Geflüster Kurse Benchmark Electronics 28,60 € 0,00%			2016			2015
Net sales			$574			$579			$630
Net income			$22			$13			$21
Net income – non-GAAP			$18			$17			$22
Diluted EPS			$0.44			$0.26			$0.40
Diluted EPS – non-GAAP			$0.36			$0.35			$0.43
Operating margin			3.1%			3.1%			4.1%
Operating margin – non-GAAP			4.3%			4.2%			4.5%

"In the September quarter, we made good progress on working capital management, reducing our cash conversion cycle by three days and generating $70M of operating cash flow.  We modestly expanded operating margins on a sequential basis and delivered on our published guidance.  However, the lack of sustained revenue growth continues to be a challenge and a critical focus area for the organization going forward," said Paul Tufano, Benchmark's President and CEO.

Mr. Tufano added, "Since being named Benchmark's CEO four weeks ago, I have traveled to a number of our sites and visited with a variety of customers.  I am excited by the capabilities that we possess, the strength of our customer relationships and the commitment of our people.  As we look forward, we are defining a clear strategy to accelerate long-term revenue growth aligned to an optimized global footprint that leverages our core strengths in design, electronics manufacturing, and precision technologies to add significant value for our customers and shareholders."

Third Quarter 2016 Financial Highlights

• Operating margin was 3.1% (non-GAAP 4.3%).
• Cash flows from operating activities were $70 million during the quarter and $228 million for the first nine months of the year.
• Common stock repurchases totaled $12 million or 483,000 shares. The amount remaining under the Company's current share repurchase plan is $94 million.
• Cash conversion cycle improved 3 days from 83 at June 30, 2016 to 80 days at September 30, 2016.
• Cash was $636 million at September 30, of which $592 million was available outside the U.S.

Cash Conversion Cycle

"We improved our cash conversion cycle to 80 days during the third quarter and remain on track to achieve 75 days exiting the year," said Don Adam, CFO.  "We generated $70 million in cash flow from operations during the quarter, bringing our year-to-date total to $228 million – which is nearly a 100% increase over the same 9-month period last year.  During the quarter, we purchased $12 million of our common shares, extending our share repurchases to 37 consecutive quarters.  We have $94 million remaining in our current share repurchase program."

Third Quarter 2016 Industry Sector Update
Revenue by industry sector (dollars in millions) was as follows.

	Higher-Value Markets		Sep 30, 2016						Jun 30, 2016						Sep 30, 2015
Industrials		$	217		38	%		$	214		37	%		$	198		31	%
Medical			86		15				92		16				87		14
Test & Instrumentation			66		11				60		10				58		9
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