Texas
|
74-2211011
|
(State
or other jurisdiction
|
(I.R.S.
Employer
|
of
incorporation or organization)
|
Identification
No.)
|
3000
Technology Drive
|
77515
|
Angleton,
Texas
|
(Zip
Code)
|
(Address
of principal executive offices)
|
Large accelerated filer þ
|
Accelerated filer ¨
|
Non-accelerated filer ¨ (Do not check if a smaller reporting company)
|
Smaller reporting company ¨
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33
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35
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35
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35
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36
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36
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37
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September
30,
|
December
31,
|
|||||||
(in thousands, except par
value)
|
2009
|
2008
|
||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 438,044 | $ | 359,694 | ||||
Accounts
receivable, net of allowance for doubtful accounts of $509 and $1,072,
respectively
|
378,492 | 422,058 | ||||||
Inventories,
net
|
293,550 | 343,163 | ||||||
Prepaid
expenses and other assets
|
34,556 | 28,308 | ||||||
Deferred
income taxes
|
12,943 | 10,726 | ||||||
Total
current assets
|
1,157,585 | 1,163,949 | ||||||
Long-term
investments
|
46,306 | 48,162 | ||||||
Property,
plant and equipment, net of accumulated depreciation of $277,544 and
$257,499 respectively
|
127,867 | 134,618 | ||||||
Goodwill,
net
|
37,912 | 37,912 | ||||||
Other
long-term assets, net
|
40,093 | 32,624 | ||||||
Deferred
income taxes
|
21,305 | 21,656 | ||||||
$ | 1,431,068 | $ | 1,438,921 | |||||
Liabilities
and Shareholders’ Equity
|
||||||||
Current
liabilities:
|
||||||||
Current
installments of capital lease obligations
|
$ | 285 | $ | 256 | ||||
Accounts
payable
|
239,697 | 288,045 | ||||||
Income
taxes payable
|
2,047 | 3,745 | ||||||
Accrued
liabilities
|
58,349 | 49,485 | ||||||
Total
current liabilities
|
300,378 | 341,531 | ||||||
Capital
lease obligations, less current installments
|
11,459 | 11,683 | ||||||
Other
long-term liabilities
|
24,654 | 29,252 | ||||||
Shareholders’
equity:
|
||||||||
Preferred
shares, $0.10 par value; 5,000 shares authorized, none
issued
|
— | — | ||||||
Common
shares, $0.10 par value; 145,000 shares authorized; issued – 64,786 and
65,337, respectively; outstanding – 64,675 and 65,226,
respectively
|
6,467 | 6,523 | ||||||
Additional
paid-in capital
|
739,753 | 741,813 | ||||||
Retained
earnings
|
353,292 | 318,576 | ||||||
Accumulated
other comprehensive loss
|
(4,663 | ) | (10,185 | ) | ||||
Less
treasury shares, at cost; 111 shares
|
(272 | ) | (272 | ) | ||||
Total
shareholders’ equity
|
1,094,577 | 1,056,455 | ||||||
Commitments
and contingencies
|
||||||||
$ | 1,431,068 | $ | 1,438,921 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(in thousands, except per share
data)
|
||||||||||||||||
Sales
|
$ | 510,461 | $ | 641,672 | $ | 1,489,030 | $ | 2,008,397 | ||||||||
Cost
of sales
|
473,648 | 597,503 | 1,386,027 | 1,873,240 | ||||||||||||
Gross
profit
|
36,813 | 44,169 | 103,003 | 135,157 | ||||||||||||
Selling,
general and administrative expenses
|
21,385 | 22,059 | 62,903 | 69,458 | ||||||||||||
Restructuring
charges
|
3,754 | 253 | 5,901 | 253 | ||||||||||||
Income
from operations
|
11,674 | 21,857 | 34,199 | 65,446 | ||||||||||||
Interest
expense
|
(350 | ) | (378 | ) | (1,051 | ) | (1,102 | ) | ||||||||
Interest
income
|
382 | 1,680 | 1,710 | 6,909 | ||||||||||||
Other
income (expense)
|
(575 | ) | (790 | ) | (970 | ) | 1,547 | |||||||||
Income
before income taxes
|
11,131 | 22,369 | 33,888 | 72,800 | ||||||||||||
Income
tax benefit (expense)
|
5,285 | 1,266 | 3,321 | (4,694 | ) | |||||||||||
Net
income
|
$ | 16,416 | $ | 23,635 | $ | 37,209 | $ | 68,106 | ||||||||
Earnings
per share:
|
||||||||||||||||
Basic
|
$ | 0.25 | $ | 0.36 | $ | 0.57 | $ | 1.01 | ||||||||
Diluted
|
$ | 0.25 | $ | 0.35 | $ | 0.57 | $ | 1.00 | ||||||||
Weighted-average
number of shares outstanding:
|
||||||||||||||||
Basic
|
64,754 | 66,268 | 64,955 | 67,693 | ||||||||||||
Diluted
|
65,194 | 66,630 | 65,206 | 68,251 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Net
income
|
$ | 16,416 | $ | 23,635 | $ | 37,209 | $ | 68,106 | ||||||||
Other
comprehensive income (loss):
|
||||||||||||||||
Foreign
currency translation adjustments
|
2,999 | (8,753 | ) | 4,484 | (3,280 | ) | ||||||||||
Unrealized
gain (loss) on investments, net of tax
|
462 | (2,852 | ) | 1,044 | (5,768 | ) | ||||||||||
Other
|
(1 | ) | — | (6 | ) | — | ||||||||||
Comprehensive
income
|
$ | 19,876 | $ | 12,030 | $ | 42,731 | $ | 59,058 |
September
30,
|
December
31,
|
|||||||
(in thousands)
|
2009
|
2008
|
||||||
Cumulative
foreign currency translation losses
|
$ | (362 | ) | $ | (4,846 | ) | ||
Unrealized
loss on investments, net of tax
|
(4,269 | ) | (5,313 | ) | ||||
Other
|
(32 | ) | (26 | ) | ||||
Accumulated
other comprehensive loss
|
$ | (4,663 | ) | $ | (10,185 | ) |
Accumulated
|
||||||||||||||||||||||||||||
Additional
|
other
|
Total
|
||||||||||||||||||||||||||
Common
|
paid-in
|
Retained
|
comprehensive
|
Treasury
|
shareholders’
|
|||||||||||||||||||||||
(in thousands)
|
Shares
|
shares
|
capital
|
earnings
|
loss
|
shares
|
equity
|
|||||||||||||||||||||
Balances,
December 31, 2008
|
65,226 | $ | 6,523 | $ | 741,813 | $ | 318,576 | $ | (10,185 | ) | $ | (272 | ) | $ | 1,056,455 | |||||||||||||
Stock-based
compensation expense
|
— | — | 3,886 | — | — | — | 3,886 | |||||||||||||||||||||
Shares
repurchased and retired
|
(694 | ) | (71 | ) | (7,460 | ) | (2,493 | ) | — | — | (10,024 | ) | ||||||||||||||||
Stock
options exercised
|
117 | 12 | 1,112 | — | — | — | 1,124 | |||||||||||||||||||||
Restricted
shares cancelled
|
(1 | ) | — | — | — | — | — | — | ||||||||||||||||||||
Warrants
exercised
|
27 | 3 | 200 | — | — | — | 203 | |||||||||||||||||||||
Federal
tax benefit of
|
||||||||||||||||||||||||||||
stock
options exercised
|
— | — | 202 | — | — | — | 202 | |||||||||||||||||||||
Comprehensive
income
|
— | — | — | 37,209 | 5,522 | — | 42,731 | |||||||||||||||||||||
Balances,
September 30, 2009
|
64,675 | $ | 6,467 | $ | 739,753 | $ | 353,292 | $ | (4,663 | ) | $ | (272 | ) | $ | 1,094,577 |
Nine
Months Ended
|
||||||||
September
30,
|
||||||||
(in thousands)
|
2009
|
2008
|
||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 37,209 | $ | 68,106 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization
|
29,682 | 30,329 | ||||||
Deferred
income taxes
|
(1,866 | ) | 4,280 | |||||
(Gain)
loss on the sale of property, plant and equipment
|
6 | (46 | ) | |||||
Stock-based
compensation expense
|
3,886 | 3,665 | ||||||
Excess
tax benefit of stock options exercised
|
(189 | ) | (587 | ) | ||||
Changes
in operating assets and liabilities, net of acquisition:
|
||||||||
Accounts
receivable
|
45,089 | 69,521 | ||||||
Inventories
|
59,127 | (1,945 | ) | |||||
Prepaid
expenses and other assets
|
(1,627 | ) | 23,127 | |||||
Accounts
payable
|
(51,414 | ) | (69,113 | ) | ||||
Accrued
liabilities
|
3,484 | 1,118 | ||||||
Income
taxes
|
(5,887 | ) | (3,683 | ) | ||||
Net
cash provided by operations
|
117,500 | 124,772 | ||||||
Cash
flows from investing activities:
|
||||||||
Purchases
of investments
|
— | (162,709 | ) | |||||
Proceeds
from sales and maturities of investments
|
2,900 | 291,850 | ||||||
Additions
to property, plant and equipment
|
(14,311 | ) | (24,980 | ) | ||||
Proceeds
from the sale of property, plant and equipment
|
157 | 235 | ||||||
Additions
to purchased software
|
(59 | ) | (133 | ) | ||||
Business
acquisition
|
(10,552 | ) | — | |||||
Purchase
of intangible asset
|
(11,300 | ) | — | |||||
Net
cash provided by (used in) investing activities
|
(33,165 | ) | 104,263 | |||||
Cash
flows from financing activities:
|
||||||||
Proceeds
from stock options exercised
|
1,124 | 2,822 | ||||||
Excess
tax benefit of stock options exercised
|
189 | 587 | ||||||
Proceeds
from warrants exercised
|
203 | — | ||||||
Principal
payments on long-term debt and capital lease obligations
|
(191 | ) | (539 | ) | ||||
Share
repurchases
|
(10,024 | ) | (87,073 | ) | ||||
Debt
issuance cost
|
— | (234 | ) | |||||
Net
cash used in financing activities
|
(8,699 | ) | (84,437 | ) | ||||
Effect
of exchange rate changes
|
2,714 | (2,435 | ) | |||||
Net
increase in cash and cash equivalents
|
78,350 | 142,163 | ||||||
Cash
and cash equivalents at beginning of year
|
359,694 | 199,198 | ||||||
Cash
and cash equivalents at September 30
|
$ | 438,044 | $ | 341,361 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Expected
term of options
|
— | — |
7.0
years
|
7.0
years
|
||||||||||||
Expected
volatility
|
— | — | 44 | % | 42 | % | ||||||||||
Risk-free
interest rate
|
— | — | 3.03 | % | 3.67 | % | ||||||||||
Dividend
yield
|
— | — |
zero
|
zero
|
Weighted-
|
||||||||||||||||
Weighted-
|
Average
|
|||||||||||||||
Average
|
Remaining
|
Aggregate
|
||||||||||||||
Number
of
|
Exercise
|
Contractual
|
Intrinsic
|
|||||||||||||
Options
|
Price
|
Term (Years)
|
Value
|
|||||||||||||
Outstanding
at December 31, 2008
|
5,838 | $ | 18.43 | 6.10 | ||||||||||||
Granted
|
60 | $ | 12.18 | |||||||||||||
Exercised
|
(117 | ) | $ | 9.57 | ||||||||||||
Canceled
|
(500 | ) | $ | 16.06 | ||||||||||||
Outstanding
at September 30, 2009
|
5,281 | $ | 18.78 | 5.84 | $ | 12,885 | ||||||||||
Exercisable
at September 30, 2009
|
3,083 | $ | 18.94 | 4.29 | $ | 8,381 |
Weighted-
|
||||||||
Average
|
||||||||
Grant
Date
|
||||||||
Shares
|
Fair
Value
|
|||||||
Non-vested
shares outstanding at December 31, 2008
|
140 | $ | 13.99 | |||||
Granted
|
— | — | ||||||
Canceled
|
(2 | ) | $ | 12.64 | ||||
Non-vested
shares outstanding at September 30, 2009
|
138 | $ | 14.00 |
Weighted-
|
||||||||
Average
|
||||||||
Grant
Date
|
||||||||
Shares
|
Fair
Value
|
|||||||
Non-vested
shares outstanding at December 31, 2008
|
34 | $ | 12.64 | |||||
Granted
|
— | — | ||||||
Canceled
|
(1 | ) | $ | 12.64 | ||||
Non-vested
shares outstanding at September 30, 2009
|
33 | $ | 12.64 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Numerator
for basic earnings per share - net income
|
$ | 16,416 | $ | 23,635 | $ | 37,209 | $ | 68,106 | ||||||||
Denominator
for basic earnings per share - weighted-average number of common shares
outstanding during the period
|
64,754 | 66,268 | 64,955 | 67,693 | ||||||||||||
Incremental
common shares attributable to exercise of outstanding dilutive
options
|
388 | 276 | 210 | 455 | ||||||||||||
Incremental
common shares attributable to outstanding restricted shares and phantom
stock
|
50 | 39 | 27 | 28 | ||||||||||||
Incremental
common shares attributable to exercise of warrants
|
2 | 47 | 14 | 75 | ||||||||||||
Denominator
for diluted earnings per share
|
65,194 | 66,630 | 65,206 | 68,251 | ||||||||||||
Basic
earnings per share
|
$ | 0.25 | $ | 0.36 | $ | 0.57 | $ | 1.01 | ||||||||
Diluted
earnings per share
|
$ | 0.25 | $ | 0.35 | $ | 0.57 | $ | 1.00 |
Gross
|
Net
|
|||||||||||
Carrying
|
Accumulated
|
Carrying
|
||||||||||
Amount
|
Amortization
|
Amount
|
||||||||||
Customer
relationships
|
$ | 17,978 | $ | (4,994 | ) | $ | 12,984 | |||||
Technology
licenses
|
11,300 | (1,070 | ) | 10,230 | ||||||||
Other
|
868 | (64 | ) | 804 | ||||||||
Other
intangible assets, September 30, 2009
|
$ | 30,146 | $ | (6,128 | ) | $ | 24,018 |
Gross
|
Net
|
|||||||||||
Carrying
|
Accumulated
|
Carrying
|
||||||||||
Amount
|
Amortization
|
Amount
|
||||||||||
Customer
relationships
|
$ | 17,933 | $ | (3,624 | ) | $ | 14,309 | |||||
Other
|
868 | (47 | ) | 821 | ||||||||
Other
intangible assets, December 31, 2008
|
$ | 18,801 | $ | (3,671 | ) | $ | 15,130 |
Year
ending December 31,
|
Amount
|
|||
2009
(remaining three months)
|
$ | 1,035 | ||
2010
|
4,208 | |||
2011
|
4,392 | |||
2012
|
4,392 | |||
2013
|
3,904 |
September
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
Raw
materials
|
$ | 219,222 | $ | 254,170 | ||||
Work
in process
|
47,501 | 56,486 | ||||||
Finished
goods
|
26,827 | 32,507 | ||||||
$ | 293,550 | $ | 343,163 |
Nine
Months Ended
|
||||||||
September
30,
|
||||||||
2009
|
2008
|
|||||||
Federal
– Current
|
$ | 4,101 | $ | 3,252 | ||||
Foreign
–
Current
|
(2,275 | ) | (3,609 | ) | ||||
State
– Current
|
(371 | ) | (57 | ) | ||||
Deferred
|
1,866 | (4,280 | ) | |||||
$ | 3,321 | $ | (4,694 | ) |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Net
sales:
|
||||||||||||||||
Americas
|
$ | 309,098 | $ | 410,444 | $ | 898,861 | $ | 1,322,700 | ||||||||
Asia
|
181,923 | 234,766 | 524,369 | 714,430 | ||||||||||||
Europe
|
43,962 | 58,487 | 131,778 | 199,891 | ||||||||||||
Elimination
of intersegment sales
|
(24,522 | ) | (62,025 | ) | (65,978 | ) | (228,624 | ) | ||||||||
$ | 510,461 | $ | 641,672 | $ | 1,489,030 | $ | 2,008,397 | |||||||||
Depreciation
and amortization:
|
||||||||||||||||
Americas
|
$ | 5,136 | $ | 4,374 | $ | 14,302 | $ | 13,073 | ||||||||
Asia
|
3,434 | 4,108 | 10,487 | 12,556 | ||||||||||||
Europe
|
716 | 733 | 2,015 | 2,039 | ||||||||||||
Corporate
|
915 | 907 | 2,878 | 2,661 | ||||||||||||
$ | 10,201 | $ | 10,122 | $ | 29,682 | $ | 30,329 | |||||||||
Income
from operations:
|
||||||||||||||||
Americas
|
$ | 9,408 | $ | 9,043 | $ | 22,135 | $ | 31,360 | ||||||||
Asia
|
13,871 | 18,415 | 38,990 | 55,427 | ||||||||||||
Europe
|
(3,152 | ) | 1,438 | (1,308 | ) | 2,789 | ||||||||||
Corporate
and intersegment eliminations
|
(8,453 | ) | (7,039 | ) | (25,618 | ) | (24,130 | ) | ||||||||
$ | 11,674 | $ | 21,857 | $ | 34,199 | $ | 65,446 | |||||||||
Capital
expenditures:
|
||||||||||||||||
Americas
|
$ | 3,148 | $ | 2,427 | $ | 4,885 | $ | 9,122 | ||||||||
Asia
|
611 | 3,503 | 6,244 | 13,818 | ||||||||||||
Europe
|
885 | 573 | 3,037 | 1,981 | ||||||||||||
Corporate
|
85 | 5 | 204 | 192 | ||||||||||||
$ | 4,729 | $ | 6,508 | $ | 14,370 | $ | 25,113 |
September
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
Total
assets:
|
||||||||
Americas
|
$ | 516,510 | $ | 538,296 | ||||
Asia
|
475,317 | 477,500 | ||||||
Europe
|
192,694 | 182,603 | ||||||
Corporate
and other
|
246,547 | 240,522 | ||||||
$ | 1,431,068 | $ | 1,438,921 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Geographic
net sales:
|
||||||||||||||||
United
States
|
$ | 380,160 | $ | 478,056 | $ | 1,100,945 | $ | 1,513,619 | ||||||||
Asia
|
42,522 | 54,451 | 128,319 | 164,368 | ||||||||||||
Europe
|
79,957 | 98,374 | 234,535 | 300,789 | ||||||||||||
Other
Foreign
|
7,822 | 10,791 | 25,231 | 29,621 | ||||||||||||
$ | 510,461 | $ | 641,672 | $ | 1,489,030 | $ | 2,008,397 |
September
30,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
Long-lived
assets:
|
||||||||
United
States
|
$ | 80,612 | $ | 74,993 | ||||
Asia
|
66,670 | 70,916 | ||||||
Europe
|
9,425 | 8,432 | ||||||
Other
|
11,253 | 12,901 | ||||||
$ | 167,960 | $ | 167,242 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Income
taxes paid, net
|
$ | 3,510 | $ | 1,667 | $ | 5,442 | $ | 4,130 | ||||||||
Interest
paid
|
376 | 364 | 1,055 | 1,079 |
Balance as of
|
Foreign
|
Balance as of
|
||||||||||||||||||||||
December 31,
|
Restructuring
|
Cash
|
Non-cash
|
Exchange
|
September 30,
|
|||||||||||||||||||
2008
|
Charges
|
Payment
|
Activity
|
Adjustments
|
2009
|
|||||||||||||||||||
2009
Restructuring:
|
||||||||||||||||||||||||
Severance
|
$ | — | $ | 2,802 | $ | (2,014 | ) | $ | — | $ | — | $ | 788 | |||||||||||
Lease
facility costs
|
— | 2,843 | (163 | ) | — | — | 2,680 | |||||||||||||||||
Other
exit costs
|
— | 230 | (188 | ) | — | — | 42 | |||||||||||||||||
— | 5,875 | (2,365 | ) | — | — | 3,510 | ||||||||||||||||||
2008
Restructuring:
|
||||||||||||||||||||||||
Severance
|
414 | (67 | ) | (344 | ) | — | (3 | ) | — | |||||||||||||||
Other
exit costs
|
228 | — | (217 | ) | — | (3 | ) | 8 | ||||||||||||||||
642 | (67 | ) | (561 | ) | — | (6 | ) | 8 | ||||||||||||||||
2007
Restructuring:
|
||||||||||||||||||||||||
Lease
facility costs
|
745 | — | (272 | ) | (89 | ) | 5 | 389 | ||||||||||||||||
Other
exit costs
|
447 | — | — | (39 | ) | 14 | 422 | |||||||||||||||||
1,192 | — | (272 | ) | (128 | ) | 19 | 811 | |||||||||||||||||
Total
|
$ | 1,834 | $ | 5,808 | $ | (3,198 | ) | $ | (128 | ) | $ | 13 | $ | 4,329 |
Balance
as of January 1, 2009
|
$ | 48,162 | ||
Net
unrealized gains included in other comprehensive income
(loss)
|
1,044 | |||
Redemptions
of investments
|
(2,900 | ) | ||
Balance
as of September 30, 2009
|
$ | 46,306 | ||
Unrealized
losses still held
|
$ | 4,269 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost
of sales
|
92.8 | 93.1 | 93.1 | 93.3 | ||||||||||||
Gross
profit
|
7.2 | 6.9 | 6.9 | 6.7 | ||||||||||||
Selling,
general and administrative expenses
|
4.2 | 3.4 | 4.2 | 3.5 | ||||||||||||
Restructuring
charges
|
0.7 | 0.0 | 0.4 | 0.0 | ||||||||||||
Income
from operations
|
2.3 | 3.4 | 2.3 | 3.3 | ||||||||||||
Other
income (expense), net
|
(0.1 | ) | 0.1 | (0.0 | ) | 0.4 | ||||||||||
Income
before income taxes
|
2.2 | 3.5 | 2.3 | 3.6 | ||||||||||||
Income
tax benefit (expense)
|
1.0 | 0.2 | 0.2 | (0.2 | ) | |||||||||||
Net
income
|
3.2 | % | 3.7 | % | 2.5 | % | 3.4 | % |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Computers
and related products for business enterprises
|
36 | % | 45 | % | 39 | % | 48 | % | ||||||||
Telecommunication
equipment
|
23 | 20 | 24 | 18 | ||||||||||||
Industrial
control equipment
|
21 | 17 | 20 | 16 | ||||||||||||
Medical
devices
|
15 | 15 | 14 | 14 | ||||||||||||
Testing
and instrumentation products
|
5 | 3 | 3 | 4 | ||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
|
•
|
Foreign
currency exchange risk;
|
|
•
|
Import
and export duties, taxes and regulatory
changes;
|
|
•
|
Inflationary
economies or currencies; and
|
|
•
|
Economic
and political instability.
|
(d) Maximum
|
|||||||||||||||
(c) Total
|
Number (or
|
||||||||||||||
Number of
|
Approximate
|
||||||||||||||
Shares (or
|
Dollar Value)
|
||||||||||||||
Units)
|
of Shares (or
|
||||||||||||||
Purchased as
|
Units) that
|
||||||||||||||
(a) Total
|
Part of
|
May Yet Be
|
|||||||||||||
Number of
|
(b) Average
|
Publicly
|
Purchased
|
||||||||||||
Shares (or
|
Price Paid per
|
Announced
|
Under the
|
||||||||||||
Units)
|
Share (or
|
Plans or
|
Plans or
|
||||||||||||
Period
|
Purchased (1)
|
Unit) (2)
|
Programs
|
Programs (3)
|
|||||||||||
July
1 to 31, 2009
|
92,000 | $ | 13.83 | 92,000 | $ |
73.2
million
|
|||||||||
August
1 to 31, 2009
|
60,000 | $ | 16.37 | 60,000 | $ |
72.2
million
|
|||||||||
September
1 to 30, 2009
|
237,500 | $ | 17.13 | 237,500 | $ |
68.2
million
|
|||||||||
Total
|
389,500 | $ | 16.23 | 389,500 |
31.1
|
Section
302 Certification of Chief Executive Officer
|
31.2
|
Section
302 Certification of Chief Financial Officer
|
32.1
|
Section
1350 Certification of Chief Executive Officer
|
32.2
|
Section
1350 Certification of Chief Financial
Officer
|
BENCHMARK
ELECTRONICS, INC.
|
|
(Registrant)
|
|
By:
|
/s/ Cary T. Fu
|
Cary
T. Fu
|
|
Chief
Executive Officer
|
|
(Principal
Executive Officer)
|
|
By:
|
/s/ Donald F. Adam
|
Donald
F. Adam
|
|
Chief
Financial Officer
|
|
(Principal
Financial Officer)
|
Exhibit
|
||
Number
|
Description of Exhibit
|
|
31.1
|
Section
302 Certification of Chief Executive Officer
|
|
31.2
|
Section
302 Certification of Chief Financial Officer
|
|
32.1
|
Section
1350 Certification of Chief Executive Officer
|
|
32.2
|
Section
1350 Certification of Chief Financial
Officer
|