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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7-19
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29
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30
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31
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31
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31
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32
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33
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34
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September 30,
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December 31,
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|||||||
(in thousands, except par value)
|
2010
|
2009
|
||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 346,299 | $ | 421,243 | ||||
Accounts
receivable, net of allowance for doubtful accounts of $739 and $417,
respectively
|
426,868 | 417,268 | ||||||
Inventories,
net
|
380,644 | 315,743 | ||||||
Prepaid
expenses and other assets
|
40,472 | 31,034 | ||||||
Income
taxes receivable
|
3,526 | 3,526 | ||||||
Deferred
income taxes
|
9,248 | 9,861 | ||||||
Total
current assets
|
1,207,057 | 1,198,675 | ||||||
Long-term
investments
|
36,252 | 45,686 | ||||||
Property,
plant and equipment, net of accumulated depreciation of $297,131 and
$280,107 respectively
|
129,171 | 126,250 | ||||||
Goodwill,
net
|
37,912 | 37,912 | ||||||
Deferred
income taxes
|
21,829 | 17,713 | ||||||
Other
long-term assets, net
|
38,212 | 39,484 | ||||||
$ | 1,470,433 | $ | 1,465,720 | |||||
Liabilities
and Shareholders’ Equity
|
||||||||
Current
liabilities:
|
||||||||
Current
installments of capital lease obligations
|
$ | 348 | $ | 300 | ||||
Accounts
payable
|
264,080 | 275,900 | ||||||
Income
taxes payable
|
11,993 | 6,464 | ||||||
Accrued
liabilities
|
53,211 | 56,916 | ||||||
Total
current liabilities
|
329,632 | 339,580 | ||||||
Capital
lease obligations, less current installments
|
11,110
|
11,381 | ||||||
Other
long-term liabilities
|
24,064
|
23,856 | ||||||
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 – 61,330 and
64,208, respectively; outstanding – 61,219 and 64,097,
respectively
|
6,122 | 6,410 | ||||||
Additional
paid-in capital
|
707,908 | 732,956 | ||||||
Retained
earnings
|
397,840 | 356,802 | ||||||
Accumulated
other comprehensive loss
|
(5,971 | ) | (4,993 | ) | ||||
Less
treasury shares, at cost; 111 shares
|
(272 | ) | (272 | ) | ||||
Total
shareholders’ equity
|
1,105,627 | 1,090,903 | ||||||
Commitments
and contingencies
|
||||||||
$ | 1,470,433 | $ | 1,465,720 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(in thousands, except per share
data)
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
Sales
|
$ | 613,864 | $ | 510,461 | $ | 1,775,218 | $ | 1,489,030 | ||||||||
Cost
of sales
|
566,143 | 473,648 | 1,635,258 | 1,386,027 | ||||||||||||
Gross
profit
|
47,721 | 36,813 | 139,960 | 103,003 | ||||||||||||
Selling,
general and administrative expenses
|
23,379 | 21,385 | 68,927 | 62,903 | ||||||||||||
Restructuring
charges
|
452 | 3,754 | 2,149 | 5,901 | ||||||||||||
Income
from operations
|
23,890 | 11,674 | 68,884 | 34,199 | ||||||||||||
Interest
expense
|
(343 | ) | (350 | ) | (1,022 | ) | (1,051 | ) | ||||||||
Interest
income
|
394 | 382 | 1,208 | 1,710 | ||||||||||||
Other
income (expense)
|
1,212 | (575 | ) | 162 | (970 | ) | ||||||||||
Income
before income taxes
|
25,153 | 11,131 | 69,232 | 33,888 | ||||||||||||
Income
tax benefit (expense)
|
(2,155 | ) | 5,285 | (7,207 | ) | 3,321 | ||||||||||
Net
income
|
$ | 22,998 | $ | 16,416 | $ | 62,025 | $ | 37,209 | ||||||||
Earnings
per share:
|
||||||||||||||||
Basic
|
$ | 0.37 | $ | 0.25 | $ | 0.99 | $ | 0.57 | ||||||||
Diluted
|
$ | 0.37 | $ | 0.25 | $ | 0.98 | $ | 0.57 | ||||||||
Weighted-average
number of shares outstanding:
|
||||||||||||||||
Basic
|
61,712 | 64,754 | 62,597 | 64,955 | ||||||||||||
Diluted
|
62,103 | 65,194 | 63,162 | 65,206 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(in thousands)
|
2010
|
2009
|
2010
|
2009
|
||||||||||||
Net
income
|
$ | 22,998 | $ | 16,416 | $ | 62,025 | $ | 37,209 | ||||||||
Other
comprehensive income (loss):
|
||||||||||||||||
Foreign
currency translation adjustments
|
6,283 | 2,999 | (1,740 | ) | 4,484 | |||||||||||
Unrealized
gain on investments, net of tax
|
543 | 462 | 791 | 1,044 | ||||||||||||
Other
|
(30 | ) | (1 | ) | (29 | ) | (6 | ) | ||||||||
Comprehensive
income
|
$ | 29,794 | $ | 19,876 | $ | 61,047 | $ | 42,731 |
September 30,
|
December 31,
|
|||||||
(in thousands)
|
2010
|
2009
|
||||||
Foreign
currency translation losses
|
$ | (2,193 | ) | $ | (453 | ) | ||
Unrealized
loss on investments, net of tax
|
(3,598 | ) | (4,389 | ) | ||||
Other
|
(180 | ) | (151 | ) | ||||
Accumulated
other comprehensive loss
|
$ | (5,971 | ) | $ | (4,993 | ) |
Accumulated
|
||||||||||||||||||||||||||||
Additional
|
other
|
Total
|
||||||||||||||||||||||||||
Common
|
paid-in
|
Retained
|
comprehensive
|
Treasury
|
shareholders’
|
|||||||||||||||||||||||
(in
thousands)
|
Shares
|
shares
|
capital
|
earnings
|
loss
|
shares
|
equity
|
|||||||||||||||||||||
Balances,
December 31, 2009
|
64,097 | $ | 6,410 | $ | 732,956 | $ | 356,802 | $ | (4,993 | ) | $ | (272 | ) | $ | 1,090,903 | |||||||||||||
Stock-based
compensation expense
|
— | — | 4,376 | — | — | — | 4,376 | |||||||||||||||||||||
Shares
repurchased and retired
|
(3,004 | ) | (300 | ) | (32,290 | ) | (20,987 | ) | — | — | (53,577 | ) | ||||||||||||||||
Stock
options exercised
|
133 | 13 | 1,733 | — | — | — | 1,746 | |||||||||||||||||||||
Restricted
shares cancelled
|
(7 | ) | (1 | ) | 1 | — | — | — | — | |||||||||||||||||||
Excess
tax benefit of stock-based compensation
|
— | — | 1,132 | — | — | — | 1,132 | |||||||||||||||||||||
Comprehensive
income (loss)
|
— | — | — | 62,025 | (978 | ) | — | 61,047 | ||||||||||||||||||||
Balances,
September 30, 2010
|
61,219 | $ | 6,122 | $ | 707,908 | $ | 397,840 | $ | (5,971 | ) | $ | (272 | ) | $ | 1,105,627 |
Nine Months Ended
|
||||||||
September 30,
|
||||||||
(in thousands)
|
2010
|
2009
|
||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 62,025 | $ | 37,209 | ||||
Adjustments
to reconcile net income to net cash provided by (used in) operating
activities:
|
||||||||
Depreciation
and amortization
|
30,216 | 29,682 | ||||||
Deferred
income taxes
|
(2,624 | ) | (1,866 | ) | ||||
(Gain)
loss on the sale of property, plant and equipment
|
(69 | ) | 6 | |||||
Asset
impairment
|
105 | — | ||||||
Stock-based
compensation expense
|
4,376 | 3,886 | ||||||
Excess
tax benefits from stock-based compensation
|
(846 | ) | (189 | ) | ||||
Changes
in operating assets and liabilities, net of acquisition:
|
||||||||
Accounts
receivable
|
(10,804 | ) | 45,089 | |||||
Inventories
|
(65,981 | ) | 59,127 | |||||
Prepaid
expenses and other assets
|
(13,866 | ) | (1,627 | ) | ||||
Accounts
payable
|
(11,183 | ) | (51,414 | ) | ||||
Accrued
liabilities
|
(560 | ) | 3,484 | |||||
Income
taxes
|
4,348 | (5,887 | ) | |||||
Net
cash provided by (used in) operations
|
(4,863 | ) | 117,500 | |||||
Cash
flows from investing activities:
|
||||||||
Proceeds
from redemptions of investments
|
10,225 | 2,900 | ||||||
Additions
to property, plant and equipment
|
(28,934 | ) | (14,311 | ) | ||||
Proceeds
from the sale of property, plant and equipment
|
231 | 157 | ||||||
Additions
to purchased software
|
(117 | ) | (59 | ) | ||||
Business
acquisition
|
— | (10,552 | ) | |||||
Purchase
of intangible asset
|
— | (11,300 | ) | |||||
Net
cash used in investing activities
|
(18,595 | ) | (33,165 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Proceeds
from stock options exercised
|
1,746 | 1,124 | ||||||
Excess
tax benefits from stock-based compensation
|
846 | 189 | ||||||
Principal
payments on capital lease obligations
|
(223 | ) | (191 | ) | ||||
Share
repurchases
|
(53,577 | ) | (10,024 | ) | ||||
Proceeds
from warrants exercised
|
— | 203 | ||||||
Net
cash used in financing activities
|
(51,208 | ) | (8,699 | ) | ||||
Effect
of exchange rate changes
|
(278 | ) | 2,714 | |||||
Net
increase (decrease) in cash and cash equivalents
|
(74,944 | ) | 78,350 | |||||
Cash
and cash equivalents at beginning of year
|
421,243 | 359,694 | ||||||
Cash
and cash equivalents at September 30
|
$ | 346,299 | $ | 438,044 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Expected
term of options
|
— | — |
7.0
years
|
7.0
years
|
||||||||||||
Expected
volatility
|
— | — | 40 | % | 44 | % | ||||||||||
Risk-free
interest rate
|
— | — | 2.94 | % | 3.03 | % | ||||||||||
Dividend
yield
|
— | — |
zero
|
zero
|
Weighted-
|
||||||||||||||||
Weighted-
|
Average
|
|||||||||||||||
Average
|
Remaining
|
Aggregate
|
||||||||||||||
Number of
|
Exercise
|
Contractual
|
Intrinsic
|
|||||||||||||
Options
|
Price
|
Term (Years)
|
Value
|
|||||||||||||
Outstanding
at December 31, 2009
|
5,531 | $ | 19.20 | 6.18 | ||||||||||||
Granted
|
61 | $ | 19.41 | |||||||||||||
Exercised
|
(133 | ) | $ | 13.12 | ||||||||||||
Forfeited
or expired
|
(223 | ) | $ | 25.28 | ||||||||||||
Outstanding
at September 30, 2010
|
5,236 | $ | 19.10 | 5.61 | $ | 6,986 | ||||||||||
Exercisable
at September 30, 2010
|
3,263 | $ | 20.20 | 4.20 | $ | 4,310 |
Weighted-
|
||||||||
Average
|
||||||||
Grant Date
|
||||||||
Shares
|
Fair Value
|
|||||||
Non-vested shares outstanding at
December 31, 2009
|
290 | $ | 16.67 | |||||
Vested
|
(19 | ) | $ | 17.54 | ||||
Forfeited
|
(7 | ) | $ | 17.02 | ||||
Non-vested
shares outstanding at September 30, 2010
|
264 | $ | 16.60 |
Weighted-
|
||||||||
Average
|
||||||||
Grant Date
|
||||||||
Shares
|
Fair Value
|
|||||||
Non-vested
shares outstanding at December 31, 2009
|
81 | $ | 16.50 | |||||
Forfeited
|
(6 | ) | $ | 16.63 | ||||
Non-vested
shares outstanding at September 30, 2010
|
75 | $ | 16.49 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Net income
|
$ | 22,998 | $ | 16,416 | $ | 62,025 | $ | 37,209 |
Denominator
for basic earnings per share - weighted-average number of common shares
outstanding during the period
|
61,712 | 64,754 | 62,597 | 64,955 | ||||||||||||
Incremental
common shares attributable to exercise of outstanding dilutive
options
|
305 | 388 | 474 | 210 | ||||||||||||
Incremental
common shares attributable to outstanding restricted shares and phantom
stock
|
86 | 50 | 91 | 27 | ||||||||||||
Incremental
common shares attributable to exercise of warrants
|
— | 2 | — | 14 | ||||||||||||
Denominator
for diluted earnings per share
|
62,103 | 65,194 | 63,162 | 65,206 | ||||||||||||
Basic
earnings per share
|
$ | 0.37 | $ | 0.25 | $ | 0.99 | $ | 0.57 | ||||||||
Diluted
earnings per share
|
$ | 0.37 | $ | 0.25 | $ | 0.98 | $ | 0.57 |
Gross
|
Net
|
|||||||||||
Carrying
|
Accumulated
|
Carrying
|
||||||||||
Amount
|
Amortization
|
Amount
|
||||||||||
Customer
relationships
|
$ | 17,849 | $ | (6,737 | ) | $ | 11,112 | |||||
Technology
licenses
|
11,300 | (3,629 | ) | 7,671 | ||||||||
Other
|
868 | (88 | ) | 780 | ||||||||
Other
intangible assets, September 30, 2010
|
$ | 30,017 | $ | (10,454 | ) | $ | 19,563 |
Gross
|
Net
|
|||||||||||
Carrying
|
Accumulated
|
Carrying
|
||||||||||
Amount
|
Amortization
|
Amount
|
||||||||||
Customer
relationships
|
$ | 17,944 | $ | (5,432 | ) | $ | 12,512 | |||||
Technology
licenses
|
11,300 | (1,698 | ) | 9,602 | ||||||||
Other
|
868 | (70 | ) | 798 | ||||||||
Other
intangible assets, December 31, 2009
|
$ | 30,112 | $ | (7,200 | ) | $ | 22,912 |
Year ending December 31,
|
Amount
|
|||
2010
(remaining three months)
|
$ | 979 | ||
2011
|
4,371 | |||
2012
|
4,391 | |||
2013
|
3,818 | |||
2014
|
1,812 |
September 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Raw materials
|
$ | 287,434 | $ | 237,294 | ||||
Work
in process
|
66,232 | 54,197 | ||||||
Finished
goods
|
26,978 | 24,252 | ||||||
$ | 380,644 | $ | 315,743 |
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2010
|
2009
|
|||||||
Federal – Current
|
$ | (3,052 | ) | $ | 4,101 | |||
Foreign
–
Current
|
(6,406 | ) | (2,275 | ) | ||||
State
– Current
|
(373 | ) | (371 | ) | ||||
Deferred
|
2,624 | 1,866 | ||||||
$ | (7,207 | ) | $ | 3,321 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Net
sales:
|
||||||||||||||||
Americas
|
$ | 392,153 | $ | 309,098 | $ | 1,134,922 | $ | 898,861 | ||||||||
Asia
|
222,548 | 181,923 | 638,529 | 524,369 | ||||||||||||
Europe
|
38,637 | 43,962 | 121,705 | 131,778 | ||||||||||||
Elimination
of intersegment sales
|
(39,474 | ) | (24,522 | ) | (119,938 | ) | (65,978 | ) | ||||||||
$ | 613,864 | $ | 510,461 | $ | 1,775,218 | $ | 1,489,030 | |||||||||
Depreciation
and amortization:
|
||||||||||||||||
Americas
|
$ | 4,800 | $ | 5,136 | $ | 15,251 | $ | 14,302 | ||||||||
Asia
|
3,388 | 3,434 | 10,132 | 10,487 | ||||||||||||
Europe
|
717 | 716 | 2,156 | 2,015 | ||||||||||||
Corporate
|
893 | 915 | 2,677 | 2,878 | ||||||||||||
$ | 9,798 | $ | 10,201 | $ | 30,216 | $ | 29,682 | |||||||||
Income
(loss) from operations:
|
||||||||||||||||
Americas
|
$ | 16,569 | $ | 9,408 | $ | 47,342 | $ | 22,135 | ||||||||
Asia
|
15,475 | 13,871 | 45,527 | 38,990 | ||||||||||||
Europe
|
1,607 | (3,152 | ) | 4,091 | (1,308 | ) | ||||||||||
Corporate
and intersegment eliminations
|
(9,761 | ) | (8,453 | ) | (28,076 | ) | (25,618 | ) | ||||||||
$ | 23,890 | $ | 11,674 | $ | 68,884 | $ | 34,199 | |||||||||
Capital
expenditures:
|
||||||||||||||||
Americas
|
$ | 3,782 | $ | 3,148 | $ | 13,814 | $ | 4,885 | ||||||||
Asia
|
4,864 | 611 | 12,922 | 6,244 | ||||||||||||
Europe
|
713 | 885 | 1,570 | 3,037 | ||||||||||||
Corporate
|
447 | 85 | 745 | 204 | ||||||||||||
$ | 9,806 | $ | 4,729 | $ | 29,051 | $ | 14,370 |
September 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Total
assets:
|
||||||||
Americas
|
$ | 578,542 | $ | 567,494 | ||||
Asia
|
507,312 | 418,208 | ||||||
Europe
|
248,303 | 263,025 | ||||||
Corporate
and other
|
136,276 | 216,993 | ||||||
$ | 1,470,433 | $ | 1,465,720 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Geographic
net sales:
|
||||||||||||||||
United
States
|
$ | 452,617 | $ | 380,160 | $ | 1,316,912 | $ | 1,100,945 | ||||||||
Asia
|
58,270 | 42,522 | 149,811 | 128,319 | ||||||||||||
Europe
|
90,919 | 79,957 | 271,819 | 234,535 | ||||||||||||
Other
Foreign
|
12,058 | 7,822 | 36,676 | 25,231 | ||||||||||||
$ | 613,864 | $ | 510,461 | $ | 1,775,218 | $ | 1,489,030 |
September 30,
|
December 31,
|
|||||||
2010
|
2009
|
|||||||
Long-lived assets:
|
||||||||
United
States
|
$ | 73,172 | $ | 77,675 | ||||
Asia
|
69,130 | 65,555 | ||||||
Europe
|
10,064 | 9,344 | ||||||
Other
|
15,017 | 13,160 | ||||||
$ | 167,383 | $ | 165,734 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Income
taxes paid, net
|
$ | 1,774 | $ | 3,510 | $ | 5,345 | $ | 5,442 | ||||||||
Interest
paid
|
369 | 376 | 1,032 | 1,055 |
Balance as of
|
Foreign
|
Balance as of
|
||||||||||||||||||||||
December 31,
|
Restructuring
|
Cash
|
Non-Cash
|
Exchange
|
September 30,
|
|||||||||||||||||||
2009
|
Charges
|
Payment
|
Activity
|
Adjustments
|
2010
|
|||||||||||||||||||
2010 Restructuring:
|
||||||||||||||||||||||||
Severance
|
$ | — | $ | 1,137 | $ | (895 | ) | $ | — | $ | — | $ | 242 | |||||||||||
Other
exit costs
|
— | 94 | (94 | ) | — | — | — | |||||||||||||||||
— | 1,231 | (989 | ) | — | — | 242 | ||||||||||||||||||
2009
Restructuring:
|
||||||||||||||||||||||||
Severance
|
1,099 | 153 | (1,247 | ) | — | 2 | 7 | |||||||||||||||||
Lease
facility costs
|
2,472 | 99 | (650 | ) | — | (193 | ) | 1,728 | ||||||||||||||||
Other
exit costs
|
113 | 901 | (877 | ) | (105 | ) | — | 32 | ||||||||||||||||
3,684 | 1,153 | (2,774 | ) | (105 | ) | (191 | ) | 1,767 | ||||||||||||||||
2007
Restructuring:
|
||||||||||||||||||||||||
Lease
facility costs
|
373 | 48 | (396 | ) | — | (25 | ) | — | ||||||||||||||||
Other
exit costs
|
415 | (283 | ) | (73 | ) | — | (40 | ) | 19 | |||||||||||||||
788 | (235 | ) | (469 | ) | — | (65 | ) | 19 | ||||||||||||||||
Total
|
$ | 4,472 | $ | 2,149 | $ | (4,232 | ) | $ | (105 | ) | $ | (256 | ) | $ | 2,028 |
2010
|
2009
|
|||||||
Balance
as of January 1
|
$ | 45,686 | $ | 48,162 | ||||
Net
unrealized gains included in other comprehensive loss
|
791 | 1,044 | ||||||
Redemptions
of investments
|
(10,225 | ) | (2,900 | ) | ||||
Balance
as of September 30
|
$ | 36,252 | $ | 46,306 | ||||
Unrealized
losses still held as of September 30
|
$ | 3,598 | $ | 4,269 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Sales
|
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost
of sales
|
92.2 | 92.8 | 92.1 | 93.1 | ||||||||||||
Gross
profit
|
7.8 | 7.2 | 7.9 | 6.9 | ||||||||||||
Selling,
general and administrative expenses
|
3.8 | 4.2 | 3.9 | 4.2 | ||||||||||||
Restructuring
charges
|
0.1 | 0.7 | 0.1 | 0.4 | ||||||||||||
Income
from operations
|
3.9 | 2.3 | 3.9 | 2.3 | ||||||||||||
Other
income (expense), net
|
0.2 | (0.1 | ) | 0.0 | (0.0 | ) | ||||||||||
Income
before income taxes
|
4.1 | 2.2 | 3.9 | 2.3 | ||||||||||||
Income
tax benefit (expense)
|
(0.4 | ) | 1.0 | (0.4 | ) | 0.2 | ||||||||||
Net
income
|
3.7 | % | 3.2 | % | 3.5 | % | 2.5 | % |
Sales
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Computers
and related products for business enterprises
|
31 | % | 36 | % | 31 | % | 39 | % | ||||||||
Telecommunication
equipment
|
22 | 23 | 23 | 24 | ||||||||||||
Industrial
control equipment
|
26 | 21 | 25 | 20 | ||||||||||||
Medical
devices
|
10 | 15 | 11 | 14 | ||||||||||||
Testing
and instrumentation products
|
11 | 5 | 10 | 3 | ||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
Gross
Profit
|
Selling, General and Administrative
Expenses
|
Restructuring
Charges
|
Interest
Income
|
Interest
Expense
|
Income Tax Benefit
(Expense)
|
Net
Income
|
|
•
|
Foreign
currency exchange risk;
|
|
•
|
Import
and export duties, taxes and regulatory
changes;
|
|
•
|
Inflationary
economies or currencies; and
|
|
•
|
Economic
and political instability.
|
ISSUER PURCHASES OF EQUITY
SECURITIES
|
||||||||||||||||
(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, 2010
|
315,000 | $ | 16.32 | 315,000 | $ | 112.6 million | ||||||||||
August
1 to 31, 2010
|
457,000 | $ | 15.58 | 457,000 | $ | 105.4 million | ||||||||||
September
1 to 30, 2010
|
576,550 | $ | 15.13 | 576,550 | $ | 96.7 million | ||||||||||
Total
|
1,348,550 | $ | 15.56 | 1,348,550 |
4.1
|
Amendment
No. 2 dated as of May 18, 2010 to the Rights Agreement, dated as of
December 11, 1998, as amended by Amendment No. 1 dated as of December 10,
2008, between Benchmark Electronics, Inc. and ComputerShare Trust Company,
N.A. (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-A/A
filed May 25, 2010 (Commission file number
1-10560)).
|
4.2
|
Form
of Option Award Agreement for use under the 2010 Omnibus Incentive
Compensation Plan (the “Plan”) (incorporated by reference to Exhibit 4.10
to the Company’s Registration Statement on Form S-8 filed July 30,
2010).
|
4.3
|
Form
of Restricted Share Award Agreement for use under the Plan (incorporated
by reference to Exhibit 4.11 to the Company’s Registration Statement on
Form S-8 filed July 30,
2010).
|
4.4
|
Form
of Restricted Stock Unit Award Agreement for use under the Plan
(incorporated by reference to Exhibit 4.12 to the Company’s Registration
Statement on Form S-8 filed July 30,
2010).
|
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
|
||
4.1
|
Amendment
No. 2 dated as of May 18, 2010 to the Rights Agreement, dated as of
December 11, 1998, as amended by Amendment No. 1 dated as of December 10,
2008, between Benchmark Electronics, Inc. and ComputerShare Trust Company,
N.A. (incorporated by reference to Exhibit 4.1 to the Company’s Form 8-A/A
filed May 25, 2010 (Commission file number 1-10560)).
|
||
4.2
|
Form
of Option Award Agreement for use under the 2010 Omnibus Incentive
Compensation Plan (the “Plan”) (incorporated by reference to Exhibit 4.10
to the Company’s Registration Statement on Form S-8 filed July 30,
2010).
|
||
4.3
|
Form
of Restricted Share Award Agreement for use under the Plan (incorporated
by reference to Exhibit 4.11 to the Company’s Registration Statement on
Form S-8 filed July 30, 2010).
|
||
4.4
|
Form
of Restricted Stock Unit Award Agreement for use under the Plan
(incorporated by reference to Exhibit 4.12 to the Company’s Registration
Statement on Form S-8 filed July 30, 2010).
|
||
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
|