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 o |
Non-accelerated filer o(Do not check if a smaller reporting company) | Smaller reporting company o |
Page
|
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2
|
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2
|
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3
|
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4
|
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5
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6
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7-20
|
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21
|
||
32
|
||
32
|
||
|
||
|
||
|
||
33
|
||
33
|
||
34
|
||
35
|
||
35
|
||
36
|
||
37
|
September
30,
|
December
31,
|
||||||
(in
thousands, except par value)
|
2008
|
2007
|
|||||
(unaudited)
|
|||||||
Assets
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
341,361
|
$
|
199,198
|
|||
Short-term
investments
|
—
|
182,825
|
|||||
Accounts
receivable, net of allowance for doubtful
|
|||||||
accounts
of $982 and $1,406, respectively
|
415,455
|
485,907
|
|||||
Inventories,
net
|
362,692
|
361,952
|
|||||
Prepaid
expenses and other assets
|
38,529
|
60,847
|
|||||
Deferred
income taxes
|
12,675
|
14,562
|
|||||
Total
current assets
|
1,170,712
|
1,305,291
|
|||||
Long-term
investments
|
47,907
|
—
|
|||||
Property,
plant and equipment, net of accumulated
|
|||||||
depreciation
of $253,932 and $233,439 respectively
|
141,745
|
144,182
|
|||||
Goodwill,
net
|
283,194
|
283,725
|
|||||
Other,
net
|
25,810
|
29,650
|
|||||
$
|
1,669,368
|
$
|
1,762,848
|
||||
Liabilities
and Shareholders’ Equity
|
|||||||
Current
liabilities:
|
|||||||
Current
installments of long-term
|
|||||||
debt
and capital lease obligations
|
$
|
273
|
$
|
430
|
|||
Accounts
payable
|
289,725
|
359,422
|
|||||
Income
taxes payable
|
76
|
1,699
|
|||||
Accrued
liabilities
|
58,621
|
59,509
|
|||||
Total
current liabilities
|
348,695
|
421,060
|
|||||
Long-term
debt and capital lease obligations, less
|
|||||||
current
installments
|
11,749
|
12,096
|
|||||
Other
long-term liabilities
|
29,337
|
31,762
|
|||||
Deferred
income taxes
|
12,164
|
9,408
|
|||||
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 - 65,822 and 70,687, respectively;
|
|||||||
outstanding
- 65,711 and 70,576, respectively
|
6,571
|
7,058
|
|||||
Additional
paid-in capital
|
743,334
|
793,272
|
|||||
Retained
earnings
|
525,222
|
486,848
|
|||||
Accumulated
other comprehensive income (loss)
|
(7,432
|
)
|
1,616
|
||||
Less
treasury shares, at cost; 111 shares
|
(272
|
)
|
(272
|
)
|
|||
Total
shareholders’ equity
|
1,267,423
|
1,288,522
|
|||||
Commitments
and contingencies
|
|||||||
$
|
1,669,368
|
$
|
1,762,848
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
(in
thousands, except per share data)
|
|||||||||||||
Sales
|
$
|
641,672
|
$
|
672,595
|
$
|
2,008,397
|
$
|
2,181,372
|
|||||
Cost
of sales
|
597,376
|
633,818
|
1,872,859
|
2,033,612
|
|||||||||
Gross
profit
|
44,296
|
38,777
|
135,538
|
147,760
|
|||||||||
Selling,
general and
|
|||||||||||||
administrative
expenses
|
21,329
|
21,999
|
67,266
|
69,466
|
|||||||||
Amortization
of intangibles
|
446
|
447
|
1,340
|
1,341
|
|||||||||
Restructuring
charges and integration costs
|
253
|
1,451
|
253
|
7,001
|
|||||||||
Income
from operations
|
22,268
|
14,880
|
66,679
|
69,952
|
|||||||||
Interest
income
|
1,680
|
3,106
|
6,909
|
7,555
|
|||||||||
Interest
expense
|
(378
|
)
|
(411
|
)
|
(1,102
|
)
|
(1,786
|
)
|
|||||
Other
income (expense)
|
(790
|
)
|
725
|
1,547
|
1,578
|
||||||||
Income
before income taxes
|
22,780
|
18,300
|
74,033
|
77,299
|
|||||||||
Income
tax benefit (expense)
|
1,145
|
3,709
|
(5,057
|
)
|
(4,893
|
)
|
|||||||
Net
income
|
$
|
23,925
|
$
|
22,009
|
$
|
68,976
|
$
|
72,406
|
|||||
Earnings
per share:
|
|||||||||||||
Basic
|
$
|
0.36
|
$
|
0.30
|
$
|
1.02
|
$
|
1.00
|
|||||
Diluted
|
$
|
0.36
|
$
|
0.30
|
$
|
1.01
|
$
|
0.99
|
|||||
Weighted-average
number of shares outstanding:
|
|||||||||||||
Basic
|
66,268
|
72,951
|
67,693
|
72,314
|
|||||||||
Diluted
|
66,630
|
73,626
|
68,251
|
73,313
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
(in
thousands)
|
|||||||||||||
Net
income
|
$
|
23,925
|
$
|
22,009
|
$
|
68,976
|
$
|
72,406
|
|||||
Other
comprehensive income:
|
|||||||||||||
Foreign
currency translation adjustments
|
(8,753
|
)
|
2,793
|
(3,280
|
)
|
6,263
|
|||||||
Unrealized
loss on investments
|
(2,852
|
)
|
—
|
(5,768
|
)
|
—
|
|||||||
Comprehensive
income
|
$
|
12,320
|
$
|
24,802
|
$
|
59,928
|
$
|
78,669
|
The
components of accumulated other comprehensive income (loss) are
as
follows:
|
September
30,
|
December
31,
|
||||||
(in
thousands)
|
2008
|
2007
|
|||||
Cumulative
foreign currency translation gains (losses)
|
$
|
(1,664
|
)
|
$
|
1,616
|
||
Unrealized
loss on investments
|
(5,768
|
)
|
—
|
||||
Accumulated
other comprehensive income (loss)
|
$
|
(7,432
|
)
|
$
|
1,616
|
Accumulated
|
||||||||||||||||||||||
|
Additional
|
other
|
Total
|
|||||||||||||||||||
Common
|
paid-in
|
Retained
|
comprehensive
|
Treasury
|
shareholders’
|
|||||||||||||||||
(in
thousands)
|
Shares
|
shares
|
capital
|
earning
|
|
income
(loss)
|
|
shares
|
|
equity
|
||||||||||||
Balances,
December 31, 2007
|
70,576
|
$
|
7,058
|
$
|
793,272
|
$
|
486,848
|
$
|
1,616
|
$
|
(272
|
)
|
$
|
1,288,522
|
||||||||
Stock-based
compensation expense
|
—
|
—
|
2,432
|
—
|
—
|
—
|
2,432
|
|||||||||||||||
Shares
repurchased and retired
|
(5,204
|
)
|
(521
|
)
|
(55,950
|
)
|
(30,602
|
)
|
—
|
—
|
(87,073
|
)
|
||||||||||
Stock
options exercised
|
300
|
30
|
2,792
|
—
|
—
|
—
|
2,822
|
|||||||||||||||
Issuance
of restricted shares
|
39
|
4
|
(4
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||
Federal
tax benefit of
|
||||||||||||||||||||||
stock
options exercised
|
—
|
—
|
792
|
—
|
—
|
—
|
792
|
|||||||||||||||
Comprehensive
income (loss)
|
—
|
—
|
—
|
68,976
|
(9,048
|
)
|
—
|
59,928
|
||||||||||||||
Balances,
September 30, 2008
|
65,711
|
$
|
6,571
|
$
|
743,334
|
$
|
525,222
|
$
|
(7,432
|
)
|
$
|
(272
|
)
|
$
|
1,267,423
|
Nine
Months Ended
|
|||||||
September
30,
|
|||||||
(in
thousands)
|
2008
|
2007
|
|||||
Cash
flows from operating activities:
|
|||||||
Net
income
|
$
|
68,976
|
$
|
72,406
|
|||
Adjustments
to reconcile net income to net cash provided by
|
|||||||
operating
activities:
|
|||||||
Depreciation
and amortization
|
30,329
|
32,003
|
|||||
Deferred
income taxes
|
4,643
|
7,256
|
|||||
Gain
on the sale of property, plant and equipment
|
(46
|
)
|
(511
|
)
|
|||
Asset
impairments
|
—
|
273
|
|||||
Stock-based
compensation expense
|
2,432
|
2,440
|
|||||
Federal
tax benefit of disqualified dispositions
|
266
|
795
|
|||||
Changes
in operating assets and liabilities, net of effects
|
|||||||
from
acquisitions:
|
|||||||
Accounts
receivable
|
69,521
|
146,553
|
|||||
Inventories
|
(1,945
|
)
|
113,795
|
||||
Prepaid
expenses and other assets
|
23,127
|
7,030
|
|||||
Accounts
payable
|
(69,113
|
)
|
(123,155
|
)
|
|||
Accrued
liabilities
|
1,118
|
(26,058
|
)
|
||||
Income
taxes
|
(4,475
|
)
|
(6,094
|
)
|
|||
Net
cash provided by operations
|
124,833
|
226,733
|
|||||
Cash
flows from investing activities:
|
|||||||
Purchases
of investments
|
(162,709
|
)
|
(375,850
|
)
|
|||
Proceeds
from sales and maturities of investments
|
291,850
|
260,870
|
|||||
Additions
to property, plant and equipment
|
(24,980
|
)
|
(12,257
|
)
|
|||
Proceeds
from the sale of property, plant and equipment
|
235
|
1,889
|
|||||
Other
|
—
|
400
|
|||||
Additions
to purchased software
|
(133
|
)
|
(1,626
|
)
|
|||
Net
cash acquired in acquisitions
|
—
|
181
|
|||||
Net
cash provided by (used in) investing activities
|
104,263
|
(126,393
|
)
|
||||
Cash
flows from financing activities:
|
|||||||
Proceeds
from stock options exercised
|
2,822
|
8,793
|
|||||
Federal
tax benefit of disqualified dispositions
|
526
|
1,635
|
|||||
Principal
payments on long-term debt and capital lease obligations
|
(539
|
)
|
(88,657
|
)
|
|||
Proceeds
from long-term debt
|
—
|
16,760
|
|||||
Share
repurchases
|
(87,073
|
)
|
(2,407
|
)
|
|||
Debt
issuance cost
|
(234
|
)
|
—
|
||||
Net
cash used in financing activities
|
(84,498
|
)
|
(63,876
|
)
|
|||
Effect
of exchange rate changes
|
(2,435
|
)
|
3,245
|
||||
Net
increase in cash and cash equivalents
|
142,163
|
39,709
|
|||||
Cash
and cash equivalents at beginning of year
|
199,198
|
123,872
|
|||||
Cash
and cash equivalents at September 30
|
$
|
341,361
|
$
|
163,581
|
Three
Months Ended
|
Nine
Months Ended
|
|||||
September
30,
|
September
30,
|
|||||
2008
|
2007
|
2008
|
2007
|
|||
Expected
term of options
|
—
|
—
|
7.0
years
|
2.7
years
|
||
Expected
volatility
|
—
|
—
|
42%
|
|
29%
|
|
Risk-free
interest rate
|
—
|
—
|
3.67%
|
|
4.83%
|
|
Dividend
yield
|
—
|
—
|
zero
|
zero
|
Weighted-
|
|||||||||||||
Weighted-
|
Average
|
||||||||||||
Average
|
Remaining
|
Aggregate
|
|||||||||||
Number
of
|
Exercise
|
Contractual
|
Intrinsic
|
||||||||||
Options
|
Price
|
Term
(Years)
|
Value
|
||||||||||
Outstanding
at December 31, 2007
|
5,875
|
$
|
19.15
|
6.32
|
|||||||||
Granted
|
51
|
$
|
17.43
|
||||||||||
Exercised
|
(300
|
)
|
$
|
9.41
|
|||||||||
Forfeited
or expired
|
(293
|
)
|
$
|
23.30
|
|||||||||
Outstanding
at September 30, 2008
|
5,333
|
$
|
19.45
|
5.82
|
$
|
4,699
|
|||||||
Exercisable
at September 30, 2008
|
3,355
|
$
|
17.84
|
4.38
|
$
|
4,699
|
Weighted-
|
|||||||
Average
|
|||||||
Grant
Date
|
|||||||
Shares
|
Fair
Value
|
||||||
Non-vested
shares outstanding at December 31, 2007
|
—
|
—
|
|||||
Granted
|
39
|
$
|
17.54
|
||||
Non-vested
shares outstanding at September 30, 2008
|
39
|
$
|
17.54
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
Numerator
for basic earnings per share -
|
|||||||||||||
net
income
|
$
|
23,925
|
$
|
22,009
|
$
|
68,976
|
$
|
72,406
|
|||||
Interest
expense on convertible debt, net
|
|||||||||||||
of
tax
|
—
|
—
|
—
|
147
|
|||||||||
Numerator
for diluted earnings per share
|
$
|
23,925
|
$
|
22,009
|
$
|
68,976
|
$
|
72,553
|
|||||
Denominator
for basic earnings per share -
|
|||||||||||||
weighted-average
number of common
|
|||||||||||||
shares
outstanding during the period
|
66,268
|
72,951
|
67,693
|
72,314
|
|||||||||
Incremental
common shares attributable to
|
|||||||||||||
exercise
of outstanding dilutive options
|
276
|
526
|
455
|
699
|
|||||||||
Incremental
common shares attributable to
|
|||||||||||||
conversion
of 6.5% convertible debt
|
—
|
—
|
—
|
160
|
|||||||||
Incremental
common shares attributable
|
|||||||||||||
to
exercise of warrants
|
47
|
149
|
75
|
140
|
|||||||||
Incremental
common shares attributable to
|
|||||||||||||
contingently
returnable restricted shares
|
39
|
—
|
28
|
—
|
|||||||||
Denominator
for diluted earnings per share
|
66,630
|
73,626
|
68,251
|
73,313
|
|||||||||
Basic
earnings per share
|
$
|
0.36
|
$
|
0.30
|
$
|
1.02
|
$
|
1.00
|
|||||
Diluted
earnings per share
|
$
|
0.36
|
$
|
0.30
|
$
|
1.01
|
$
|
0.99
|
Shares
|
Exercise
Price
|
Expiration
Date
|
|||||
126
|
$
|
14.25
|
May
1,
2009
|
||||
160
|
$
|
12.50
|
May
1,
2009
|
||||
40
|
$
|
10.125
|
July
18, 2009
|
Americas
|
Asia
|
Europe
|
|
Total
|
|||||||||
Goodwill,
December 31, 2007
|
$
|
226,122
|
$
|
37,912
|
$
|
19,691
|
$
|
283,725
|
|||||
Currency
translation adjustment
|
(21
|
)
|
—
|
(510
|
)
|
(531
|
)
|
||||||
Goodwill,
September 30, 2008
|
$
|
226,101
|
$
|
37,912
|
$
|
19,181
|
$
|
283,194
|
Gross
|
Net
|
|||||||||
Carrying
|
Accumulated
|
Carrying
|
||||||||
Amount
|
Amortization
|
Amount
|
||||||||
Customer
relationships, December 31, 2007
|
$
|
18,052
|
$
|
(1,864
|
)
|
$
|
16,188
|
|||
Amortization
of intangibles
|
—
|
(1,340
|
)
|
(1,340
|
)
|
|||||
Currency
translation adjustment
|
(48
|
)
|
13
|
(35
|
)
|
|||||
Customer
relationships, September 30, 2008
|
$
|
18,004
|
$
|
(3,191
|
)
|
$
|
14,813
|
September
30,
|
December
31,
|
||||||
2008
|
2007
|
||||||
Long-term
debt
|
$
|
8
|
$
|
192
|
|||
Capital
lease obligations
|
12,014
|
12,334
|
|||||
Total
|
12,022
|
12,526
|
|||||
Less
current installments
|
273
|
430
|
|||||
Long-term
debt and capital lease obligations,
|
|||||||
less
current installments
|
$
|
11,749
|
$
|
12,096
|
September
30,
|
December
31,
|
||||||
2008
|
2007
|
||||||
Raw
materials
|
$
|
263,511
|
$
|
262,765
|
|||
Work
in process
|
70,854
|
68,818
|
|||||
Finished
goods
|
28,327
|
30,369
|
|||||
$
|
362,692
|
$
|
361,952
|
Nine
Months Ended
|
|||||||
September
30,
|
|||||||
|
|
2008
|
|
2007
|
|||
Federal
- Current
|
$
|
(3,252
|
)
|
$
|
(3,638
|
)
|
|
Foreign
- Current
|
3,609
|
888
|
|||||
State
- Current
|
57
|
387
|
|||||
Deferred
|
4,643
|
7,256
|
|||||
$
|
5,057
|
$
|
4,893
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2008
|
2007
|
|
2008
|
|
2007
|
|
|||||||
Sales:
|
|||||||||||||
Americas
|
$
|
410,444
|
$
|
458,499
|
$
|
1,322,700
|
$
|
1,591,600
|
|||||
Asia
|
234,766
|
254,763
|
714,430
|
710,695
|
|||||||||
Europe
|
58,487
|
74,553
|
199,891
|
272,875
|
|||||||||
Elimination
of intersegment sales
|
(62,025
|
)
|
(115,220
|
)
|
(228,624
|
)
|
(393,798
|
)
|
|||||
$
|
641,672
|
$
|
672,595
|
$
|
2,008,397
|
$
|
2,181,372
|
||||||
Depreciation
and amortization:
|
|||||||||||||
Americas
|
$
|
4,374
|
$
|
5,628
|
$
|
13,073
|
$
|
15,937
|
|||||
Asia
|
4,108
|
4,492
|
12,556
|
12,394
|
|||||||||
Europe
|
733
|
629
|
2,039
|
1,882
|
|||||||||
Corporate
|
907
|
483
|
2,661
|
1,790
|
|||||||||
$
|
10,122
|
$
|
11,232
|
$
|
30,329
|
$
|
32,003
|
||||||
Income
from operations:
|
|||||||||||||
Americas
|
$
|
9,043
|
$
|
4,776
|
$
|
31,360
|
$
|
37,660
|
|||||
Asia
|
18,415
|
16,780
|
55,427
|
46,087
|
|||||||||
Europe
|
1,438
|
504
|
2,789
|
2,559
|
|||||||||
Corporate
and intersegment eliminations
|
(6,628
|
)
|
(7,180
|
)
|
(22,897
|
)
|
(16,354
|
)
|
|||||
$
|
22,268
|
$
|
14,880
|
$
|
66,679
|
$
|
69,952
|
||||||
Capital
expenditures:
|
|||||||||||||
Americas
|
$
|
2,427
|
$
|
1,064
|
$
|
9,122
|
$
|
3,503
|
|||||
Asia
|
3,503
|
502
|
13,818
|
7,296
|
|||||||||
Europe
|
573
|
219
|
1,981
|
761
|
|||||||||
Corporate
|
5
|
1,261
|
192
|
2,323
|
|||||||||
$
|
6,508
|
$
|
3,046
|
$
|
25,113
|
$
|
13,883
|
September
30,
|
December
31,
|
||||||
2008
|
2007
|
||||||
Total
assets:
|
|||||||
Americas
|
$
|
759,561
|
$
|
853,562
|
|||
Asia
|
501,277
|
514,078
|
|||||
Europe
|
128,694
|
140,948
|
|||||
Corporate
and other
|
279,836
|
254,260
|
|||||
$
|
1,669,368
|
$
|
1,762,848
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
Geographic
sales:
|
|||||||||||||
United
States
|
$
|
478,056
|
$
|
515,964
|
$
|
1,513,619
|
$
|
1,666,155
|
|||||
Asia
|
54,451
|
35,858
|
164,368
|
123,126
|
|||||||||
Europe
|
98,374
|
114,004
|
300,789
|
365,848
|
|||||||||
Other
Foreign
|
10,791
|
6,769
|
29,621
|
26,243
|
|||||||||
$
|
641,672
|
$
|
672,595
|
$
|
2,008,397
|
$
|
2,181,372
|
September
30,
|
December
31,
|
||||||
2008
|
2007
|
||||||
Long-lived
assets:
|
|||||||
United
States
|
$
|
77,401
|
$
|
86,602
|
|||
Asia
|
69,927
|
69,062
|
|||||
Europe
|
9,403
|
10,147
|
|||||
Other
|
10,824
|
8,021
|
|||||
$
|
167,555
|
$
|
173,832
|
Three
Months Ended
|
|
Nine
Months Ended
|
|||||||||||
September
30,
|
September
30,
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
Income
taxes paid, net
|
$
|
1,667
|
$
|
1,108
|
$
|
4,130
|
$
|
1,056
|
|||||
Interest
paid
|
364
|
631
|
1,079
|
1,690
|
Facility
|
Other
|
||||||||||||
Lease
|
Exit
|
Total
|
|||||||||||
Severance
|
Costs
|
Costs
|
Costs
|
||||||||||
Balance
as of December 31, 2007
|
$
|
171
|
$
|
1,011
|
$
|
541
|
$
|
1,723
|
|||||
Provision
for charges incurred
|
—
|
(143
|
)
|
—
|
(143
|
)
|
|||||||
Payments
|
(171
|
)
|
(230
|
)
|
(484
|
)
|
(885
|
)
|
|||||
Balance
as of March 31, 2008
|
—
|
638
|
57
|
695
|
|||||||||
Provision
for charges incurred
|
—
|
—
|
(57
|
)
|
(57
|
)
|
|||||||
Payments
|
—
|
(121
|
)
|
—
|
(121
|
)
|
|||||||
Balance
as of June 30, 2008
|
—
|
517
|
—
|
517
|
|||||||||
Payments
|
—
|
(183
|
)
|
—
|
(183
|
)
|
|||||||
Balance
as of September 30, 2008
|
$
|
—
|
$
|
334
|
$
|
—
|
$
|
334
|
Facility
|
Other
|
|||||||||
Lease
|
Exit
|
Total
|
||||||||
Costs
|
Costs
|
Costs
|
||||||||
Balance
as of December 31, 2007
|
$
|
808
|
$
|
1,617
|
$
|
2,425
|
||||
Payments
|
(160
|
)
|
(194
|
)
|
(354
|
)
|
||||
Non-cash
charges incurred
|
—
|
(452
|
)
|
(452
|
)
|
|||||
Foreign
exchange adjustments
|
40
|
69
|
109
|
|||||||
Balance
as of March 31, 2008
|
688
|
1,040
|
1,728
|
|||||||
Provision
for charges incurred
|
(1
|
)
|
(511
|
)
|
(512
|
)
|
||||
Payments
|
(2
|
)
|
(139
|
)
|
(141
|
)
|
||||
Foreign
exchange adjustments
|
(112
|
)
|
104
|
(8
|
)
|
|||||
Balance
as of June 30, 2008
|
573
|
494
|
1,067
|
|||||||
Foreign
exchange adjustments
|
(41
|
)
|
(36
|
)
|
(77
|
)
|
||||
Balance
as of September 30, 2008
|
$
|
532
|
$
|
458
|
$
|
990
|
Balance
as of June 30, 2008
|
$
|
—
|
||
Transfers
into Level 3
|
55,484
|
|||
Net
unrealized losses included in other comprehensive income
(loss)
|
(2,852
|
)
|
||
Redemptions
of investments
|
(4,725
|
)
|
||
Balance
as of September 30, 2008
|
$
|
47,907
|
||
Unrealized
losses still held
|
$
|
5,786
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
Sales
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
|||||
Cost
of sales
|
93.1
|
94.2
|
93.3
|
93.2
|
|||||||||
Gross
profit
|
6.9
|
5.8
|
6.7
|
6.8
|
|||||||||
Selling,
general and administrative expenses
|
3.3
|
3.3
|
3.3
|
3.2
|
|||||||||
Amortization
of intangibles
|
0.1
|
0.1
|
0.1
|
0.1
|
|||||||||
Restructuring
charges
|
0.0
|
0.2
|
0.0
|
0.3
|
|||||||||
Income
from operations
|
3.5
|
2.2
|
3.3
|
3.2
|
|||||||||
Other
income, net
|
0.1
|
0.5
|
0.4
|
0.3
|
|||||||||
Income
before income taxes
|
3.6
|
2.7
|
3.7
|
3.5
|
|||||||||
Income
tax benefit (expense)
|
0.2
|
0.6
|
(0.3
|
)
|
(0.2
|
)
|
|||||||
Net
income
|
3.7
|
%
|
3.3
|
%
|
3.4
|
%
|
3.3
|
%
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
Computers
& related products for business
|
|||||||||||||
enterprises
|
45
|
%
|
51
|
%
|
48
|
%
|
52
|
%
|
|||||
Telecommunication
equipment
|
20
|
16
|
18
|
15
|
|||||||||
Industrial
control equipment
|
17
|
15
|
16
|
13
|
|||||||||
Medical
devices
|
15
|
12
|
14
|
13
|
|||||||||
Testing
& instrumentation products
|
3
|
6
|
4
|
7
|
|||||||||
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.
|
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 24, 2008
|
324,700
|
$
|
16.57
|
324,700
|
—
|
||||||||
July
28 to 31, 2008
|
80,900
|
$
|
14.36
|
80,900
|
$
|
98.8
million
|
|||||||
August
1 to 31, 2008
|
488,300
|
$
|
15.17
|
488,300
|
$
|
91.4
million
|
|||||||
September
1 to 30, 2008
|
419,100
|
$
|
15.38
|
419,100
|
$
|
85.0
million
|
|||||||
Total
|
1,313,000
|
$
|
15.53
|
1,313,000
|
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 |