ANGLETON, TX – Contract electronics manufacturer Benchmark Electronics posted sales of $559 million for the fourth quarter ended Dec. 31, down 10.8% year-over-year.

The firm reported net income of $3 million, down 84.2% compared to the fourth quarter of 2010.

Excluding restructuring and Thailand flood-related charges, net of insurance, Benchmark’s net income would have been $10 million in the fourth quarter.

Sales for the year ended Dec. 31 were $2.3 billion, down 4.2% year-over-year. Net income for the year was $52 million, a drop of 35% compared to 2010.

Excluding restructuring and Thailand flood-related charges, net of insurance, the company’s net income would have been $60 million for 2011.

“Our fourth quarter revenues and earnings per share exceeded the high-end of our guidance. Customer demand levels were strong across each of our industry sectors in the fourth quarter,” said CEO Gayla J. Delly. “We expect to return to full production levels by the end of March.”

Benchmark’s Ayudhaya, Thailand, facilities were flooded and remained closed from Oct. 13 to Dec. 20.

Sales for the first quarter of 2012 are expected to range from $550 million to $590 million.