News
The contract manufacturer outdid last year's performance, when it reported $487 million in sales and net income of $13.4 million, including charges.
For the year ended Dec. 31, the company reported sales of $2 billion, up 8.8%. Net income
rose 28% to $71 million.
"2004 was another good year for Benchmark," said Cary T. Fu, president and CEO. "We enhanced our customer base, reduced
customer concentration, expanded our low-cost manufacturing capacities,
realigned our resources, increased our technical capabilities and delivered
solid financial performance.
Inventories decreased by $33 million to $257 million; inventory turns were 7.5 times.
As of Dec. 31, Benchmark had $367 million in cash and no outstanding debt.
Accounts receivable were $251 million.
Benchmark guided for first quarter 2005 revenue of $510 million and $530 million.
For the year the company anticipates revenue and earnings growth of 10 to 15%.
"Our 2004 new program bookings
provide good momentum for a strong 2005," Fu said.
The position is a newly
created post.
Prunier, 43, joined TFS
in September 2003 as senior director for the company's medical products
business. He is a former general manager at Plexus, and director of manufacturing for SCI Systems.
Cash from operations exceeded $9 million for the quarter. TTM ended the year with cash and short-term investments of $58.5 million and no outstanding debt.
Sequentially, net sales fell 5% ($3 million), the result of lower orders
due to capacity constraints at the circuit board maker's Chippewa Falls facility.
For the quarter, quickturn business made up 26% of net sales, down 1 point from last year. Gross margin decreased to 24.6%, compared to 26.1% last year and 28.4% sequentially. Gross margin was affected by a raw materials price increase, pricing pressure, lower operating efficiency and mix changes, the company said.
For the year, net revenues rose 33% to $240.6 million and net income
was up nearly 400%, to $28.3 million. The 2004 results included a
restructuring charge of $855,000 and a $1.2 million reversal of a tax
valuation allowance.
For its first quarter 2005, TTM guided for revenues of $59 million
to $62 million.
In a statement, Kent Alder, president and CEO, said, "While we
expect business conditions to remain relatively stable, the benefits of our
capacity expansion at Chippewa Falls should offset the seasonal slowdown in
quickturn typically experienced in the first quarter of the year."
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