Benchmark Electronics Inc 8-K, filed Feb 25, 2020
Benchmark Electronics Inc (BHE)
About this 8-K
Benchmark Electronics Inc filed this 8-K on February 25, 2020, reporting on events of February 19, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Item 8.01 Other Events.
On February 19, 2020, the Board of Directors authorized a $150 million increase to its existing stock repurchase program. Net of shares repurchased to date, the total remaining authorization under the stock repurchase program is approximately $224 million following the increase.
Stock purchases may be made in the open market, in privately negotiated transactions or block transactions, at the discretion of the Company’s management and as market conditions warrant. Purchases are funded from available cash and may be commenced, suspended or discontinued at any time without prior notice. Shares of stock repurchased under the program are retired.
A copy of the press release announcing the increase to the stock repurchase program is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
| Description of Exhibit |
99.1 |
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104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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| SIGNATURES |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BENCHMARK ELECTRONICS, INC. |
Date: February 24, 2020 | By: /s/ Stephen J. Beaver |
| Stephen J. Beaver, Esq. |
| Vice President General Counsel |
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Exhibit 99.1
FOR IMMEDIATE RELEASE
BENCHMARK ANNOUNCES INCREASE IN STOCK REPURCHASE PROGRAM
TEMPE, AZ, February 24, 2020 – Benchmark Electronics, Inc. (NYSE: BHE) today announced that its Board of Directors has authorized a $150 million increase to its existing stock repurchase program. Net of shares repurchased to date, the total remaining authorization under the stock repurchase program is approximately $224 million following the increase.
Benchmark CFO, Roop K. Lakkaraju commented, "Since 2018, Benchmark has repurchased approximately $340 million of common stock, or 13 million shares, and reduced our outstanding share count by over 25%. This authorization, along with our recently increased quarterly dividend, is a continuation of our long-term strategy to return capital to our shareholders while investing in our people and business to drive long term growth.”
About Benchmark Electronics, Inc.
Benchmark provides comprehensive solutions across the entire product life cycle; leading through its innovative technology and engineering design services; leveraging its optimized global supply chain; and delivering world-class manufacturing services in the following industries: commercial aerospace, defense, advanced computing, next generation telecommunications, complex industrials, medical, and semiconductor capital equipment. Benchmark's global operations include facilities in seven countries and its common shares trade on the New York Stock Exchange under the symbol BHE.
For More Information, Please Contact:
Lisa K. Weeks, VP of Strategy & Investor Relations
623-300-7052 or lisa.weeks@bench.com