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Exhibit 99.1

Press Release

For More Information, Call:

July 22, 2004

GAYLA J. DELLY
CHIEF FINANCIAL OFFICER
(979) 849-6550

FOR IMMEDIATE RELEASE


BENCHMARK ELECTRONICS REPORTS RECORD SALES
AND RECORD EARNINGS FOR SECOND QUARTER 2004

ANGLETON, TX, JULY 22, 2004—Benchmark Electronics, Inc., (NYSE: BHE) a leading contract manufacturing provider, announced sales revenue of $491 million for the quarter ended June 30, 2004, compared to $449 million for the same quarter last year. Second quarter net income was $17.6 million, or $0.42 per diluted share. In the comparable period last year, net income was $11.8 million, or $0.31 per diluted share.

"The Benchmark team has once again delivered solid performance and results. Our flexibility and execution have enabled us to continue to perform well and attract additional opportunities, amidst a technology marketplace that has recently shown mixed indicators," commented Cary T. Fu, President of Benchmark Electronics, Inc.

Second Quarter 2004 Financial Highlights

Third Quarter 2004 Guidance

Forward-Looking Statements

This news release contains certain forward-looking statements within the scope of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "expect," "estimate," "anticipate," "predict," and similar expressions, and the negatives of such expressions, are intended to identify forward-looking statements. Although the Company believes that these statements are based upon reasonable


assumptions, such statements involve risks, uncertainties and assumptions, including but not limited to industry and economic conditions, customer actions and the other factors discussed in Benchmark's Form 10-K for the year ended December 31, 2003 and its other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.

Benchmark Electronics, Inc. is in the business of manufacturing electronics and provides its services to original equipment manufacturers of computers and related products for business enterprises, medical devices, industrial control equipment, testing and instrumentation products, and telecommunication equipment. Benchmark's global operations include facilities in eight countries. Benchmark's Common Stock trades on the New York Stock Exchange under the symbol BHE.

A conference call hosted by Benchmark management will be held today at 10:00 am CDT to discuss the financial results of the Company and its future outlook. This call will be broadcast via the Internet and may be accessed by logging on to our website at www.bench.com.

###


Benchmark Electronics, Inc. and Subsidiaries

Consolidated Statements of Income
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)

 
   Three Months Ended
June 30,
   Six Months Ended
June 30,
  
 
   2004
   2003
   2004
   2003
  
Net sales   $ 491,392   448,948   972,358   897,418  
Cost of sales     453,043   412,024   896,852   824,889  
   
 
 
 
 
    Gross profit     38,349   36,924   75,506   72,529  
Selling, general and administrative expenses     15,330   16,442   31,051   32,914  
Contract settlement     —   —   —   (8,108 )
   
 
 
 
 
    Operating income     23,019   20,482   44,455   47,723  
Other income (expense):                    
  Interest expense     (394 ) (2,349 ) (1,159 ) (4,919 )
  Other     1,321   (148 ) 1,754   668  
   
 
 
 
 
Total other income (expense), net     927   (2,497 ) 595   (4,251 )
   
 
 
 
 
    Income before income taxes     23,946   17,985   45,050   43,472  
Income tax expense     6,390   6,233   12,299   14,389  
   
 
 
 
 
    Net income   $ 17,556   11,752   32,751   29,083  
   
 
 
 
 
Numerator for basic earnings per share — net income   $ 17,556   11,752   32,751   29,083  
Interest expense on 6% convertible debt, net of tax     —   786   —   1,610  
   
 
 
 
 
Numerator for diluted earnings per share   $ 17,556   12,538   32,751   30,693  
   
 
 
 
 
Denominator for basic earnings per share — weighted average number of common shares outstanding during the period     41,047   36,966   41,001   36,866  
Incremental common shares attributable to exercise of outstanding dilutive options     1,121   1,179   1,325   1,302  
Incremental common shares attributable to conversion of 6% convertible debt     —   2,993   —   2,993  
   
 
 
 
 
Denominator for diluted earnings per share     42,168   41,138   42,326   41,161  
   
 
 
 
 
Earnings per share:                    
    Basic   $ 0.43   0.32   0.80   0.79  
   
 
 
 
 
    Diluted   $ 0.42   0.31   0.77   0.75  
   
 
 
 
 


Benchmark Electronics, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet
June 30, 2004
(Amounts in Thousands)
(UNAUDITED)

Assets      
Current assets:      
  Cash   $ 311,748
  Accounts receivable, net     230,754
  Inventories, net     277,105
  Other current assets     30,229
   
    Total current assets     849,836
Property, plant and equipment, net     74,240
Other assets, net     5,928
Goodwill, net     113,490
   
    Total assets   $ 1,043,494
   
Liabilities and Shareholders' Equity      
Current liabilities:      
  Current installments of other long-term debt   $ 18
  Accounts payable     252,956
  Other current liabilities     81,758
   
    Total current liabilities     334,732
Other long-term debt, excluding current installments     2
Other long-term liabilities     8,244
Shareholders' equity     700,516
   
    Total liabilities and shareholders' equity   $ 1,043,494
   



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BENCHMARK ELECTRONICS REPORTS RECORD SALES AND RECORD EARNINGS FOR SECOND QUARTER 2004
Benchmark Electronics, Inc. and Subsidiaries Consolidated Statements of Income (Amounts in Thousands, Except Per Share Data) (UNAUDITED)
Benchmark Electronics, Inc. and Subsidiaries Condensed Consolidated Balance Sheet June 30, 2004 (Amounts in Thousands) (UNAUDITED)