IRVINE, CA -- Multi-Fineline Electronix today reported preliminary first-quarter net sales of $145 million to $150 million, at the mid- to high-end of company's guidance.

The flex circuit manufacturer had forecast sales of $130 million to $160 million for the period, which ended Mar. 31. 

The figure would be about 25% over last year's net sales of $117.8 million. Gross margin for the quarter is also expected to beat company guidance, at 12% to 13%. MFlex had a gross margin of -11% a year ago. The company's largest customer (Apple) is anticipated to account for 65% of expected net sales and newer customers to contribute 30%. 

The PCB firm had $155 million in cash as of Mar. 31, up from $132 million in December.

Chief executive Reza Meshgin said, "We are pleased to have generated another quarter of strong profitability during what is, due to seasonality in the mobility market and the Chinese New Year, traditionally one of our slower quarters. Anticipated gross margin exceeded our guidance due primarily to favorable product mix during the quarter, as well as strong operational execution."

He also guided for second-quarter results  in line with the first quarter results. "We continue to be excited about our market opportunities in 2015," Meshgin said.

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