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MFLEX Hits Record High

Published: 03 November 2008
 by Staff
ANAHEIM, CA -- Multi-Fineline Electronix, Inc. (MFLEX) net sales for fiscal Q4 ending September 30, 2008 was $213.1 million, up 27.8% from net sales of $166.7 million in fiscal Q4 2007.

The gross margin for fiscal Q4 2008 increased to 16.1% from 8.5% in fiscal Q4 2007. A favorable product mix and improved yields are credited with enhancing margin performance.

For the fiscal year ending September 30, 2008, net sales increased 43.4% to $728.8 million from $508.1 million during fiscal 2007. Net income in fiscal 2008 increased to $40.5 million, or $1.59 per diluted share, compared to net income of $3.0 million, or $0.12 per diluted share, in fiscal 2007.  

Net income for fiscal 2008 was the highest in the history of the company and results were driven by higher total net sales and higher gross profit.

The company's key customers who supply portable electronic devices contributed heavily to the increase in sales. The increase in net sales for Q4 greater is associated with an increase in specific customers’ smartphone and other consumer electronic device sales. A key customer launched a new smartphone product during Q4 that contributed greater than expected volume increases.  

In Q4 the company's four largest customers each accounted for approximately 10% or more of net sales, with two of such customers each accounting for 25% or more of net sales.

Net income for Q4 was $7.6 million, or $0.30 per diluted share, compared to net income of $3.0 million, or $0.12 per diluted share, for the same period in fiscal 2007.
 
“We are very pleased with our performance and execution this quarter, which helped us to generate the highest level of quarterly net sales in our history while maintaining strong gross margins,” said Reza Meshgin, CEO of MFLEX. “We were able to efficiently bring on additional capacity to accommodate particularly strong demand from one of our key customers that had two major product launches during the quarter. Our ability to quickly ramp production of complex flex assemblies has proven instrumental in deepening our relationship with newer customers. These customers have increasingly short product lifecycles and we believe that our ability to reduce their time-to-market gives us a significant competitive advantage.”

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