You must be registered to access the full content of this site. To register, click here.
Part Search
M-Flex Takes Hit from Largest Customer
Written by Mike Buetow
Thursday, 12 July 2007
ANAHEIM, CA – Flexible circuit maker Multi-Fineline Electronix today said third-quarter net sales unexpectedly declined sequentially due to an ongoing decline in sales to its largest customer.
For the quarter, net sales fell 8% to $104.1 million. M-Flex previously guided for sequential growth between the second and third fiscal quarters. In its fiscal second quarter earnings teleconference, the company forecast demand from its emerging customers would compensate for ongoing softness in sales to its largest customer, whom it declined to name.
In a statement today, M-Flex chairman and chief executive Phil Harding said that although sales to other customers grew 43% sequentially during the quarter, sales to the company's largest customer declined substantially more than expected. In addition, M-Flex expects that net income will decline sequentially from the second quarter to a net loss from operations for the third quarter, before an expected nonrecurring charge to expense transaction costs related to the conditional offer by M-Flex to acquire all outstanding shares of MFS Technology Ltd.
The company expects to take a nonrecurring third-quarter charge of approximately $8 million related to expensing the deferred transaction costs. M-Flex terminated the offer in late June, after shareholders in WBL Corp., which owns a large stake in MFS,voted against the plan.
Need PCB prototypes fast?
Sunstone Circuits takes the pain out of prototyping! We are dedicated to making the online ordering of PCB prototypes simple, fast, and easy from quote to delivery. Quick access to our 24/7/365 customer service team and easy online order tracking takes the pain out of sourcing prototypes online.
Put us to the test - order Sunstone Circuits today!
PCB systems design teams face challenges with IP management and collaboration across multiple groups. This free Webinar highlights best practices that optimize these efforts across the design flow. Learn more!
Vision Engineering introduces the SX45 stereo zoom microscope. Although it is affordable, it maintains a high level of optical performance. It has a zoom ratio of 6.3:1 and a magnification of x50. A digital or USB camera can be used simultaneously, and a trinocular viewing attachment is available. Users can choose from numerous standard options, such as the bench stand, the boom mount and the articulated arm. Multimedia solutions are also available for image archiving, acquisition, processing, analysis and documentation. www.visioneng.us
News 
