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M-Flex Reports Q4 Sales Up 51% |
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Written by Administrator
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Monday, 05 November 2007 |
ANAHEIM, CA – PWB fabricator Multi-Fineline Electronix reported fourth-quarter net income rose 36% to $3 million on a 51% hike in net sales to $166.7 million.
The spikes were primarily a result of increases in net sales to the company's four largest customers.
For the year, net sales rose 1% to $508.1 million, while net income fell 93% to $3 million.
Net income was impacted by reduced gross margins, as well as a third-quarter pre-tax charge of $7.8 million related to deferred transaction costs expenses associated with the terminated offer to acquire MFS Technology Ltd.
According to Phil Harding, chairman and CEO, growth slowed primarily due to a significant decrease in sales to the electronics manufacturer that has been M-Flex's largest customer, representing 57% of total net sales in 2007, compared to 85% in fiscal 2006.
Net sales to all other customers grew in total by $145 million, or nearly 200% year-over-year.
According to Reza Meshgin, president and COO, the company has installed essentially all the equipment related to the $33 million expansion of its manufacturing capacity in China. |
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