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ANAHEIM, CA - Multi-Fineline Electronix (MFLEX) has reported record second quarter net sales for the three months ending March 31.
The company reports that Q2 net sales have increased 44.5% to $163.9 million from $113.4 million year-over-year, while gross margin increased 7% as compared the same period in 2007.
Net income for the second quarter of fiscal 2008 increased 240% to $10.4 million, as compared to $3.1 million for the comparable period in 2007.
According to Reza Meshgin, MFLEX's CEO, key customers represented near 95% of the company's net sales. Three customers were responsible for 10% or more of net sales, with one exceeding 25% of total sales for the quarter.
The company also reported that sequentially, net sales from Q1 to Q2 2008 have decreased approximately 11%, with a corresponding 23% decline in net income, due to the reduced sales, increased exchange losses and higher administrative costs.
"We are pleased with the company's strong performance during the second quarter as we continue to benefit from a broader base of customers." Meshgin said.
The company reports that it expects net sales in the third quarter of 2008 to be similar to that of the second quarter, and that gross margin during the quarter is expected to be at or slightly above the company's targeted range of 10% to 15%. |
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