IRVINE, CA -- MFlex reported first-quarter sales sales of $149.1 million, up 27% from last year.

Net income for period ended Mar. 31 was $9.1 million, compared to a net loss of $52.4 million a year ago, when the printed circuit board maker took $24.8 million in pretax and impairment and restructuring charges.

For the quarter, gross margin was 12.8%, up from -11% in the prior year on completed restructuring, more favorable product mix and improved labor efficiencies. Apple, the company's largest customer, made up 65% of net sales, with sales to newer customers accounting for approximately 30%. Of these newer customers, two were at approximately 16 percent and 11 percent of net sales during the quarter. 

The company generated $20.2 million in cash flow from operating activities during the first quarter and had cash and cash equivalents of $155.4 million as of Mar. 31 .

For the second quarter the company expects net sales of $135 million and $165 million and gross margin to range between 12 and 14%, based on anticipated production build plans, net sales volume and product mix.

We are pleased with what we have accomplished under our new operating model and remain focused on maintaining solid relationships with our current customers, while further diversifying our customer and product base.  At the same time, we are dedicated to controlling our costs, continually improving our efficiency and investing in best in class technology, all of which position us to meet our longer-term growth objectives."