IRVINE, CA -- MFlex reported third quarter net income rose 131% from a year ago to $13.7 million.

Net sales for the quarter ended Sept. 30 were $165.7 million, down 4.2% from the same period last year. Net sales to the company's largest customer (Apple) increased 28% year-over-year, offset by an expected year-over-year decline with a Korea-based customer, which the company did not disclose but it assumed to be Samsung, as well as recent weakness with a China-based customer due to market changes within the high-end smartphone segment in China.

In a press release, chief executive Reza Meshgin said, "With outstanding operational execution during the third quarter, we achieved our fifth consecutive quarter of strong profitability with earnings per share more than doubling year-over-year. We saw a sequential increase in net sales driven by new programs that ramped during the third quarter."

The company generated $30.7 million in cash flow from operating activities during the third quarter, boosting the company's cash position to $168.5 million, an all-time high.

Gross margin was 13.6%, exceeding guidance, compared to 10.1% the prior year, primarily due to a favorable product mix and lower manufacturing overhead.

The flex circuit maker expects fourth-quarter net sales of $170 million to $200 million and gross margin to range between 10.5 and 13%, based on anticipated production build plans, net sales volume and product mix.

"We anticipate another sequential increase in net sales during the fourth quarter as we deliver a full quarter of volume production on various new programs," Meshgin said. "We expect this, coupled with our strong results year-to-date, to support significant profitability for full year 2015, demonstrating that we are squarely back on track with our new operating model."

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