IRVINE, CA – MFlex reported fourth quarter net sales were $169 million, down 19.5% year-over-year. The decline was mainly attributable to softness in the tablet and smartphone markets.

Net income for the quarter ended Dec. 31 was $10.4 million, a decrease of 35% compared to the same period in 2014.

The company generated $52.4 million in cash flow from operating activities during the fourth quarter, increasing the firm’s cash and cash equivalents balance to $214.2 million at Dec. 31.

"Our fourth quarter sales results were impacted by softness in our tablet and smartphone segments,” said CEO Reza Meshgin. “Notwithstanding the lower than anticipated demand, we had solid operational performance and proactively controlled our costs, and achieved our sixth consecutive quarter of strong profitability. We also successfully managed our working capital, generating strong operating cash flows and growing our cash balance to $214 million, an all-time record for MFLEX."

Net sales for the full-year were $636.6 million, up 0.8% year-over-year. Net income for 2015 was $45.1 million, compared to a net loss of $59.3 million in 2014.

Separately, the company announced a definitive agreement to be acquired by Suzhou Dongshan Precision Manufacturing.

• Prev
• Next