ANAHEIM – Multi-Fineline Electronix, provider of flexible printed circuits and component assemblies, reported third-quarter net sales of $167.6 million, up 61% year-over-year.
 
This represents the second highest quarterly net sales in the company's history and the highest sales ever for a third quarter, the firm says. The increase in net sales was primarily a result of higher sales to three of the company's key customers, including OEMs that manufacture portable electronic devices.
 
Sequentially, net sales increased 2.2%, in line with the firm’s expectations. Net sales in the third quarter were positively impacted by growth in the area of smartphones.
 
Net income was $8.8 million, compared to a net loss of $6.7 million in the same period of 2007. This includes recognition of a $7.8 million before tax expense related to terminated acquisition costs. Net income declined 15.3% sequentially.
 
For the first nine months of fiscal 2008, net sales increased 51% year-over-year to $515.7 million. Net income increased to $32.8 million, compared to net income of $7,000 in the same period last year, on higher gross profit and reduced one-time charges.
 
For the fourth quarter, M-Flex expects net sales to be significantly higher than the third quarter.
 

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