ANAHEIM, CA – PCB maker M-Flex reported first-quarter net income of $15.1 million, down 7.4% year-over-year.

Net sales were $241.2 million, up 5.1% compared to the year-ago quarter. Analysts expected revenue of $239.4 million.

The firm expects second-quarter net sales in the range between $210 million and $240 million, with year-over-year net sales growth in fiscal 2011 of around 20%.