IRVINE, CA – M-Flex (Multi-Fineline Electronix) today reported fiscal third-quarter net sales ended June 30 of $130.8 million, down 4% year-over-year.

The firm posted a net loss for the third quarter of $28.8 million, compared to a net loss of $31.5 million for the same period in the prior year.  

The decrease in net sales was primarily due to lower net sales to two key customers, partially offset by a significant increase in sales to the company's newer customers, M-Flex says.  

Net sales to the newer customers in the quarter increased $43.1 million year-over-year to approximately $63.2 million. These newer customers represented
approximately 48% of total net sales, with one of these customers accounting for approximately 23% of net sales.

The firm’s largest customer accounted for 43% of net sales during the third quarter, compared to 59% during the third quarter of the prior fiscal year.

For the fourth quarter, the provider of flexible printed circuit boards and assemblies expects net sales between $150 million and $180 million. 

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