ANAHEIM, CA – Multi-Fineline Electronix Inc. (MFLEX) reported record first-quarter net sales jumped 17.6% from last year to $216.6 million, on increased sales to two key customers.
 
For the quarter, net income improved to $14.1 million, compared to $13.6 million in 2008. Higher material content in first-quarter product mix resulted in the gross margin dropping from 16.7% to 15.3%.
 
Cash flow from operating activities increased to $20.2 million for the quarter. Despite the dismal global economy, MFLEX enjoyed strong demand for flex assemblies, especially smartphones.
 
Net sales are expected to range between $170 million and $190 million for the second quarter, and the gross margin is forecasted between 13% and 15%.

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