ANAHEIM, CA – Multi-Fineline Electronix Inc. (MFLEX) reported second-quarter net sales rose 6% year-over-year to $174.1 million on an increase in sales to two of its major customers. 
 
For the quarter ended March 31, net income dropped 16% to $8.7 million, compared to $10.4 million last year.
 
Cash flow from operating activities was $45.7 million for the quarter, up from $32.1 million. 
 
Quarter results were in line with expectations, with smartphone flex assemblies and portable electronic devices comprising the majority of sales, according to Reza Meshgin, CEO.
 
MFLEX has implemented cost-saving initiatives, designed to increase performance and bottom line results. These include improvements to customer service and shorter order cycles, as well as a 35% decrease in the workforce and lower supply chain costs.
 
Third-quarter net sales are forecast between $160 million and $180 million, and the company expects net sales to start rebounding during the fourth quarter.
 
MFLEX will continue with its technology advancement initiatives and capacity expansion. In April, construction began on a new manufacturing facility, planned to be fully operational in 2010.