Multi-Fineline Electronix, Inc. (NASD: MFLX), a leading global provider of high-quality, technologically advanced flexible printed circuit and value-added component assembly solutions to the electronics industry, recently announced the company’s financial results for its fourth fiscal quarter ended September 30, 2008. Net sales in the fourth quarter totaled $213.1 million, an increase of 27.8 percent from net sales of $166.7 million during the corresponding period one year earlier.
Net income for the fourth quarter of fiscal 2008 jumped to $7.6 million, or $0.30 per diluted share, compared to net income of $3.0 million, or $0.12 per diluted share, for the same period in fiscal 2007. For the fiscal year ended September 30, 2008, net sales increased 43.4 percent to $728.8 million and net income in fiscal 2008 climbed to $40.5 million, or $1.59 per diluted share, compared to net income of $3.0 million, or $0.12 per diluted share, in fiscal 2007.
The company has taken a cautious outlook regarding its first quarter outlook given the ongoing uncertainty surrounding the global economy. Management expects first quarter 2009 net sales to be in line with net sales achieved in the first quarter of fiscal 2008. Additionally, the company expects its first quarter gross margin percentage to fall within the targeted range of 10 percent to 15 percent.
Reza Meshgin, president and chief executive officer of Multi-Fineline Electronix, recently commented, “We had a record breaking fiscal year 2008 with very strong fourth quarter results that exceeded our expectations for most of the key metrics. We had our highest quarterly sales in the company’s history. Despite three non-recurring items, we recorded net income that was 151 percent over the fourth quarter of 2007.” He added, “Due to the current economic climate, we are taking a conservative approach to our near-term capacity expansion plan. Despite the economic uncertainties, the fundamentals of our business are sound, and I am quite pleased with our operating performance. We have a base of premier customers and have developed strong relationships with them.”
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