Multi-Fineline Electronix announces fiscal 2010 results

Multi-Fineline Electronix, a global provider of printed circuit and component assembly to the electronics industry, has reported financial results for its fourth quarter and full-year ended 30 September 2010.

Net sales in the fourth quarter of fiscal 2010 were $226.7m (£140m), an increase of 13.8 per cent from $199.2m net sales in the same period a year ago.

Cash flow from operating activities for the 2010’s fourth quarter was $1.4m while net income was $6.1m, or $0.25 per diluted share.

For the fiscal year 2010, net sales increased 3.5 per cent to a record $791.3m up from $764.4m in fiscal 2009.

Fiscal 2010 net income totaled $29.8m, or $1.16 per diluted share, which included impairment and restructuring costs totalling approximately $11.4m, or $0.45 per diluted share.

This compares to net income of $46.1m, or $1.81 per diluted share, during the prior fiscal year.