Mflex announces results for fiscal first quarter 2011

Multi-Fineline Electronix, a global provider of printed circuits and component assemblies to the electronics industry, has reported financial results for the fiscal first quarter ended 31 December 2010.

Net sales in the first quarter of fiscal 2011 were $241.2m, a record quarterly amount for the company and a 5.1 per cent increase from net sales of $229.5m in the same quarter last year.

GAAP net income for the period was $15.1m, or $0.62 per diluted share, compared to GAAP net income of $16.3m, or $0.63 per diluted share, for the same period in fiscal 2010.

Cash flows from operating activities for the first quarter were $3.5m and the company’s cash and cash equivalents balance at 31 December 2010 was $99.2m, or $4.08 per diluted share.