MFLEX reveals decrease in net sales

Multi-Fineline Electronix (MFLEX), a provider of printed circuit and component assembly solutions, has reported second-quarter 2010 net sales of $154.1m (£102.8m), a decrease of 11.5 per cent from net sales of $174.1m in the same period of the prior year.

Net income for the second quarter of fiscal 2010 was $4.9m, or $0.19 per diluted share, which includes a $1.9m non-cash, pre-tax impairment charge related to the planned retirement of certain assets at the company’s Anaheim facility.  

Excluding the impairment charge, which on an after-tax basis was $1.2m, second-quarter 2010 net income was $6.1m, or $0.24 per diluted share, compared with net income of $8.7m, or $0.34 per diluted share for the same period in fiscal 2009.