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Flexible printed circuits and assemblies maker Multi-Fineline Electronix Inc. (MFLEX) has reported preliminary financial results for the first quarter ended 31 March 2015.
The company expects net sales in the first quarter of calendar 2015 to be between $145 to $150 million, at the mid- to high-end of the company's guidance range of $130 to $160 million. This represents an approximate 25% increase from the prior year first calendar quarter's net sales of $117.8 million. Gross margin for the first quarter of calendar 2015 is anticipated to be above the Company's guidance, between 12 and 13 percent, compared to gross margin of (11.0) percent for the first calendar quarter of 2014. MFLEX's largest customer is anticipated to account for 65 percent of expected net sales, and the company's newer customers to contribute 30 percent.
"We are pleased to have generated another quarter of strong profitability during what is, due to seasonality in the mobility market and the Chinese New Year, traditionally one of our slower quarters," said Reza Meshgin, Chief Executive Officer of MFLEX. "Anticipated gross margin exceeded our guidance due primarily to favorable product mix during the quarter, as well as strong operational execution. Our cash balance at March 31, 2015 was $155 million, up from $132 million at December 31, 2014."
Meshgin added, "We expect our second quarter results to be strong and in line with our first quarter results. We continue to be excited about our market opportunities in 2015."
MFLEX expects to provide its complete financial results and business outlook in its earnings release and conference call on May 7, 2015. As previously announced, the Company has changed its year-end to December 31.