MFLEX Reports Q1 EPS of $0.67 vs. $0.54

Multi-Fineline Electronix, Inc. MFLX today reported financial results for the fiscal 2011 first quarter ended December 31, 2010. Net sales in the first quarter of fiscal 2011 were $241.2 million, a record quarterly amount for the Company and a 5.1 percent increase from net sales of $229.5 million in the same quarter last year. The increase in net sales was primarily due to new program wins. GAAP net income for the first quarter of fiscal 2011 was $15.1 million, or $0.62 per diluted share, compared to GAAP net income of $16.3 million, or $0.63 per diluted share, for the same period in fiscal 2010. First quarter fiscal 2011 non-GAAP net income after deducting stock-based compensation expense was $16.2 million, or $0.67 per diluted share, compared to $17.2 million, or $0.67 per diluted share in the same period last year.