Multi-Fineline Shares Plunge Amid Concerning Outlook, Job Cutting News
Multi-Fineline Electronix, Inc. (NASDAQ: MFLX), a leading global provider of high-quality, technologically advanced flexible printed circuit and value-added component assembly solutions to the electronics industry, today reported preliminary financial results for its fiscal first quarter ended December 31, 2012.
The Company expects net sales in the first quarter of fiscal 2013 to be above the Company's guidance range at approximately $290 million, up 21 percent from net sales of $239.3 million in the same quarter last year. Gross margin during the first quarter of fiscal 2013 is expected to be approximately 8.5 percent, below the Company's guidance range, compared to 12.2 percent for the same period in the prior year. MFLEX expects to provide its complete financial results and business outlook in its earnings release and conference call on February 7, 2013.
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