Shares of Anaheim-based Multi-Fineline Electronix Inc. fell nearly 26% Wednesday after the company gave a weaker-than-expected outlook for the June quarter.
Multi-Fineline said Tuesday that it expects to post net income of $7 million to $9 million in its third quarter on sales of $78 million to $85 million,at the low-end of expectations. The contract electronics circuit board maker also said its profit margins would fall in the June period.
Shares of Multi-Fineline fell nearly 26% to $15.
The company’s March quarter results were upbeat. Sales for the first three months of the year rose 37% from a year earlier to $77.4 million. Net income for the quarter grew 36% to $7.9 million.
Operating profit was up 42% to $12 million.
Most of Multi-Fineline’s sales go to Motorola Inc. But much of the recent quarter’s growth came from other buyers, the company said.
Sales to other “customers, including other cell phone manufacturers and non-wireless telecommunications customers, increased approximately 70% over the same period in fiscal 2004, providing evidence that our plan to increase sales to an expanded customer base is working,” said Phil Harding, Multi-Fineline’s chief executive officer.
The company said it grew sales to other markets as well. Multi-Fineline also sells circuit boards for use in digital organizers, bar code scanners, medical devices and electronic data storage gear.
