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MFLEX Reports Strong Results for Fiscal 2011 First Quarter

ANAHEIM, Calif. Feb. 3, 2011 December 31, 2010 $241.2 million $229.5 million

China

$15.1 million $0.62 $16.3 million $0.63 $16.2 million $0.67 $17.2 million $0.67

$3.5 million December 31, 2010 $99.2 million $4.08

Reza Meshgin China Chengdu, China

Outlook

$210 and $240 million $154.1 million

Chinese New Year China

Conference Call

5:30 p.m. Eastern time 2:30 p.m. Pacific time North America www.mflex.com

8:30 p.m. Eastern time 5:30 p.m. Pacific time North America

About MFLEX

www.mflex.com

December 31, 2010

(SUMMARY FINANCIAL INFORMATION FOLLOWS)

Multi-Fineline Electronix, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(unaudited)

Three Months Ended

December 31,

2010

2009

Net sales

$ 241,154

$ 229,498

Cost of sales

206,680

193,025

  Gross profit

34,474

36,473

Operating expenses:

  Research and development

2,751

2,835

  Sales and marketing

7,433

6,685

  General and administrative

5,050

5,883

     Total operating expenses

15,234

15,403

Operating income

19,240

21,070

Other (expense) income, net:

  Interest expense

(116)

(277)

  Interest income

223

86

  Other (expense) income, net

(165)

190

     Income before income taxes

19,182

21,069

Provision for income taxes

(4,081)

(4,756)

     Net income

$   15,101

$   16,313

Net income per share:

  Basic

$       0.63

$       0.65

  Diluted

$       0.62

$       0.63

Shares used in computing net income per share:

  Basic

23,960

25,270

  Diluted

24,298

25,755

Multi-Fineline Electronix, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(unaudited)

December 31,

September 30,

2010

2010

Cash and cash equivalents

$        99,161

$         99,875

Short-term investments

14,991

Accounts receivable, net

161,650

149,469

Inventories

72,090

76,933

Other current assets

14,310

13,712

         Total current assets

347,211

354,980

Property, plant and equipment, net

193,955

185,282

Other assets

23,742

22,059

         Total assets

$      564,908

$       562,321

Accounts payable

$      139,906

$       156,910

Other current liabilities

32,548

32,049

         Total current liabilities

172,454

188,959

Other liabilities

13,133

11,830

Stockholders’ equity

379,321

361,532

         Total liabilities and stockholders’ equity

$      564,908

$       562,321

Multi-Fineline Electronix, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

Three Months Ended

December 31,

2010

2009

Cash flows from operating activities

15,101

16,313

Net Income

Adjustments to reconcile net income to net cash provided by operating activities:

    Depreciation and amortization

11,169

12,043

    Provision for doubtful accounts and returns

2,064

2,079

    Deferred taxes

(34)

(88)

    Stock-based compensation expense

1,643

1,376

    Loss (gain) on disposal of equipment

5

(145)

Changes in operating assets and liabilities

(26,427)

(19,122)

            Net cash provided by operating activities

3,521

12,456

Cash flows from investing activities

Sales of investments

14,991

150

Purchases of property and equipment

(18,327)

(11,709)

Proceeds from sale of equipment

277

234

            Net cash used in investing activities

(3,059)

(11,325)

Cash flows from financing activities

Proceeds from exercise of stock options

52

945

Tax withholdings for net share settlement of equity awards

(959)

(905)

Repurchase of common stock

(924)

            Net cash (used in) provided by financing activities

(1,831)

40

Effect of exchange rate changes on cash

655

83

            Net (decrease) increase in cash

(714)

1,254

Cash and cash equivalents at beginning of period

99,875

139,721

Cash and cash equivalents at end of period

$ 99,161

$ 140,975

Multi-Fineline Electronix, Inc.

Reconciliation of GAAP Net Income to Non-GAAP Net Income

(In thousands, except per share amounts)

(unaudited)

Three Months Ended

December 31,

2010

2009

GAAP net income

$      15,101

$     16,313

Stock-based compensation, net of tax (a)(1)

1,092

856

Impairment and restructuring (b)

Non-GAAP net income

$      16,193

$     17,169

GAAP diluted earnings per share

$          0.62

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