MULTI FINELINE ELECTRONIX INC

CIK:0000830916|SEC Filings

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 101,246	$ 149,099
Cost of sales	99,579	130,060
Gross profit	1,667	19,039
Operating expenses:
Research and development	1,169	1,374
Sales and marketing	3,094	3,967
General and administrative	6,532	5,492
Impairment and restructuring	(5)	(1,180)
Total operating expenses	10,790	9,653
Operating (loss) income	(9,123)	9,386
Other income and expense:
Interest income	440	354
Interest expense	(88)	(91)
Other income (expense), net	(719)	938
(Loss) income before taxes	(9,490)	10,587
Provision for income taxes	256	1,491
Net (loss) income	(9,746)	9,096
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	1,205	(987)
Total comprehensive net (loss) income	$ (8,541)	$ 8,109
Net (loss) income per share:
Basic	$ (0.40)	$ 0.37
Diluted	$ (0.40)	$ 0.36
Shares used in computing net (loss) income per share:
Basic	24,609,764	24,318,019
Diluted	24,609,764	25,100,781

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net (loss) income	$ (9,746)	$ 9,096
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	9,838	11,474
Deferred taxes	32	(25)
Stock-based compensation expense	1,036	1,220
Asset impairments (recoveries)	(6)	(284)
Loss (gain) on disposal of equipment and assets held for sale	239	(1,096)
Changes in operating assets and liabilities:
Accounts receivable	19,035	45,230
Inventories	5,389	14,370
Other current assets	930	2,940
Other assets	180	(67)
Accounts payable	(25,246)	(41,164)
Other current liabilities	(1,598)	(19,953)
Income taxes payable	(718)	(83)
Other liabilities	(6)	(1,487)
Net cash (used in) provided by operating activities	(641)	20,171
Cash flows from investing activities
Purchases of property and equipment	(6,106)	(3,890)
Proceeds from sale of equipment and assets held for sale	52	6,719
Net cash (used in) provided by investing activities	(6,054)	2,829
Cash flows from financing activities
Tax withholdings for net share settlement of equity awards	(1,904)	(78)
Net cash used in financing activities	(1,904)	(78)
Effect of exchange rate changes on cash	109	89
Net change in cash	(8,490)	23,011
Cash and cash equivalents at beginning of period	214,234	132,382
Cash and cash equivalents at end of period	205,744	155,393
Non-cash investing activities
Purchases of property and equipment	$ 5,463	$ 1,331

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 205,744	$ 214,234
Accounts receivable, net of allowances of $745 and $916 at March 31, 2016 and December 31, 2015, respectively	61,059	80,142
Inventories	51,782	56,455
Income tax receivable	143	225
Other current assets	4,671	5,439
Total current assets	323,399	356,495
Property, plant and equipment, net	127,799	131,987
Land use rights	3,190	3,193
Deferred taxes	8,812	8,798
Other assets	810	987
Total assets	464,010	501,460
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	81,198	106,902
Other current liabilities	21,605	22,920
Income taxes payable	2,093	3,124
Total current liabilities	104,896	132,946
Other long-term liabilities	7,440	7,432
Total liabilities	$ 112,336	$ 140,378
Commitments and contingencies (Note 2)
Stockholders' equity
Preferred stock, $0.0001 par value, 5,000,000 and 5,000,000 shares authorized at March 31, 2016 and December 31, 2015, respectively; 0 and 0 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively
Common stock, $0.0001 par value; 100,000,000 and 100,000,000 shares authorized at March 31, 2016 and December 31, 2015, respectively; 24,633,425 and 24,460,997 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 2	$ 2
Additional paid in capital	96,257	97,124
Retained earnings	219,435	229,181
Accumulated other comprehensive income	35,980	34,775
Total stockholders' equity	351,674	361,082
Total liabilities and stockholders' equity	$ 464,010	$ 501,460