IRVINE, CA – M-Flex reported fourth-quarter net sales of $210 million, down 0.8% year-over-year.

The firm’s largest customer, Apple, accounted for 76% of net sales during the quarter ended Dec. 31.

Net income was $16 million, compared to a net loss of $9.3 million for the same period in the prior year.

The company generated $35 million in cash flow from operating activities, and cash and cash equivalents were $132.4 million as of Dec. 31.     

For the first quarter M-Flex expects net sales between $130 million and $160 million.

"As we indicated in our preannouncement last month, we expect a decline in net sales attributable to the seasonality of the mobility market, though we anticipate the magnitude of the sequential decline to be somewhat lower than recent years," said CEO Reza Meshgin. "Following the completion of our restructuring, we have continued to reduce our cost structure to lower our breakeven revenue level and, therefore, expect to generate breakeven operating income at the midpoint of our guidance range.”