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UPDATE 1-M-Flex ups Q1 sales view; to buy back 9 pct shares

Mon Jan 5, 2009 8:03am EST

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Jan 5 (Reuters) - Multi-Fineline Electronix Inc (MFLX.O), a maker of flexible printed circuits to the consumer electronics industry, raised its first-quarter sales outlook on strong demand for its products.

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M-Flex expects net sales of about $215 million and gross margin percentage of 14 to 16 percent. Analysts on average were looking for sales of $194.3 million, according to Reuters Estimates.

In November, the company forecast first-quarter sales to be at least as high as its prior year net sales levels, or at least about $184.2 million. Gross margin for the first quarter was earlier expected to be in the range of 10 to 15 percent.

M-Flex, which sees strong customer demand continuing into the second quarter, also said it would buyback about 2.3 million shares, or 9 percent of its outstanding common stock.

Shares of the company closed at $12.28 Friday on Nasdaq.

For the alerts, please double-click [ID:nWNAB6601] . (Reporting by Deepti Govind in Bangalore; Editing by Pratish Narayanan)

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