Hot Growth Special Report 2006 >



Multi-Fineline Electronix (MFLX)

Operating not far from Disneyland, this maker of flexible, printed circuit boards for electronic devices allied with Motorola (MOT) in 1990 and has been on a mostly upward thrill ride ever since. Today, Multi-Fineline gets 81% of its revenues from Motorola's cell phone, which has helped nearly triple revenues since 2003 to $357.1 million in fiscal 2005. Profits in that time have grown nine-fold to $37.2 million. The company also provides circuits for IBM's (IBM) data-storage devices, Palm's (PALM) PDAs, and medical equipment from General Electric (GE). Controlled by Singapore-based WBL, Multi-Fineline recently announced it would pay $500 million in stock and cash to buy an Asian competitor, MFS Technology, which is also controlled by WBL.

Company Info

2005 Rank


Market Value*
($ Millions)


($ Millions)


Sales Growth
(3-yr. avg. annual)

52.0 %

($ Millions)


Profit Growth
(3-yr. avg. annual)

117.4 %

Return on Inv. Capital (3-yr.)

15.5 %

Share Price
12-Mo. Hi/Lo


Share Price
As of 4/28/06


Return on Equity

22.3 %

P/E Ratio


No. of Employees


Industry Electronic Manufacturing Services


Location Anaheim, Calif.
Phone 714 238-1488
*Trailing 12 months
Stock price data as of 4/28/06
DATA: Standard & Poor's Compustat

Related Articles

Exceptionally Strong Wireless Equipment Sales

Company Snapshot

Multi-Fineline Electronix engages in the engineering, design, and manufacture of flexible printed circuit boards and value-added component assembly solutions for electronics industry. Its products include mobile phone and smart mobile devices, bar code scanners, personal digital assistants, computer-storage products, printed circuits for medical applications, and blood oxygen sensors. The company serves original equipment manufacturers, electronic manufacturing services providers, and display manufacturers in mobile phones, smart mobile devices, portable bar code scanners, personal digital assistants, data storage devices, power supplies, and consumable medical sensor sectors. It sells products through in-house design and application engineers in the U.S. and China. The company was founded in 1984 and is headquartered in Anaheim, Calif. Multi-Fineline Electronix is 61% owned by WBL Corp.

Data provided by Capital IQ
Philip A. Harding

Philip A. Harding, 73

Chairman and Chief Executive Officer

Total Compensation*

$ 471,523

Total Options Value*

$ 13,068,298

* Fiscal Year 2005

Columbia University NYC - MS, Cooper Union College - BS

Executive Bio

Philip Harding has been chief executive of Multi-Fineline Electronix since September, 1988. Prior to joining Multi-Fineline, Harding served as the CEO of Weltec Digital from 1984 to 1987. From February, 1988, to March, 2004, Harding served as CEO of Wearnes Hollingsworth, a subsidiary of Wearnes Technology Group and a member of the WBL Corp. group of companies. From 1981 to 1984, Harding served as the president of the Remex Div. of Excello Corp. after joining Excello in 1979 as the vice-president of engineering. Prior to joining Excello, Harding served as the general manager of the Commercial Systems Div. of Electronic Memories & Magnetics from 1973 to 1979. Each of these companies manufactured computer peripherals and components. He has been chairman of Multi-Fineline Electronix, since December, 2003, and director since September, 1988. Harding also served as chairman and director of Advanced Logic Research, a former member of the WBL group of companies, from October, 1985, to March, 1988. Harding also served as a member of the board of directors of MFS Technology, a member of the WBL group of companies, from October, 1994, to September, 2000. Harding received his MS from Columbia University and his BS from Cooper Union College.

Management Team

Key Executives

Philip A. Harding; Charles Tapscott; Craig Riedel; Reza Meshgin; Thomas Lee

Board Directors

Peter Blackmore; Choon Seng Tan; Sam Yau; Sanford L. Kane; Richard J. Dadamo; Huat Seng Lim; Philip A. Harding

Executive Data provided by Capital IQ