MACAO – Deswell Industries reported fiscal fourth-quarter net sales of $16.7 million, down 39.1% year-over-year.

Net sales dropped 41% to $7.5 million in the company’s electronic and metallic segment.

Gross profit in the electronic and metallic segment decreased to 1.2% of net sales for the quarter, compared to 12.4% of net sales for the year-ago quarter. The drop is attributed to an increase in raw material costs as a percentage of sales due to higher provisions for obsolete inventory, and in labor costs and factory overhead as a percentage of sales during the quarter.

The company reported a net loss of $900,000 for the fourth quarter compared to net income of $600,000 for the same period in 2009.

Net sales for the year were $81.6 million, down 38% compared to fiscal 2009.

The firm reported net income of $1.5 million for the year ended Mar. 31, up 25% year-over-year.

NEWARK, NY – IEC Electronics Corp. has received an order from one of its military and defense customers valued at more than $6.1 million, the firm says.

Deliveries will commence Dec. 1 and will be completed by December 2012.

The firm will be “the exclusive turnkey supplier for an important satellite communications modem used by the US Department of Defense,” said Jeffrey T. Schlarbaum, executive vice president and president of IEC Contract Manufacturing.

MOR, HUNGARY -- Flextronics plans to lay off 360 employees from its manufacturing plant here, local media are reporting.

ST. PETERSBURG, FL -- Jabil Circuit last night reported fiscal third-quarter revenues of $3.46 billion, up 32% from a year ago.