SAN JOSE – Sanmina-SCI reported fiscal fourth-quarter sales from continuing operations dropped 2.8% from last year to $1.7 billion. GAAP net income was $22,000, compared to a net loss of $1.1 billion a year ago, including a $1 billion writeoff for goodwill.

The non-GAAP gross profit was $132.8 million, up 21% year-over-year. Non-GAAP operating income was $59.3 million, or 3.5% of revenue in the quarter, compared to $22.7 million, or 1.3% of revenue, a year ago.

For its fiscal year ended Sept. 27, revenue from continuing operations was up 1% to $7.2 billion. The net loss was $37.4 million, compared to net loss of $1.1 billion in fiscal 2007. Non-GAAP gross profit was $531.2 million, or 7.4% of revenue, compared to gross profit of $464 million (6.5%) for fiscal 2007. Non-GAAP operating income for fiscal 2008 was $205.6 million, or 2.9% of revenue, compared to $101.6 million (1.4%) last year.

In a press statement, CEO Jure Sola guided for first-quarter fiscal 2009 revenue of $1.425 billion to $1.625 billion. Sanmina-SCI had revenue of $2.5 billion in the first quarter 2007, including since-discontinued operations.

Separately, the company announced president and COO Joe Bronson is leaving. (See related story on Circuits Assembly's Website.)

The company indicated its falling market capitalization could lead to a goodwill impairment charge “which could be significant” and would reduce reported GAAP net income and earnings per share for the fiscal fourth quarter and 2008 fiscal year. The review is expected to be completed in mid-November.

The company also authorized a stock repurchase program covering up to 10% of its shares between now and December 2009.