ST. PETERSBURG, FL -- Jabil Circuit today reported fiscal first quarter revenues of $3.38 billion, basically flat versus last year. The company's gross profits slipped to $223.7 million from $239.7 million in the year ago quarter.

For the quarter ended Nov. 30, the company took a goodwill impairment charge of $317.7 million, which lowered the net profit to a loss of $275.9 million. Without the charges, Jabil recorded a profit of $46.2 million for the quarter $1.34 per share, loss on revenue of $3.38 billion.

Jabil guided for second quarter revenue of $2.8 billion and $3 billion. The company reported sales of $3.1 billion a year ago.

For the quarter, inventory levels rose one day to 46 days sequentially due to the launch of a new customer and a decline in customer demand during the quarter. Inventory turns remained consistent at eight turns. Days in accounts payable increased one day sequentially to 66 days.