TORONTO – Celestica Inc. announced fourth-quarter revenue fell 27% from last year to $1.94 billion. The GAAP net loss was $822.2 million, down from a GAAP net loss of $11.7 million last year, largely on goodwill writeoffs of $850.5 million.

Adjusted net earnings for the quarter ended Dec. 31 were $59.1 million, including $15.5 million from a lower adjusted tax rate, down from adjusted net earnings of $37.2 million last year.

For 2008, revenue was $7.7 billion, down 5%, and the net loss was $720.5 compared to a GAAP net loss of $13.7 million last year. Adjusted net earnings for year were $187.7 million, compared to $62.3 million in 2007.

Full year gross margins were 7% and operating margins were 3%. During the year, the company generated free cash flow of $127 million.

Celestica guided for March 31 quarter revenue of $1.4 billion to $1.6 billion.