SAN JOSE – Flextronics today reported a fiscal first-quarter loss of $154 million on a 31% year-over-year revenue drop to $5.78 billion. 

The results pale against last year, when the company reported $8.35 billion in revenue and $110 million in profits.

Sales for the company’s fiscal first quarter ended July 3 were up 3.6% sequentially, however, and adjusted net income was $63.1 million, up 66% sequentially.

Adjusted operating income was $90.2 million, compared to adjusted operating income of $50.6 million for the prior quarter. Cash from operations was $107 million and free cash flow was $68 million.

For the second quarter ending Oct. 2, the firm expects to break even, with revenue expected in the range of $5.2 billion to $6 billion.

During the quarter, Flextronics took a $107 million non-cash charge to impair certain non-core investments and notes receivable to the estimated recoverable value. The firm anticipates monetizing select non-core assets during the remainder of fiscal 2010, although it did not specify those assets considered non-core. 

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