ST. PETERSBURG, FL -- Jabil Circuit reported fiscal fourth-quarter profit of $58.7 million, up from  $5.5 million a year ago.

The contract electronics manufacturer said revenue for the period ended Aug. 31 was $3.86 billion, up 39.3% from $2.8 billion for the same period of fiscal 2009 and in line with previous guidance.

Jabil took one-time charges amounting to $106.6 million in the year-ago quarter.

Operating margins excluding options were 4.1%, up 30 basis points sequentially. Inventory increased 9% sequentially, down five points from last quarter's increase.

“Our business continued to show strength through the quarter, allowing us to post record revenue and earnings for Jabil’s fourth quarter and the full fiscal year,” said Timothy Main, president and CEO of Jabil, in a press release. “We are particularly pleased to post core operating margins above four percent as we continue our push into differentiated services and a more cost effective operating model.”

For the quarter, GAAP operating income was $103 million, up from $43.1 million a year ago. For the period, cash flow from operations was approximately $285 million. The sales cycle was 13 days, and annualized inventory turns were seven. Jabil had Cash and cash equivalents of $744 million at the end of the quarter

For the fiscal year ended Aug. 31, the EMS firm reported record net revenue of $13.4 billion compared to $11.7 billion for fiscal 2009. GAAP operating income was $327.6 million compared to a loss of $910.2 million, and GAAP net income was $168.8 million, up from a loss of $1.2 billion.

Jabil guided for fiscal 2011 first-quarter net revenue of $3.9 billion to $4.0 billion.

"As underlying demand trends appear to be stable, our continuing penetration into high growth markets and differentiated services are driving continued revenue growth and margin expansion,” said Main. “Expectations for our first fiscal quarter of 2011 place the company on path to post another record year in fiscal 2011.”

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