SAN FRANCISCO -- Top 20 EMS provider Fabrinet today reported fiscal fourth-quarter net income rose 23% year-over-year to $16.7 million.It was the company's 46th straight quarter of profitability.

Revenue was $190.3 million for the period ended June 24, up 21% from last year and down 2% sequentially.

Increased orders late in the period helped drive sales, the printed circuit board assembler said. The company added that customers continue to reduce inventories and the business environment remains challenging.

In a statement, chief executive Tom Mitchell said, “We are pleased to have achieved record fiscal year results, our 46th consecutive quarter of profitability and results which exceeded our guidance. Our customer relationships remain strong and we are witnessing robust levels of new project activity. The net result is that we have continuing confidence in our ability to penetrate these growing market opportunities, and to deliver profitable results.”

The company's Lasers and Sensors segment rose 7% and Optical Communications fell 5% sequentially. For the period, gross margins fell 40 basis points sequentially to 12.6% on hurt by product mix and lower sales to Casix.

For its fiscal 2011, Fabrinet reported company record revenue of $743.6 million, up 47% from fiscal 2010. GAAP net income rose 45% to $64.3 million.

Fabrinet guided for first-quarter fiscal 2012 sales of $173 million to $178 million, adding that capacity utilization is expected to slump.