BANGKOK -- Fabrinet reported its first-ever quarterly loss, as the Bangkok area floods closed two of the company's largest plants for several weeks last fall.

The GAAP net loss of $33.3 million represents a drop of 310.4% from last year. Non-GAAP net income fell 47.7% to $6.2 million.

For the period ended Dec. 30, the electronics manufacturing services provider reported total revenue of $96.6 million, down 47.7% from fiscal 2011. Still the quarter beat general expectations for revenues of at least $20 million less, and Fabrinet appears to be recovering faster than anticipated from the flood.

Chief executive Tom Mitchell said, “Following the most severe flooding season of the last century in Thailand, I’m pleased to report that we are executing on a strong recovery plan. We are grateful to our employees, who overcame great personal hardship and loss, to undertake extraordinary efforts to protect and restore the equipment and inventory of our customers, and to our customers for their ongoing confidence and close collaboration during these trying times. We are making solid progress and look forward to getting back to business as usual.”

On a conference call with analysts Monday night, the firm characterized demand as stable to improving, adding that the sharp order declines seen in 2011 have subsided.

The company also announced chief financial officer Mark Schwartz would leave the company effective March 1.

Fabrinet provided fiscal third quarter guidance of $131 million to $136 million in revenue, down from $194.4 million last year. Pre-flood capacity levels are expected to be reached in the September quarter, and construction of Building 6 is on track, with 80,000 sq. ft. already operational. The entire 300,000 sq. ft. facility will be completed by the end of March, Fabrinet told analysts last night, and is expected to support $75 million to $90 million in revenue when fully utilized.

The future of the flood-soaked Chokchai site remains unresolved. Management also noted that it is in the process of evaluating its geographic footprint and has visited several different sites.

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