SAN JOSE, CA – Sanmina Corp. reported fiscal fourth-quarter revenue of $1.51 billion, down 4.4% year-over-year, and up 1.3% sequentially.

GAAP net income for the quarter ended Sept. 28 was $38.8 million, a decrease of 76.4% year-over-year. GAAP operating income for the quarter was $44.7 million, or 3% of revenue, compared to $32.2 million, or 2% of revenue, for the same period a year ago.

Revenue for the fiscal year ended Sept. 28 was $5.92 billion, down 2.8% compared to fiscal 2012. GAAP net income was $79.4 million, down 56% year-over-year. GAAP operating income was $157.6 million, up 14.6% compared to fiscal 2012.

Integrated Manufacturing Solutions segment revenue, which includes printed circuit board assembly and test, final system assembly and test, and direct order fulfillment, was up $5 million, or 0.4% sequentially. Gross margin improved 30 basis points due more profitable mix.

The Components, Products & Services segment revenue, which includes printed circuit board fabrication, backplane assemblies, cable assemblies, enclosures, precision machining and plastic injection molding, plus various products and services include design, engineering, and repair, was up $12 million, or 3.6%, with gross margin down 90 basis points to 10.9%.

CFO Bob Eulau said the company thinks it can improve operating margins at its Integrated Manufacturing Solutions segment to 4% to 5%, and to 8% to 10% in the Components, Products and Services segment.

"Our fourth quarter results were solid. Revenue was up modestly; operating margins expanded 40 basis points sequentially, and we generated cash flow from operations of $90 million for the quarter and $318 million for the fiscal year.  Our continued focus on cash generation provided us the financial flexibility to reduce our long-term debt $275 million for the year," said Jure Sola, chairman and CEO of Sanmina.

"Our revenue outlook for the first quarter is slightly down sequentially as a result of seasonality and slower than anticipated ramp of new programs. We expect to deliver modest growth and further improve our financial results for fiscal year 2014," said Sola.

The electronics manufacturer expects revenue between $1.425 billion and $1.475 billion for the fiscal first quarter of 2014.