LUND, SWEDEN -- Note AB reported fourth-quarter net income swung to a profit of SEK 7.7 million, up from a loss of 7.8 million last year. Revenue for the period rose 6.2% year-over-year to SEK 255.3 million.

For the year ended Dec. 31, Note's sales fell 11.9% to SEK 907 million, while net income dropped to SEK 700,000 from SEK 12.6 million in 2012.

In a statement, Note president Peter Laveson said the EMS company continues to face a "tough" business cycle, but expressed faith in the firm's near-sourcing model, adding that the sales growth in the latest quarter was evidence the company is headed in the right direction.