MINNEAPOLIS -- HEI swung to a net profit despite a 25% year-over-year drop in revenue for its fourth quarter ended Dec. 28. The contract assembler reported sales of $8.59 million, down as a result of lack of follow-on orders for military radio system components due to delays and reductions in government procurement.

The delays are expected to continue in 2014, the company said.

Net income was $601,000 in the quarter. HEI lost $245,000 a year ago.

Sales for the year were $44.8 million up 11.8% from 2012. Net income was $2 million, up from a loss of $1.26 million in 2012. Cash flow from operating activities increased 60% to $3.84 million on improved profitability and significant inventory reductions.

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