BANGKOK – Fabrinet reported fiscal fourth-quarter revenue ended June 27 of $160.1 million, up less than 1% year-over-year. GAAP net income for the fourth quarter was $10.3 million, down 31.8% compared to the same period in 2013.

The EMS firm repeatedly delayed reporting its results due to accounting irregularities. It ultimately concluded certain consignment sales did not qualify for revenue recognition in accordance with the company’s accounting policies. The financial impact of these consignment sales was $16.5 million and was excluded from the reported revenue. This amount will become recognizable once the goods have been shipped in fiscal year 2015.

For fiscal year 2014, Fabrinet reported revenue of $677.9 million, up 5.7% year-over-year. GAAP net income was $91.7 million, up nearly 33% compared to fiscal 2013.

Fabrinet expects first-quarter 2105 revenue to be approximately $189 million.