NY -- Jaco Electronics Inc., a distributor and integrator of electronic components and flat panel displays, today reported fiscal fourth-quarter revenues grew 3.5% compared to last year, but earnings dropped sharply due to a large inventory writedown.

For the quarter ended June 30, the company reported net sales of $59.1 million, up from $57.1 million. The net loss was $1.98 million, including a one-time, non-cash, pretax writedown of $2.2 million. Last year, the company reported income of $177,000.

For the year, net sales were $231.8 million, down from $249.1 million. The net loss increased to $4.9 million, from $556,000. Fiscal fourth quarter SG&A expenses declined 14% vs. a year ago. For the year, SG&A fell 8%.

In a statement, Jaco chairman and chief executive Joel Girsky said, “I believe we have made progress in extending our U.S. market presence with a focused marketing model emphasizing Jaco's core strengths in providing value-added products and services for our customers, especially in the flat panel display and Far Eastern logistics business segments.”

Jaco supports large contract manufacturers in Asia with logistics programs such as automated inventory management.