NEENAH, WI., Oct. 27 -- Plexus Corp. today reported fourth-quarter revenue increased 26% over last year to $273.3 million but the EMS maker's net losses widened to $36.8 million, from $3.9 million last year.

The net loss included a $36.8 million valuation allowance for deferred tax assets, and $3.8 million in restructuring and impairment costs. The company cited higher-than-expected startup costs for its facility in Penang, Malaysia, and the closing of its Bothell, WA, plant.

The company guided for revenue growth of 15 to 18% in fiscal 2005.

For the year Plexus reported a net loss of $31.6 million on revenues of $1.04 billion. The company reported pro-forma net income of $13.5 million, excluding one-time items.

In 2003, Plexus had sales of $807.8 million and a net loss of $68 million.

"As we look to fiscal 2005 our primary objective remains to increase profitability," said president and CEO Dean Foate, in a press statement. "We expect to achieve this goal with improvements in capacity utilization and operating efficiencies through a combination of moderate revenue expansion and lean manufacturing and inventory management initiatives."

"For first fiscal quarter, we are initiating revenue guidance of $280 million to $290 million," Foate said.

Gordon Bitter, Chief Financial Officer, added, "Despite higher .