BANGKOK -- Fabrinet announced fiscal first quarter revenue of $685.5 million, up 4.6% from $655.4 million a year ago.

GAAP net income for the quarter ended September 29 was $65.1 million, up from $64.6 million.

The just-ended period was a 13-week quarter, while the year-ago period was a 14-week quarter.

In a statement, Seamus Grady, chief executive, Fabrinet, said, “We had a very strong start to the year with revenue and net income per share that were above our guidance ranges, and also marked new quarterly records. Industry-wide inventory adjustments continue to affect certain programs, but these declines were more than offset by quickly ramping new programs. We continue to carefully manage costs, which resulted in strong bottom-line results. We expect to extend our strong execution into the second quarter, as reflected in our guidance.”

On a non-GAAP basis, net income was $72.8 million, versus $72.4 million.

Fabrinet expects second-quarter revenue in the range of $680 million to $700 million.