NEENAH, WI -- Plexus Corp. today reported record revenues of $287.5 million for the quarter ended Jan. 1, up 21% over last year.

The company, which provides EMS services, reported net income of $3 million, including $900,000 in restructuring and impairment costs.

The company guided for revenues between $280 million and $290 million in the second quarter. Anticipated capital spending will be $25 million to 28 million for the year.

"Based on current end-market demand and the strength of our new business pipeline," president and chief executive Dean Foate said, "we are increasingly confident about achieving the high-end of our 15% to 18% revenue growth target for the full year."

Foate said profits were affected by theft and failure to comply with inventory control of "high-value parts" in its Mexico facility.

On a conference call Wednesday morning, the company said it while it is ramping engineering capability in Malaysia, it has "no active plans" to further consolidate other North American facilities.

"Our ability to provide close to home project management while leveraging lower cost (manufacturing) in Asia is turning out better for our customers," the company said.

By industry, wireline and networking made up 39% of sales, wireless infrastructure 11%, medical 31%, industrial and commercial 14%, and defense 5%.

The firm's top 10 customers comprised 60% of sales during the quarter, up from 55% sequentially. Juniper Networks (20% of sales) and GE (11%) were the two largest customers.

Inventory increased sequentially by $25.3 million, to $198.8 million, while annualized inventory turns decreased to 5.3 turns this quarter from 5.8.