Tustin’s Cherokee International Corp. reported gains in revenue and profits with its delayed fourth-quarter report on Thursday.
The company, which has delayed reporting results amid a review of accounts payable and cost of sales for 2006 and earlier, saw fourth-quarter sales rise 15% to $37.6 million.
Revenue was up nearly 5% from the third quarter.
Cherokee returned to profitability after a third-quarter loss with net income of $300,000 for the fourth quarter. The company lost $1.4 million in the third quarter.
A year earlier, Cherokee made $100,000.
The company saw a drop in operating costs as a percentage of sales from the third to fourth quarters. It closed a Mexico plant and opened a facility in China.
Cherokee benefited from increased demand for power supplies for networking gear and medical devices, Chief Executive Jeffrey Frank said.
The company didn’t say when it plans to report first-quarter results, also delayed by its accounting probe. Cherokee did say the accounting errors it found were “determined to be immaterial.”
