Smartflex Systems Inc.

The Tustin electronics manufacturing services company said net income for the fourth quarter totaled $167,000, or 3 cents a share, down 68% from the $515,000, or 8 cents a share, recorded a year ago. Revenue declined 39% to $23.1 million from $38.1 million.

Net income for the year was $1.5 million, or 24 cents a share. For 1997, the company recorded a net loss of $4.1 million, or 65 cents a share, which included a one-time, pretax restructuring charge of $5.2 million. Revenue fell 19% to $107.6 million from $133.3 million.