Rakon has returned the company to profitability, following a period of restructuring and asset sales.
The manufacturer of crystal timing devices made a full-year net profit of $3.2 million in the year that ended in March, swinging from a loss of $83.8 million in the year earlier.
Revenue was down more than 12 percent to $131.4 million, reflecting the company's exit from the smart wireless device market.
On the plus side, it said its space and defence revenues rose in the second half of the year, with the delivery of a number of key projects.
It said the transfer of its manufacturing from the United Kingdom's Lincoln plant to New Zealand had been successful, with volumes increasing in the second half.
The company said gross profit increased over the period, with revenue growth coming from higher margin business.
Underlying profit rose to $15.4 million, swinging from a loss of $7.5 million loss the year earlier.
The company's expenses fell more than 18 percent to $46.2 million, a reduction of more than $10 million compared to the year earlier.
Despite the stronger result, the company won't be paying a dividend this year.
At midday, the company's share price was up 16 percent to 40 cents a share.