Information technology distributor SYNNEX (NYSE:SNX) had a tough fourth quarter. The delayed launch of Microsoft's (NASDAQ:MSFT) Vista operating system hurt the company, which has also been digesting a variety of acquisitions. SYNNEX stock fell 6% on its latest earnings announcement, but fortunately, the problems look temporary.

In the fiscal fourth quarter, revenues increased 9.1% to $1.74 billion, and net income increased 25.7% to $15.6 million, or $0.48 per share. That performance lagged the annual results, though, in which revenues increased 12% to $6.34 billion and net income increased 29.7% to $51.4 million, or $1.61 per share.

Going into the first quarter, the company expects earnings of $0.39 to $0.41 per share, with sales of $1.57 billion to $1.62 billion.

Founded in 1980, SYNNEX is now the country's third-largest IT distributor. It has accounts with such big names as Microsoft, Symantec (NASDAQ:SYMC), IBM (NYSE:IBM), Hewlett-Packard (NYSE:HPQ), and Lexmark (NYSE:LXK). It also boasts a global footprint, including 16 distribution facilities in the U.S., Canada, China, and Mexico.

Moreover, SYNNEX has been ramping up its investments, particularly through acquisitions. As a result, it's seen an uptick in expenses and a corresponding hit to its earnings. (After all, distribution companies are low-margin businesses.)

Its recent buyouts of Telpar (data capture products) and Azerty (ink and toner products) will help bolster SYNNEX's distribution business. But its most interesting transaction may be its deal for Concentrix, an outsourcer for call-center support, database analysis, and print-on-demand services. Concentrix enjoys higher margins than most of SYNNEX's distribution businesses.

As for revenues, it seems the highly anticipated Vista launch had a dampening effect on SYNNEX's top line. But Microsoft plans to ship the product at the end of this month, which could lead to a welcome boost in sales.

The next couple quarters could see an improvement in revenues and profits alike, since SYNNEX appears to be throttling back on its investments. That could provide a catalyst to improve investors' perceptions -- and SYNNEX's stock price -- over the next several months.

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Fool contributor Tom Taulli does not own shares mentioned in this article. He is currently ranked 655 out of 19,500 in CAPS. The Fool has a disclosure policy.