The First Marblehead Corp., a Boston-based packager of student loans, has reported a net loss of $10.4 million in the fourth quarter of fiscal 2010, compared with a net loss of $36.1 million for the same period a year earlier.

Total revenues in the fourth quarter of fiscal 2010 were $9.5 million, compared with $11.6 million for the same period last year. The $2.1 million decrease reflects $1.4 million in lower net interest income on fewer education loans held for sale and $0.7 million less in service revenues.

The net loss for fiscal 2010 was $145.5 million, an improvement from a net loss of $363 million in fiscal 2009.

Daniel Meyers, chairman and chief executive officer, said the company has made significant progress on several key initiatives designed to adjust its business model and refine its product offerings.

"This is not an overnight turnaround, but we are beginning to deliver the results of that effort. Our balance sheet is far stronger. Financial institutions have re-entered the market for private education loans. Colleges are increasingly expressing their needs. The company’s recently appointed national sales team is already rebuilding strong relationships — not only with lenders, but also directly with schools, which represent a critically important distribution channel. We are intently focused on aggressively building our revenue streams," Meyers said in a statement.