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IEC posts boost in Q4 sales, though drop in quarterly bottom line

Rochester Business Journal
November 20, 2012

IEC Electronics Corp. reported an increase in fourth-quarter and year-end sales, due, in part, to growth in its industrial customer base.

The Newark, Wayne County firm’s quarterly net income was $2 million, or 20 cents a diluted share, on sales of $37.1 million. That compares to net income of $2.6 million, or 26 cents a diluted share, on sales of $34.9 million, last year. Last year’s results include roughly $1.1 million, or 8 cents a share, from a positive adjustment related to an acquisition.

“The fourth quarter of fiscal 2012 was a good quarter,” said Barry Gilbert, IEC chairman and CEO, said, in a statement.

For the year, IEC reported net income of $7.8 million, or 78 cents a diluted share, on sales of $145 million. That compares to net income of $6.8 million, or 68 cents a share, on sales of $133.3 million, last year.

Gilbert said the company’s customer mix shifted in 2012. While the medical sector still represents 22 percent of sales, the military/aerospace sector —affected by congressional funding delays — fell to 43 percent of sales from 56 percent of sales the year before. Sales to industrial customers grew to represent 25 percent of the business this year, compared with 13 percent of sales in fiscal 2011.

The company expects earnings per diluted share to be between 88 cents and 93 cents for fiscal 2013.

IEC ranked 15th on the most recent Rochester Business Journal list of manufacturers with 592 workers.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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