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IEC Electronics reports widening loss in Q1

Rochester Business Journal
February 5, 2014

IEC Electronics Corp. reported a net loss, along with a drop in sales in the first quarter.

The Newark, Wayne County firm Wednesday said it posted a net loss of $1.1 million, or 11 cents a diluted share, during the quarter, compared with a net loss of $101,000, or a penny a diluted share, a year ago. The results included restatement and related expenses of $1.2 million.

Sales were $32.1 million, down from $33 million during last year’s quarter.

Barry Gilbert, IEC’s chairman and CEO, said order delays from some customers in the medical and industrial markets impacted sales. The company is in the process of repositioning some management teams as part of a company rebalancing effort.

“We continue to invest capital into the company to improve our operating performance while also making changes to our overhead structure,” Gilbert said in the statement. “The results of this rebalancing are expected to begin to take effect in the back half of our fiscal year.”

Shares of IEC (NYSE MKT: IEC) were trading midday at $3.90, down 2.5 percent from Tuesday’s close of $4.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 




 


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