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Q2 loss narrows, sales rise at IEC Electronics

Rochester Business Journal
May 1, 2014

IEC Electronics Corp. reported Thursday a smaller second-quarter loss as sales increased during the period.

The Newark, Wayne County-based contract electonic manufacturer reported a net loss of $569,000, or 6 cents a diluted share, on sales of $34.8 million. That compares with a net loss of $1.1 million, or 12 cents a diluted share, on sales of $33.7 million a year ago.

During the fiscal 2014 second quarter, which ended March 28, the company reported restatement and related expenses of $1.3 million compared with no such charges a year ago.
 
“We are making progress rebalancing and moving the business forward, albeit at a slower pace than we planned,” said Barry Gilbert, chairman and CEO, in a statement.

Work from industrial customers helped drive growth in the quarter, while its aerospace and defense business—roughly half of the firm’s sales—was steady, Gilbert said.

Shares of IEC stock (NYSE MKT: IEC) were trading at $4.33 midday, down nearly 2 percent.

IEC ranked 13th on the most recent Rochester Business Journal list of manufacturers with 607 workers.

(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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