This Week
  • The new Golisano Children's Hospital is dedicated.

  • Citizens Bank leader outlines plans in visit.

  • The last six years have brought quite a transformation to Mirror Show Management.

  • For Christopher Thorpe of Darien Lake Theme & Water Park Resort, work is about having fun.

  • Local banks are getting ready to migrate to the global standard for secure payments.

  • Aprille Byam launched StoryChick to help people begin conversations.

IEC net income, sales decline in third quarter

Rochester Business Journal
August 5, 2014

IEC Electronics Corp. on Tuesday reported a drop in third-quarter sales and profit.

The Newark, Wayne County, firm reported net income of $22,000, or 0 cents a diluted share, compared with net income of $382,000, or 4 cents a diluted share, in the third quarter a year ago.

During the most recent quarter, IEC reported restatement and related expenses of $102,000 compared with $1.1 million a year ago.

The company logged sales of $33 million, down from $35.2 million.

Barry Gilbert, chairman and CEO, said the firm is having some success, despite a drop in sales.

“Overall, we've continued to have success adding new customers and adding new programs for existing customers, the majority of which we anticipate will be accretive to the company and will provide long-term value,” Gilbert said in a statement. “But in our business, the time frame from signing a contract to production can be quite lengthy and that dynamic impacted our performance this quarter.”

Shares of IEC (NYSE MKT: IEC) were trading midday at $4.20, down nearly 4 percent from $4.36 at Monday’s close.

IEC employs 712 local workers.

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


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google