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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.


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