NEWARK, NY--(Marketwired - February 12, 2016) - IEC Electronics Corp, (NYSE MKT: IEC) today announced results for the fiscal first quarter ended January 1, 2016.
For the first quarter of fiscal 2016, the Company recorded net sales of $32.9 million, an increase of 14.2% compared to net sales of $28.8 million during the first quarter of the last fiscal year. Gross profit margin for the first quarter grew to 17.7% compared to 12.0% in the same quarter last year. The improved gross profit was related to higher production volume, changes in customer mix and improved labor efficiencies. Selling and administrative expenses, excluding restatement and related expenses, increased to $4.0 million or 12.3% of sales as compared to $3.2 million or 11.3% of sales in the first quarter of fiscal 2015. Net income for the quarter was $1.5 million, or $0.15 per share, compared to a net loss of $0.8 million, or a loss of $0.08 per share, in the same prior year period.
Jeffrey T. Schlarbaum, President & CEO of IEC Electronics commented, “We’re very pleased to have built on the momentum we’ve developed over the past few quarters, to deliver a strong start to fiscal 2016. Just over a year ago, our new management team established a focused strategy to turnaround our Company and since then we have steadily and consistently driven improved performance. During the first quarter, which represents our third full quarter under new leadership, IEC demonstrated solid revenue growth, enhanced profitability and our third consecutive quarter of gross margin improvement.
“As a provider of mission critical and life-saving products, we see great opportunity for growth as we work with our customers for the successful execution of ongoing projects and as we introduce our capabilities to new audiences. We believe IEC’s ability to provide comprehensive, specialized solutions to highly regulated end markets will enable us to realize continued revenue growth with sustained margin performance and profitability,” Mr. Schlarbaum concluded.
Conference Call:
IEC will host a conference call, today, Friday, February 12, 2016 at 10:00 a.m. Eastern Time, to discuss its financial results for the fiscal first quarter ended January 1, 2016.
The conference call may be accessed in the U.S. and Canada by dialing toll-free (877) 407-9210. International callers may access the call by dialing (201) 689-8049.
A replay of the teleconference will be available for 30 days after the call and may be accessed domestically by dialing (877) 660-6853 and international callers may dial (201) 612-7415. Callers must enter conference i.d. number 13629246.
To access the live webcast, log onto the IEC website at http://www.iec-electronics.com. The webcast can also be accessed at http://www.InvestorCalendar.com. An online replay will be available shortly after the call.
About IEC Electronics
IEC Electronics is a provider of electronic manufacturing services (“EMS”) to advanced technology companies that produce life-saving and mission critical products for the medical, industrial, aerospace and defense sectors. The Company specializes in delivering technical solutions for the custom manufacture of complex full system assemblies by providing on-site analytical testing laboratories, custom design and test engineering services combined with a broad array of manufacturing services encompassing electronics, interconnect solutions, and precision metalworking. As a full service EMS provider, IEC holds all appropriate certifications for the market sectors it supports including ISO 9001:2008, AS9100C, ISO 13485, Nadcap and IPC QML. IEC Electronics is headquartered in Newark, NY and also has operations in Rochester, NY and Albuquerque, NM. Additional information about IEC can be found on its web site at www.iec-electronics.com.
