| IEC's Q4 Revenue Jumps 95% |
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| Written by Mike Buetow | |||
| Monday, 06 November 2006 06:50 | |||
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NEWARK, NY -- IEC Electronics' fourth-quarter revenue rose 95 % and net Income increased 577% over last year . For the quarter ended Sept. 30, the EMS firm's revenues increased to $8.1 million, operating Income was up 671% to $447,000 (5.5% of sales), and net Income was $352,000. It was the company's highest level of quarterly sales in over three years. Backlog is also at its highest point in three years. Since June the firm has added more than 100 employees. W. Barry Gilbert, Chairman of the Board and CEO, said, "Barring unforeseen events we expect sales and profitability to continue to show quarterly improvements over the same period from the previous year. " IEC has renegotiated its loan agreement with Keltic Financial LLC to increase borrowing capacity and to reduce associated borrowing costs.
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