IEC Reports 21% Spike in Q1 Revenues PDF Print E-mail
Tuesday, 29 January 2008 05:01
NEWARK, NY – EMS provider IEC Electronics announced first-quarter revenues rose 21% year-over-year to $11.2 million. Net profit was $420,000, compared to a net loss of $576,000 last year. 

First-quarter results were lowered by a $389,000 write-off attributable to the insolvency of Mangrove Systems, which was subsequently acquired by Carrier Access Corp. during the second quarter 2007, the company said.

IEC added a multi-billion dollar aerospace customer during the first quarter, with an approximate $1 million order to be shipped during the next few quarters. IEC also earned AS9100 certification during the period.
 
The company is still making progress toward absorbing more than 100 employees hired during the first quarter last year. “Although we have not yet achieved the desired level of efficiency from that very substantial number of new hires, we have made progress,” said W. Barry Gilbert, chairman and CEO. 
 
Last Updated on Tuesday, 29 January 2008 05:03
 

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