IEC Reports Revenue up 12% YoY
Published: 28 January 2010
by Staff
NEWARK, NY – EMS provider IEC Electronics Corp. reported revenue of $18.1 million for the first quarter 2010, up 12.2% year-over-year.
Net income was $753,000, up 29.3% over the first quarter last year.
The company’s Dec. 16 acquisition of General Technology Corp. from Crane Co. had almost no impact on the results, the firm said.
Operating income was 7.2% of sales versus 6% for the same period last year.
In a statement, chairman and CEO W. Barry Gilbert guided for sales to increase from $16.3 million in fiscal second quarter 2009 to approximately $25 million in fiscal second quarter 2010. “While much of the increase will be related to the GTC acquisition, over 20% of the balance is organic growth,” he said.
