IEC's Profits, Sales Rise in Q3
NEWARK, NY -- Contract assembler IEC Electronics reported fiscal third-quarter net income rose 7% to $1.33 million.
For the period ended July 1, revenue increased 32% year-over-year to $34.6 million. Operating income rose $400,000 to $2.62 million. Organic sales were up 14% from 2010, and the EMS firm's backlog continues to expand.
"This was a solid quarter for IEC, but not without its challenges" said W. Barry Gilbert, chairman and chief executive. "The revenue growth and gross margin were somewhat disappointing."
Gilbert said $3 million worth of revenue was negatively impacted by a delay in a program due to equipment downtime, military budget appropriations, and an unusual number of customer change orders. Margins were affected by product mix changes.
