NEWARK, NY -- IEC Electronics today announced revenues fell 2.8% year-over-year to $27.6 million for the fiscal fourth quarter ended Sept. 30.
Gross profit margin rose 110 basis points to 12.6% on lower selling and administrative expenses. Net income for the quarter rose to $800,000, up from $200,000 last year.
For the fiscal year ended Sept. 30, revenues decreased 24% to $96.5 million. Gross margin was 11.7%, down from 16%. Net income $81,000, down from $4.8 million the prior fiscal year.
"As expected, we saw improvements in our results in the second half of fiscal 2017 compared to the first half of this fiscal year," president and CEO Jeff Schlarbaum, said. "Both revenue and profitability increased in the second half and we exited fiscal 2017 largely where we anticipated. During the second half of the fiscal year, one of the two customers that had experienced volume contraction started to ramp back up. In addition, we have continued to on-board new customers and new programs from existing customers as a direct result of our focus on strengthening our new business pipeline.
"Our fourth quarter and our fiscal year-end results also reflect our ongoing focus on controlling costs. Our balance sheet remains strong, providing us financial flexibility for future business investments. IEC's solid reputation as a leading provider of electronic manufacturing solutions for the production of life-saving and mission critical products continues to be a competitive advantage that we will leverage to drive growth and profitability throughout 2018."