IEC Reports Fiscal Q4 Revenues Up 28%
NEWARK, NY – IEC Electronics Corp. reported fiscal fourth quarter revenues of $43.9 million, an increase of 28.4% year-over-year and 9% sequentially.
Net income was $1.8 million for the quarter ended Sept. 30, down 80.2% year-over-year. Operating profit was $2.7 million, up 70%. Net income included a one-time tax benefit of $7.8 million.
Selling and administrative expenses were $3.7 million in the fiscal fourth quarter, 8.4% of sales, compared to $2.9 million, or 8.5% of sales, in the same period last year.
Revenues for fiscal 2019 increased 34.3% to $157 million compared to fiscal 2018.
Net income for the year was $4.7 million, a decrease of 54.8% year-over-year. Operating profit was $7.6 million, up 178%.
“Our fourth quarter performance built on the positive momentum we established throughout fiscal 2019, providing a strong close to our fiscal year,” said Jeffrey T. Schlarbaum, president and CEO. “We achieved our fifth consecutive quarter of revenue growth and our second sequential quarter of revenues exceeding $40 million. We believe our continued investments in our highly skilled workforce, manufacturing processes, and supply chain strategies have enhanced our ability to convert our backlog in a more efficient manner, resulting in industry-leading margin performance and year-over-year improvements.
“As we look to our upcoming year, our pipeline remains strong, with our fiscal 2019 year-end backlog at $212 million, which represents a 59% increase from fiscal 2018. The backlog growth is a direct result of our focused strategy of expanding our relationships with existing customers, in addition to on-boarding new strategic customers who value our unique service model.”
