NEWARK, NY – IEC Electronics Corp. reported fiscal first quarter revenues of $44.7 million, up 26.2% year-over-year.

For the quarter ended Dec. 27, net income was $1.2 million, an increase of 9% compared to the same quarter last year.

“Fiscal 2020 is off to a strong start,” said Jeffrey T. Schlarbaum, president and CEO of IEC Electronics. ”We reported not only substantial revenue growth of 26% over the same quarter last year but also our sixth consecutive quarter of sequential revenue growth. IEC has now consistently achieved revenue in excess of $40 million for the past three quarters, a key revenue milestone we had targeted when we initiated the turnaround of the business.

“During the first quarter we recorded a one-time inventory reserve of $1 million due to the reorganization at one of our end customers in the medical sector in late 2019. We entered fiscal 2020 with a robust backlog, and our pipeline remains strong. Our new state-of-the-art facility is expected to be opened this year, and with our proven success providing vertically integrated manufacturing solutions for lifesaving and mission-critical products, we believe we are competitively positioned to win new customers and programs. We look forward to continuing to grow our leadership position as a provider of highly complex manufacturing solutions.”