Circuits Assembly Online Magazine - IEC Electronics Reports Fiscal Q4 Revenues Up 6%

NEWARK, NY – IEC Electronics Corp. reported fiscal fourth quarter revenues of $46.4 million, an increase of 5.7% year-over-year.

For the period ended Sept. 30, net income was $1.9 million, up 5.6% compared to the same quarter in 2019. Operating income was $2.9 million, an increase of 8.3%.

The company reported operating cash inflow of $7.3 million during the fiscal fourth quarter, compared to $1.2 million in the same period last year.

For fiscal 2020, IEC reported revenues of $182.7 million, up 16.4% year-over-year. Net income was $6.8 million, an increase of 44.7%. Operating income was $10.1 million, up 33.9% compared to fiscal 2019.

The company reported operating cash flow of $15 million during fiscal 2020, compared to $10.5 million in fiscal 2019.

“Our fourth fiscal quarter showed continued solid performance, closing out a strong year for IEC,” said Jeffrey T. Schlarbaum, president and CEO. “At the start of fiscal 2020, we established three primary goals for our company: to drive double-digit organic growth for the fiscal year, continue to achieve industry-leading margins and generate operating cash flow, and we delivered on all three. Our ability to reach these goals is a credit to our employees, who continued to execute our strategy despite adverse circumstances, and a testament to our growing reputation as a premier partner for the manufacture of life-saving and mission-critical products.

“Our robust year-end backlog of $194.5 million is derived from a diverse range of customers. Notably, $180.2 million of the backlog is expected to ship within the next 12 months, which represents a year-over-year increase of 19.1% compared to $151.3 million at the end of fiscal 2019. We are focused on continuing to enhance our offerings to build on our leadership position as a 100% US-based integrated manufacturing partner. We are pleased with the operational and financial success we achieved in fiscal 2020, despite the challenges presented by the global pandemic, and we are energized by the opportunities ahead in fiscal 2021 to drive continued growth and profitability.”