NEWARK, NY — IEC Electronics reported fiscal first quarter net sales rose 14.2% to $32.9 million as the firm's new management's policies are taking hold. 

For the period ended Jan. 1, net income was $1.5 million, reversing last year's net loss of $800,000.

Gross profit margin rose 570 basis points to 17.7% on higher production volume, changes in customer mix and improved labor efficiencies.

It was almost a year to the day since Jeff Schlarbaum returned to IEC as president and CEO after a protracted battle between certain shareholders and the company's longtime management for  control of the board.

In a statement, Schlarbaum said, “We’re very pleased to have built on the momentum we’ve developed over the past few quarters, to deliver a strong start to fiscal 2016. Just over a year ago, our new management team established a focused strategy to turnaround our company and since then we have steadily and consistently driven improved performance. During the first quarter, which represents our third full quarter under new leadership, IEC demonstrated solid revenue growth, enhanced profitability and our third consecutive quarter of gross margin improvement.

“As a provider of mission critical and life-saving products, we see great opportunity for growth as we work with our customers for the successful execution of ongoing projects and as we introduce our capabilities to new audiences. We believe IEC’s ability to provide comprehensive, specialized solutions to highly regulated end markets will enable us to realize continued revenue growth with sustained margin performance and profitability,” Schlarbaum added.

• Prev
• Next