| Turnaround at IEC Continues |
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| Written by Mike Buetow | |||
| Tuesday, 29 April 2008 11:41 | |||
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NEWARK, NY -- IEC Electronics reported second-quarter revenue of $11.9 million and net profit of $673,000. For the quarter ended March 28, revenues climbed 9% and earnings were up 11.6% over last year. (A year ago, pro forma earnings included a one-time gain; without it, net profits would have been $314,000.)
For the quarter, gross margin improved to 11.6%, from 10.3% sequentially, due to changes in product mix and improved manufacturing efficiency. In a press release, chairman and CEO Barry Gilbert said, “We had a solid quarter. The current economic slowdown is challenging and some of our customers are experiencing reduced revenue growth in their markets. While we expect some of the demand from these customers to be lower than last year, other customers are substantially increasing their orders with us, and their prospects appear to be bright for the balance of fiscal 2008.”
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