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CHICAGO – Merger and acquisition activity in the EMS sector slowed slightly in 2008, with a total of 48 EMS companies changing hands in 2008, down three from 2007.

NEW YORK -- IEC Electronics reported December quarter revenue of $15.8 million, up 41% over a year ago.

Operating income was up 141% to $946,000 and net income rose 27% to $532,000 for the company's first fiscal quarter.

Gross margin improved to 14.1%, up 3.8 points from a year ago. Operating income was 6% of sales versus 3.6% for the same period last year. The company pointed to improved product mix, manufacturing efficiency, and a larger customer base, including a new aerospace customer.

In a statement, chairman and CEO Barry Gilbert, said, “We expect continued revenue growth during the balance of the year, and expect to further intensify our market focus in the medical technology sector in the coming quarters. As we all know, the economy is in a deep recession. While some of our customers are indeed experiencing significant difficulties we have others that continue to expand their commercial activity with us."

The company may apply to re-list its common stock on the Nasdaq Capital Market, he said, which could involve a reverse split of the company's common stock.

SAN JOSE – The 90-day moving average of orders among North America-based manufacturers of semiconductor equipment was $668.7 million in December, SEMI reported.

Bookings were down 15% from the revised November level of $783.8 million, and down 42% from a year ago.

The December book-to-bill was 0.93, down from 0.97 in November and breaking a two-month rise. A book-to-bill of 0.93 means that $93 worth of orders were received for every $100 of product billed for the month.

The three-month average of worldwide billings in December was $722.6 million, down 10% sequentially and 47% from December 2007

“Bookings continue to reflect the uncertainty in the economic environment, and are approaching levels last seen in early 2002,” said Dan Tracy, senior director of industry research and statistics at SEMI. “We expect bookings to remain at low levels until end-market demand for semiconductors picks up.”