NEWARK, NY -- IEC Electronics Corp. reported net income of $62,000 on revenue of $7.7 million for its fourth quarter ended Sept. 30. Both figures were down from last year, when IEC reported net income of $575,000 ($260,000 in non-operating income) on revenue of $9.1 million.

The EMS firm took a restructuring charge of $97,000.

For the year, IEC posted a net loss of $828,000 on revenue of $27.7 million. Again, both figures fell year-on-year: IEC had fiscal 2003 net income of $2.5 million ($1.1 million from non-operating income) on revenue of $48.2 million. Long-term debt was $1.3 million, down from $2.7 million.

In a press statement chairman and CEO Barry Gilbert said, "Although our fourth-quarter profit was modest, we are pleased to announce a return to profitability.

IEC was hurt by the loss of business from Motorola, and has lost two major accounts from a year ago; those customers made up 87% of IEC's business at the time. As of Sept. 30, IEC's top six accounts made up 82% of its revenue. "We fully expect to further diversify our account base throughout 2005," said Gilbert.

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