NEWARK, NY – EMS provider IEC Electronics Corp. said fourth-quarter 2008 revenue was $16.1 million, up 40.4% year-over-year.
Net Income for the quarter, including a tax benefit, was $8.5 million, up 97% year-over-year.
Operating income was $1 million (6.3% of sales), up 86% compared to the same quarter of 2007.
For fiscal year 2008, IEC had revenue of $51.1 million, up 20% compared to full-year 2007. Net income before taxes was $1.6 million, up 69% year-over-year.
IEC added eight new customers this year, including three in the past quarter. Three of the new customers are in the aerospace sector, two in the military sector, two in the industrial sector, and one in medical.
In a press release, IEC said, “Despite the recessionary outlook for the economy, we expect strong growth in sales and earnings in fiscal 2009, as our customers, particularly in the military and aerospace sector, are cautiously optimistic and because we expect to realize enhanced operating margins from productivity gains and from our interconnect subsidiary.”
Cleveland, OH – Jergens Inc., a manufacturer of standard tooling components, vises and other workholding equipment, has acquired Bock Workholding Inc. for an undisclosed sum.
Bock, with headquarters in Ford City, PA, and sales partners in Europe, Asia and Australia, is a manufacturer and distributor of workholding solutions designed to improve the productivity of vertical and horizontal machining centers and flexible manufacturing cells.
BILLINGSTAD, NORWAY -- Kitron, a top 50 global electronics manufacturing services company, reported third-quarter revenue of NOK 483.7 million, up 24% over 2007. The net profit rose nearly 14 times to NOK 95,000.
THIEF RIVER FALLS, MN – Digi-Key Corp. has signed a deal to distribute Tyco Electronics’ passive components worldwide.
The new deal is aimed at growing markets in Europe and Asia.
Previously Digi-Key distributed Tyco’s products on a regional basis.
Tyco supplies passive electronic components used in the automotive, computer, consumer electronics, communication equipment, appliance, aerospace and defense, industrial machinery and instrumentation markets.
PHILADELPHIA – The American Competitiveness Institute will sponsor a pair of free workshops early next month. On Dec. 3, ACI will partner with Dage Precision Industries for a special half-day workshop on x-ray inspection criteria and common defect analysis, covering solder-related defects such as head-on-pillow, BGA and substrate opens.
On Dec. 11, ACI will team with Aqueous Technologies, Kyzen and Technical Devices
to present the Low Stand-Off Cleaning Symposium. The one-day program
includes training on practical approaches in cleaning the z-axis
through inline and batch processes.
Both workshops will be held at ACI in Philadelphia, and a free lunch will be provided.