IEC Reports Q4 Revenue Up 40% YoY
Published: 13 November 2008
by Staff
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.”
