NEWARK, NY -- IEC Electronics reported fourth-quarter revenue rose 13.7% year-over-year to $18.3 million.

For the period ended Sept. 30, the EMS company said operating income rose 40% to $1.4 million. Net income plunged to $903,000 from $8.5 million; however, in the fourth quarter last year IEC received a tax benefit of $7.7 million. Without the benefit, net income grew 63%.

For fiscal 2009, IEC had revenue of $67.8 million, up from $51.1 million, and net income after tax of $5 million, down from $10.5 million. The company added five new customers during the year, three in the military sector, one in communications and one in industrial, and terminated two customers where the relationship was no longer commercially viable. 

Backlogs at quarter's end were $41.4 million, down from $43.9 million a year go. Military makes up 43.4% of sales, industrial 24.3%, medical 5% and aerospace 12%. Gross margin was 17.5% for the quarter.

For the year, gross profit increased to 16%, up 380 basis points.

Chairman and CEO Barry Gilbert said, "We had a good year and continue to improve our operating performance. We continue to be concerned about the outlook for the broad economy. We expect continued growth in sales for fiscal 2010 of approximately 17%, and expect our operating income to exceed 7% of sales. We believe our military and aerospace sectors will remain strong. The industrial sector has been under pressure all year long and we do not envision any substantive improvement in fiscal 2010."ilings with t

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