NEWARK, NY – EMS provider IEC Electronics Corp. reported fiscal second-quarter revenue of $25.2 million, up 55% year-over-year.

Operating income was nearly $2 million, up 75% compared to the second quarter of 2009, and net income was $1.03 million, down more than 150% year-over-year.

For the first six months of the fiscal year, IEC had revenue of $43.3 million, up 34.5% compared to the same period in fiscal 2009.

The firm reported operating income of $3.3 million for the first six months, up 58% compared to the six-month period last year. Net income was $1.8 million, compared to net income of $3.2 million in 2009.

"This was a good quarter. We had strong cash flow from operations, which enabled us to reduce our funded debt by more than $2.1 million. Absent an acquisition, we anticipate our cash flow will significantly reduce debt over the balance of the year. A material portion of our sales and earnings growth came from IEC Contract Manufacturing and IEC Wire and Cable. Excluding the GTC acquisition, combined sales from IEC Contract Manufacturing and IEC Wire and Cable increased by 15% sequentially compared to the first quarter of 2010, and more than 22% compared to the second quarter of fiscal 2009. We are gaining strength every quarter and expect to meet our forecasted annual revenue of $96 million," said W. Barry Gilbert, chairman of the board and CEO.

• Prev
• Next