NEWARK, NY -- IEC Electronics reported a net loss of $446,000 on revenue of $35.7 million for its fiscal fourth quarter ended Sept. 30. 

The EMS company narrowed its year-ago loss from $8.7 million despite a 9.5% drop in revenue. Sales were up 8% sequentially.

Backlogs increased more than 20% during the quarter, and debt fell $5.4 million.

During the quarter the company recorded a writeoff of $1.1 million of its New York State deferred tax asset due to changes in tax legislation. A year ago the company recorded impairment charges of $14.2 million related to its Southern California Braiding operation.

For fiscal year 2014, IEC reported revenue of $135.6 million, operating income of $342,000 and a net loss of $2.1 million. In fiscal 2013, the company had revenue of $140.9 million, an operating loss of $13.8 million and a net loss of $9.5 million.

"This quarter's sales results improved on a number of fronts," chairman and CEO W. Barry Gilbert said. "The fiscal year-end backlog of $105.3 million is an important turnaround after two years of decreases. Furthermore, this backlog number does not include the order we expect from one of our Space Launch System customers. We have rebuilt our sales and management team, with the addition of some excellent talent, and this increased backlog is a testament to their efforts.

The company is adding employees in anticipation of ramp to volume for a large order from a medical customer. 

By end-market, aerospace and defense made up approximately 46% of IEC's revenue, followed by industrial at 26% and medical at 23%.

IEC guided for sales growth of 8 to 10% and improved margins in its fiscal 2015.

"We expect our orders will remain solid from all three primary markets we cover," Gilbert said. "We continue to add new customers, new locations from existing customers and new programs from existing customers."

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