NEWARK, NY -- IEC Electronics' sales rose 4.7% year-over-year in its fiscal second quarter ended Apr. 1.

Net revenues were $33.1 million for the period, the contract electronics manufacturer said.

Net income for the quarter was $1.5 million, compared to a net loss of $5.5 million in the prior year period. During the second quarter the company reduced net inventory by $2.3 million sequentially and decreased net debt by $4.4 million.

Gross profit margin for the quarter grew to 17.3% versus 9.4% last year on higher production volume, changes in customer mix, improved labor efficiencies, and lower overhead costs.

In a press release, president and CEO Jeff Schlarbaum said, "Our second quarter results demonstrate continued momentum, as we achieved solid revenue growth, gross margin improvement and enhanced profitability. We remain focused on capitalizing on opportunities within our high growth verticals and our revenue growth in the quarter was primarily driven by our medical sector, which represented a higher portion of consolidated revenue. Additionally, we're pleased to have significantly lowered our S&A costs and reduced both our inventory and long-term debt during the second quarter."

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