NEWARK, NY -- IEC Electronics announced fiscal third quarter revenues of $26.5 million, down 18.5% year-over-year and up 24% sequentially.

Gross profit margin for the period ended Jun. 30 was 14%, down 280 basis points from a year ago and up 330 basis points sequentially. Net income fell by half from last year to $800,000.

"Our third quarter results were in line with our expectations, demonstrating sequential increases in revenue, gross profit margin and a return to profitability," said CEO and president Jeff T. Schlarbaum. "We are pleased to have seen incremental revenue growth in the third quarter from a large strategic customer who had previously reduced volumes in the first two quarters of fiscal 2017.

"Our new business pipeline continues to expand with activity from both existing and new customers as a result of our reformulated go to market strategy. The third quarter also reflects reduced selling and administrative expense as we've remained diligent in our efforts to control costs during what we believe is a temporary downturn in sales while also maintaining our ability to ramp our operations as sales return. With our visibility today, we believe that sales levels will continue to grow through the balance of fiscal 2017."

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