NEWARK, NY -- IEC Electronics, a publicly held EMS firm, today reported second quarter net income of $73,000 on sales of $4.7 million.

For the quarter ended April 1, sales dropped 36% year-on-year, due to a decline in orders from two major customers. Net income dropped from $124,000 last year.

In a press statement, chairman and CEO W. Barry Gilbert said, "The business has been restructured delivering solid gross profits and excellent inventory turns even though our sales reflect the previously reported loss of Motorola and Teradyne, which historically were a majority of the company's business."

IEC has cut $1.5 million annually from its overhead during the past six months, Gilbert added.

The company landed two new accounts that are eventually expected to be worth $6 million to $10 million annually in sales.

Another customer said it would cease its business with IEC in July and bring its work in-house.

The top five customers accounted for 71% of sales for the quarter, down five points from last year.

For the quarter, IEC took restructuring costs of $41,000.