NEWARK, NY -- IEC Electronics today said it partially recovered a nearly $400,000 writeoff the EMS firm took during its first-quarter ended Dec. 29.

The company took a $389,000 charge for outstanding receivables following the closing by Mangrove Systems, an IEC customer. However, Carrier Access Corp. has since acquired Mangrove's IP networking product assets and paid the outstanding balance, IEC said.

Carrier paid IEC the sum of $349,000 all of its outstanding receivables, including $60,000 applicable to the second quarter. This payment will be reflected in the current quarter's results.

In a statement, IEC CEO W. Barry Gilbert said, "Over the past 3 years we have developed considerable expertise building and testing the highly complex Mangrove products. We believe that this capability will prove valuable to Carrier Access as they look to us for support, and expect that the dedicated Mangrove inventory previously written-off will likely be utilized over time and much of it recovered. We are pleased with this outcome for Carrier Access, Mangrove employees and IEC shareholders."