NEWARK, NY -- IEC Electronics today announced fiscal 2018 second quarter revenues of $31.8 million, up 49% from 2017.

For the period ended Mar. 30, net income of $1.6 million, reversing a a net loss of $600,000.

Gross profit margin was 15.1%, up 440 basis points for the quarter. The firm also announced an amended credit facility with M&T Bank which raised the EMS firm's access to cash by $6 million, to $22 million.

“We’re pleased to have delivered strong second quarter results, characterized by significant revenue growth, gross margin improvement and a return to profitability," said Jeffrey T. Schlarbaum, president and CEO. "As expected, our conversion of backlog to sales improved during the quarter, including the shift of several program deliveries from the first quarter to the second quarter. Importantly, our sales pipeline and backlog continue to grow as a result of our ability to generate new program activity from existing customers and to attract new customers. This success can be attributed to our focus on improving our operations and project execution, as well as to our sales team’s ability to target the right customers for our skill set.

“We continue to encounter global supply chain challenges related to component shortages, and remain actively involved with our supply chain partners to minimize any impact on our ability to assemble and ship products for our customers. As we’ve previously discussed, our new program onboarding process can be lengthy and complex, but we have a skilled and experienced team in place to ensure we do everything within our control to support our customers. We are energized by our second quarter performance and optimistic about the remainder of 2018 given the opportunities presented by our robust sales pipeline and growing backlog.”

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