NEWARK, NY – IEC Electronics Corp. reported fiscal third quarter revenue of $29.8 million, an increase of 12% compared to the same period last year.
For the quarter ended June 29, the company reported net income of $200,000, compared to net income of $800,000 in the third quarter of fiscal 2017.
Selling and administrative expenses increased to $2.8 million but decreased slightly as a percentage of sales to 9.5%, as compared to $2.6 million or 9.8% of sales in the third quarter of fiscal 2017.
“We continue to see many positive signs of growth in our business as we execute our go-to-market strategy,” said Jeffrey T. Schlarbaum, president and CEO. “Our fiscal 2018 third quarter revenue was lower than anticipated due to the global component shortages affecting the electronics industry. Based upon firm order commitments from our customers, we acquired materials, staffed accordingly and fully intended to deliver an additional $4 million in customer orders during the third quarter. However, due to numerous supplier de-commits and late deliveries, the orders that went unfulfilled we expect will shift into our fiscal 2018 fourth quarter, similar to what occurred from our fiscal 2018 first quarter to our fiscal 2018 second quarter. Notwithstanding the aforementioned raw material constraints, I am pleased to report we experienced meaningful backlog growth with a book-to-bill ratio greater than 1.8:1 in our fiscal 2018 third quarter, a sequential increase over fiscal 2018 second quarter of 1.1:1, as our customers continued to outsource a greater share of work to IEC.”
Revenue for the first nine months of fiscal 2018 increased 20% to $82.7 million. Net income was $1.3 million, compared to a net loss of $700,000 in the same period last year.
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