NEWARK, NY – IEC Electronics reported revenues of $34.2 million for the fiscal fourth quarter of 2018, up 24% year-over-year and 15% sequentially.

For the quarter ended Sept. 30, the company reported net income of $9.1 million, compared to net income of $800,000 for the fiscal fourth quarter of 2017. Net income included a tax benefit of $7.8 million.

Selling and administrative expenses increased to $2.9 million but decreased slightly as a percentage of sales to 8.5%.

Revenues for the fiscal year ended Sept. 30 increased 21% to $116.9 million compared to fiscal 2017.  Net income was $10.4 million, compared to $800,000 in the prior year period, including a tax benefit of $8.8 million.

“With the close of fiscal 2018, we believe our company has fully exited the turnaround phase and is well positioned to drive sustained growth,” said Jeffrey T. Schlarbaum, president and CEO of IEC Electronics. “Our strong fourth quarter performance was characterized by increased revenue levels, which have not been seen in five years, as well as strong backlog growth. Revenue and volume growth are being driven in large part by our ability to win new projects from existing customers as they recognize IEC’s value as a reliable and consistent manufacturing partner and discover the breadth of our diverse, vertically integrated capabilities.

“As we move through fiscal 2019, we believe we’re well positioned to drive continued growth and to increase our leadership position as a reliable and consistent manufacturing partner for life-saving and mission-critical products. Our fiscal fourth quarter backlog increased to $133 million, representing 85% year-over-year growth, and a level our company has not experienced in more than 20 years. During the fiscal fourth quarter, we also experienced a solid book-to-bill ratio of 1.3:1. With our visibility today, we expect strong double-digit year-over-year growth in fiscal 2019.”