NEWARK, NY — IEC Electronics Corp. reported revenue of $35.4 million for the fiscal first quarter, an increase of 68% year-over-year.

Net income for the period ended Dec. 28 was $1.1 million, compared to a net loss of $500,000 during the same quarter in the prior year.

“We’re pleased to have delivered a strong start to fiscal 2019, reflected in significantly increased revenue and enhanced profitability,” said Jeffrey T. Schlarbaum, president and CEO. “As we expected, in addition to year-over-year improvement, we also achieved sequential revenue growth of 4% compared to the fourth quarter of 2018, a notable development, as historically our first quarter performance typically shows a sequential decline. This growth is purely organic, driven largely by our ability to win new programs from existing customers, reflecting growing confidence in IEC as a dependable manufacturing partner and the value of our portfolio of vertically integrated offerings. Furthermore, we continued to see strong bookings, achieving an increased book-to-bill ratio of 1.6:1 at Dec. 28, up from 1.3:1 at Sept. 30, resulting in double-digit growth to our overall company backlog.

“Our industry and our company continue to experience the effects of global component shortages, and we are focused on managing our workforce and inventory levels so that we remain in the position to efficiently convert our strong backlog.”

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