NEWARK, NY -- IEC Electronics today reported fiscal third quarter revenues rose 35.4% year-over-year to $40.3 million.

Sales were up 8% sequentially for the period ended Jun. 28, the EMS firm added. Net income rose to $1.2 million, from $200,000 last year.

Gross margin for the period was 13.9%, compared to 11.3% in the same quarter last year. Backlog growth was more than 64% since the end of fiscal 2018 and the book-to-bill ratio is 2.5:1.

Year to date revenues are up 36.7% at $113.1 million. Gross margin is up 180 basis points to 13.5%. Net income has more than doubled to $3 million.

“This was a breakthrough quarter for IEC," said Jeff Schlarbaum, president and CEO. “Our third quarter performance reflects the changing dynamics of our company. During the past few years we’ve restored customer confidence as a reliable and efficient manufacturing partner for high complexity products in highly regulated markets. As a result of these efforts, we are winning more programs and seeing longer-term engagements. We continue to invest in ensuring that we have a highly skilled workforce in place and during the third quarter we again added to our employee base, continuing our practice of hiring and training skilled team members so that we may efficiently convert backlog to production. While the component shortage has abated in certain segments of our industry, we continue to see some tightness in the supply chain for the parts required for the high complexity programs we support. Nonetheless, we continue to adapt our operating model to ensure we have the right materials and people on hand to meet our customers’ expectations.

“With our backlog growth and the visibility we have today, we are confident in our expectation of achieving revenue growth in excess of 25% in fiscal 2019. Furthermore, we believe our integrated capabilities represent a growing value proposition to our customers, positioning us well to continue to capitalize on the opportunities we’re seeing in the marketplace.”

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