NEWARK, NY – IEC Electronics Corp. reported fiscal third quarter revenues of $47.4 million, an increase of 17% year-over-year and 7% sequentially.

Net income was $2.1 million, up 75% compared to the fiscal third quarter of 2019. Operating income was $3 million, up 57%.

For the quarter ended June 26, operating cash flow was $6 million, compared to $400,000 in the prior year period.

For the first nine months of fiscal 2020, IEC reported revenues of $136.3 million, an increase of 21% year-over-year. Net income was $4.8 million, an increase of 60% compared to the first nine months of fiscal 2019. Operating income was $7.2 million, an increase of 48%.

Operating cash flow for the nine-month period was $7.8 million, compared to $9.2 million in the same period last year.

“IEC delivered a strong third quarter, as demonstrated by revenue of $47.4 million, representing growth of 17% year-over-year, as well as a sequential increase of 7% compared to the second quarter of fiscal 2020,” said Jeffrey T. Schlarbaum, president and CEO of IEC Electronics. “Just a year ago, we achieved a company milestone by breaking through our internal $40 million quarterly revenue threshold, at which time we reset our internal quarterly revenue benchmark to $45 million. Despite the challenging economic and public health landscape of the past several months, we solidly surpassed that revenue benchmark in the quarter, as well as delivered gross margins of 14%, which we believe is among the highest in our industry, which is a testament to our growing role as a highly capable and reliable electronic manufacturing solutions provider for complex products in highly regulated industries, and also demonstrates the resilience of our employees who have continued to get the job done while navigating a pandemic.

“We continue to generate bookings from a diverse base of customers and remain focused on end markets that value our exclusively US-based production model and who recognize the advantages of our vertically integrated manufacturing solutions for mission-critical and life-saving products. Our pipeline and backlog remain strong as we continue to have success attracting new business from new customers and in securing new projects from existing customers, and we believe this momentum contributes significantly to our ability to consistently deliver strong organic results that continue to grow at better than industry rates.”

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