NEWARK, NY – IEC Electronics Corp. reported fiscal first quarter revenues of $47.5 million, up 6.3% year-over-year and 6.1% sequentially.

For the quarter ended Jan. 1, the company reported net income of $1.5 million, up 25% year-over-year.

Operating income was $2.2 million, an increase of 14.5% compared to the fiscal first quarter of 2020.

Operating cash usage was $4.9 million, compared to $2.3 million in the prior-year period.

Selling and administrative expenses were $3.5 million during the quarter, a slight increase compared to the fiscal first quarter of 2020, and 7.4% percent of sales for both periods.

“We delivered a strong start to fiscal 2021, achieving revenue growth, improved gross margin and enhanced profitability,” said Jeffrey T. Schlarbaum, president and CEO. “Revenue grew both year-over-year and sequentially despite employee absenteeism across several of our manufacturing facilities due to Covid-19, largely related to contact tracing precautions rather than positive cases. This resulted in underutilization on the production floor for a portion of the first quarter of fiscal 2021. The post-holiday spike in virus cases appears to be receding, and with workforce attendance returning to normal levels, we expect to see production levels normalize.

“As we move through fiscal 2021, we believe IEC is well-positioned to drive continued organic growth, maintain industry-leading margins and deliver enhanced profitability. Our reputation as a consistent and reliable manufacturing partner for high complexity, life-saving and mission-critical products continues to gain traction with customers in the marketplace. Likewise, as a 100% US-based manufacturer with a full suite of vertically integrated production services, we believe we have a competitive advantage in attracting partners from a variety of regulated industries who are looking for the highest levels of intellectual property protection and supply chain management. We believe we are competitively positioned to continue to win new customers and programs and look forward to continuing to grow our leadership position as a provider of highly complex manufacturing solutions.”

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