NEWARK, NY – IEC Electronics announced second quarter revenue of $45.4 million, an increase of 2.7% year-over-year.

The company reported a net loss of $300,000, compared to net income of $1.5 million in the second quarter of 2020. Operating loss was $200,000, compared to operating profit of $2.3 million for the same period in the prior year.

For the six-months ended Apr. 2, IEC Electronics posted revenue of $92.8 million, up 4.4% year-over-year. Net income was $1.2 million, down 55.6% year-over-year. Operating profit was $2 million for the first six months of 2021, a decrease of 52.4%.

“Second fiscal quarter results came in below expectations due to delays in ramping two high-value programs,” said Jeffrey T. Schlarbaum, president and CEO, IEC Electronics. “We believe we have built an infrastructure to support the conversion of much higher revenue levels that have now shifted into the second half of the fiscal year. These complex programs, which are anticipated to provide considerable long-term revenue opportunity for IEC, experienced unusual technical challenges and supply chain delays that slowed the ramp to steady production, impacting revenue and profitability for the quarter. We view this as simply a timing issue as demand for our highly technical and complex manufacturing capabilities remains strong. As we have often discussed, we are a manufacturing partner for high-complexity, life-saving and mission-critical industries, where there is no compromise for exact technical precision and product quality. We are working closely with our customers to manage through the ramp-up challenges experienced in the second quarter and believe our partnerships have been strengthened by IEC’s technical capability matched with a remediation know-how for complex issues like the ones encountered in the fiscal second quarter.

“With our visibility today, we remain confident and believe we are well-positioned to drive double-digit organic growth for the balance of fiscal 2021. As a 100% US-based manufacturer with a full portfolio of vertically integrated production services, IEC is an attractive partner for companies across several regulated industries who are looking for the highest levels of intellectual property protection and supply chain management. We are focused on growing our leadership position, and we are energized by the opportunities we’re seeing in the marketplace to add new customers and programs.”

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