IEC announces Q1 results for fiscal 2006
Jan 31, 2006
IEC Electronics Corp. (IECE.OB) announced today its results for the first Quarter ending December 30, 2005.
IEC reported a net loss of ($48,000) or ($0.00) per share on revenue of $3.6 million for the Quarter and year to date. This compares to a net income of $82,000 or $0.01 per share on revenue of $6.2 million for the same Quarter a year ago.
W. Barry Gilbert, Chairman of the Board and CEO, stated, "We are disappointed with the financial results for this past Quarter. They were materially impacted by last minute changes and technical issues from two customers that delayed scheduled December month-end shipments which, had they been made, would have led to total revenues of $4.4 Million with a net profit versus the nominal loss we reported.
"We are pleased that we continue to make significant progrsess in expanding our customer base and positioning the Company for the future. In the last 12 months we have added nine new companies to our customer list, increased our manufacturing efficiency and positioned IEC for a brighter future. During this past Quarter alone we added three new customers in our core areas of concentration: Military, Industrial, Homeland Security and Medical. We expect the current Quarter to be profitable with a sales increase greater than 50% above last Quarter."
During the Quarter the Company spent $212,000 to buy back 412,300 shares at a price of approximately 51 cents a share in private transactions with two holders of large blocks who approached the Company. This reduces the Company's outstanding shares from approximately 8.2 million to 7.8 million shares.