IEC announces strong sales results for Q1
Feb 10, 2007
-- Revenue increased by 150% over Q1 2006
-- Net Loss for the quarter, including the Mangrove write-off, of $576,000
-- Continued sales growth expected for fiscal Q2
-- IEC Electronics Corp. (IECE.OB) announced today its results for the first quarter of fiscal 2007, which ended December 29, 2006.
Revenues increased to $9.2 million for the first quarter of fiscal 2007 as compared with $3.6 million for the first quarter of fiscal 2006. Net Loss for the first quarter of fiscal 2007 was ($576,000) or ($0.07) per share, as compared with net loss of ($48,000), or ($0.01) per share for the first quarter of fiscal 2006.
W. Barry Gilbert, Chairman of the Board and CEO, stated, "Our sales growth continues to gain momentum, and we expect further growth during the balance of this fiscal year. As mentioned in the interim press release we expect to exit the year substantially ahead of last year. We have won two new customers this quarter and anticipate their volume to build over the next six months. Both of these customers have excellent brand recognition in their respective industries.
On January 24th, one of our customers, Mangrove Systems, Inc., a manufacturer of high-end specialty network communication equipment, announced that it was ceasing operations. Our first quarter result includes a $389,000 write-off. Without this one time event, our net loss would have been ($188,000) or ($.02) per share.