IECE - Back to profitability with higher profits projected (see release below).
IEC Announces Third Quarter Results For Fiscal 2006
Newark, NY - July 26, 2006 - IEC Electronics Corp. (IECE.OB) announced its
results for the third quarter of fiscal 2006, ending June 30, 2006.
The Company reported revenue of $5.4 million for the quarter and net profit of
$79,000 or $0.01 per share. This compares to revenue of $4.0 million and net
income of $78,000 or $0.01 per share for the quarter ended July 1, 2005.
For the first nine months of fiscal 2006, IEC's revenue was $14.6 million with a
net loss of $(137,000) or $(0.02) per share. This compares to revenue of $14.9
million and net income for the first nine months of fiscal 2005 of $234,000 or
$0.03 per share.
W. Barry Gilbert, Chairman of the Board and CEO, stated, "We continue to add new
accounts and grow volume of existing customers, and are pleased we had a
profitable quarter. Our sales are more than 30 % ahead of last year at this
time. However, the additional sales have not yet translated into a significant
profit increase. We have been steadily and selectively increasing our employment
base, adding back some key positions eliminated during more difficult times.
These positions go to the heart of our business and are critical if we are to
provide the level of services necessary to support our growth with our customers
and to continue driving the business forward.
Our sales and profitability will continue to gain momentum. Barring unforeseen
challenges, we expect our sales to increase about 70% for the fourth quarter of
this fiscal year over the quarter just reported. Although this level of sales
growth cannot be maintained we anticipate favorable quarterly comparisons
throughout 2007, and are excited about our prospects. Our new customers are
ramping up their volumes with us as anticipated. These higher volumes testify to
the confidence these new accounts are placing in IEC, and confirm our strategy
of not sacrificing long-run growth for short-term profits. We are slowly
rebuilding IEC into the premier company it once was.
Each quarter for the last year the report to shareholders has closed with the
sentence: `The Company continues to move in the right direction and we are
confident that we are creating future value for our shareholders and opportunity
for our employees.' That's what we continue to believe." |
