MikeDDKing
13 years ago
IEC Announces Solid Third Quarter Results for Fiscal 2011
On Monday August 8, 2011, 8:25 am
NEWARK, NY--(Marketwire -08/08/11)- IEC Electronics Corp. (AMEX: IEC - News)
Q3 revenue increased by 32% compared to Q3 2010
Q3 operating profit increased 15.7% compared to Q3 2010
Continued progress integrating Southern California Braiding
IEC Electronics Corp. (AMEX: IEC - News) announced its results for the third quarter of fiscal 2011 ended July 1, 2011.
For the quarter ended July 1, 2011 the Company reported revenue of $34,626,000 for the quarter, operating income of $2,623,000 (7.6% of sales) and net income of $1,333,000 or $0.13 per share. This compares to revenue of $26,095,000, operating income of $2,268,000 (8.7% of sales) and net income of $1,238,000 or $0.13 per share for the quarter ended June 25, 2010.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter of fiscal 2011 was $3,483,000 or $0.35 per share, compared to $2,555,000 or $0.27 per share for the same quarter last year.
IEC reported revenue of $98,355,000, operating income of $7,909,000 and net income of $4,129,000 or $0.42 per share for the first nine months of 2011. This compares to revenue of $69,387,000, operating income of $5,565,000 and net income of $3,027,000 or $0.32 per share for the first nine months of fiscal 2010.
EBITDA for the nine month period ended July 1, 2011 totaled $9,925,000 or $1.00 per share, compared to $6,067,000 or $0.63 per share for the same period last year.
"This was a solid quarter for IEC, but not without its challenges. On the positive side our organic growth was 14% as compared to the same period in fiscal 2010, which is in line with our outlook. Our backlog continues to expand in the face of some weakening broad macro-economic news both domestically and from the Far East. Southern California Braiding recently received a $5 million order from one of its military customers, and we continue to work on a number of exciting new programs, all of which will impact fiscal 2012," said W. Barry Gilbert, Chairman and Chief Executive Officer.
Mr. Gilbert continued, "Nonetheless, the revenue growth and gross margin were somewhat disappointing. Both the growth and the margin were negatively impacted by a delay in $3 million of revenue caused by unplanned downtime in certain equipment, the delay in finalizing the federal military budget, and an unusual number of customer change orders. In addition, we experienced a shift in our product mix. The product mix which was very favorable last quarter was equally unfavorable this quarter and impacted our gross profit.
"The long term view for Southern California Braiding's future is bright. Its current performance, however, has been choppy as we work our way through integration issues such as implementing new systems and expanding communication and business process tools. Nothing we have observed has diminished our enthusiasm about this acquisition, if anything we are more excited. All the programs we were planning have been approved in the defense appropriation budget and we are likely to receive additional awards.
"We strengthened our balance sheet. However, we fell short of our goal of reducing our bank debt. We believe this is a timing issue and remain confident that our bank debt will be reduced on or ahead of our internal schedule.
"We believe that we have met the challenges before us and remain most optimistic about the Company's future prospects. We are continually building a stronger company with immense capability for our customers, our employees and our shareholders."
IEC will host a conference call with investors at 10:00 a.m. Eastern time today, Monday, August 8, 2011 to discuss its financial results for the quarter ended July 1, 2011. The conference call may be accessed in the U.S. and Canada by dialing toll-free 1-877-407-9210. International callers may access the call by dialing 1-201-689-8049. To access a live webcast of the conference call, log onto the IEC website at http://www.iec-electronics.com or http://www.InvestorCalendar.com.
A replay of the teleconference will be available for 30 days after the call and may be accessed domestically by dialing 1-877-660-6853 and international callers may dial 1-201-612-7415. Callers must enter account number 286 and conference number 376007.
To access the live webcast, log onto the IEC website at http://www.iec-electronics.com. The webcast can also be accessed at http://www.InvestorCalendar.com. An online replay will be available shortly after the call.
About IEC Electronics
IEC Electronics Corporation is a premier provider of electronic manufacturing services ("EMS") to advanced technology companies primarily in the military and aerospace, medical, industrial and computing sectors. The Company specializes in the custom manufacture of high reliability, complex circuit cards, system level assemblies, a wide array of custom cable and wire harness assemblies, and precision sheet metal products. As a full service EMS provider, IEC is a world-class ISO 9001:2008, AS9100 and ISO13485 certified company. The AS9100 certification enables IEC to serve the military and commercial aerospace markets. The ISO13485 certification supports the quality requirements of medical device markets. The Company is also AC7120 Nadcap accredited for electronics manufacturing to support the most stringent quality requirements of the aerospace industry, as well as ITAR registered and NSA approved under the COMSEC standard. IEC Electronics is headquartered in Newark, NY (outside of Rochester) and also has operations in Victor, NY, Rochester, NY, Albuquerque, NM and Bell Gardens, CA. Additional information about IEC can be found on its web site at www.iec-electronics.com.
The foregoing, including any discussion regarding the Company's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the Company, changes in customer requirements and in the volume of sales to principal customers, competition and technological change, the ability of the Company to control manufacturing and operating costs, the ability of the Company to develop and maintain satisfactory relationships with vendors, and the ability of the Company to efficiently integrate acquired companies into its business. The Company's actual results of operations may differ significantly from those contemplated by any forward-looking statements as a result of these and other factors, including factors set forth in the Company's 2010 Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission.
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
JUL 01, 2011 AND SEP 30, 2010
(In Thousands)
JUL 01, 2011 SEP 30, 2010
ASSETS
CURRENT ASSETS
Cash 0 0
Accounts Receivable 20,303 16,315
Inventories 17,481 12,068
Deferred Income Taxes 3,940 3,359
Other Current Assets 356 234
------------ ------------
Total Current Assets 42,080 31,976
------------ ------------
NET FIXED ASSETS 18,195 13,098
NON-CURRENT ASSETS
Goodwill 13,810 58
Intangible Assets 6,077 331
Deferred Income Taxes 7,430 10,113
Other Non-Current Assets 192 106
------------ ------------
TOTAL ASSETS 87,784 55,682
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings 6,939 2,899
Accounts Payable 7,766 8,145
Accrued Payroll and Related Taxes 2,212 2,279
Other Accrued Expenses 1,155 941
Other Current Liabilities 406 0
------------ ------------
Total Current Liabilities 18,478 14,264
------------ ------------
LONG TERM DEBT 38,438 15,999
------------ ------------
TOTAL LIABILITIES 56,916 30,263
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Issued - 10,811,188, Outstanding - 9,795,730
Common stock, par value $.01 per share 108 101
Treasury Shares at Cost - 1,015,458 shares (1,435) (1,413)
Additional Paid-in Capital 42,473 41,138
Retained Earnings (10,278) (14,407)
------------ ------------
TOTAL SHAREHOLDER'S EQUITY 30,868 25,419
------------ ------------
TOTAL LIABILITIES & EQUITY 87,784 55,682
============ ============
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD JUL 01, 2011 AND JUN 25, 2010
(In Thousands)
ACTUAL PRIOR ACTUAL PRIOR
QUARTER QUARTER YTD YTD
JUL 01, 2011 JUN 25, 2010 JUL 01, 2011 JUN 25, 2010
Sales 34,626 26,095 98,355 69,387
Cost of Sales 28,470 21,439 80,672 57,900
------------ ------------ ------------ ------------
Gross Profit 6,156 4,656 17,683 11,487
Less: Operating Expenses
Selling & G&A 3,533 2,388 9,774 5,922
Other 0 0 0 0
------------ ------------ ------------ ------------
Total Operating Expenses 3,533 2,388 9,774 5,922
------------ ------------ ------------ ------------
Operating Profit 2,623 2,268 7,909 5,565
Interest and Financing
Expense 491 238 1,214 594
Other Expense/(Income) 4 17 134 205
------------ ------------ ------------ ------------
Net Income before Income
Taxes 2,128 2,013 6,561 4,766
Provision for
/(benefit from)Income
Tax 795 775 2,432 1,739
------------ ------------ ------------ ------------
Net Income 1,333 1,238 4,129 3,027
============ ============ ============ ============
Basic Earnings Per Share $ 0.14 $ 0.14 $ 0.43 $ 0.34
Diluted Earnings Per
Share $ 0.13 $ 0.13 $ 0.42 $ 0.32
Basic Shares 9,776,888 9,055,280 9,524,874 8,955,212
Diluted Shares 10,021,932 9,629,326 9,932,446 9,606,748
IEC ELECTRONICS CORP - CONSOLIDATED
RECONCILIATION OF NET INCOME TO EBITDA
FOR QUARTER END & YTD JUL 01, 2011 AND JUN 25, 2010
(In Thousands)
ACTUAL PRIOR ACTUAL PRIOR
QUARTER QUARTER YTD YTD
JUL 01, 2011 JUN 25, 2010 JUL 01, 2011 JUN 25, 2010
Net Income 1,333 1,238 4,129 3,027
Provision for /(benefit
from) Income Tax 795 775 2,432 1,739
Depreciation and
Amortization Expense 864 304 2,150 707
Net Interest Expense /
(Income) 491 238 1,214 594
------------ ------------ ------------ ------------
EBITDA 3,483 2,555 9,925 6,067
------------ ------------ ------------ ------------
Basic Earnings Per Share $ 0.36 $ 0.28 $ 1.04 $ 0.68
Diluted Earnings Per
Share $ 0.35 $ 0.27 $ 1.00 $ 0.63
Basic Shares 9,776,888 9,055,280 9,524,874 8,955,212
Diluted Shares 10,021,932 9,629,326 9,932,446 9,606,748
Contact:
Contact:
Susan E. Topel-Samek
Vice President & CFO
IEC Electronics Corp.
(315)332-4308
Email Contact
John Nesbett or Jennifer Belodeau
Institutional Marketing Services (IMS)
(203)972-9200
Email Contact
Email Contact
MikeDDKing
14 years ago
IEC Announces Strong Second Quarter for Fiscal 2011
On Tuesday May 3, 2011, 8:00 am
NEWARK, NY--(Marketwire - 05/03/11) - IEC Electronics Corp. (AMEX:IEC - News)
-- Q2 revenue increased by 39% compared to Q2 2010
-- Q2 operating income as a percent of sales improved to 9.5% compared to
7.9% in Q2 2010
-- Increased capital spending to support growth and emerging programs
IEC Electronics Corp. (AMEX:IEC - News) announced its results for the fiscal second quarter ending April 1, 2011.
For the quarter ended April 1, 2011 the Company reported revenue of $35,085,000, operating income of $3,323,000 (9.5% of sales) and net income of $1,747,000 or $0.17 per share. This compares to revenue of $25,232,000, operating income of $1,983,000 (7.9% of sales) and net income of $1,036,000 or $0.11 per share for the quarter ended March 26, 2010.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of fiscal 2011 were $4,005,000 or $0.40 per share, compared to $2,131,000 or $0.22 per share for the same quarter last year. The Company views EBITDA as a useful measure of operating performance given its strong operating margins and large net operating loss carryforward (NOL). The Company invested $2.5 million in capital using this quarter's cash flow to support growth. This is a significant and important investment; to increase capacity for one of our new customers, to support some emerging opportunities, and to plant the seeds for 2012 and beyond. All investments are calculated risks and IEC believes these are worth taking. For the balance of the fiscal year cash flow from operations will be used to pay down debt, which the Company intends to markedly reduce by the end of the year.
IEC had revenue of $63,729,000, operating income of $5,286,000 and net income of $2,796,000 or $0.28 per share for the first six months of 2011. This compares to revenue of $43,292,000, operating income of $3,296,000 and net income of $1,790,000 or $0.19 per share for the first six months of fiscal 2010. EBITDA for the six month period ended April 1, 2011 totaled $6,442,000 or $0.65 per share, compared to $3,520,000 or $0.37 per share for the same period last year.
W. Barry Gilbert, Chairman of the Board and CEO, stated, "This was another good quarter. All of our important financial metrics improved and we are pleased with our progress. Most significant was the growth of operating income to 9.5% of sales versus 7.9% for the same period last year. The improvement was a combination of various factors; increased efficiency, product mix and the margin generated from our latest acquisition Southern California Braiding (SCB). Just as important, organic sales growth increased by more than 20% over the comparable period.
"We are also pleased with the performance of SCB, whose sales and income were accretive to the Company. It is important to note that during the first year after an acquisition we do not look for any real change in either income or sales from the previous year. Integrating a new company requires significant effort and cost. While SCB will be a good addition for IEC and its integration into IEC Electronics is making reasonable progress, it will take the balance of the fiscal year to complete the effort. SCB's backlog continues to grow and the cross selling opportunities are quickly showing signs of potentially being quite successful. We now expect to be ahead of our forecasted annual revenue of $130 million.
"Consistent with past practice, we do not report backlog during the year. However, we do offer a mid-year update, and in that regard we are pleased to tell our shareholders that current backlog is higher than the backlog figure reported in our 10-K for fiscal 2010. As in the past it is important to note that some of the backlog extends past 2011 and 2012 into 2013 and 2014. Some of our military customers place their orders years in advance to assure we have capacity to support their needs as our business grows.
"Finally, our sector performance has shifted somewhat. The military/aerospace sector remains strong, though decreased as a percentage of our sales to 53% for the first six months of fiscal 2011, as compared to 58% of sales at the end of fiscal 2010. This decrease was not a reduction in revenue in the sector, but reflects the growth in our other sectors. Our medical and other sector has increased from 13% of sales at the close of fiscal 2010 to 20% of sales for the first six months of fiscal 2011. Our industrial and communications sectors stayed relatively flat at 27% of sales for the first six months of this year as compared to 29% at the close of fiscal year end 2010.
"In summary, our Company continues to move forward and we are confident that we are creating future value for our shareholders and opportunity for our employees."
Conference Call
IEC will host a conference call with investors at 10:00 a.m. Eastern time today, May 3, 2011 to discuss its financial results for the quarter ended April 1, 2011. The call may be accessed in the U.S. and Canada by dialing toll-free 1-877-407-9210. International callers may access the call by dialing 1-201-689-8049. To access a live webcast of the conference call, log onto the IEC website at http://www.iec-electronics.com or http://www.InvestorCalendar.com.
A replay of the teleconference will be available for 30 days after the call and may be accessed domestically by dialing 1-877-660-6853 and international callers may dial 1-201-612-7415. Callers must enter account number 286 and conference number 371226.
About IEC Electronics
IEC Electronics Corporation is a premier provider of electronic manufacturing services ("EMS") to advanced technology companies primarily in the military and aerospace, medical, industrial and communications sectors. The Company specializes in the custom manufacture of high reliability, complex circuit cards, system level assemblies, a wide array of custom cable and wire harness assemblies, and precision sheet metal products. As a full service EMS provider, IEC is a world-class ISO 9001:2008, AS9100 and ISO13485 certified company. The AS9100 certification enables IEC to serve the military and commercial aerospace markets. The ISO13485 certification supports the quality requirements of medical device markets. The Company is also ITAR registered and NSA approved under the COMSEC standard. IEC Electronics is headquartered in Newark, NY (outside of Rochester) and also has operations in Victor, NY, Rochester, NY, Albuquerque, NM and Bell Gardens, CA. Additional information about IEC can be found on its web site at www.iec-electronics.com.
The foregoing, including any discussion regarding the Company's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the Company, changes in customer requirements and in the volume of sales to principal customers, competition and technological change, the ability of the Company to control manufacturing and operating costs, the ability of the Company to develop and maintain satisfactory relationships with vendors, and the ability of the Company to efficiently integrate acquired companies into its business. The Company's actual results of operations may differ significantly from those contemplated by any forward-looking statements as a result of these and other factors, including factors set forth in the Company's 2010 Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission.
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
APR 01, 2011 AND SEP 30, 2010
(In Thousands)
APR 01, 2010 SEP 30, 2010
ASSETS
CURRENT ASSETS
Cash 0 0
Accounts Receivable 19,466 16,315
Inventories 19,823 12,068
Deferred Income Taxes 3,940 3,359
Other Current Assets 275 234
---------- ----------
Total Current Assets 43,504 31,976
---------- ----------
NET FIXED ASSETS 19,678 13,098
NON-CURRENT ASSETS
Goodwill 13,009 58
Intangible Assets 5,363 331
Deferred Income Taxes 8,084 10,113
Other Non-Current Assets 206 106
----------- ----------
TOTAL ASSETS 89,844 55,682
=========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings 7,017 2,899
Accounts Payable 11,179 8,145
Accrued Payroll and Related Taxes 2,158 2,279
Other Accrued Expenses 970 941
Other Current Liabilities 553 0
---------- ----------
Total Current Liabilities 21,877 14,264
---------- ----------
LONG TERM DEBT 38,759 15,999
---------- ----------
TOTAL LIABILITIES 60,636 30,263
SHAREHOLDERS' EQUITY
Authorized - 50,000,000 shares
Issued - 10,634,910,
Outstanding - 9,622,037
Common stock, par value $.01 per share 106 101
Treasury Shares at Cost -
1,012,873 shares (1,413) (1,413)
Additional Paid-in Capital 42,126 41,138
Retained Earnings (11,611) (14,407)
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 29,208 25,419
---------- ----------
TOTAL LIABILITIES & EQUITY 89,844 55,682
========== ==========
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD APR 01, 2011 AND MAR 26, 2010
(In Thousands)
ACTUAL PRIOR ACTUAL PRIOR
QUARTER QUARTER YTD YTD
APR 01, 2011 MAR 26, 2010 APR 01, 2011 MAR 26, 2010
Sales 35,085 25,232 63,729 43,292
Cost of Sales 28,141 21,214 52,202 36,461
---------- ---------- ---------- ----------
Gross Profit 6,944 4,018 11,527 6,831
Less: Operating
Expenses
Selling & G&A 3,621 2,035 6,241 3,535
Other 0 0 0 0
---------- ---------- ---------- ----------
Total Operating
Expenses 3,621 2,035 6,241 3,535
---------- ---------- ---------- ----------
Operating Profit 3,323 1,983 5,286 3,296
Interest and
Financing Expense 480 260 723 355
Other Expense/
(Income) 115 130 130 188
---------- ---------- ---------- ----------
Net Income before
Income Taxes 2,728 1,593 4,433 2,753
Provision for/
(benefit from)
Income Tax 981 557 1,637 963
---------- ---------- ---------- ----------
Net Income 1,747 1,036 2,796 1,790
========== ========== ========== ==========
Basic Earnings Per
Share $ 0.18 $ 0.12 $ 0.30 $ 0.20
Diluted Earnings
Per Share $ 0.17 $ 0.11 $ 0.28 $ 0.19
Basic Shares 9,576,152 8,974,796 9,399,555 8,903,765
Diluted Shares 9,996,928 9,651,921 9,887,922 9,593,155
IEC ELECTRONICS CORP - CONSOLIDATED
RECONCILIATION OF NET INCOME TO EBITDA
FOR QUARTER END & YTD APR 01, 2011 AND MAR 26, 2010
(In Thousands)
ACTUAL PRIOR ACTUAL PRIOR
QUARTER QUARTER YTD YTD
APR 01, 2011 MAR 26, 2010 APR 01, 2011 MAR 26, 2010
Net Income 1,747 1,036 2,796 1,790
Provision for/
(benefit from)
Income Tax 981 557 1,637 963
Depreciation and
Amortization Expense 797 277 1,286 414
Net Interest
Expense / (Income) 480 260 723 355
---------- ---------- ---------- ----------
EBITDA 4,005 2,130 6,442 3,522
---------- ---------- ---------- ----------
Basic Earnings
Per Share $ 0.42 $ 0.24 $ 0.69 $ 0.40
Diluted Earnings
Per Share $ 0.40 $ 0.22 $ 0.65 $ 0.37
Basic Shares 9,576,152 8,974,796 9,399,555 8,903,765
Diluted Shares 9,996,928 9,651,921 9,887,922 9,593,155
Contact:
Contact:
Susan E. Topel-Samek
Vice President & CFO
IEC Electronics Corp.
(315)332-4308
Email Contact
John Nesbett or Jennifer Belodeau
Institutional Marketing Services (IMS)
(203)972-9200
Email Contact
Email Contact
MikeDDKing
14 years ago
IEC Announces Strong First Quarter for Fiscal 2011
On Thursday February 3, 2011, 8:45 am
NEWARK, NY--(Marketwire - 02/03/11) - IEC Electronics Corp. (AMEX:IEC - News)
Compared to Q1 2010...
-- Revenue increased by more than 50%
-- Operating Income increased by more than 45%
-- EBITDA increased by more than 70%
IEC Electronics Corp. (AMEX:IEC - News) announced its unaudited results for the first quarter of fiscal 2011 ending December 31, 2010.
The Company reported revenue of $28.7 million for the quarter, operating income of $1,963,000 and net income of $1,049,000 or $0.11 per diluted share. This compares to revenue in the prior year first quarter of $18.1 million, operating income of $1,313,000 and net income of $754,000 or $.08 per diluted share.
W. Barry Gilbert, Chairman of the Board and CEO, stated, "As previously announced, we acquired Southern California Braiding, Inc. ("SCB") on December 17, 2010. Between December 17 and our quarter end, we incurred approximately $70,000 of transitional start-up expenses. The more time we spend with SCB the more excited we become with the prospects for this acquisition and cross selling opportunities. As it was so near the end of the reporting period, the acquisition had almost no impact on our first quarter results. We enjoyed a strong quarter with continued sales, earnings and cash flow growth. During the quarter, we also experienced some challenges introducing a number of new projects while also managing an unusual level of product mix variations, resulting in some temporary inefficiencies amounting to approximately $200,000. With these first quarter inefficiencies behind us we remain confident in our outlook for 2011."
For the first quarter of 2011, IEC reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $2.4 million or $0.25 per diluted share, compared to EBITDA of $1.4 million or $0.15 per diluted share in the first quarter of 2010. As mentioned in the past, the Company views EBITDA as a useful measure of its operating performance because it eliminates the aberrations produced by its net operating loss carryforward (NOL), and enables the investment community to better evaluate long-term profitability and cash flow being generated by the Company. IEC's remaining NOL for federal and state taxes is approximately $33.2 million.
Gilbert also observed, "Some of our customers who were experiencing difficulty during the recession have begun to recover. Their commercial outlook is substantially brighter and we expect to reap the benefit of that growth, in addition to the market share gains we have made. We believe our increased market share is a result of the continued high level of commitment our employees have to deliver for our customers... Absolutely, Positively Perfect and On Time(SM)."
Conference Call
IEC will host a conference call with investors at 10:00 a.m. Eastern time today, February 3, 2011 to discuss its financial results for the quarter ended December 31, 2010. The call may be accessed in the U.S. and Canada by dialing toll-free 1-877-407-9210. International callers may access the call by dialing 1-201-689-8049. To access a live webcast of the conference call, log onto the IEC website at http://www.iec-electronics.com or http://www.InvestorCalendar.com.
A replay of the teleconference will be available for 30 days after the call and may be accessed domestically by dialing 1-877-660-6853 and international callers may dial 1-201-612-7415. Callers must enter account number 286 and conference number 366229.
About IEC Electronics
IEC Electronics Corporation is a premier provider of electronic manufacturing services ("EMS") to advanced technology companies primarily in the military and aerospace, medical, industrial and computing sectors. The Company specializes in the custom manufacture of high reliability, complex circuit cards, system level assemblies, a wide array of custom cable and wire harness assemblies, and precision sheet metal products. As a full service EMS provider, IEC is a world-class ISO 9001:2008, AS9100 and ISO13485 certified company. The AS9100 certification enables IEC to serve the military and commercial aerospace markets. The ISO13485 certification supports the quality requirements of medical device markets. The Company is also ITAR registered and NSA approved under the COMSEC standard. IEC Electronics is headquartered in Newark, NY (outside of Rochester) and also has operations in Victor, NY, Rochester, NY, and Albuquerque, NM and Bell Gardens, CA. Additional information about IEC can be found on its web site at www.iec-electronics.com.
The foregoing, including any discussion regarding the Company's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the Company, changes in customer requirements and in the volume of sales to principal customers, competition and technological change, the ability of the Company to control manufacturing and operating costs, the ability of the Company to develop and maintain satisfactory relationships with vendors, and the ability of the Company to efficiently integrate acquired companies into its business. The Company's actual results of operations may differ significantly from those contemplated by any forward-looking statements as a result of these and other factors, including factors set forth in the Company's 2010 Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission.
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
DEC 31, 2010 AND SEP 30, 2010
(In Thousands)
DEC 31, 2010 SEP 30, 2010
ASSETS
CURRENT ASSETS
Cash 0 0
Accounts Receivable 18,855 16,315
Inventories 18,841 12,068
Deferred Income Taxes 4,329 3,359
Other Current Assets 1,156 234
---------- ----------
Total Current Assets 43,181 31,976
---------- ----------
NET FIXED ASSETS 14,832 13,098
NON-CURRENT ASSETS
Goodwill 21,147 58
Intangible Assets 420 331
Deferred Income Taxes 8,679 10,113
Other Non-Current Assets 221 106
----------- ----------
TOTAL ASSETS 88,480 55,682
=========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings 6,905 2,899
Accounts Payable 10,105 8,145
Accrued Payroll and Related Taxes 1,591 2,279
Other Accrued Expenses 1,186 941
Other Current Liabilities 1,093 0
---------- ----------
Total Current Liabilities 20,880 14,264
---------- ----------
LONG TERM DEBT 40,392 15,999
---------- ----------
TOTAL LIABILITIES 61,272 30,263
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Issued - 10,359,057, Outstanding - 9,346,184
Common stock, par value $.01 per share 103 101
Treasury Shares at Cost - 1,012,873 shares (1,413) (1,413)
Additional Paid-in Capital 41,876 41,138
Retained Earnings (13,358) (14,407)
---------- ----------
TOTAL SHAREHOLDER'S EQUITY 27,208 25,419
---------- ----------
TOTAL LIABILITIES & EQUITY 88,480 55,682
========== ==========
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD DEC 31, 2010 AND DEC 25, 2009
(In Thousands)
ACTUAL PRIOR ACTUAL PRIOR
QUARTER QUARTER YTD YTD
DEC 31, 2010 DEC 25, 2009 DEC 31, 2010 DEC 25, 2009
Sales 28,644 18,060 28,644 18,060
Cost of Sales 24,061 15,247 24,061 15,247
-------- -------- -------- --------
Gross Profit 4,583 2,813 4,583 2,813
Less: Operating
Expenses
Selling & G&A 2,620 1,500 2,620 1,500
Other 0 0 0 0
-------- -------- -------- --------
Total Operating
Expenses 2,620 1,500 2,620 1,500
-------- -------- -------- --------
Operating Profit 1,963 1,313 1,963 1,313
Interest and Financing
Expense 244 95 244 95
Other Expense/(Income) 13 58 13 58
-------- -------- -------- --------
Net Income before
Income Taxes 1,706 1,160 1,706 1,160
Provision for /
(benefit from)Income
Tax 657 406 657 406
-------- -------- -------- --------
Net Income 1,049 754 1,049 754
======== ======== ======== ========
Basic Earnings
Per Share $0.11 $0.09 $0.11 $0.09
Diluted Earnings
Per Share $0.11 $0.08 $0.11 $0.08
Basic Shares 9,224,877 8,828,604 9,224,877 8,828,604
Diluted Shares 9,766,022 9,526,342 9,766,022 9,526,342
IEC ELECTRONICS CORP - CONSOLIDATED
RECONCILIATION OF NET INCOME TO EBITDA
FOR QUARTER END & YTD DEC 31, 2010 AND DEC 25, 2009
(In Thousands)
ACTUAL PRIOR ACTUAL PRIOR
QUARTER QUARTER YTD YTD
DEC 31, 2010 DEC 25, 2009 DEC 31, 2010 DEC 25, 2009
Net Income 1,049 754 1,049 754
Provision for /
(benefit from)
Income Tax 657 406 657 406
Depreciation and
Amortization Expense 489 137 489 137
Net Interest Expense /
(Income) 244 95 244 95
-------- -------- -------- --------
EBITDA 2,439 1,392 2,439 1,392
-------- -------- -------- --------
Basic Earnings
Per Share $0.26 $0.16 $0.26 $0.16
Diluted Earnings
Per Share $0.25 $0.15 $0.25 $0.15
Basic Shares 9,224,877 8,828,604 9,224,877 8,828,408
Diluted Shares 9,766,022 9,526,342 9,766,022 9,526,342
Contact:
Contact:
Susan E. Topel-Samek
Vice President & CFO
IEC Electronics Corp.
(315)332-4308
Email Contact
John Nesbett or Jennifer Belodeau
Institutional Marketing Services
(203)972-9200
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