IEHC IEH Corporation (PK)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): September 23, 2014

 

IEH CORPORATION
(Exact name of registrant as specified in its charter)

 

COMMISSION FILE NUMBER:  0-5278

 

NEW YORK	13-5549348
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

 

140 58th Street, Suite 8E Brooklyn, NY 11220

(Address and zip code of principal executive offices)

(718) 492-4440
(Registrant's telephone number, including area code

CHECK THE APPROPRIATE BOX BELOW IF THE FORM 8-K FILING IS INTENDED TO SIMULTANEOUSLY SATISFY THE FILING OBLIGATION OF THE REGISTRANT UNDER ANY OF THE FOLLOWING PROVISIONS:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 2.02	Results of Operations and Financial Condition
	On September 23, 2014, IEH Corporation mailed its 2014 Annual Meeting Proxy Statement together with its 2014 Annual Report and a Letter from Michael Offerman, the President of IEH Corporation. The letter highlights some of the key results of operation for the fiscal year ended March 27, 2014, the quarter ended June 27, 2014 and first two months of the quarter ending September 26, 2014. A copy of the President’s letter is attached hereto as Exhibit 99.1.
Item 7.01	Regulation FD Disclosure
	The information set forth under Item 2.02 of this Current Report on Form 8-K and the President’s letter annexed hereto as Exhibit 99.1 are incorporated herein by reference. The information contained in this Current Report on Form 8-K that is furnished under Items 2.02 and 7.01, including the accompanying Exhibit 99.1, is being furnished pursuant to Item 2.02 and Item 7.01 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. The information contained in this Current Report on Form 8-K that is furnished under this Items 2.02 and 7.01, including the accompanying Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing. The information in this Current Report on Form 8-K (including the exhibits hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
Item 9.01	Financial Statements and Exhibits
(d)	Exhibits
	The following exhibit is furnished herewith:

 

Exhibit    99.1

Letter, dated September 23, 2014, from Michael Offerman, the President of IEH Corporation (furnished pursuant to Item 2.02 and Item 7.01)

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

		IEH CORPORATON
		By: /s/ Robert Knoth
		Name: Robert Knoth
		Title:   Chief Financial Officer
Date:   September 23, 2014

EXHIBIT INDEX

Exhibit Number	Description
99.1	Letter, dated September 23, 2014, from Michael Offerman, the President of IEH Corporation (furnished pursuant to Item 2.02 and Item 7.01).

 

 

 

 

 

 

 

 

September 23, 2014

 

To Our Shareholders, Employees, and Friends,

 

We are pleased to inform you of highly positive results for FY2014. The upward trend of 1^st Q FY2014 reported in last year’s letter was sustained and produced a year of record performance. U.S. Budget Control Act (sequestration) considerations have been substantially moderated by a series of individual funding appropriations. While this is most welcome, the political rhetoric continues to include dire warnings of future effects if elements of this Act are permitted to mature without modification. We no longer anticipate major dislocations in this area. Our growth in domestic commercial applications persists unabated as we continue to increase sales and account penetration in the commercial avionics, oil & gas exploration and medical sectors.

 

Western European economic activity is no longer in decline and the Euro Zone has regained a large measure of stability, albeit at the price of often severe austerity measures. There is no effective improvement to report in this region, and Western Europe is not a viable target for growth strategy at this time. Maintenance of existing market penetration will be our primary goal.

 

Last year’s reported opening of a Marketing/Sales office in Moscow was followed by a training visit, supply of materials and literature, etc. We were advised of early successes in approval of our product offerings with the potential of substantial follow-on sales. It is most unfortunate that the recent Ukrainian conflict has placed political barriers in the path of business growth. We can only hope this resolves soon.

 

Despite the negative indicators, we have initiated strong growth strategies on several fronts. Development of our high speed connector line, Hyperkinetic®, continues with healthy interest from potential users. We continue to expand existing product lines offering additional sizes and features, especially in our individual power contact series which will permit us to address a previously under-served market. On the production side, we have initiated a program of additional Hyperboloid contact manufacturing equipment and machines. This will permit substantial increases in our output.

 

Our financial results are the highlight of this report. FY2014 revenues increased to $15,432,000 from $13,330,000, a rise of 16%. Operating income grew to $2,547,000 from $1,780,000 for a 43% increase, and net income increased to $1,454,000 from $930,000, equal to 56%. The 1^st Q FY2015 (for the quarter ended June 27, 2014) unaudited figures show a minor decline to revenues of $3,936,000 from $4,091,000 and a net income reduction to $387,000 from $549.000. At the end of FY 2014, the backlog was $5,861,000. The backlog has now grown to a record level of almost $8,000,000.

 

Despite the clear challenges in front of us, we are optimistic that our programs and strategy will serve us well in this fiscal year. With the most welcome support of our shareholders, employees, and friends, we can look forward to a successful year ahead.

 

Thank you,

 

/s/ Michael Offerman

 

Michael Offerman

President

 

140 58^th Street – 8E, Brooklyn, NY 11220::Tp. 718-492-4446,7,8::Fax 718-492-9897,8

Email ieh@iehcorp.com::Web www.iehcorp.com