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IEC Announces Fiscal 2017 Third Quarter Results

NEWARK, NY--(Marketwired - August 09, 2017) - IEC Electronics Corp. (NYSE American: IEC) (NYSE MKT: IEC) today announced results for the fiscal 2017 third quarter and nine months ended June 30, 2017.

IEC reported revenues of $26.5 million for the third quarter of fiscal 2017 compared with revenues of $32.5 million in the third quarter of fiscal 2016. Sequentially, revenues increased 24.0% compared to the second quarter of fiscal 2017. Gross profit margin for the third quarter of fiscal 2017 was 14.0% as compared to 16.8% in the same quarter last year and represented an increase sequentially compared to gross margin of 10.7% in the second quarter of fiscal 2017. Selling and administrative expenses decreased on a dollar basis and as a percentage of sales to $2.6 million or 9.8% in the third quarter of fiscal 2017 as compared to $3.5 million or 10.7% of sales in the third quarter of fiscal 2016. The Company recorded net income for the third quarter of fiscal 2017 of $0.8 million or $0.08 per share, compared to net income of $1.6 million, or $0.16 per share, in the same quarter last year.

Revenues for the first nine months of fiscal 2017 decreased to $68.8 million as compared to $98.6 million in the same period of fiscal 2016. Gross profit margin for the first nine months of fiscal 2017 was 11.3% as compared to 17.3% in the first nine months of fiscal 2016. Selling and administrative expenses decreased on a dollar basis and as a percentage of sales to $7.7 million or 11.2% in the first nine months of fiscal 2017 as compared to $11.2 million or 11.4% of sales in the first nine months of fiscal 2016. Net loss for the first nine months of fiscal 2017 was ($0.7) million, or ($0.07) per share, compared to net income of $4.6 million, or $0.45 per share, in the same prior year period.

Jeffrey T. Schlarbaum, President and CEO of IEC Electronics commented, "Our third quarter results were in line with our expectations, demonstrating sequential increases in revenue, gross profit margin and a return to profitability. We are pleased to have seen incremental revenue growth in the third quarter from a large strategic customer who had previously reduced volumes in the first two quarters of fiscal 2017.

"Our new business pipeline continues to expand with activity from both existing and new customers as a result of our reformulated go to market strategy. The third quarter also reflects reduced selling and administrative expense as we've remained diligent in our efforts to control costs during what we believe is a temporary downturn in sales while also maintaining our ability to ramp our operations as sales return. With our visibility today, we believe that sales levels will continue to grow through the balance of fiscal 2017."

Mr. Schlarbaum concluded, "Our balance sheet remains strong, providing a solid platform for our initiatives to win new customers and programs. We continue to gain traction in the marketplace as a leading provider of unique design and manufacturing solutions for the production of life-saving and mission critical products. We look forward to capitalizing on the opportunities in front of us to drive future growth and profitability."

Conference Call:

IEC will host a conference call, today, Wednesday, August 9, 2017 at 10:00 a.m. Eastern Time, to discuss its financial results for the fiscal 2017 third quarter ended June 30, 2017.

The conference call may be accessed in the U.S. and Canada by dialing toll-free (877) 407-9210. International callers may access the call by dialing (201) 689-8049.

A replay of the teleconference will be available for 30 days after the call and may be accessed domestically by dialing (877) 481-4010 and international callers may dial (919) 882-2331. Callers must enter conference i.d. number 16237.

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 is a provider of electronic manufacturing services ("EMS") to advanced technology companies that produce life-saving and mission critical products for the medical, industrial, aerospace and defense sectors. The Company specializes in delivering technical solutions for the custom manufacture of complex full system assemblies by providing on-site analytical testing laboratories, custom design and test engineering services combined with a broad array of manufacturing services encompassing electronics, interconnect solutions, and precision metalworking. As a full service EMS provider, IEC holds all appropriate certifications for the market sectors it supports including ISO 9001:2008, AS9100C, ISO 13485, and Nadcap. IEC Electronics is headquartered in Newark, NY and also has operations in Rochester, NY and Albuquerque, NM. Additional information about IEC can be found on its web site at www.iec-electronics.com.

Note Regarding Forward-Looking Statements

References in this report to "IEC," the "Company," "we," "our," or "us" mean IEC Electronics Corp. and its subsidiaries except where the context otherwise requires. This release contains forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "optimistic," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar words or phrases. These forward-looking statements include, but are not limited to, statements regarding future sales and operating results, future prospects, the expected return of sales volumes in the balance of fiscal 2017, the capabilities and capacities of business operations, any financial or other guidance and all statements that are not based on historical fact, but rather reflect our current expectations concerning future results and events. The ultimate correctness of these forward-looking statements is dependent upon a number of known and unknown risks and events and is subject to various uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.
The following important factors, among others, could affect future results and events, causing those results and events to differ materially from those views expressed or implied in our forward-looking statements: litigation; business conditions and growth or contraction in our customers' industries, the electronic manufacturing services industry and the general economy; variability of our operating results; our ability to control our material, labor and other costs; our dependence on a limited number of major customers; the potential consolidation of our customer base; availability of component supplies; dependence on certain industries; variability and timing of customer requirements; technological, engineering and other start-up issues related to new programs and products; uncertainties as to availability and timing of governmental funding for our customers; the impact of government regulations, including FDA regulations; the types and mix of sales to our customers; intellectual property litigation; our ability to maintain effective internal controls over financial reporting; unforeseen product failures and the potential product liability claims that may be associated with such failures; the availability of capital and other economic, business and competitive factors affecting our customers, our industry and business generally; failure or breach of our information technology systems; and natural disasters. Any one or more of such risks and uncertainties could have a material adverse effect on us or the value of our common stock. For a further list and description of various risks, relevant factors and uncertainties that could cause future results or events to differ materially from those expressed or implied in our forward-looking statements, see our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and our other filings with the Securities and Exchange Commission (the "SEC").
All forward-looking statements included in this release are made only as of the date indicated or as of the date of this release. We do not undertake any obligation to, and may not, publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or which we hereafter become aware of, except as required by law. New risks and uncertainties arise from time to time and we cannot predict these events or how they may affect us and cause actual results to differ materially from those expressed or implied by our forward-looking statements. Therefore, you should not rely on our forward-looking statements as predictions of future events.

 
IEC ELECTRONICS CORP.
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
JUNE 30, 2017 and SEPTEMBER 30, 2016
 
(in thousands, except share and per share data)
 
    June 30, 2017   September 30, 2016
    (unaudited)   (audited)
 
ASSETS        
Current assets:        
  Cash   $ 77     $ 845  
  Accounts receivable, net of allowance     15,915       17,140  
  Inventories     18,231       15,384  
  Assets held for sale     -       4,611  
  Other current assets     944       1,214  
Total current assets     35,167       39,194  
   
Property, plant & equipment, net     16,871       10,994  
Other long term assets     172       209  
Total assets   $ 52,210     $ 50,397  
   
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current liabilities:                
  Current portion of long-term debt   $ 987     $ 2,908  
  Current portion of capital lease obligation     210       -  
  Accounts payable     12,868       10,864  
  Accrued payroll and related expenses     1,473       3,365  
  Other accrued expenses     405       529  
  Customer deposits     721       1,756  
Total current liabilities     16,664       19,422  
   
Long-term debt     15,077       16,732  
Long-term capital lease obligation     5,417       -  
Other long-term liabilities     1,371       379  
Total liabilities     38,529       36,533  
   
STOCKHOLDERS' EQUITY                
Preferred stock, $0.01 par value:     -       -  
  500,000 shares authorized; none issued or outstanding                
Common stock, $0.01 par value:                
  Authorized: 50,000,000 shares                
  Issued: 11,375,907 and 11,330,151 shares, respectively                
  Outstanding: 10,196,271 and 10,158,713 shares, respectively     102       102  
Additional paid-in capital     46,796       46,305  
Accumulated deficit     (31,628 )     (30,954 )
Treasury stock, at cost: 1,055,488 shares     (1,589 )     (1,589 )
Total stockholders' equity     13,681       13,864  
Total liabilities and stockholders' equity   $ 52,210     $ 50,397  
                 
 
IEC ELECTRONICS CORP.
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
THREE and NINE MONTHS ENDED JUNE 30, 2017 and JULY 1, 2016
 
(unaudited; in thousands, except share and per share data)
 
    Three Months Ended   Nine Months Ended
    June 30,   July 1,   June 30,   July 1,
    2017   2016   2017   2016
 
 
Net sales   $ 26,489   $ 32,508     $ 68,833     $ 98,590  
Cost of sales     22,781     27,045       61,050       81,573  
  Gross profit     3,708     5,463       7,783       17,017  
   
Selling and administrative expenses     2,604     3,475       7,711       11,222  
  Operating profit     1,104     1,988       72       5,795  
   
Interest and financing expense     255     389       703       1,191  
  Income/(loss) before income taxes     849     1,599       (631 )     4,604  
   
Provision for/(benefit from) income taxes     43     (6 )     43       (6 )
                                 
  Net income/(loss)   $ 806   $ 1,605     $ (674 )   $ 4,610  
   
Net income/(loss) per common share:                              
  Basic   $ 0.08   $ 0.16     $ (0.07 )   $ 0.45  
  Diluted   $ 0.08   $ 0.16     $ (0.07 )   $ 0.45  
   
Weighted average number of shares outstanding:                              
  Basic     10,193,200     10,211,347       10,176,626       10,210,805  
  Diluted     10,193,200     10,211,347       10,176,626       10,210,805  

/EINPresswire.com/ -- Contact:

Michael T. Williams
Chief Financial Officer
IEC Electronics Corp.
(315) 332-4308
mwilliams@iec-electronics.com

Audra Gavelis
Director of Marketing & Investor Relations
IEC Electronics Corp.
(315) 332-4559
agavelis@iec-electronics.com

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