Feb 12, 2003
IEC had net income of $443,000 or $0.06 per share on revenue of $9.6 million for the quarter. Excluding non-recurring items our loss for this year's first quarter was $57,000. This compared to a net loss of $(2.2 million) or ($0.28) per share on revenue of $11.2 million for the same quarter a year ago. Half of the loss a year ago was attributable to discontinued operations.
W. Barry Gilbert, Chairman of the Board and Acting CEO, stated, "We are pleased to see our customers and just as important some of the potential customers that distanced themselves from us during the period of our financial turmoil have started to come back and talk with us again. We are keenly aware that we can lose a major customer at any time, hence broadening our customer base is our primary objective."
Gilbert further added, "We hope to keep the momentum going that we have seen for the past two quarters. We are satisfied with a virtual break-even this first quarter, given the significant demands associated with exiting our previous loan relationship and entering a new one. IEC will continue to aggressively manage its cash and endeavor to achieve financial stability through steady but tempered growth."
IEC is a full service, ISO-9001 registered EMS provider. The Company offers its customers a wide range of services including design, prototype and volume printed circuit board assembly, material procurement and control, manufacturing and test engineering support, systems build, final packaging and distribution. Information regarding IEC's first quarter 2003 results can be found on its web site at http://www.iec-electronics.com/1stquarter03release.
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, the ability of the Company to assimilate acquired businesses and to achieve the anticipated benefits of such acquisitions, competition and technological change, the ability of the Company to control manufacturing and operating costs, satisfactory relationships with vendors. 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 2002 Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission.
CONTACT: IEC Electronics Corp., Newark
Heather Keenan, 315/332-4262
hkeenan@iec-electronics.com
