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IEC files restatements, expects to file Q3 results Aug. 10

Rochester Business Journal
July 8, 2013

IEC Electronics Corp. has filed with the Securities and Exchange Commission an amended annual report, including its restated financial statements for the fiscal year ended Sept. 30, 2012, and an amended quarterly report with restated financial statements for the quarter ended Dec. 28.

The Newark, Wayne County, firm also plans to file its quarterly report for the period ended March 29. The filings meet the time frame IEC previously announced in May.

“We expect to announce our results for the third fiscal quarter of 2013 on or before (Aug. 10) and to resume our quarterly investor calls at that time,” Chairman and CEO Barry Gilbert said in a statement last week.

The filings were restated because of an accounting error related to one of IEC’s subsidiaries.

IEC disclosed this year in a filing with the SEC that the financial statements contained an error in accounting for work-in-process inventory at Southern California Braiding Inc. The error resulted in an aggregate understatement of cost of sales and an aggregate overstatement of gross profit of some $2.2 million.

Shares of IEC (NYSE MKT: IEC) were trading mid-afternoon at $3.25, down less than a percent from Friday’s close of $3.28.

 (c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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