This Week
  • UTC Retail Inc. grabbed the top spot on the 2014 Rochester Top 100.

  • Jean Maess is the site executive for Thomson Reuters, a top local employer.

  • UTC Retail Inc. grabbed the top spot on the 2014 Rochester Top 100.

  • Kelby Russell wants you to know: Local wines are among the world's finest.

  • The nominees for the upcoming 2014 Philanthropy Awards are profiled.

  • WebTitle Agency continues to grow following its 2012 merger with Customized Lenders Services.

IEC posts preliminary Q2 results with $1.1 million loss

Rochester Business Journal
May 20, 2013

IEC Electronics Corp. on Monday reported preliminary estimated second-quarter financial results and said it has not been able to finalize the results due to the need to restate its fiscal 2012 numbers.

The announcement hurt the company’s stock, with shares of IEC (NYSE MKT: IEC) trading midday Monday near $4.16, down nearly 15 percent from Friday’s close of $4.87.

For the quarter, the Newark, Wayne County, firm reported a preliminary estimated net loss of $1.1 million, compared with net income of $2.5 million a year ago.
 
As a result, IEC initiated cost-cutting measures, including reductions in labor and overhead, officials said. IEC did not say how many positions were affected, only that the cuts were nationwide.

Sales were down $4.3 million to $33.7 million. The company reported sales decreases in the medical, industrial and communications sectors, which were offset somewhat by increased sales in the military and aerospace markets.

"Operationally, this was a very difficult quarter,” CEO Barry Gilbert said. “While revenues were slightly higher than the first quarter, we realized lower revenue compared to last year coupled with higher costs.”

The quarter also coincided with the restatement of its finances, which Gilbert expects to be completed within 45 days.

“We understand the importance of remaining focused on the growth and profitability of the business as we complete the work related to the restatement process, and are encouraged that during (the quarter), the company added new customers," he said.

The company said since it is not now filing its quarterly report and has not completed the restatement process, the conference call scheduled for Tuesday morning has been cancelled.

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


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google