Home / Today's Top Stories / IEC returns to profitability in Q4

IEC returns to profitability in Q4

IEC Electronics Corp. posted a slight profit its fiscal 2004 fourth quarter, but a net loss for the year.
The Newark, Wayne County-based company reported net income of $62,000, or 1 cent a share, on revenues of $7.7 million for the quarter, compared with a net income of $575,000, or 7 cents a share, on revenue of $9.1 million for the same quarter a year ago. The net income last year, however, included $260,000 of non-operating income.
Barry Gilbert, IEC’s CEO and chairman, said the fourth-quarter results included restructuring charges of $97,000.
“Although our fourth-quarter profit was modest, we are pleased to announce a return to profitability,” Gilbert said.
IEC’s net loss for fiscal 2004 was $828,000, or 10 cents a share, on revenue of $27.7 million, compared to net income of $2.5 million—of which $1.1 million was from non-operating income—or 31 cents a share, on revenue of $48.2 million for fiscal year 2003.
Gilbert noted the loss of Motorola Inc.’s business has been a challenge
Last year at this time, two accounts which are no longer IEC customers represented 87 percent of the business, Gilbert said. Today six accounts represent 82 percent of the company’s revenues.
“We fully expect to further diversify our account base throughout 2005,” Gilbert said.
Gilbert said the company’s long-term debt is $1.3 million, down from $2.7 million at the end of last year. When the company refinanced its debt in January 2003, long-term debt totaled $5.5 million.
(c) 2004 Rochester Business Journal. Obtain permission to
reprint this article.

IEC returns to profitability in Q4

IEC Electronics Corp. posted a slight profit its fiscal 2004 fourth quarter, but a net loss for the year. The company reported net income of $62,000, or 1 cent a share, on revenues of $7.7 million for the quarter.

x

Check Also

Plug Power will establish a $125 million Innovation Center on John Street in Henrietta, a move that will create nearly 380 jobs. (provided)

Plug Power to build gigafactory in Rochester, bring 380 jobs to region (access required)

Rochester will be home to the world’s first gigafactory dedicated to the production of hydrogen fuel cell stacks and electrolyzers, ...

2021 Best Law Firms

U.S. News & World Report – Best Lawyers released its annual list of Best Law Firms and the following local ...

(Unsplash)

Excellus BCBS, healthcare providers to offer nurse telehealth visits for new parents (access required)

Excellus BlueCross BlueShield is partnering with several health organizations to offer families support in caring for a newborn. ROC Family ...