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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.
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