IEC Electronics Corp. today reported a first-quarter net loss of $48,000 on revenues of $3.6 million, versus net income of $82,000 on revenues of $6.2 million for the same quarter last year.
The loss for the period ended Dec. 30 translates to zero cents a share, compared with a penny-a-share profit the year before.
Barry Gilbert, IECâ€™s chairman and CEO, said last-minute changes and technical issues with two customers delayed scheduled December shipments, impacting the financial results. If the orders were shipped, the Newark firm would have logged total revenues of $4.4 million and posted a profit, he said.
Gilbert said IEC continues to make progress in expanding its customer base. In the past 12 months, the firm has added nine companies to its customer list and increased manufacturing efficiency. Gilbert expects the second quarter to be profitable.
Also during the first quarter, IEC spent $212,000 to buy back 412,300 shares of stock at a price of some 51 cents a share in private transactions with two holders. The move reduced the companyâ€™s outstanding shares from roughly 8.2 million shares to 7.8 million.
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