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IEC posts Q1 loss on sharp decline in sales

IEC Electronics Corp. posted lower revenues and a net loss for its fiscal first quarter. 

 

The Newark, Wayne County firm’s stock (NYSE MKT: IEC) was trading midday Monday at $3.52, down less than 1 percent from $3.54 at Friday’s close. On Friday, after release of its first-quarter results, IEC’s share price had risen from Thursday’s close of $3.47.

 

IEC reported a net loss of $900,000, or 9 cents a share, compared with net income of $1.5 million, or 15 cents a share, during the prior year’s first quarter. 

 

The company logged sales of $21 million, down 36 percent from $32.9 million a year ago. 

 

Jeffrey Schlarbaum, president and CEO, said the financial results were affected by reduced volume from two key customers. The company expects revenue will continue to decrease through the second quarter but should ramp up during the second half of the year. 

 

“We are making steady progress with our turnaround efforts,” Schlarbaum said in a statement. “We are energized by the successful operating improvements we have made so far and encouraged by our prospects moving forward."

 

(c) 2017 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail [email protected]

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