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Electronics Production | February 09, 2012

IEC earnings down significantly from last quarter

IEC Electronics Corp has announced results for the first quarter of fiscal 2012 ending December 30, 2011.
The Company reported revenue of $33.8 US million for the quarter, operating income of $954 thousand and net income of $948 thousand or $0.09 per diluted share. This compares to revenue in the prior year first quarter of $28.6 million, operating income of $1.96 million and net income of $1.05 million or $0.11 per diluted share.

W. Barry Gilbert, Chairman of the Board and CEO, stated, "While revenues were up for the entire company, earnings were down significantly from the prior quarter. Key sections of the company continue to perform quite well. We continue to increase our revenue and our organic growth was in line with our estimates at just over 12%. Our cash flow remains solid and we continue to reduce our debt. In that regard, since the acquisition of Southern California Braiding, Inc. ('SCB') a year ago we have reduced our debt by $14 million.

"This was a difficult quarter for SCB. As previously discussed, funding associated with approved defense programs was delayed. That said, they are on important platforms including B1, F16, Apache, Predator, and Hunter. SCB is a great strategic addition, and we are confident that their near term performance will be rectified and margins and earnings growth are expected to be back on track in the second half of the year.

Summary
- Q1 Revenue increased 18% compared to Q1 2011 
- Operating Income decreased 51% 
- EBITDA increased 16% 
- Q1 Debt was reduced $1.3 million

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