-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RE7XsZipoY+FLA7gSVp9N7f6MPexPuokwuvnP5ikX3oOGUKc5l5mQpZrDmIG8Clm /kXBRAOjJcikvXcZiqhoeQ== 0001144204-07-006057.txt : 20070209 0001144204-07-006057.hdr.sgml : 20070209 20070209100535 ACCESSION NUMBER: 0001144204-07-006057 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070209 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070209 DATE AS OF CHANGE: 20070209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IEC ELECTRONICS CORP CENTRAL INDEX KEY: 0000049728 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 133458955 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06508 FILM NUMBER: 07595790 BUSINESS ADDRESS: STREET 1: 105 NORTON ST CITY: NEWARK STATE: NY ZIP: 14513 BUSINESS PHONE: 3153317742 MAIL ADDRESS: STREET 1: PO BOX 271 CITY: NEWARK STATE: NY ZIP: 14513 FORMER COMPANY: FORMER CONFORMED NAME: INTERCONTINENTAL ELECTRONICS CORP DATE OF NAME CHANGE: 19730601 8-K 1 v064992_8-k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) - February 9, 2007 IEC ELECTRONICS CORP. (Exact Name of Registrant as Specified in its Charter) Delaware (State or Other Jurisdiction of Incorporation) 0-6508 13-3458955 (Commission File Number) (IRS Employer Identification No.) 105 Norton Street, Newark, New York 14513 (Address of principal executive offices)(Zipcode) (315) 331-7742 (Registrant's Telephone Number, Including Area Code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Conditions On February 9, 2007, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter and year ended December 30, 2006. A copy of the press release is furnished as Exhibit 99.1 to this report. On February 9, 2007, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter and year ended December 30, 2006. A copy of that information is furnished as Exhibit 99.2 to this report. The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing. Neither the filing of any exhibit to this report nor the inclusion in such exhibits of a reference to IEC Electronics Corp.'s Internet address shall, under any circumstances, be deemed to incorporate the information available at such address into this report. The information available at IEC Electronics Corp.'s Internet address is not part of this report. Item 9.01 Financial Statements and Exhibits (c) Exhibits 99.1 Press Release issued by IEC Electronics Corp. dated February 9, 2007. 99.2 Supplemental financial data posted on the website of IEC Electronics Corp (www.iec-electronics.com) on February 9, 2007. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IEC Electronics Corp. --------------------------------- (Registrant) Date: February 9, 2007 By: /s/ W. Barry Gilbert --------------------- W. Barry Gilbert Chairman, Chief Executive Officer 3 EX-99.1 2 v064992_ex99-1.txt Exhibit 99.1 IEC Announces Strong sales results for the First Quarter Fiscal 2007 o Revenue increased by 150% over Q1 2006 o Net Loss for the quarter, including the Mangrove write-off, of $576,000 o Continued sales growth expected for fiscal Q2 Newark, NY - February 9, 2007 - IEC Electronics Corp. (IECE.OB) announced today its results for the first quarter of fiscal 2007, which ended December 29, 2006. Revenues increased to $9.2 million for the first quarter of fiscal 2007 as compared with $3.6 million for the first quarter of fiscal 2006. Net Loss for the first quarter of fiscal 2007 was ($576,000) or ($0.07) per share, as compared with net loss of ($48,000), or ($0.01) per share for the first quarter of fiscal 2006. W. Barry Gilbert, Chairman of the Board and CEO, stated, "Our sales growth continues to gain momentum, and we expect further growth during the balance of this fiscal year. As mentioned in the interim press release we expect to exit the year substantially ahead of last year. We have won two new customers this quarter and anticipate their volume to build over the next six months. Both of these customers have excellent brand recognition in their respective industries. On January 24th, one of our customers, Mangrove Systems, Inc., a manufacturer of high-end specialty network communication equipment, announced that it was ceasing operations. Our first quarter result includes a $389,000 write-off. Without this one time event, our net loss would have been ($188,000) or ($.02) per share. We have tripled our manufacturing workforce, adding more than 100 employees during the quarter to support our rapid sales growth. This growth has not come without substantial discomfort. We incurred substantial training and rework costs associated with the integration of new employees into the organization, as they learned how to produce an array of complicated products. We expect productivity levels to steadily improve throughout the balance of the year, as we create an experienced workforce able to support the next phase of our growth. Mangrove was a small portion of our business and will not impact our revenue growth expectations for the year. The write-off however has impacted our earnings expectation for the year. With that said we still expect to substantially improve our earnings over the previous year" IEC is a full service, ISO-9001 registered EMS provider. The Company offers its customers a wide range of services including design, prototype and volume printed circuit board assembly, material procurement and control, manufacturing and test engineering support, systems build, final packaging and distribution. Information regarding IEC's first quarter 2007 results can be found on its web site at www.iec-electronics.com/1st-quarter07release 1 The foregoing, including any discussion regarding the Company's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the Company, changes in customer requirements and in the volume of sales to principal customers, the ability of the Company to assimilate acquired businesses and to achieve the anticipated benefits of such acquisitions, competition and technological change, the ability of the Company to control manufacturing and operating costs, satisfactory relationships with vendors. The Company's actual results of operations may differ significantly from those contemplated by any forward-looking statements as a result of these and other factors, including factors set forth in the Company's 2006 Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission. Contact: Heather Keenan IEC Electronics Corp. (315) 332-4262 hkeenan@iec-electronics.com 2 EX-99.2 3 v064992_ex99-2.txt Exhibit 99.2 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET DEC 29, 2006 AND SEP 30, 2006 Dec 29, 2006 SEP 30, 2006 ASSETS CURRENT ASSETS Cash 0 0 Accounts Receivable 5,528,355 4.940.755 Inventories 4,775,311 5,114.077 Deferred Income Taxes 250,000 250,000 Other Current Assets 31,863 124,271 ----------- ----------- Total Current Assets 10,585,529 10,429,103 ----------- ----------- PROPERTY, PLANT & EQUIPMENT 1,634,441 1,259,729 PREPAID DEBT ACQUISITION 25,670 28,889 ----------- ----------- 12,245,640 11,717,721 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilities 4,035,943 3,764,993 Accounts Payable 4,334,602 3,852,585 Accrued Payroll and Related Taxes 265,035 265,450 Other Accrued Expenses 403,848 344,125 ----------- ----------- Total Current Liabilities 9,039,428 8,227,153 ----------- ----------- LONG TERM VENDOR PAYABLE 11,266 13,865 LONG TERM DEBT - TERM 647,500 385,000 ----------- ----------- LONG TERM DEBT - TOTAL 658,766 398,865 SHAREHOLDER'S EQUITY Authorized - 50,000,000 shares Outstanding - 8,429,793 shares Common stock, par value $.01 per share 84,298 84,031 Treasury Stock (223,253) (223,253) Additional Paid-in Capital 38,632,744 38,601,010 Retained Earnings (35,946,343) (35,370,085) ----------- ----------- Total Shareholders' Equity 2,547,446 3,091,703 ----------- ----------- 12,245,640 11,717,721 =========== =========== IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME FOR QUARTER END & YTD DEC 29, 2006 AND DEC 30, 2005
ACTUAL PRIOR ACTUAL PRIOR QUARTER QUARTER YTD YTD DEC 29, 2006 DEC 30, 2005 DEC 29, 2006 DEC 30, 2005 Sales 9,245,788 3,607,050 9,245,788 3,607,050 Cost of Sales 9,037,528 3,088,505 9,037,528 3,088,505 ---------- ---------- ---------- ---------- Gross Profit 208,260 518,545 208,260 518,545 Less: Operating Expenses Selling & G&A 607,184 482,440 607,184 482,440 Restructuring 0 0 0 0 ---------- ---------- ---------- ---------- Total Operating Expenses 607,184 482,440 607,184 482,440 ---------- ---------- ---------- ---------- Operating Profit (398,924) 36,105 (398,924) 36,105 Interest and Financing Expense (124,350) (84,051) (124,350) (84,051) Profit (Loss) on Sale of Assets 0 0 0 0 Other Income (Expense) (49,984) 0 (49,984) 0 ---------- ---------- ---------- ---------- Net Income before Income Taxes (573,258) (47,946) (573,258) (47,946) Provision for Income Tax 3,000 0 3,000 0 ---------- ---------- ---------- ---------- Income from Discontinued Operations 0 0 0 0 ---------- ---------- ---------- ---------- Net Income (576,258) (47,946) (576,258) (47,946) ========== ========== ========== ==========
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