8-K

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) - July 29, 2008

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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o 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 July 29, 2008, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter ended June 27, 2008. A copy of the press release is furnished as Exhibit 99.1 to this report. On July 29, 2008, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter ended June 27, 2008. 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

(d) Exhibits

99.1 Press Release issued by IEC Electronics Corp. dated July 29, 2008.

99.2 Supplemental financial data posted on the website of IEC Electronics Corp

(www.iec-electronics.com) on July 29, 2008.

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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: July 29, 2008	By:	/s/ W. Barry Gilbert
		W. Barry Gilbert
		Chairman, Chief Executive Officer

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EX-99.1

 

105 Norton Street · Newark, NY 14513 · Ph: (315) 331-7742 · Fax: (315) 331-3547·www.iec-electronics.com

Exhibit 99.1

Newark, N.Y. July 29, 2008 - IEC Electronics Corp. (OTCBB: IECE) announces its results for the third quarter of fiscal 2008, ending June 27, 2008.

The Company reported revenue of $11.9 million for the quarter and net profit of $868,000 or $0.09 per share. This compares with revenue of $11.2 million and net profit of $553,000 or $0.06 per share for the quarter ending June 29, 2007.

IEC had revenue of $35.0 million for the first nine months of fiscal 2008 and a net profit of $1,963,000 or $0.21 per share. This compares to revenue of $31.3 million for the first nine months of fiscal 2007 and a net profit of $579,000 or $0.06 per share.

W. Barry Gilbert, Chairman of the Board and CEO, stated, “This was a very good quarter, a lot was accomplished. We completed the acquisition of Val-u-Tech, refinanced the Company with M&T bank, added two new customers, settled our long standing lawsuit with GE and improved our operating profit margins.

Our operating margins improved to $585,000 or 4.9% of sales for the three months ended June 27, 2008 vs. $494,000 or 4.4% of sales for the comparable period the prior year. For the nine months concluded June 27, 2008 our operating margins improved to $1.4 million or 3.9% vs. $840,000 or 2.7% for the comparable nine month period for fiscal 2007. We expect this trend to continue for the foreseeable future.

The GE lawsuit and counter suit commenced in 2003 for events that took place in 2001. There were one time costs settling the suit and in the judgment of management it was best to put this behind us on terms that made sense to the Company. The Company also incurred one time costs for refinancing the Company and completing the Val-U-Tech acquisition. On a proforma basis without these non-recurring costs our Net Income before Tax for the three months ending June 27, 2008 would have been $479,000 vs. the reported $177,000.

We have owned and operated Val-U-Tech for one month and are in the early stages of the integration process. We have started our cross-selling activities and they look promising. However, our primary effort is merging our information technology for financial, manufacturing, and quality systems into one company-wide platform. Our best estimate is that this will take us the next six months to complete.

Our two new customers are in diverse industries. One is in the medical sector - an area we have targeted for expanding. The other new customer is in the already important Military and Aerospace sector. We expect to experience production volumes for both new customers during next fiscal quarter.

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Looking ahead, we see our sales and margins improving as we continue to integrate the Val-U-Tech acquisition and continue to steadily improve the contract manufacturing operating efficiency. We expect our consolidated sales will increase for next quarter to between $14.5 to $15.5 million and our operating margin will commensurately increase and as a percentage of sales increase to between 5.1% - 5.5%. As we have said previously, we believe the Company is moving in the right direction and we are confident that we are creating future value for our shareholders and opportunity for our employees.”

As a full service EMS provider, AS9100 and IEC is ISO-9001:2000 registered, and a NSA approved supplier under the COMSEC standard. 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 second quarter 2007 results can be found on its web site at www.iec-electronics.com/documents/finance/Q3-2008pressrelease

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 2007 Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission.

Contact: Heather Keenan	John Nesbett / Jennifer Belodeau
IEC Electronics Corp.	Institutional Marketing Services
(315) 332-4262	(203) 972-9200
hkeenan@iec-electronics.com	JNesbett@InstitutionalMS.com

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EX-99.2

Exhibit 99.2

IEC ELECTRONICS CORP - CONSOLIDATED

BALANCE SHEET

   JUN 27, 2008 AND SEP 30, 2007

(In Thousands)

	JUN 27, 2008		SEP 30, 2007
ASSETS
CURRENT ASSETS
Cash	0		0
Accounts Receivable	9,185		6,185
Inventories	6,939		3,326
Other Current Assets	59		75
Total Current Assets	16,183		9,586
NET FIXED ASSETS	555		1,603
LONG TERM ASSETS
Deferred Income Taxes	8,802		640
Other Non-Current Assets	64		16
TOTAL ASSETS	25,604		11,845
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings	7,708		1,325
Accounts Payable	4,553		4,937
Accrued Payroll and Related Taxes	677		628
Other Accrued Expenses	577		366
Total Current Liabilities	13,515		7,256
Long Term Debt	4,691		426
TOTAL LIABILITIES	18,206		7,682
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Outstanding - 9,285,995 shares
Common stock, par value $.01 per share	93		87
Treasury Shares at Cost (412,873 shares)	(223	)	(223	)
Additional Paid-in Capital	40,061		38,794
Retained Earnings	(32,533	)	(34,495	)
TOTAL SHAREHOLDER’S EQUITY	7,398		4,163
TOTAL LIABILITIES & EQUITY	25,604		11,845

IEC ELECTRONICS CORP - CONSOLIDATED

STATEMENT OF INCOME

FOR QUARTER END & YTD JUN 27, 2008 AND JUN 29, 2007

(In Thousands)

	ACTUAL		PRIOR		ACTUAL		PRIOR
	QUARTER		QUARTER		YTD		YTD
	JUN 27, 2008		JUN 29, 2007		JUN 27, 2008		JUN 29, 2007
Sales	11,888		11,165		34,988		31,309
Cost of Sales	10,475		9,850		31,046		28,256
Gross Profit	1,413		1,315		3,942		3,053
Less: Operating Expenses
Selling & G&A	828		821		2,580		2,213
Restructuring	0		0		0		0
Total Operating Expenses	828		821		2,580		2,213
Operating Profit	585		494		1,362		840
Interest and Financing Expense	(106	)	(91	)	(281	)	(350	)
Profit (Loss) on Sale of Assets	0		0		2		(33	)
Other Income (Expense)	(302	)	0		(301	)	(25	)
Net Income before Income Taxes	177		403		782		432
Provision for /(benefit from)Income Tax	(691	)	(150	)	(1181	)	(147	)
Net Income	868		553		1963		579