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) - November 13, 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 November 13, 2008, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter ended September 30, 2008. A copy of the press release is furnished as Exhibit 99.1 to this report. On November 13, 2008, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter ended September 30, 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 November 13, 2008.

99.2 Supplemental financial data posted on the website of IEC Electronics Corp (www.iec-electronics.com) on November 13, 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: November 13, 2008	By:	/s/ W. Barry Gilbert
		W. Barry Gilbert
		Chairman, Chief Executive Officer

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EX-99.1

Exhibit 99.1

§   Revenue for the fourth quarter of fiscal 2008 was $16.1 million compared to $9.6 million for the fourth quarter of fiscal 2007.

§   Operating income for the fourth quarter improved to $1.0 million or 6.3% of sales for the fourth quarter as compared to $144,000 or 1.5 % for comparable period of the previous year.

§   Revenue for fiscal 2008 was $51.1 million compared to $40.9 million for fiscal 2007.

§   Net Income before tax for fiscal 2008 was $1.6 million compared to $503,000 for fiscal 2007.

§   Given the financial success of 2008, the Company reversed the majority of its Deferred Tax Reserve and reported Net Income after tax of $10.5 million for fiscal 2008.

Newark, NY - November 13, 2008 - IEC Electronics Corp. (IECE.OB) announced its results for the fourth quarter and fiscal year ending September 30, 2008.

For the Quarter the Company reported revenue of $16.1 million and operating income was $1.0 million (6.3% of sales). This compares with revenue of $9.6 million and operating income of $144,000 (1.5% of sales) for the same quarter of fiscal 2007. Net Income including the tax benefit was $8.5 million for the quarter or $0.91 per share compared to net income of $296,000 including the tax benefit or $0.03 per share for the same quarter of Fiscal 2007.

For the fiscal year 2008, IEC had revenue of $51.1 million and net income before taxes of $1.6 million. This compares to revenue of $40.9 million and net income before taxes of $503,000 for fiscal 2007. Year end 2008 net income after tax benefit was $10.5 million or $1.12 per share compared to net income of $875,000 after tax benefit or $.10 per share for fiscal 2007.

W. Barry Gilbert, Chairman of the Board and CEO, stated, “We had a good year and have reached a new operating level. Our customer base has expanded adding eight new customers this year including three this quarter to our portfolio and we have received numerous new programs from existing customers. Three of the new customers are in the aerospace sector, two in the military sector, two in the industrial sector, and the eighth in the medical sector. We grew our top line by 25% and also increased our backlog at year end to $40.5 million for fiscal 2008. This does not include $3.4 million of forecasted revenue from customers who have authorized us to put long lead items on order. This compares to fiscal 2007 year end backlog of $22.3 million which did not include $5.3million of forecasted revenue from customers who authorized us to put long lead items on order.

Our customer mix continues to change and expand in areas we view as important for our continued growth. The military sector remains strong. It represents 39.6% of our sales ($20.3 million) in fiscal 08 increasing from 36.9% of our sales ($15.1 million) in fiscal 07. Our industrial customer base represents 30.0% of our sales ($15.3 million) a slight decrease from 32.8% of our sales ($13.4 million) in fiscal 07. The aerospace sector has grown from zero in fiscal 07 to 10.9% of the Company’s sales ($5.6 million) in fiscal 08. Last year we achieved AS9100 certification for IEC’s contract manufacturing business. This year we achieved AS9100 certification for our newly acquired subsidiary, Val-U-Tech’s interconnect business.

Despite the recessionary outlook for the economy, we expect strong growth in sales and earnings in fiscal 2009 as our customers, particularly in the military and aerospace sector, are cautiously optimistic and because we expect to realize enhanced operating margins from productivity gains and from our interconnect subsidiary.

Our fourth quarter and 2008 fiscal year end earnings were materially and positively impacted by the reversal of a reserve against a deferred tax asset which accounting, FASB 109, required the Company to establish in 2001 because it was then deemed unlikely that earlier net operating losses (NOLs) intended to be used to reduce federal and state income tax liabilities would be consumed by the time the last expires in 2024. The accounting standard also requires that such deferred tax assets and offsetting reverses be analyzed periodically to determine whether the Company’s earning prospects are likely to consume the NOLs before they expire. The analysis, after IEC’s acquisition of Val-U-Tech and the improved operating performance of its contract manufacturing business in 2008, now projects that the Company’s taxable income will consume most of the NOLs before their expiration and consequently the majority of the deferred tax reserve was reversed. Ongoing, the Company’s Statement of Operations will report a provision for income taxes. From a cash perspective IEC will be paying negligible income taxes for a number of years. This will be apparent from the Company’s Statement of Cash Flows.

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 fourth quarter 2008 results can be found on its web site at www.iec-electronics.com/Q4-08release

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 2008 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.		International MarketingServices
	(315) 332-4262		(203) 972-9200
hkeenan@iec-electronics.com		JohnNesbett@InternationalMS.com

EX-99.22

Exhibit 99.2

IEC ELECTRONICS CORP - CONSOLIDATED

BALANCE SHEET

SEP 30, 2008 AND SEP 30, 2007

(In Thousands)

	SEP 30, 2008			SEP 30, 2007
ASSETS
CURRENT ASSETS
Cash		0			0
Accounts Receivable		10,345			6,185
Inventories		5,566			3,326
Deferred Income Taxes		1,908			640
Other Current Assets		61			75
Total Current Assets		17,880			10,226
NET FIXED ASSETS		853			1,603
NON-CURRENT ASSETS
Deferred Income Taxes		14,727			0
Other Non-Current Assets		60			16
TOTAL ASSETS		33,520			11,845
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings		1,098			1,325
Accounts Payable		6,125			4,937
Accrued Payroll and Related Taxes		808			628
Other Accrued Expenses		603			366
Total Current Liabilities		8,634			7,256
LONG TERM DEBT		8,910			426
TOTAL LIABILITIES		17,544			7,682
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Outstanding - 9,326,582 shares
Common stock, par value $.01 per share		93			87
Treasury Shares at Cost (412,873 shares)		(223	)		(223	)
Additional Paid-in Capital		40,124			38,794
Retained Earnings		(24,018	)		(34,495	)
TOTAL SHAREHOLDER'S EQUITY		15,976			4,163
TOTAL LIABILITIES & EQUITY		33,520			11,845

IEC ELECTRONICS CORP - CONSOLIDATED

STATEMENT OF INCOME

FOR QUARTER END & YTD SEP 30, 2008 AND SEP 30, 2007

(In Thousands) 

	ACTUAL QUARTER		PRIOR QUARTER		ACTUAL YTD		PRIOR YTD
	SEP 30, 2008		SEP 30, 2007		SEP 30, 2008		SEP 30, 2007
Sales	16,104		9,605		51,092		40,914
Cost of Sales	13,829		8,781		44,875		37,037
Gross Profit	2,275		824		6,217		3,877
Less: Operating Expenses
Selling & G&A	1,245		680		3,825		2,892
Restructuring	0		0		0		0
Total Operating Expenses	1,245		680		3,825		2,892
Operating Profit	1,030		144		2,392		985
Interest and Financing Expense	170		90		452		440
Other Expense/(Income)	6		(17		306		42
Net Income before Income Taxes	854		71		1,634		503
Provision for /(benefit from)Income Tax	(7,662	)	(225	)	(8,843	)	(372	)
Net Income	8,516		296		10,477		875