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) – January 19, 2009

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 January 19, 2009, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter ended December 26, 2008.  A copy of the press release is furnished as Exhibit 99.1 to this report.  On January 19, 2009, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter ended December 26, 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 January 19, 2009.

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

(www.iec-electronics.com) on January 19, 2009.

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: January 19, 2009	By:	/s/ W. Barry Gilbert
		W. Barry Gilbert
		Chairman, Chief Executive Officer

EX-99.1

Exhibit 99.1

Compared to Q1 of 2008:

§Revenue increased  42%

§Gross profit  was 14.1 % as compared 10.3 %

§Operating income increased by more than 140%

Newark, NY – January 19, 2009 – IEC Electronics Corp. (IECE.OB) announced its results for the first quarter of fiscal 2009, ending December 26, 2008.

On an unaudited basis, the Company reported revenue of $15.8 million for the quarter, operating income of $946,000 and net income of $532,000 or $0.06 per share.  This compares with revenue of $11.2 million, operating income of $393,000 and net income of $420,000 or $0.05 per share for the quarter ending December 28, 2007.  The comparable quarter’s results for the prior year were favorably impacted by a $120,000 deferred tax charge; Pro forma net income without the deferred tax charge would have been $300,000 or $0.03 per share.

W. Barry Gilbert, Chairman of the Board and CEO, stated, “We had a good quarter with our operating margins increasing across the board.  Our gross margin improved to 14.1% as compared with our first quarter’s gross margin of 10.3% for Q1 2008.  Operating income was 6% of sales versus 3.6% for the same period last year. While some of the improvement resulted from product mix a portion of the change was clearly due to improved manufacturing efficiency.  Our customer base continues to expand. During the quarter, we added a new customer in the Aerospace sector.

“We expect continued revenue growth during the balance of the year, and expect to further intensify our market focus in the medical technology sector in the coming quarters.  As we all know, the economy is in a deep recession.  While some of our customers are indeed experiencing significant difficulties we have others that continue to expand their commercial activity with us.  Partly, this is attributable to increases in their end market activity but a portion is due to our superior performance as it appears that we are taking market share from others. We view this as recognition of our continuing commitment to serving them ‘Absolutely, Positively Perfect and On Time(sm)’.”

“We have created a stronger Company, and believe the time may be near for applying to re-list our common stock on the NASDAQ Capital Market.  A NASDAQ listing will help attract a broader range of investors and will be in our long term best interests.  We believe we meet all of the listing requirements but for the $4.00 per share minimum bid price. At the forthcoming meeting of shareholders, we are seeking shareholder approval to execute, a one, up to four reverse split at any time before the 2010 shareholders’ meeting, at the discretion of the Board.   That reverse split would enable us to meet the minimum bid price.  Unlike the typical company seeking a reverse split in an effort to maintain its listing on NASDAQ while its operating performance is deteriorating, our operating performance has been accelerating.  We continue to move 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 first quarter 2009 results can be found on its web site at www.iec-electronics.com/finance/Q1-2009release.html

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
	IEC Electronics Corp.	Institutional Marketing Services
	(315) 332-4262	(203) 972 - 9200
	hkeenan@iec-electronics.com	jnesbett@institutionalms.com

EX-99.2

Exhibit 99.2

IEC ELECTRONICS CORP - CONSOLIDATED

BALANCE SHEET

DEC 26, 2008 AND SEP 30, 2008

(In Thousands)

	DEC 26, 2008			SEP 30, 2008
ASSETS
CURRENT ASSETS
Cash		0			0
Accounts Receivable		10,088			10,345
Inventories		6,514			5,566
Deferred Income Taxes		1,908			1,908
Other Current Assets		61			61
Total Current Assets		18,571			17,880
NET FIXED ASSETS		1,042			853
NON-CURRENT ASSETS
Deferred Income Taxes		13,592			14,727
Other Non-Current Assets		57			60
TOTAL ASSETS		33,262			33,520
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings		1,072			1,098
Accounts Payable		6,782			6,125
Accrued Payroll and Related Taxes		699			808
Other Accrued Expenses		547			603
Other Current Liabilities		255			0
Total Current Liabilities		9,355			8,634
LONG TERM DEBT		7,304			8,910
TOTAL LIABILITIES		16,659			17,544
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Outstanding – 9,345,898 shares
Common stock, par value $.01 per share		94			93
Treasury Shares at Cost (412,873 shares)		(223	)		(223	)
Additional Paid-in Capital		40,218			40,124
Retained Earnings		(23,486	)		(24,018	)
TOTAL SHAREHOLDER’S EQUITY		16,603			15,976
TOTAL LIABILITIES & EQUITY		33,262			33,520

IEC ELECTRONICS CORP - CONSOLIDATED

STATEMENT OF INCOME

FOR QUARTER END & YTD DEC 26, 2008 AND DEC 28, 2007

(In Thousands)

	ACTUAL		PRIOR			ACTUAL		PRIOR
	QUARTER		QUARTER			YTD		YTD
	DEC 26, 2008		DEC 28, 2007			DEC 26, 2008		DEC 28, 2007
Sales		15,857		11,160			15,857		11,160
Cost of Sales		13,623		10,013			13,623		10,013
Gross Profit		2,234		1,147			2,234		1,147
Less: Operating Expenses
Selling & G&A		1,287		754			1,287		754
Restructuring		0		0			0		0
Total Operating Expenses		1,287		754			1,287		754
Operating Profit		947		393			947		393
Interest and Financing Expense		124		93			124		93
Other Expense/(Income)		0		0			0		0
Net Income before Income Taxes		823		300			823		300
Provision for /(benefit from)Income Tax		291		(120	)		291		(120	)
Net Income		532		420			532		420