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 9, 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:

¨ 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 November 9, 2009, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal year ended September 30, 2009.  A copy of the press release is furnished as Exhibit 99.1 to this report.  On November 9, 2009, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal year ended September 30, 2009.  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 9, 2009.

99.2 Supplemental financial data posted on the website of IEC Electronics Corp (www.iec-electronics.com) on November 9, 2009.

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:  November 9, 2009	By:	/s/ W. Barry Gilbert
		W. Barry Gilbert
		Chairman, Chief Executive Officer

3

EX-99.1

Exhibit 99.1

Newark, NY – November 9, 2009 – IEC Electronics Corp. (NYSE Amex: IEC) announced its results for the fourth quarter and fiscal year ending September 30, 2009.

For the quarter, the Company reported revenue of $18.3 million and operating income of $1.4 million.   This compares with revenue of $16.1 million and operating income of $1.0 million for the same quarter of fiscal 2008.  Q4 net income after tax was $903,000, or $0.09 per share compared to Q4 ’08 net income of $8.5 million or $0.91 per share.  The $0.91 per share included a tax benefit of $7.7 million.  Without the $7.7 million tax benefit, the net income after tax for Q4 ’08 would have been $554,000, or $0.06 per share.

For fiscal year 2009, IEC had revenue of $67.8 million and net income before tax of $4.7 million.  This compares to revenue of $51.1 million and net income before taxes of $1.6 million for fiscal 2008.  Net income after tax was $5 million, or $.52 per share, on a diluted basis, for year end 2009 compared to net income of $10.5 million after tax or $1.12 per share, on the same basis, for fiscal 2008.

W. Barry Gilbert, Chairman of the Board and CEO, stated, “We had a good year and continue to improve our operating performance.  Five new customers were added during the year and we have received numerous new programs from existing customers.  Of the five new customers, three were in the military sector, one in the communications sector and one in the industrial sector.  We also terminated two customers where we believed the relationship was no longer commercially viable.  Our backlog remained solid, an excellent result given the commercial turbulence of last year.  The FY 2009 closing backlog was $41.4 million as compared to a FY 2008 closing backlog of $43.9 million.  Backlog consists of two categories: orders and firm forecasted commitments.  We also receive orders during a quarter which, since they are shipped in the same period, do not appear in our backlog.

“Our customer mix changed somewhat.  The military sector remains strong.  It represents 43.4% of sales ($29.4 million) in fiscal 09 increasing from 39.6% of sales ($20.3 million) in fiscal 08.  Our industrial customer base represents 24.3% of sales ($16.5 million) a decrease from 30.0% of sales ($15.3 million) in fiscal 08.  The aerospace sector increased slightly to 12% of sales ($8.1 million) in fiscal 09 from 10.9% of sales ($5.6 million) in fiscal 2008.

“The gross margin has improved over the past year.  Gross profit for the year increased to16% from 12.2% for fiscal 2008, and reached 17.5% for the fourth quarter of fiscal 2009. Strong gross margins of 16% or greater are likely to continue throughout fiscal year 2010 from productivity initiatives currently underway.

“We continue to be concerned about the outlook for the broad economy.   With that said, we expect continued growth in sales for fiscal 2010 of approximately 17%, and expect our operating income to exceed 7% of sales.  We believe our military and aerospace sectors will remain strong.  The industrial sector has been under pressure all year long and we do not envision any substantive improvement in fiscal 2010.  Finally, we believe we will continue to expand our presence in the medical sector, which represented virtually no sales in fiscal 2008 and 5% of sales in fiscal 2009.

“We use net income before tax to evaluate the strength of our operating performance.  This metric excludes deferred tax benefits associated with the firm’s net operating loss tax loss carryforward (NOL).  IEC has a remaining $39.1 million NOL and is, therefore, unlikely to pay significant federal and state taxes for many years. Our net income before tax improved significantly from $1.6 million in FY 2008 to $4.7 million in FY 2009.

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 customers, and shareholders and opportunity for our employees.”

As a full service EMS provider, AS9100, IEC is ISO-9001:2000 and ISO 13485 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 2009 results can be found on its web site at www.iec-electronics.com/documents/finance/Q4-2009release.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 and 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 2009 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 Marketing Services
	(315) 332-4262	(203) 972-9200
hkeenan@iec-electronics.com		JohnNesbett@InternationalMS.com

EX-99.2

Exhibit 99.2

IEC ELECTRONICS CORP - CONSOLIDATED

BALANCE SHEET

SEP 30, 2009 AND SEP 30, 2008

(In Thousands)

	SEP 30, 2009			SEP 30, 2008
ASSETS
CURRENT ASSETS
Cash		0			0
Accounts Receivable		10,354			10,345
Inventories		6,491			6,230
Deferred Income Taxes		2,050			1,908
Other Current Assets		110			61
Total Current Assets		19,005			18,544
NET FIXED ASSETS		2,391			853
NON-CURRENT ASSETS
Deferred Income Taxes		13,026			14,727
Other Non-Current Assets		47			60
TOTAL ASSETS		34,469			34,184
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings		1,147			1,098
Accounts Payable		4,183			6,125
Accrued Payroll and Related Taxes		1,564			808
Other Accrued Expenses		531			603
Other Current Liabilities		190			664
Total Current Liabilities		7,615			9,298
LONG TERM DEBT		6,600			8,910
TOTAL LIABILITIES		14,215			18,208
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Issued – 9,747,283, Outstanding – 8,734,410
Common stock, par value $.01 per share		97			93
Treasury Shares at Cost - 1,012,873 shares		(1,413	)		(223	)
Additional Paid-in Capital		40,632			40,124
Retained Earnings		(19,062	)		(24,018	)
TOTAL SHAREHOLDER’S EQUITY		20,254			15,976
TOTAL LIABILITIES & EQUITY		34,469			34,184

IEC ELECTRONICS CORP - CONSOLIDATED

STATEMENT OF INCOME

FOR QUARTER END & YTD SEP 30, 2009 AND SEP 30, 2008

(In Thousands)

	ACTUAL			PRIOR			ACTUAL			PRIOR
	QUARTER			QUARTER			YTD			YTD
	SEP 30, 2009			SEP 30, 2008			SEP 30, 2009			SEP 30, 2008
Sales		18,273			16,104			67,811			51,092
Cost of Sales		15,077			13,829			56,985			44,875
Gross Profit		3,196			2,275			10,826			6,217
Less: Operating Expenses
Selling & G&A		1,793			1,245			6,007			3,825
Restructuring		0			0			0			0
Total Operating Expenses		1,793			1,245			6,007			3,825
Operating Profit		1,403			1,030			4,819			2,392
Interest and Financing Expense		84			170			389			452
Other Expense/(Income)		(70	)		6			(287	)		306
Net Income before Income Taxes		1,389			854			4,718			1,634
Provision for /(benefit from)Income Tax		486			(7,662	)		(238	)		(8,843	)
Net Income		903			8,516			4,956			10,477