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 28, 2010

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 January 28, 2010, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter ended December 25, 2009.  A copy of the press release is furnished as Exhibit 99.1 to this report.  On January 28, 2010, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter ended December 25, 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 January 28, 2010.

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

(www.iec-electronics.com) on January 28, 2010.

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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:  January 28, 2010	By:	/s/ W. Barry Gilbert
		W. Barry Gilbert
		Chairman, Chief Executive Officer

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EX-99.1

Exhibit 99.1

Newark, NY – January 28, 2010 – IEC Electronics Corp. (NYSE Amex: IEC) announced its results for the first quarter of fiscal 2010 ending December 25, 2009.

On an unaudited basis, the Company reported revenue of $18.1 million for the quarter, operating income of $1,313,000 and net income of $753,000 or $0.08 per share.  This compares to revenue of $15.9 million, operating income of $947,000 and net income of $532,000 or $0.06 per share for the quarter ending December 26, 2008.

W. Barry Gilbert, Chairman of the Board and CEO, stated, “We had a busy quarter.  As previously announced, we acquired General Technology Corporation (GTC), from Crane Co. on December 16th near the very end of our fiscal first quarter.  Accordingly, the acquisition had almost no impact on our financial results.  Our operating margins increased from the previous year but were softer than Q4 of fiscal 2009.  Q1 is always a challenge as we must assist our customers in maximizing their year end results and this often conflicts with the initially scheduled mix of products.  Operating income was 7.2% of sales versus 6% for the same period last year.  Although, this is a strong result in its own right, it is lower than what we have come to expect because, despite our manufacturing efficiency, changes to product mix, as mentioned above, were a challenge.

“Our customer base continues to expand and during the quarter, we added a new customer in the medical sector.  We expect continued revenue growth during the balance of the year.  Sales are likely to increase from $16.3 million in fiscal Q2 ‘09 to approximately $25 million in fiscal Q2 ’10.  While much of the increase will be related to the GTC acquisition, over 20% of the balance is organic growth.  We are excited about the prospects associated with the GTC acquisition and our initial impressions after a short period of time are positive.  GTC expands our reach in the military and defense markets with their ability to manage legacy programs, an important niche that we are pleased to add to our capabilities.  While we will absorb some normal integration costs, they are more than offset by the fact there were no investment banking costs associated with the transaction.

“One final thought: Some of our customers continue to face significant difficulties in this weak economy.  However others continue to expand, and in turn expand their commercial activity with us.  This is attributable to increases in their end market activity and also endorses our performance as it appears that we are taking market share from others. We view this as recognition of our continuing commitment to serving our customers as closely to ‘Absolutely, Positively Perfect and On Time(sm)’ as we can.”

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 first quarter 2010 results can be found on its web site at www.iec-electronics.com

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

DEC 25, 2009 AND SEP 30, 2009

(In Thousands)

	DEC 25, 2009			SEP 30, 2009
ASSETS
CURRENT ASSETS
Cash		0			0
Accounts Receivable		15,242			10,354
Inventories		11,188			6,491
Deferred Income Taxes		2,050			2,050
Other Current Assets		193			110
Total Current Assets		28,673			19,005
NET FIXED ASSETS		11,118			2,391
NON-CURRENT ASSETS
Goodwill		507			0
Deferred Income Taxes		12,620			13,026
Other Non-Current Assets		117			47
TOTAL ASSETS		53,035			34,469
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings		2,414			1,147
Accounts Payable		7,299			4,183
Accrued Payroll and Related Taxes		1,313			1,564
Other Accrued Expenses		1,219			531
Other Current Liabilities		413			190
Total Current Liabilities		12,658			7,615
LONG TERM DEBT		19,301			6,600
TOTAL LIABILITIES		31,959			14,215
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Issued – 9,833,930, Outstanding – 8,821,057
Common stock, par value $.01 per share		98			97
Treasury Shares at Cost - 1,012,873 shares		(1,413	)		(1,413	)
Additional Paid-in Capital		40,699			40,632
Retained Earnings		(18,308	)		(19,062	)
TOTAL SHAREHOLDER’S EQUITY		21,076			20,254
TOTAL LIABILITIES & EQUITY		53,035			34,469

IEC ELECTRONICS CORP - CONSOLIDATED

STATEMENT OF INCOME

FOR QUARTER END & YTD DEC 25, 2009 AND DEC 26, 2008

(In Thousands)

	ACTUAL		PRIOR		ACTUAL		PRIOR
	QUARTER		QUARTER		YTD		YTD
	DEC 25, 2009		DEC 26, 2008		DEC 25, 2009		DEC 26, 2008
Sales		18,060		15,857		18,060		15,857
Cost of Sales		15,247		13,623		15,247		13,623
Gross Profit		2,813		2,234		2,813		2,234
Less: Operating Expenses
Selling & G&A		1,500		1,287		1,500		1,287
Restructuring		0		0		0		0
Total Operating Expenses		1,500		1,287		1,500		1,287
Operating Profit		1,313		947		1,313		947
Interest and Financing Expense		95		124		95		124
Other Expense/(Income)		59		0		59		0
Net Income before Income Taxes		1,159		823		1,159		823
Provision for /(benefit from)Income Tax		406		291		406		291
Net Income		753		532		753		532