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) – April 19, 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:

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 April 19, 2010, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter ended March 26, 2010.  A copy of the press release is furnished as Exhibit 99.1 to this report.  On April 19, 2010, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter ended March 26, 2010.  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 April 19, 2010.

99.2 Supplemental financial data posted on the website of IEC Electronics Corp (www.iec-electronics.com) on April 19, 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:  April 19, 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 – April 19, 2010 – IEC Electronics Corp. (NYSE Amex: IEC) announced its results for the second quarter of fiscal 2010 ending March 26, 2010.

For the quarter ended March 26, 2010 the Company reported revenue of $25,232,000 for the quarter, operating income of $1,983,000 and net income of $1,036,000 or $0.11 per share.  This compares to revenue of $16,335,000, operating income of $1,143,000 and net income of $2,619,000 or $0.29 per share for the quarter ended March 27, 2009.  In the second quarter of fiscal 2009, operating performance was favorably impacted by a deferred tax credit of $1,500,000.  On a pro forma basis, without the tax credits, our net income for the second quarter of fiscal 2009 would have been $727,000, or $0.08 per share.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of fiscal 2010 was $2,131,000 or $0.22 per share, compared to $1,284,000 or $0.14 per share for the same quarter last year.  The Company views EBITDA as a useful measure of its operating performance given the strong operating margins and large net operating loss carryforward (NOL).

IEC had revenue of $43,292,000, operating income of $3,296,000 and net income of $1,789,000 or $0.19 per share for the first six months of 2010.  This compares to revenue of $32,192,000, operating income of $2,090,000 and net income of $3,150,000 or $0.34 per share for the first six months of fiscal 2009.  In fiscal 2009, net income was favorably impacted by the deferred tax credit of $1,500,000.  On a pro forma basis, for the first six months of fiscal 2009 net income was $1,262,000, or $0.14 per share.

EBITDA for the six month period ended March 26, 2010 totaled $3,520,000 or $0.37 per share, compared to $2,278,000 or $0.24 per share for the same period last year.

W. Barry Gilbert, Chairman of the Board and CEO, stated, “This was a good quarter.  We had strong cash flow from operations, which enabled us to reduce our funded debt by more than $2.1 million.  This debt reduction was achieved in part by the benefit of very low tax payments due to our $38 million NOL.  Absent an acquisition, we anticipate our cash flow will significantly reduce debt over the balance of the year.  All our important financial metrics have either remained constant or improved.  Most significant was the growth of operating income to 7.9% of sales versus 7.0% for the same period last year.  A material portion of our sales and earnings growth came from IEC Contract Manufacturing and IEC Wire and Cable.  Excluding the GTC acquisition, combined sales from IEC Contract Manufacturing and IEC Wire and Cable increased by 15% sequentially compared to the first quarter of 2010, and more than 22% compared to the second quarter of fiscal 2009.  We are gaining strength every quarter and expect to meet our forecasted annual revenue of $96 million.”

“We believe GTC will be a good addition for IEC and the integration of GTC with IEC Electronics is making reasonable progress.  GTC’s backlog continues to grow; however, unlike IEC Contract Manufacturing and IEC Wire and Cable, whose backlog is shipped during the next four to nine months, GTC’s backlog is weighted to 2011 and beyond.

“Consistent with past practice, we do not report our backlog during the year.  However, our shareholders should be pleased to know that our current backlog is higher than the backlog figure reported in our 10k for fiscal 2009.

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“Our sector performance has shifted somewhat.  The military/aerospace sector remains strong though it decreased as a percentage of our sales to 50% for the first six months of fiscal 2010 as compared to 55% of sales for fiscal 2009.  Our medical sector has increased from 5% at the close of fiscal 2009 to 12% of sales for the first six months of fiscal 2010.  Our industrial sector has declined slightly to 22% of sales for the first six months of this year as compared to 24% at the close of fiscal year end 2009.  Last year we reported that two of our industrial customers were experiencing extreme softness in their end markets.  One of the two customers is beginning to see a modestly brighter future and the other has stopped falling.  Although their volumes are well below those we enjoyed in 2008, they are making progress.

“In summary, our Company as a whole continues 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, IEC is AS9100 and 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 high reliability printed circuit board assembly, material procurement and control, manufacturing and test engineering support, and systems build. Information regarding IEC’s second 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, 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.	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

MAR 26, 2010 AND SEP 30, 2009

(In Thousands)

	MAR 26, 2010			SEP 30, 2009
ASSETS
CURRENT ASSETS
Cash		0			0
Accounts Receivable		14,669			10,354
Inventories		12,061			6,491
Deferred Income Taxes		2,050			2,050
Other Current Assets		372			110
Total Current Assets		29,152			19,005
NET FIXED ASSETS		11,318			2,391
NON-CURRENT ASSETS
Intangible Asset		360			0
Deferred Income Taxes		12,088			13,026
Other Non-Current Assets		111			47
TOTAL ASSETS		53,029			34,469
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings		2,477			1,147
Accounts Payable		8,224			4,183
Accrued Payroll and Related Taxes		1,667			1,564
Other Accrued Expenses		1,077			531
Other Current Liabilities		252			190
Total Current Liabilities		13,697			7,615
LONG TERM DEBT		17,100			6,600
TOTAL LIABILITIES		30,797			14,215
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Issued – 10,007,371, Outstanding – 8,994,498
Common stock, par value $.01 per share		100			97
Treasury Shares at Cost - 1,012,873 shares		(1,413	)		(1,413	)
Additional Paid-in Capital		40,817			40,632
Retained Earnings		(17,272	)		(19,062	)
TOTAL SHAREHOLDER’S EQUITY		22,232			20,254
TOTAL LIABILITIES & EQUITY		53,029			34,469

IEC ELECTRONICS CORP - CONSOLIDATED

STATEMENT OF INCOME

FOR QUARTER END & YTD MAR 26, 2010 AND MAR 27, 2009

(In Thousands)

	ACTUAL		PRIOR			ACTUAL		PRIOR
	QUARTER		QUARTER			YTD		YTD
	MAR 26, 2010		MAR 27, 2009			MAR 26, 2010		MAR 27, 2009
Sales		25,232		16,335			43,292		32,192
Cost of Sales		21,214		13,728			36,461		27,351
Gross Profit		4,018		2,607			6,831		4,841
Less: Operating Expenses
Selling & G&A		2,035		1,464			3,535		2,751
Restructuring		0		0			0		0
Total Operating Expenses		2,035		1,464			3,535		2,751
Operating Profit		1,983		1,143			3,296		2,090
Interest and Financing Expense		261		91			355		215
Other Expense/(Income)		129		(66	)		188		(66	)
Net Income before Income Taxes		1,593		1,118			2,753		1,941
Provision for /(benefit from)Income Tax		557		(1,501	)		964		(1,209	)
Net Income		1,036		2,619			1,789		3,150

IEC ELECTRONICS CORP - CONSOLIDATED

RECONCILIATION OF NET INCOME TO EDITDA

FOR QUARTER END & YTD MAR 26, 2010 AND MAR 27, 2009

(In Thousands)

	ACTUAL		PRIOR			ACTUAL		PRIOR
	QUARTER		QUARTER			YTD		YTD
	MAR 26, 2010		MAR 27, 2009			MAR 26, 2010		MAR 27, 2009
Net Income		1,036		2,619			1,789		3,150
Provision for /(benefit from)Income Tax		557		(1,501	)		964		(1,209	)
Depreciation and Amortization Expense		277		75			414		122
Net Interest Expense / (Income)		261		91			355		215
EBITDA		2,131		1,284			3,522		2,278