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) – July 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 July 19, 2010, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter ended June 25, 2010.  A copy of the press release is furnished as Exhibit 99.1 to this report.  On July 19, 2010, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter ended June 25, 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 July 19, 2010.

99.2 Supplemental financial data posted on the website of IEC Electronics Corp (www.iec-electronics.com) on July 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:  July 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 – July 19, 2010 – IEC Electronics Corp. (NYSE Amex: IEC) announced its results for the third quarter of fiscal 2010 ending June 25, 2010.

For the quarter the Company reported revenue of $26.1 million, operating profit of $2.3 million and net income of $1.2 million or $0.13 per share. This compares to revenue of $17.3 million, operating profit of $1.3 million and net income of $903,000 or $0.10 per share for the quarter ended June 26, 2009.

Earnings before interest, taxes, depreciation and amortization (EBITDA) were $2.6 million or $0.27 per share, compared to $1.6 million or $0.17 per share for the same quarter last year. The Company views EBITDA as a useful measure of its operating performance as it eliminates the aberrations produced by our net operating loss carryforward (NOL), and enables the investment community to better evaluate our long run profitability and cash being generated by the Company.

For the nine months ended June 25, 2010 IEC had revenue of $69.4 million, operating profit of $5.6 million and net income of $3 million or $0.32 per share. This compares to revenue of $49.5 million, operating profit of $3.4 million and net income of $4 million or $0.43 per share for the first nine months of fiscal 2009. In fiscal 2009, the first nine month’s net income was favorably impacted by a net tax credit of $1.5 million during the second quarter. Absent that tax credit, net income for the first nine months of fiscal 2009 net income was $2.1 million or $0.23 per share.

EBITDA for the nine month period ended June 25, 2010 totaled $6.1 million or $0.63 per share, compared to $3.8 million or $0.41 per share for the same period last year.

W. Barry Gilbert, Chairman of the Board and CEO, stated, “This was an especially good quarter. Operating profit of over 8.5% of sales is unique in our industry. Sales growth of more than 50% and operating profit growth of more than 70% as compared to the third quarter of fiscal 2009 were especially gratifying. We continue to execute our growth strategy and enjoy the benefit of a favorable mix of products. Excluding the contribution from our acquisition of GTC, our sales growth from IEC Contract Manufacturing and IEC Wire and Cable was over 15% as compared to the same period of fiscal 2009. We expect to meet our forecasted full-year 2010 revenue of $96 million.”

“GTC continues to perform well and its integration with IEC Electronics is moving along nicely. Likewise, GTC’s backlog continues to grow as they have acquired a number of new programs from existing customers. As we observed last quarter, 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 reported in our Form 10-K for fiscal 2009.

“Our sector performance remains consistent with previous quarters. The military/aerospace sector remains strong and represents 59% of our sales for the first nine months of fiscal 2010 as compared to 55% of sales at the close of fiscal 2009. Our medical/other sector has increased from 8% at the close of fiscal 2009 to 13% of sales for the first nine months of fiscal 2010. Our industrial sector though growing in absolute terms, declined slightly to 20% of sales for the first nine months of this year as compared to 24% at the close of fiscal year end 2009. The turbulence in the economy impacts the industrial sector more than the others. However, we expect the sector to gain strength over the balance of the year and we envision modest continued improvement in fiscal 2011.

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“In summary, our Company 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.”

About IEC Electronics

IEC Electronics Corporation provides contract electronic manufacturing services to advanced technology companies primarily in the military and aerospace, medical, industrial and computing sectors. The Company’s ultra high reliability capabilities include: design, prototype and volume circuit board assembly, material procurement and control, manufacturing and test engineering support, systems build, final packaging and distribution.   As a full service EMS provider, IEC is AS9100, ISO-9001:2000, and ISO-13485 registered, and an NSA approved supplier under the COMSEC standard.  The Company is headquartered outside of Rochester, New York and also has operations in Victor, New York and Albuquerque, New Mexico.  Additional information about IEC 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

JUN 25, 2010 AND SEP 30, 2009

(In Thousands)

	JUN 25, 2010			SEP 30, 2009
ASSETS
CURRENT ASSETS
Cash		1,274			0
Accounts Receivable		16,070			10,354
Inventories		10,281			6,491
Deferred Income Taxes		2,050			2,050
Other Current Assets		273			110
Total Current Assets		29,948			19,005
NET FIXED ASSETS		11,368			2,391
NON-CURRENT ASSETS
Intangible Asset		340			0
Deferred Income Taxes		11,473			13,026
Other Non-Current Assets		104			47
TOTAL ASSETS		53,233			34,469
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings		2,494			1,147
Accounts Payable		6,495			4,183
Accrued Payroll and Related Taxes		1,926			1,564
Other Accrued Expenses		1,245			531
Other Current Liabilities		115			190
Total Current Liabilities		12,275			7,615
LONG TERM DEBT		17,278			6,600
TOTAL LIABILITIES		29,553			14,215
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares Issued – 10,103,759, Outstanding – 9,090,886
Common stock, par value $.01 per share		101			97
Treasury Shares at Cost - 1,012,873 shares		(1,413	)		(1,413	)
Additional Paid-in Capital		41,027			40,632
Retained Earnings		(16,035	)		(19,062	)
TOTAL SHAREHOLDER’S EQUITY		23,680			20,254
TOTAL LIABILITIES & EQUITY		53,233			34,469

IEC ELECTRONICS CORP - CONSOLIDATED

STATEMENT OF INCOME

FOR QUARTER END & YTD JUN 25, 2010 AND JUN 26, 2009

(In Thousands)

	ACTUAL		PRIOR			ACTUAL		PRIOR
	QUARTER		QUARTER			YTD		YTD
	JUN 25, 2010		JUN 26, 2009			JUN 25, 2010		JUN 26, 2009
Sales		26,095		17,346			69,387		49,538
Cost of Sales		21,439		14,556			57,900		41,908
Gross Profit		4,656		2,790			11,487		7,630
Less: Operating Expenses
Selling & G&A		2,388		1,463			5,922		4,214
Restructuring		0		0			0		0
Total Operating Expenses		2,388		1,463			5,922		4,214
Operating Profit		2,268		1,327			5,565		3,416
Interest and Financing Expense		238		90			594		304
Other Expense/(Income)		17		(151	)		205		(217	)
Net Income before Income Taxes		2,013		1,388			4,766		3,329
Provision for /(benefit from)Income Tax		775		485			1,739		(724	)
Net Income		1,238		903			3,027		4,053
Basic Earnings Per Share	$	0.14	$	0.11		$	0.34	$	0.46
Diluted Earnings Per Share	$	0.13	$	0.10		$	0.32	$	0.43
Basic Shares		9,055,280		8,524,317			8,955,212		8,745,240
Diluted Shares		9,629,326		9,322,368			9,608,748		9,386,616

IEC ELECTRONICS CORP - CONSOLIDATED

RECONCILIATION OF NET INCOME TO EBITDA

FOR QUARTER END & YTD JUN 25, 2010 AND JUN 26, 2009

(In Thousands)

	ACTUAL		PRIOR		ACTUAL		PRIOR
	QUARTER		QUARTER		YTD		YTD
	JUN 25, 2010		JUN 26, 2009		JUN 25, 2010		JUN 26, 2009
Net Income		1,238		903		3,027		4,053
Provision for /(benefit from) Income Tax		775		485		1,739		(724	)
Depreciation and Amortization Expense		312		93		725		215
Net Interest Expense / (Income)		238		90		594		304
EBITDA		2,563		1,571		6,085		3,848
Basic Earnings Per Share	$	0.28	$	0.18	$	0.68	$	0.44
Diluted Earnings Per Share	$	0.27	$	0.17	$	0.63	$	0.41
Basic Shares		9,055,280		8,524,317		8,955,212		8,745,240
Diluted Shares		9,629,326		9,322,368		9,608,748		9,386,616