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, 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 November 9, 2010, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal year ended September 30, 2010.  A copy of the press release is furnished as Exhibit 99.1 to this report.  On November 9, 2010, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal year ended September 30, 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 November 9, 2010.

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

(www.iec-electronics.com) on November 9, 2010.

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

EX-99.1

Exhibit 99.1

Newark, NY – November 9, 2010 – IEC Electronics Corp. (NYSE Amex: IEC) announced its results for the fourth quarter and fiscal year ending September 30, 2010.

For the quarter, the Company reported revenue of $27.3 million and operating income of $2.1 million.   This compares with revenue of $18.3 million and operating income of $1.4 million for the same quarter of fiscal 2009.  Fourth quarter net income after tax was $1.6 million, or $0.17 per diluted share compared to net income after tax of $0.9 million or $0.09 per diluted share in the prior year period.

For fiscal year 2010, IEC reported revenue of $96.7 million and operating income of $7.7 million.  This compares to revenue of $67.8 million and operating income of $4.8 million for fiscal 2009.  Net income after tax was $4.7 million, or $0.48 per diluted share, for year end 2010 compared to net income after tax of $5.0 million or $0.52 per diluted share for fiscal 2009. The $0.52 per diluted share included a tax benefit of $1.9 million (equivalent to $0.20 per share).  Excluding the $1.9 million tax benefit, the net income after tax for 2009 would have been $3.1 million, or $0.32 per share.

W. Barry Gilbert, Chairman of the Board and CEO, stated, “2010 was a strong year for us as we continue to improve our operating performance and make solid inroads into the Medical sector.  Our backlog grew substantially despite continued economic turbulence.  The fiscal 2010 closing backlog was over $90.0 million as compared to a fiscal 2009 closing backlog of $41.4 million.  $20 million of the backlog increase was due to the General Technology and Celmet acquisitions made in December 2009 and July 2010 respectively.  More than half of the increase was attributable to organic growth.  Our backlog consists of two categories: orders and firm forecasted commitments.”

For the fourth quarter of 2010, IEC reported earnings before interest, taxes depreciation and amortization (EBITDA) of $3.0 million or $0.31 per diluted share, compared to EBITDA of $1.5 million or $0.16 per diluted share in the fourth quarter of 2009.  For the fiscal year 2010, IEC reported EBITDA of $9.1 million or $0.95 per diluted share as compared to $5.4 million or $0.56 per diluted share for fiscal 2009.  The Company views EBITDA as a useful measure of its operating performance as it eliminates the aberrations produced by its net operating loss carryforward (NOL), and enables the investment community to better evaluate long-term profitability and cash being generated by the Company.  IEC has a remaining NOL for federal and state taxes of approximately $34 million.

“Our customer mix has changed somewhat during 2010,” Gilbert said.  “The Medical sector significantly expanded and now represents 12.6% of revenue ($12.2 million), increasing from 7.7% of revenue ($5.2 million) in fiscal 2009. The Military sector remains strong.  It represents 49.0% of revenue ($47.5 million) in fiscal 2010, up from 43.4% of revenue ($29.4 million) in fiscal 2009.  Sales to our Industrial customer base increased to $19.4 million, representing 20.0% of 2010 revenue, down proportionally from 24.3% of revenue ($16.5 million) in fiscal 2009.  The Industrial sector is recovering slowly, and we are pleased with the results we have achieved in this sector.  The Aerospace sector also decreased as a percentage of our business to 9.2% of revenue in fiscal 2010 from 12.0% of revenue in fiscal 2009, but increased in absolute dollars to $8.9 million from $8.1 million.

“Fiscal 2010 saw IEC successfully integrate the acquisitions of General Technology and Celmet,” Gilbert continued.  “These two acquisitions have improved the strategic position of the Company by broadening our product offerings and diversifying our customer base.  We continue to look for companies that could provide a good fit with our strategic vision.  Without any acquisitions, we expect revenue growth from our existing business of approximately 17% for fiscal 2011, and expect both our net income and EBITDA to grow commensurately.  We believe our Military and Aerospace sectors will remain strong but anticipate that the Industrial sector is likely to remain under pressure for most of 2011.  Finally, we believe we can continue to expand our presence in the Medical sector, which, as mentioned above, grew nicely between 2009 and 2010.

As we have said previously, we firmly believe the Company is continuing to move in the right direction and we are confident that we are creating future value for our customers and shareholders and opportunity for our employees.”

###

IEC Electronics Corporation provides contract electronics manufacturing services to advanced technology companies primarily in the military, aerospace, communications, medical, and industrial sectors.  The Company’s ultra high reliability capabilities include:  design, prototype and volume printed circuit board assembly, material procurement and control, manufacturing and test engineering support, systems build, final packaging and distribution.  As a full service EMS provider, AS9100, IEC is ISO-9001:2008 and ISO 13485 registered, and a NSA approved supplier under the COMSEC standard.  The Company is headquartered outside Rochester, New York.  It has additional operations in Rochester, New York, 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 revenue 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 our most recent Form 10-Q and Annual Report and Form 10-K and in other filings with the Securities and Exchange Commission.

 Contact:    Heather Keenan     IEC Electronics Corp.     (315) 332-4262  hkeenan@iec-electronics.com John Nesbett/Jennifer Belodeau Institutional Marketing Services (203) 972-9200 JohnNesbett@InternationalMS.com

EX-99.2

Exhibit 99.2

IEC ELECTRONICS CORP - CONSOLIDATED

BALANCE SHEET

SEP 30, 2010 AND SEP 30, 2009

(In Thousands)

	SEP 30, 2010			SEP 30, 2009
ASSETS
CURRENT ASSETS
Cash		0			0
Accounts Receivable		16,315			10,354
Inventories		12,068			6,491
Deferred Income Taxes		3,359			2,050
Other Current Assets		234			110
Total Current Assets		31,976			19,005
NET FIXED ASSETS		13,098			2,391
NON-CURRENT ASSETS
Intangible Asset		331			0
Deferred Income Taxes		10,113			13,026
Other Non-Current Assets		164			47
TOTAL ASSETS		55,682			34,469
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings		2,899			1,147
Accounts Payable		8,145			4,183
Accrued Payroll and Related Taxes		2,279			1,564
Other Accrued Expenses		941			531
Other Current Liabilities		0			190
Total Current Liabilities		14,264			7,615
LONG TERM DEBT		15,999			6,600
TOTAL LIABILITIES		30,263			14,215
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Issued – 10,100,589, Outstanding – 9,087,716
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		41,138			40,632
Retained Earnings (Deficit)		(14,407	)		(19,062	)
TOTAL SHAREHOLDER’S EQUITY		25,419			20,254
TOTAL LIABILITIES & EQUITY		55,682			34,469

IEC ELECTRONICS CORP - CONSOLIDATED

STATEMENT OF INCOME

FOR QUARTER END & YTD SEP 30, 2010 AND SEP 30, 2009

(In Thousands)

	ACTUAL			PRIOR			ACTUAL			PRIOR
	QUARTER			QUARTER			YTD			YTD
	SEP 30, 2010			SEP 30, 2009			SEP 30, 2010			SEP 30, 2009
Sales		27,287			18,273			96,674			67,811
Cost of Sales		22,511			15,077			80,411			56,985
Gross Profit		4,776			3,196			16,263			10,826
Less: Operating Expenses
Selling & G&A		2,654			1,792			8,576			6,006
Other		0			0			0			0
Total Operating Expenses		2,654			1,792			8,576			6,006
Operating Profit		2,122			1,404			7,687			4,820
Interest and Financing Expense		220			85			814			389
Other Expense/(Income)		(387	)		(70	)		(182	)		(287	)
Income before Income Taxes		2,289			1,389			7,055			4,718
Provision for /(benefit from) Income Tax		661			486			2,400			(238	)
Net Income		1,628			903			4,655			4,956
Basic Earnings Per Share	$	0.18		$	0.10		$	0.52		$	0.57
Diluted Earnings Per Share	$	0.17		$	0.09		$	0.48		$	0.52
Basic Shares		9,086,793			8,683,226			8,990,180			8,728,930
Diluted Shares		9,599,377			9,621,288			9,608,174			9,553,526

IEC ELECTRONICS CORP - CONSOLIDATED

RECONCILIATION OF NET INCOME TO EBITDA

 FOR QUARTER END & YTD SEP 30, 2010 AND SEP 30, 2009

(In Thousands)

	ACTUAL		PRIOR		ACTUAL		PRIOR
	QUARTER		QUARTER		YTD		YTD
	SEP 30, 2010		SEP 30, 2009		SEP 30, 2010		SEP 30, 2009
Net Income		1,628		903		4,655		4,956
Provision for /(benefit from) Income Tax		661		486		2,400		(238	)
Depreciation and Amortization Expense		499		67		1,224		282
Net Interest Expense / (Income)		220		85		814		389
EBITDA		3,008		1,541		9,093		5,389
Basic Earnings Per Share	$	0.33	$	0.18	$	1.01	$	0.62
Diluted Earnings Per Share	$	0.31	$	0.16	$	0.95	$	0.56
Basic Shares		9,086,793		8,683,226		8,990,180		8,728,930
Diluted Shares		9,599,377		9,621,288		9,608,174		9,553,526