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) – August 8, 2011

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 August 8, 2011, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter ended July 1, 2011.  A copy of the press release is furnished as Exhibit 99.1 to this report.  On August 8, 2011, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter ended July1, 2011.  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 August 8, 2011.

99.2 Supplemental financial data posted on the website of IEC Electronics Corp.(www.iec-electronics.com) on August 8, 2011.

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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: August 12, 2011	By:	/s/ W. Barry Gilbert
		W. Barry Gilbert
		Chairman, Chief Executive Officer

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EX-99.1

Exhibit 99.1

Newark, NY – August 8, 2011 – IEC Electronics Corp. (NYSE Amex: IEC) announced its results for the third quarter of fiscal 2011 ended July 1, 2011.

For the quarter ended July 1, 2011 the Company reported revenue of $34,626,000 for the quarter, operating income of $2,623,000 (7.6% of sales) and net income of $1,333,000 or $0.13 per share.  This compares to revenue of $26,095,000, operating income of $2,268,000 (8.7% of sales) and net income of $1,238,000 or $0.13 per share for the quarter ended June 25, 2010.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter of fiscal 2011 was $3,483,000 or $0.35 per share, compared to $2,555,000 or $0.27 per share for the same quarter last year.

IEC reported revenue of $98,355,000, operating income of $7,909,000 and net income of $4,129,000 or $0.42 per share for the first nine months of 2011.  This compares to revenue of $69,387,000, operating income of $5,565,000 and net income of $3,027,000 or $0.32 per share for the first nine months of fiscal 2010.

EBITDA for the nine month period ended July 1, 2011 totaled $9,925,000 or $1.00 per share, compared to $6,067,000 or $0.63 per share for the same period last year.

“This was a solid quarter for IEC, but not without its challenges.  On the positive side our organic growth was 14% as compared to the same period in fiscal 2010, which is in line with our outlook.  Our backlog continues to expand in the face of some weakening broad macro-economic news both domestically and from the Far East.  Southern California Braiding recently received a $5 million order from one of its military customers, and we continue to work on a number of exciting new programs, all of which will impact fiscal 2012,” said W. Barry Gilbert, Chairman and Chief Executive Officer.

Mr. Gilbert continued, “Nonetheless, the revenue growth and gross margin were somewhat disappointing.  Both the growth and the margin were negatively impacted by a delay in $3 million of revenue caused by unplanned downtime in certain equipment, the delay in finalizing the federal military budget, and an unusual number of customer change orders.  In addition, we experienced a shift in our product mix.  The product mix which was very favorable last quarter was equally unfavorable this quarter and impacted our gross profit.

“The long term view for Southern California Braiding’s future is bright.  Its current performance, however, has been choppy as we work our way through integration issues such as implementing new systems and  expanding communication and business process tools.  Nothing we have observed has diminished our enthusiasm about this acquisition, if anything we are more excited. All the programs we were planning have been approved in the defense appropriation budget and we are likely to receive additional awards.

“We strengthened our balance sheet.  However, we fell short of our goal of reducing our bank debt.  We believe this is a timing issue and remain confident that our bank debt will be reduced on or ahead of our internal schedule.

“We believe that we have met the challenges before us and remain most optimistic about the Company’s future prospects.  We are continually building a stronger company with immense capability for our customers, our employees and our shareholders.”

IEC will host a conference call with investors at 10:00 a.m. Eastern time today, Monday, August 8, 2011to discuss its financial results for the quarter ended July 1, 2011.  The conference call may be accessed in the U.S. and Canada by dialing toll-free 1-877-407-9210.  International callers may access the call by dialing 1-201-689-8049.  To access a live webcast of the conference call, log onto the IEC website at http://www.iec-electronics.com or http://www.InvestorCalendar.com.

A replay of the teleconference will be available for 30 days after the call and may be accessed domestically by dialing 1-877-660-6853 and international callers may dial 1-201-612-7415.  Callers must enter account number 286 and conference number 376007.

To access the live webcast, log onto the IEC website at http://www.iec-electronics.com.  The webcast can also be accessed at http://www.InvestorCalendar.com.  An online replay will be available shortly after the call.

About IEC Electronics

IEC Electronics Corporation is a premier provider of electronic manufacturing services (“EMS”) to advanced technology companies primarily in the military and aerospace, medical, industrial and computing sectors.  The Company specializes in the custom manufacture of high reliability, complex circuit cards, system level assemblies, a wide array of custom cable and wire harness assemblies, and precision sheet metal products. As a full service EMS provider, IEC is a world-class ISO 9001:2008, AS9100 and ISO13485 certified company. The AS9100 certification enables IEC to serve the military and commercial aerospace markets.  The ISO13485 certification supports the quality requirements of medical device markets.  The Company is also AC7120 Nadcap accredited for electronics manufacturing to support the most stringent quality requirements of the aerospace industry, as well as ITAR registered and NSA approved under the COMSEC standard.  IEC Electronics is headquartered in Newark, NY (outside of Rochester) and also has operations in Victor, NY, Rochester, NY, Albuquerque, NM and Bell Gardens, CA.  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, competition and technological change, the ability of the Company to control manufacturing and operating costs, the ability of the Company to develop and maintain satisfactory relationships with vendors, and the ability of the Company to efficiently integrate acquired companies into its business.  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 2010 Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission.

Contact:	Susan E. Topel-Samek	John Nesbett or Jennifer Belodeau
	Vice President & CFO	Institutional Marketing Services
	IEC Electronics Corp.	(203)972-9200
	(315)332-4308	jnesbett@institutionalms.com
	stopel@iec-electronics.com	jbelodeau@institutionalms.com

EX-99.2

Exhibit 99.2

IEC ELECTRONICS CORP - CONSOLIDATED

BALANCE SHEET

JUL 01, 2011 AND SEP 30, 2010

(In Thousands)

	JUL 01, 2011			SEP 30, 2010
ASSETS
CURRENT ASSETS
Cash		0			0
Accounts Receivable		20,303			16,315
Inventories		17,481			12,068
Deferred Income Taxes		3,940			3,359
Other Current Assets		356			234
Total Current Assets		42,080			31,976
NET FIXED ASSETS		18,195			13,098
NON-CURRENT ASSETS
Goodwill		13,810			58
Intangible Assets		6,077			331
Deferred Income Taxes		7,430			10,113
Other Non-Current Assets		192			106
TOTAL ASSETS		87,784			55,682
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Borrowings		6,939			2,899
Accounts Payable		7,766			8,145
Accrued Payroll and Related Taxes		2,212			2,279
Other Accrued Expenses		1,155			941
Other Current Liabilities		406			0
Total Current Liabilities		18,478			14,264
LONG TERM DEBT		38,438			15,999
TOTAL LIABILITIES		56,916			30,263
SHAREHOLDER'S EQUITY
Authorized - 50,000,000 shares
Issued – 10,811,188, Outstanding – 9,795,730
Common stock, par value $.01 per share		108			101
Treasury Shares at Cost - 1,015,458 shares		(1,435	)		(1,413	)
Additional Paid-in Capital		42,473			41,138
Retained Earnings		(10,278	)		(14,407	)
TOTAL SHAREHOLDER’S EQUITY		30,868			25,419
TOTAL LIABILITIES & EQUITY		87,784			55,682

IEC ELECTRONICS CORP - CONSOLIDATED

STATEMENT OF INCOME

FOR QUARTER END & YTD JUL 01, 2011 AND JUN 25, 2010

(In Thousands)

	ACTUAL		PRIOR		ACTUAL		PRIOR
	QUARTER		QUARTER		YTD		YTD
	JUL 01, 2011		JUN 25, 2010		JUL 01, 2011		JUN 25, 2010
Sales		34,626		26,095		98,355		69,387
Cost of Sales		28,470		21,439		80,672		57,900
Gross Profit		6,156		4,656		17,683		11,487
Less: Operating Expenses
Selling & G&A		3,533		2,388		9,774		5,922
Other		0		0		0		0
Total Operating Expenses		3,533		2,388		9,774		5,922
Operating Profit		2,623		2,268		7,909		5,565
Interest and Financing Expense		491		238		1,214		594
Other Expense/(Income)		4		17		134		205
Net Income before Income Taxes		2,128		2,013		6,561		4,766
Provision for /(benefit from)Income Tax		795		775		2,432		1,739
Net Income		1,333		1,238		4,129		3,027
Basic Earnings Per Share	$	0.14	$	0.14	$	0.43	$	0.34
Diluted Earnings Per Share	$	0.13	$	0.13	$	0.42	$	0.32
Basic Shares		9,776,888		9,055,280		9,524,874		8,955,212
Diluted Shares		10,021,932		9,629,326		9,932,446		9,606,748

IEC ELECTRONICS CORP - CONSOLIDATED

RECONCILIATION OF NET INCOME TO EBITDA

FOR QUARTER END & YTD JUL 01, 2011 AND JUN 25, 2010

(In Thousands)

	ACTUAL		PRIOR		ACTUAL		PRIOR
	QUARTER		QUARTER		YTD		YTD
	JUL 01, 2011		JUN 25, 2010		JUL 01, 2011		JUN 25, 2010
Net Income		1,333		1,238		4,129		3,027
Provision for /(benefit from) Income Tax		795		775		2,432		1,739
Depreciation and Amortization Expense		864		304		2,150		707
Net Interest Expense / (Income)		491		238		1,214		594
EBITDA		3,483		2,555		9,925		6,067
Basic Earnings Per Share	$	0.36	$	0.28	$	1.04	$	0.68
Diluted Earnings Per Share	$	0.35	$	0.27	$	1.00	$	0.63
Basic Shares		9,776,888		9,055,280		9,524,874		8,955,212
Diluted Shares		10,021,932		9,629,326		9,932,446		9,606,748