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DOCUMENT AND ENTITY INFORMATION
3 Months Ended
Dec. 28, 2012
Feb. 08, 2013
Entity Registrant Name IEC ELECTRONICS CORP  
Entity Central Index Key 0000049728  
Current Fiscal Year End Date --09-30  
Entity Filer Category Smaller Reporting Company  
Trading Symbol iec  
Entity Common Stock, Shares Outstanding   10,043,090
Document Type 10-Q  
Amendment Flag true  
Document Period End Date Dec. 28, 2012  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2013  
Amendment Description The Restatement As previously disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on May 1, 2013, the Audit Committee of IEC's Board of Directors concluded on April 25, 2013 that the Company's previously issued consolidated financial statements for the fiscal year ended September 30, 2012 ("FY 2012"), as included in the Company's Annual Report on Form 10-K for FY 2012, as well as the unaudited interim consolidated financial statements as of and for the fiscal quarter and year-to-date periods ended December 30, 2011 ("Q1-2012"), March 30, 2012 ("Q2-2012"), June 29, 2012 ("Q3-2012"), and December 28, 2012 ("Q1-2013") (collectively, the "Restated Periods"), as included in its Quarterly Reports on Form 10-Q for Q-1 2012, Q-2 2012, Q-3 2012 and Q1-2013 (collectively, the "Prior Financial Statements"), should no longer be relied upon because the Company was incorrectly accounting for work-in-process inventory at one of its subsidiaries, Southern California Braiding, Inc. This Form 10-Q/A amends the Company's Quarterly Report on Form 10-Q for Q-1 2013, as originally filed with the SEC on February 8, 2013 (the "Original 10-Q Filing"), including amendments to comparative information for Q-1 2012. On or about the date of the filing of this Form 10-Q/A, the Company is filing an amended Annual Report on Form 10-K/A for the fiscal year ended September 30, 2012 ("Form 10-K/A"), that also includes the restated results for Q-1 2012. Comparative FY 2012 quarterly information as restated in the Form 10-K/A is reflected in this Form 10-Q/A. The Company cautions investors that the Original 10-Q Filing as well as the Quarterly Report on Form 10-Q for Q-1 2012 filed February 13, 2012 should no longer be relied upon. The Audit Committee conducted an independent review of the facts and circumstances giving rise to the restatement and concluded that it resulted from an error in accounting for work-in-process inventory. The error caused an understatement of Cost of Sales and corresponding overstatement of Gross Profit, Income Before Provision for Income Taxes, Net Income and Net Income per basic and diluted share. The restated interim consolidated financial statements and information derived therefrom included in this Form 10-Q/A reflect an adjustment of $0.5 million for Q1 2013 in Cost of Sales, Gross Profit, Operating Profit and Income Before Provision for Income Taxes to restated amounts of $28.8 million, $4.2 million, $0.1 million and a loss of $0.2 million, respectively, resulting in (i) a decrease of $0.2 million in Provision for Taxes to a benefit of less than $0.1 million, (ii) a decrease of $0.3 million in Net Income to a loss of $0.1 million (iii) a decrease of $0.04 in Net Income per basic share to a loss of $0.01 and (iv) a decrease of $0.03 in Net Income per diluted share to a loss of $0.01. A corresponding adjustment was made to the inventory balances in the Company's Consolidated Balance Sheet in this Quarterly Report. In addition, the Company has determined that the above-described accounting error was not detected in a timely manner due to a material weakness in internal control over financial reporting. The material weakness, and the Company's process for remediation thereof, are further described in Part I – Item 4 – Controls and Procedures of this Form 10-Q/A.