INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Provisions for income taxes for the years ended September 30, 2013 and 2012 are summarized below:

	Years Ended
	September 30,		September 30,
Income Tax Provision	2013		2012
(in thousands)				(restated)
Current tax expense:
State	$	209	$	205
Federal		(80)		216
Deferred tax expense:
State		(557)		65
Federal		(5,094)		3,184
Provision/(benefit) for income taxes	$	(5,522)	$	3,670

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Differences between the federal statutory rate and IEC's effective rates of tax for 2013 and 2012 are explained by the following reconciliation.

	Years Ended
	September 30,			September 30,
Taxes as Percent of Pretax Income	2013			2012
				(restated)
Federal statutory rate		(34.0)	%		34.0	%
State income taxes, net of federal benefit		(2.3)			2.4
Increases in tax credits		(1.3)			(0.7)
IRS Audit		0.6			0.1
Other		0.3			(0.4)
Income tax provision/(benefit) as percent of pretax income		(36.7)	%		35.4	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The following table displays deferred tax assets/liability by category:

	September 30,
Deferred Income Taxes	2013		2012
(in thousands)			(restated)
Deferred tax assets:
Net operating loss carryforward	$	5,913	$	5,068
Alternative minimum tax credit carryforward		870		831
Depreciation and fixed assets		250		-
Amortization and impairment of intangibles		3,610		-
New York State investment tax & other credits		1,186		990
Inventories		737		535
Other		923		1,091
Total before allowance		13,489		8,515
Valuation allowance		(455)		(455)
Deferred tax assets, net		13,034		8,060
Deferred tax liability:
Amortization and impairment of intangibles		-		(472)
Depreciation and fixed assets		-		(205)
Net deferred income taxes (current and long-term)	$	13,034	$	7,383