IEC Electronics Corp (IECE.OB) announced their results for the first quarter of fiscal 2008, ending December 28, 2007.
IEC reported revenue of $11.2 million for the quarter and net profit of $420,000 or $0.05 per share. This compares to revenue of $9.2 million and net loss of ($576,000) or ($0.07) per share for the quarter ended December 29, 2006.
Furthermore, during Q1 of fiscal 2007, the first quarter results were negatively impacted by a $389,000 write-off attributable to the insolvency of Mangrove Systems Inc., which was subsequently acquired by Carrier Access Corporation (CACS) during Q2 of fiscal 2007. Pro forma earnings without the write-off would have been ($187,000) or ($0.02) per share.
Barry Gilbert, Chairman of the Board and CEO, stated, “We had a solid quarter, and are pleased with the improvement in both sales and profitability. The Company’s manufacturing operation is getting stronger. In Q1 fiscal 2007, we hired more than 100 new employees during the quarter. Although we have not yet achieved the desired level of efficiency from that very substantial number of new hires, we have made progress.
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