W. Barry Gilbert, IEC Electronics Corp. (IECE) Board Chairman and CEO, reported on a healthy increase in revenues to reassure current stockholder and potential investors after a turbulent couple of weeks for the stock markets in general.
“The company does not make it a practice of providing forward looking information or of responding to market activity,” Gilbert said. “However, in light of last week’s record losses in the stock market I want to offer our shareholders an insight as to IEC’s financial performance over the last three months and its financial stability going forward.”
IEC has a fourth quarter revenue of about $16 million, compared to $9.6 million in the same quarter-period in 2007, Gilbert also said. For the 2008 fiscal year, total revenue is expected to be $51 million for the National Security Administration-approved electronics management company. That compares to total 2007 revenues of $41 million. Neither figure has, yet, been audited. Audited results will be reported on or before Nov. 13.
Gilbert even went so far as to vouch for the bank the company works with. IEC prepaid $500,000 of its term loan, which is included in net profit totals.
“Our bank, M&T, has been encouraging and very supportive,” Gilbert said. “As an institution, M&T is strong and well capitalized and has avoided much of the turbulence experienced by its peers.”
Let us hear your thoughts below: