IEC Electronics Reports First-Quarter 2002 ResultsFebruary 14, 2002 by Jeff Shepard
IEC Electronics Corp. (Newark, NY) reported results for the first quarter of fiscal 2002. For the three-month period ending December 28, 2001, IEC's revenues were $15.8 million, compared to $59.7 million for the same period last year and $15.4 million for the fourth quarter of fiscal 2001. IEC reported a net loss of $2.2 million, or $0.28 per share, for the first quarter of 2002, compared to a net loss of $1.5 million, or $0.20 per share, for the same period a year ago and $6.2 million, or $0.81 per share, excluding one time charges, for the fourth quarter of fiscal 2001.
IEC President and CEO Thomas Lovelock said, “Sales in the first quarter were essentially identical to sales in the fourth quarter of fiscal 2001. As a result of our ongoing cost reduction and cost-control actions, we were able to reduce our net losses, on a sequential quarterly basis, by two-thirds and we are continuing our focus on balance sheet and asset management with great success. New order bookings in the first quarter increased to $26.0 million and our book-to-bill ratio improved from a low last August of 0.5 to just under 2.5 in December. We're encouraged by the bookings trend and, with a much lower break-even point today, we are committed to bringing IEC back to profitability as quickly as possible.”