IEC Announces Fiscal 2020 First Quarter Results
IEC Electronics Corp. (IEC)
NASDAQ:AMEX Investor Relations:
iec-electronics.com/investors/overview
Company Research
Source: GlobeNewswire
NEWARK, N.Y., Feb. 05, 2020 (GLOBE NEWSWIRE) -- IEC Electronics Corp. (Nasdaq: IEC) today announced results for the first quarter ended December 27, 2019 of the fiscal year ending September 30, 2020 (“fiscal 2020”). IEC reported revenues of $44.7 million for the first quarter of fiscal 2020 an increase of 26.2% as compared to revenues of $35.4 million for the first quarter of the year ended September 30, 2019 (“fiscal 2019”). Gross profit for the first quarter of fiscal 2020 was $5.2 million, or 11.7% of sales which includes the negative impact of a one-time inventory reserve of $1.0 million related to a reorganization at one of the Company’s customers in the medical sector. Gross profit in the first quarter of fiscal 2019 was $5.1 million, or 14.3% of sales. Selling and administrative expenses were $3.3 million in the first quarter of fiscal 2020, or 7.4% of sales, as compared to $3.4 million, or 9.5% percent of sales, in the first quarter of fiscal 2019. Operating profit was $1.9
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