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IEC Electronics Corp. has posted net sales of $32.9 million for the fiscal first quarter ended January 1, 2016, an increase of 14.2% compared to net sales of $28.8 million during the first quarter of the last fiscal year.
Gross profit margin for the first quarter grew to 17.7% compared to 12% in the same quarter last year. The improved gross profit was related to higher production volume, changes in customer mix and improved labor efficiencies. Selling and administrative expenses, excluding restatement and related expenses, increased to $4 million or 12.3% of sales as compared to $3.2 million or 11.3% of sales in the first quarter of fiscal 2015.
Net income for the quarter was $1.5 million, or $0.15 per share, compared to a net loss of $0.8 million, or a loss of $0.08 per share, in the same prior year period.
Jeffrey T. Schlarbaum, president and CEO of IEC Electronics commented, "We're very pleased to have built on the momentum we've developed over the past few quarters, to deliver a strong start to fiscal 2016. Just over a year ago, our new management team established a focused strategy to turnaround our Company and since then we have steadily and consistently driven improved performance. During the first quarter, which represents our third full quarter under new leadership, IEC demonstrated solid revenue growth, enhanced profitability and our third consecutive quarter of gross margin improvement.
"As a provider of mission critical and life-saving products, we see great opportunity for growth as we work with our customers for the successful execution of ongoing projects and as we introduce our capabilities to new audiences. We believe IEC's ability to provide comprehensive, specialized solutions to highly regulated end markets will enable us to realize continued revenue growth with sustained margin performance and profitability," Schlarbaum concluded.
About IEC Electronics
IEC Electronics is a provider of electronic manufacturing services ("EMS") to advanced technology companies that produce life-saving and mission critical products for the medical, industrial, aerospace and defense sectors. The Company specializes in delivering technical solutions for the custom manufacture of complex full system assemblies by providing on-site analytical testing laboratories, custom design and test engineering services combined with a broad array of manufacturing services encompassing electronics, interconnect solutions, and precision metalworking. As a full service EMS provider, IEC holds all appropriate certifications for the market sectors it supports including ISO 9001:2008, AS9100C, ISO 13485, Nadcap and IPC QML. IEC Electronics is headquartered in Newark, NY and also has operations in Rochester, NY and Albuquerque, NM. For more information, click here.