NEWARK — IEC, in the midst of a major expansion, is marking strong earnings for its most recent quarter and for the year as a whole.
On Friday, Newark-based IEC reported revenues of $43.9 million for the fourth quarter of fiscal 2019, compared to $34.2 million from the same quarter last year. That’s an increase of 28.4 percent.
The company provides manufacturing services for advanced technology companies in the medical, aerospace, defense and industrial industries.
“Our fourth quarter performance built on the positive momentum we established throughout fiscal 2019, providing a strong close to our fiscal year,” said Jeffrey Schlarbaum, IEC’s president and CEO, in a press release. “We achieved our fifth consecutive quarter of revenue growth and our second sequential quarter of revenues exceeding $40 million. We believe our continued investments in our highly skilled workforce, manufacturing processes and supply chain strategies have enhanced our ability to convert our backlog in a more efficient manner, resulting in industry-leading margin performance and year-over-year improvements.”
IEC said operating profit was $2.7 million for the quarter, an increase of 70 percent over the last quarter in 2018. The company reported net income of $1.8 million, or 17 cents per share, for the fourth quarter of fiscal 2019. That’s compared to net income of $9.1 million, or 89 cents per share, in the fourth quarter of fiscal 2018.
The company noted that net income for the 2018 fourth quarter included a one-time tax benefit of $7.8 million. Without that tax benefit, said IEC, fourth quarter 2018 net income would be $1.3 million.
IEC said revenues for fiscal 2019 increased 34.3 percent to $157 million, compared to $116.9 million for fiscal 2018. Operating profit was $7.6 million for fiscal 2019, a 178 percent increase over the prior fiscal year, the company said. Net income for fiscal 2019 was $4.7 million, compared to $1.6 million last year, when the one-time tax benefit is excluded, said the company.
Added Schlarbaum: “We’re energized by our strong performance in fiscal 2019 and look forward to driving continued success in 2020. We remain focused on our mission to minimize supply chain risk for our customers and to provide the expertise required for the life-saving and mission critical products we support. With the people, technology and customer relationships we have in place today, we believe we are well-positioned to grow our leadership position and capture additional market share. This is an exciting time for our company and we are enthusiastic about our future prospects and look forward to capitalizing on the opportunities ahead.”
In June, IEC broke ground on its new 150,000-square-foot corporate headquarters and manufacturing facility at Silver Hill Technology Park. The company plans to create up to 362 new jobs as part of the expansion.