NEWARK — Two Newark-based electronics manufacturers that will soon be neighbors in the Silver Hill Technology Park are reporting stronger earnings this month.
IEC Electronics officials said the company had revenues of $40.3 million for the third quarter of fiscal 2019, a 35.4 percent increase over revenues of $29.8 million for the fiscal 2018 third quarter.
IEC also reported net income of $1.2 million for the third quarter of fiscal 2019, compared to net income of $200,000, in the third quarter of fiscal 2018.
IEC, which manufactures precision electronic components for companies in the medical, industrial, aerospace and defense sectors, said revenues for the first nine months of the fiscal year increased 36.7 percent to $113.1 million, compared to $82.7 million for the first nine months of fiscal 2018. Net income for the first nine months of fiscal 2019 was $3 million, compared to $1.3 million in the 2018 fiscal year.
Jeffrey Schlarbaum, president and CEO of IEC, called it “a breakthrough quarter for IEC … Our third quarter performance reflects the changing dynamics of our company. During the past few years we’ve restored customer confidence as a reliable and efficient manufacturing partner for high complexity products in highly regulated markets … We continue to invest in ensuring that we have a highly skilled workforce in place and during the third quarter we again added to our employee base, continuing our practice of hiring and training skilled team members so that we may efficiently convert backlog to production.”
Schlarbaum said the company is “confident in our expectation of achieving revenue growth in excess of 25 percent in fiscal 2019.”
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.
Meanwhile, Ultralife Corp. reported operating income of $3 million on revenues of $29.4 million, an increase of $6.5 million, compared to $22.9 million for the second quarter of 2018.
Ultralife noted that the second quarter results include the addition of Southwest Electronic Energy Corp., which the company acquired on May 1.
Michael Popielec, president and chief executive officer of Ultralife, said sales rose 29 percent “reflecting the contribution of Battery & Energy Products’ acquisition of SWE and the expected rebound in organic sales from the first quarter as Communications Systems ramped up shipments of mounted power amplifiers under the U.S. Army’s Network Modernization initiatives.”
He said the company enters the second half of 2019 “prepared to fulfill remaining amplifier orders and to capture opportunities available to us from several new products serving commercial end markets. As a result, we remain well-positioned to deliver profitable growth in 2019 now boosted by our acquisition of SWE.”
Ultralife offers products and services ranging from power solutions to communications and electronics systems for government, defense and commercial customers across the globe.