Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

IEC Electronics building solid manufacturing niche that is exclusively 'US made'

% of readers think this story is Fact. Add your two cents.


  • Provides electronic-manufacturing services to the aerospace, defense, industrial, and medical sectors
  • Manufactures 100% of its products in the US, unlike many of its competitors
  • 1Q 20201 net income climbed by 29% year-over-year

What IEC Electronics does:

IEC Electronics Inc (NASDAQ:IEC) is a provider of electronic manufacturing services to advanced technology companies that produce life-saving and mission-critical products in the aerospace, defense, industrial, and medical sectors. 

Founded in 1966, the Newark, New York-based company breaks its business down into six key areas: full-system assemblies, design & test development, analysis & testing lab, electronics manufacturing, interconnect solutions, and precision metalworking. 

The company specializes in delivering technical solutions via the custom manufacture of complex full-system assemblies (such as circuit boards) and by providing on-site analytical testing laboratories, custom-design, and test-engineering services. 

IEC manufactures 100% of its products in the US, unlike many of its competitors.

For the medical industry, the company’s products include infusion pumps, resuscitation and imaging systems, and diagnostic equipment. IEC’s BioWaveHome Neuromodulation Pain Therapy System helps manage pain through electrical stimulus. The Veterans Administration and the National Football League have expressed interest in the product which is seen as a viable alternative to using highly addictive opioid drugs to treat pain. 

It also makes ruggedized industrial controls, remote-inspection equipment, and weather-detection instruments for the industrial sector. 

In the aerospace and defense areas, the company produces encrypted satellite-communication, weapons and flight-control systems as well as handheld tactical radios for US troops in war zones. 

How is it doing:

IEC Electronics has made a strong start to 2021.

In its 1Q 2021 financial results, reported on February 2, the company saw its net income climb 29% year-over-year to $1.5 million, or $0.15 per share. The company noted that its top-line revenue also improved to $47.5 million, a 6% increase from the same period last year, while its gross profit margin for the quarter rose 40 basis points to 12.1% of sales.

The company’s fiscal 2020 fourth-quarter numbers, posted at the end of November 2020, saw it produced $46.4 million in revenue, a near 6% year-over-year increase. Higher sales in that quarter ended September 30, helped the company achieve net income of $1.9 million, or $0.18 per basic and diluted share, compared to net income of $1.8 million, or $0.17 per basic and diluted share, in 4Q 2019.

In September 2020, IEC revealed that it had entered into an agreement to purchase an 86,000 square-foot facility in Rochester, New York state.  The company said the new facility was expected to provide additional capacity and more importantly, access to a larger pool of qualified resources to support future organic growth.

In March that year, IEC also announced that it had been awarded a Low Rate Initial Production multi-year contract valued at more than $15 million from a top global defense contractor. 

Inflection points:

  • Further top-line revenue growth
  • More contract news
  • Future organic growth

What the boss says:

When reporting the firm’s first-quarter 2021 results in February, IEC Electronics CEO Jeffrey Schlarbaum said: “As we move through fiscal 2021, we believe IEC is well-positioned to drive continued organic growth, maintain industry-leading margins and deliver enhanced profitability. Our reputation as a consistent and reliable manufacturing partner for high complexity, life-saving and mission-critical products continues to gain traction with customers in the marketplace.”

“Likewise, as a 100% US-based manufacturer with a full suite of vertically integrated production services, we believe we have a competitive advantage in attracting partners from a variety of regulated industries who are looking for the highest levels of intellectual property protection and supply chain management,” Schlarbaum continued.  

“We believe we are competitively positioned to continue to win new customers and programs and look forward to continuing to grow our leadership position as a provider of highly complex manufacturing solutions.”

Contact the author at [email protected]

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/902987/iec-electronics-building-solid-manufacturing-niche-that-is-exclusively--us-made--902987.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST


Order by Phone at 888-809-8385 or online at https://www.herbanomic.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

MOST RECENT
Load more ...

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.