Notable News to Watch: IEC Electronics Corp. (NYSE:IEC)

On Friday IEC Electronics Corp. (NYSE:IEC) stock soared 10.1% and closed at 7.85. The stock opened the session at $7.58 and touched its highest price point at $7.9. Its recent trading capacity is 127419 shares versus to its average trading volume of 12555 shares. The company’s stock’s lowest price point for the session stood at $7.37.IEC traded as low as $ 5 in the past 52 weeks, and shares hit its peak level to $8.65.

On Nov. 22, 2019, IEC Electronics Corp. (NYSE American:IEC) disclosed results for the fiscal 2019 fourth quarter and year ended September 30, 2019 (fiscal 2019).

IEC reported revenues of $43.9 million for the fourth quarter of fiscal 2019, an increase of 28.4% as compared to revenues of $34.2 million for the fourth quarter of the year ended September 30, 2018 (fiscal 2018), and a 9% increase sequentially compared to revenue in the third quarter of fiscal 2019. Gross margin for the fourth quarter of fiscal 2019 was 14.6%, an increase of 150 basis points compared to the same quarter last year. Selling and administrative expenses were $3.7 million in the fourth quarter of fiscal 2019, or 8.4% of sales, as compared to $2.9 million, or 8.5% percent of sales, in the fourth quarter of fiscal 2018. Operating profit was $2.7 million for the quarter, an increase of 70% when compared to the same quarter in the prior fiscal year. The Company reported net income of $1.8 million, or $0.17 per basic and diluted share for the fourth quarter of fiscal 2019, compared to net income of $9.1 million, or $0.89 per basic share and $0.87 per diluted share in the fourth quarter of fiscal 2018. Net income for the fiscal 2018 fourth quarter included a one-time tax benefit of $7.8 million or $0.76 per share. On a non-GAAP basis, excluding the one-time tax benefit, fourth quarter 2018 net income was $1.3 million or $0.13 per basic and $0.12 per diluted share. Please see the reconciliation table attached to this release for further information and a reconciliation of these non-GAAP measures.

Revenues for fiscal 2019 increased 34.3% to $157.0 million as compared to $116.9 million for fiscal 2018. Gross margin for fiscal 2019 improved to 13.8%, up 170 basis points from fiscal 2018 performance. Selling and administrative expenses were $14.1 million in fiscal 2019 but decreased as a percentage of sales to 9.0%, as compared to $11.4 million or 9.8% of sales for fiscal 2018. Operating profit was $7.6 million for fiscal 2019, which represents a 178% increase over the prior fiscal year. Net income for fiscal 2019 was $4.7 million, or $0.46 per basic share and $0.45 per diluted share. Net income for fiscal 2018 was $10.4 million, or $1.01 per basic and diluted share. Fiscal 2018 net income included one-time tax benefits of $8.8 million or $0.86 per basic and diluted share. On a non-GAAP basis, excluding the one-time tax benefit, fiscal 2018 net income was $1.6 million or $0.15 per basic and diluted share. Please see the reconciliation table attached to this release for further information and a reconciliation of these non-GAAP measures.

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