 REVENUE OF 47.4 MILLION; UP 17 YEAR OVER YEAR GROSS MARGIN OF 14 GENERATED 6.0 MILLION OF OPERATING CASH FLOWNEWARK, N.Y., Aug. 05, 2020 GLOBE NEWSWIRE -- IEC Electronics Corp. Nasdaq: IEC today announced results for the fiscal 2020 third quarter and nine months ended June 26, 2020.IEC reported revenues of 47.4 million for the third quarter of fiscal 2020, an increase of 17 as compared to revenues of 40.3 million for the third quarter of the year ended September 30, 2019 fiscal 2019 and a sequential increase of 7 compared to revenues of 44.2 million in the second quarter of fiscal 2020. Gross profit for the third quarter of fiscal 2020 was 6.6 million, or 14 of sales, compared to gross profit of 5.6 million, or 13.9 of sales in the third quarter of fiscal 2019. Selling and administrative expenses were 3.7 million in the third quarter of fiscal 2020, consistent with the third quarter of fiscal 2019, and decreased as a percent of sales to 7.8 as compared to 9.2 in the third quarter of fiscal 2019. Operating income was 3.0 million for the third quarter of fiscal 2020, an increase of 1.1 million, or 57 when compared to the same quarter in the prior fiscal year. The Company reported net income of 2.1 million, or 0.20 per basic and diluted share for the third quarter of fiscal 2020, compared to net income of 1.2 million, or 0.12 per basic and 0.11 per diluted share in the third quarter of fiscal 2019. The Company also reported operating cash flow of 6.0 million during the third quarter of fiscal 2020, as compared to a 0.4 million use of cash flow from operations for the same period in fiscal 2019.For the first nine months of fiscal 2020, the Company reported revenues of 136.3 million, an increase of 21 as compared to revenues of 113.1 million for the first nine months of fiscal 2019. Gross profit for the first nine months of fiscal 2020 was 17.4 million, or 12.8 of sales, which includes the negative impact of a one-time inventory reserve of 1.0 million related to a reorganization at one of the Companys customers in the medical sector, compared to gross profit of 15.3 million, or 13.5 of sales in the first nine months of fiscal 2019. Selling and administrative expenses were 10.2 million in the first nine months of fiscal 2020, or 7.5 of sales, as compared to 10.4 million, or 9.2 percent of sales, in the first nine months of fiscal 2019. Operating income was 7.2 million for the first nine months of fiscal 2020, an increase of 48 when compared to the same period in the prior fiscal year. The Company reported net income of 4.8 million, or 0.46 per basic and 0.45 per diluted share for the first nine months of fiscal 2020, compared to net income of 3.0 million, or 0.28 per basic and diluted share in the first nine months of fiscal 2019. Adjusted for the impact of the one-time inventory reserve, taken in the first quarter of fiscal 2020, adjusted net income per common share would have been 0.54 per basic and 0.52 per diluted share for the nine months ended June 26, 2020. Please see the reconciliation tables included in this release for further information regarding these non-GAAP measures. The Company also reported operating cash flow of 7.8 million during the first nine months of fiscal 2020, as compared to a 9.2 million use of cash flow from operations for the same period in fiscal 2019.Jeffrey T. Schlarbaum, President and CEO of IEC Electronics commented, IEC delivered a strong third quarter as demonstrated by revenue of 47.4 million, representing growth of 17 year over year, as well as a sequential increase of 7 compared to the second quarter of fiscal 2020. Just a year ago, we achieved a Company milestone by breaking through our internal 40.0 million quarterly revenue threshold, at which time we reset our internal quarterly revenue benchmark to 45.0 million. Despite the challenging economic and public health landscape of the past several months, we solidly surpassed that revenue benchmark in the quarter, as well as delivered gross margins of 14, which we believe is amongst the highest in our industry, which is a testament to our growing role as a highly capable and reliable electronic manufacturing solutions provider for complex products in highly regulated industries, and also demonstrates the resilience of our employees who have continued to get the job done while navigating a pandemic.We continue to generate bookings from a diverse base of customers and remain focused on end markets that value our exclusively U.S.-based production model and who recognize the advantages of our vertically integrated manufacturing solutions for mission critical and life-saving products. Our pipeline and backlog remain strong as we continue to have success attracting new business from new customers and in securing new projects from existing customers and we believe this momentum contributes significantly to our ability to consistently deliver strong organic results, that continue to grow at better than industry rates.Mr. Schlarbaum concluded, Our focus remains on strengthening our capabilities to meet the high complexity manufacturing needs of our customers as a highly capable and reliable electronic manufacturing solutions provider. We continue to see increased interest from the marketplace and believe we are positioned well to achieve continued organic growth and profitability as we close out fiscal 2020.Conference CallIEC will host a conference call today, Wednesday, August 5, 2020 at 10:00 a.m. Eastern Time, to discuss its financial results for the fiscal 2020 third quarter ended June 26, 2020.The conference call may be accessed in the U.S. and Canada by dialing toll-free 877 407-9210. International callers may access the call by dialing 201 689-8049.A replay of the teleconference will be available for 30 days after the call and may be accessed domestically by dialing 877 481-4010 and international callers may dial 919 882-2331. Callers must enter conference ID: 35725.To access the live webcast, log onto the IEC website at The webcast can also be accessed at An online replay will be available shortly after the call.About IEC ElectronicsIEC 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 9001:2015, AS9100D, ISO 13485, and is Nadcap accredited. IEC Electronics is headquartered in Newark, NY and also has operations in Rochester, NY and Albuquerque, NM. Additional information about IEC can be found on its web site at Regarding Forward-Looking StatementsReferences in this release to IEC, IEC Electronics, the Company, we, our, or us mean IEC Electronics Corp. and its subsidiaries except where the context otherwise requires. This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as may, will, should, expects, plans, anticipates, could, intends, targets, optimistic, projects, contemplates, believes, estimates, predicts, potential or continue or the negative of these terms or other similar words or phrases. These forward-looking statements include, but are not limited to, statements regarding future sales and operating results, future prospects, the capabilities and capacities of business operations, any financial or other guidance and all statements that are not based on historical fact, but rather reflect our current expectations concerning future results and events. The ultimate correctness of these forward-looking statements is dependent upon a number of known and unknown risks and events and is subject to various uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. 