Exhibit 99.1
ieclogo11.jpg

IEC ANNOUNCES FISCAL 2020 THIRD QUARTER RESULTS

REVENUE OF $47.4 MILLION; UP 17% YEAR OVER YEAR
GROSS MARGIN OF 14%
GENERATED $6.0 MILLION OF OPERATING CASH FLOW

Newark, New York, August 5, 2020
- 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 Company’s 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


The following information was filed by Iec Electronics Corp (IEC) on Wednesday, August 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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