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IEC Electronics (IEC Electronics) Piotroski F-Score : 2 (As of Apr. 26, 2024)


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What is IEC Electronics Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 2 is low, which usually implies poor business operation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

IEC Electronics has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for IEC Electronics's Piotroski F-Score or its related term are showing as below:

IEC' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 5   Max: 8
Current: 2

During the past 13 years, the highest Piotroski F-Score of IEC Electronics was 8. The lowest was 1. And the median was 5.


IEC Electronics Piotroski F-Score Historical Data

The historical data trend for IEC Electronics's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

IEC Electronics Piotroski F-Score Chart

IEC Electronics Annual Data
Trend Sep11 Sep12 Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Sep19 Sep20
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 8.00 5.00 5.00 4.00 5.00

IEC Electronics Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 5.00 5.00 4.00 2.00

Competitive Comparison of IEC Electronics's Piotroski F-Score

For the Electronic Components subindustry, IEC Electronics's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


IEC Electronics's Piotroski F-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, IEC Electronics's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where IEC Electronics's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun21) TTM:Last Year (Jun20) TTM:
Net Income was 1.927 + 1.537 + -0.348 + 1.026 = $4.1 Mil.
Cash Flow from Operations was 7.264 + -4.913 + -1.88 + -4.339 = $-3.9 Mil.
Revenue was 46.445 + 47.481 + 45.36 + 49.37 = $188.7 Mil.
Gross Profit was 6.736 + 5.74 + 3.312 + 5.235 = $21.0 Mil.
Average Total Assets from the begining of this year (Jun20)
to the end of this year (Jun21) was
(117.087 + 122.964 + 153.494 + 159.166 + 157.752) / 5 = $142.0926 Mil.
Total Assets at the begining of this year (Jun20) was $117.1 Mil.
Long-Term Debt & Capital Lease Obligation was $66.2 Mil.
Total Current Assets was $100.9 Mil.
Total Current Liabilities was $46.9 Mil.
Net Income was 1.794 + 1.189 + 1.523 + 2.114 = $6.6 Mil.

Revenue was 43.922 + 44.734 + 44.171 + 47.364 = $180.2 Mil.
Gross Profit was 6.393 + 5.239 + 5.503 + 6.642 = $23.8 Mil.
Average Total Assets from the begining of last year (Jun19)
to the end of last year (Jun20) was
(108.891 + 110.832 + 113.046 + 111.384 + 117.087) / 5 = $112.248 Mil.
Total Assets at the begining of last year (Jun19) was $108.9 Mil.
Long-Term Debt & Capital Lease Obligation was $32.3 Mil.
Total Current Assets was $90.1 Mil.
Total Current Liabilities was $46.6 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

IEC Electronics's current Net Income (TTM) was 4.1. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

IEC Electronics's current Cash Flow from Operations (TTM) was -3.9. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun20)
=4.142/117.087
=0.0353754

ROA (Last Year)=Net Income/Total Assets (Jun19)
=6.62/108.891
=0.06079474

IEC Electronics's return on assets of this year was 0.0353754. IEC Electronics's return on assets of last year was 0.06079474. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

IEC Electronics's current Net Income (TTM) was 4.1. IEC Electronics's current Cash Flow from Operations (TTM) was -3.9. ==> -3.9 <= 4.1 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=66.211/142.0926
=0.46597078

Gearing (Last Year: Jun20)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun19 to Jun20
=32.3/112.248
=0.28775568

IEC Electronics's gearing of this year was 0.46597078. IEC Electronics's gearing of last year was 0.28775568. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun21)=Total Current Assets/Total Current Liabilities
=100.935/46.949
=2.14988605

Current Ratio (Last Year: Jun20)=Total Current Assets/Total Current Liabilities
=90.12/46.61
=1.93349067

IEC Electronics's current ratio of this year was 2.14988605. IEC Electronics's current ratio of last year was 1.93349067. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

IEC Electronics's number of shares in issue this year was 11.049. IEC Electronics's number of shares in issue last year was 10.758. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=21.023/188.656
=0.11143563

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=23.777/180.191
=0.13195443

IEC Electronics's gross margin of this year was 0.11143563. IEC Electronics's gross margin of last year was 0.13195443. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun20)
=188.656/117.087
=1.61124634

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun19)
=180.191/108.891
=1.65478322

IEC Electronics's asset turnover of this year was 1.61124634. IEC Electronics's asset turnover of last year was 1.65478322. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+0+0+0+0+1+0+0+0
=2

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

IEC Electronics has an F-score of 2. It is a bad or low score, which usually implies poor business operation.

IEC Electronics  (NAS:IEC) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


IEC Electronics Piotroski F-Score Related Terms

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IEC Electronics (IEC Electronics) Business Description

Traded in Other Exchanges
N/A
Address
105 Norton Street, Newark, NY, USA, 14513
IEC Electronics Corp operates in an electronics contract manufacturing services (EMS) industry. It provides electronic manufacturing services to advanced technology companies primarily in the medical, industrial, aerospace and defense sectors. Its offerings include on-site analytical testing laboratories, custom design, and test engineering services. The firm also offers a broad array of manufacturing services encompassing electronics, interconnect solutions and precision metalworking. The majority of its revenue is derived from the sale of electronic products.
Executives
Jeremy R Nowak director C/O API TECHNOLOGIES CORP ONE NORTH WACKER DRIVE SUITE 4400 CHICAGO IL 60606
Charles P Hadeed director 35 VANTAGE POINT DRIVE, ROCHESTER NY 14624
Jeffrey T Schlarbaum director, officer: President and CEO 105 NORTON STREET, NEWARK NY 14513
Michael W Osborne director 105 NORTON STREET NEWARK NY 14513
Andrew M Laurence director C/O API TECHNOLOGIES CORP., ONE NORTH WACKER DRIVE SUITE 4400, CHICAGO IL 60606
Keith M Butler director 105 NORTON STREET NEWARK NY 14513
Thomas L Barbato officer: CFO 105 NORTON STREET, NEWARK NY 14513
Lynn J Hartrick director 105 NORTON STREET NEWARK NY 14513
Michael Thomas Williams officer: VP, Finance and CFO 54 BARCHAN DUNE RISE VICTOR NY 14564
Jens Hauvn officer: SVP, Operations C/O IEC ELECTRONICS CORP. 105 NORTON STREET NEWARK NY 14513
Eric Singer director 323 SUNNY ISLES BLVD., SUITE 700, SUNNY ISLES BEACH FL 33160
W Barry Gilbert officer: CEO & Chairman of the Board C/O IEC ELECTRONICS CORP. NEWARK NY 14513
Brett Eugene Mancini officer: VP Bus Devel & Eng Serv 12 SANDPIPER LANE PITTSFORD NY 14534
John Carlton Johnson director 24450 MEADOW ROAD PO BOX 1093 CLARK CO 80428
Florence Distefano Hudson director 1 WINSOR PLACE PURCHASE NY 10577