Iec Electronics Corp (IEC, Financial) filed Quarterly Report for the period ended 2010-03-26.
Iec Electronics Corp has a market cap of $47.4 million; its shares were traded at around $5.3 with a P/E ratio of 13.9 and P/S ratio of 0.7.
The Company s top two customers represented 22.2% of total sales for the current quarter ended March 26, 2010. Sales to General Electric accounted for 12.1% of total revenues and ViaSat Inc. accounted for 10.1% of total revenues for the quarter. For the comparable period of the prior year our top two customers represented 36.3% of total sales. ViaSat, Inc. accounted for 19.2% of total revenues and General Electric accounted for 17.1% of total revenues for that quarter.
IEC has had two successive strong quarters to start fiscal 2010. Net sales for the first half of fiscal 2010 surpassed the revenue achieved in the first half of the prior year by $11.1 million or 34%. While the soft economy has impacted some of IEC s customers, others continue to grow. The Company expects continued growth throughout fiscal 2010. Excluding the impact of GTC sales, IEC s contract manufacturing and wire and cable business grew by more than 16% over the same six month period of the prior year.
The Company s top two customers represented 24.0% of total sales for the first six months of fiscal 2010. Sales to General Electric accounted for 14.0% of total revenues and ViaSat Inc. accounted for 10.0% of total revenues for the six months ended March 26, 2010. For the comparable period of the prior year our top two customers represented 32.7% of total sales. General Electric accounted for 17.1% of total revenues, and ViaSat, Inc. accounted for 15.6% of total revenues for the six month period ended March 27, 2009.
At March 26, 2010, we had a $7.2 million balance outstanding under our new revolving credit facility. The maximum borrowing limit under our revolving credit facility is limited to the lesser of (i) $15.0 million or (ii) an amount equal to the sum of 85% of the receivables borrowing base and 35% of the inventory borrowing base. We believe that our liquidity is adequate to cover operating requirements for the next 12 months. Our new credit facility is described in detail in note #3 to the consolidated financial statements on page 10, 11 and 12.
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Iec Electronics Corp has a market cap of $47.4 million; its shares were traded at around $5.3 with a P/E ratio of 13.9 and P/S ratio of 0.7.
Highlight of Business Operations:
IEC had a strong second quarter and significantly surpassed the revenue achieved in the same quarter of the prior year. Net sales for the three month period were 54% higher than net sales for the same quarter of the prior fiscal year. Included in the current quarter s revenue figures are three months sales from GTC. On a comparable basis with the prior year s second quarter, excluding the sales of GTC, net sales grew by 22.7%. While the soft economy has impacted some of IEC s customers, others continue to grow. The Company has experienced solid new orders and expects continued growth in both revenue and profitability through 2010.The Company s top two customers represented 22.2% of total sales for the current quarter ended March 26, 2010. Sales to General Electric accounted for 12.1% of total revenues and ViaSat Inc. accounted for 10.1% of total revenues for the quarter. For the comparable period of the prior year our top two customers represented 36.3% of total sales. ViaSat, Inc. accounted for 19.2% of total revenues and General Electric accounted for 17.1% of total revenues for that quarter.
IEC has had two successive strong quarters to start fiscal 2010. Net sales for the first half of fiscal 2010 surpassed the revenue achieved in the first half of the prior year by $11.1 million or 34%. While the soft economy has impacted some of IEC s customers, others continue to grow. The Company expects continued growth throughout fiscal 2010. Excluding the impact of GTC sales, IEC s contract manufacturing and wire and cable business grew by more than 16% over the same six month period of the prior year.
The Company s top two customers represented 24.0% of total sales for the first six months of fiscal 2010. Sales to General Electric accounted for 14.0% of total revenues and ViaSat Inc. accounted for 10.0% of total revenues for the six months ended March 26, 2010. For the comparable period of the prior year our top two customers represented 32.7% of total sales. General Electric accounted for 17.1% of total revenues, and ViaSat, Inc. accounted for 15.6% of total revenues for the six month period ended March 27, 2009.
At March 26, 2010, we had a $7.2 million balance outstanding under our new revolving credit facility. The maximum borrowing limit under our revolving credit facility is limited to the lesser of (i) $15.0 million or (ii) an amount equal to the sum of 85% of the receivables borrowing base and 35% of the inventory borrowing base. We believe that our liquidity is adequate to cover operating requirements for the next 12 months. Our new credit facility is described in detail in note #3 to the consolidated financial statements on page 10, 11 and 12.
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