IEC Electronics Corporation (IEC) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $0.62 million, or $ 0.06 a share in the quarter, against a net profit of $1.46 million, or $0.14 a share in the last year period. Revenue during the quarter plunged 35.54 percent to $21.37 million from $33.15 million in the previous year period. Gross margin for the quarter contracted 664 basis points over the previous year period to 10.67 percent. Operating margin for the quarter stood at negative 1.81 percent as compared to a positive 5.96 percent for the previous year period.
Operating loss for the quarter was $0.39 million, compared with an operating income of $1.97 million in the previous year period.
Jeffrey T. Schlarbaum, president and chief executive officer of IEC Electronics commented, “Our second quarter unfolded largely as we expected, as we continued to experience downward pressure on revenues and profitability related to reduced volume from two of our key customers. As we’ve previously indicated, the volume contraction is not due to lost programs, but represents the impact of long-term strategic customers, who remain committed manufacturing partners, working through their respective end market dynamics.
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