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Share Name | Share Symbol | Market | Type |
---|---|---|---|
IEC Electronics Corp | AMEX:IEC | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.09 | 0 | 01:00:00 |
Delaware
|
|
13-3458955
|
(State or other jurisdiction of
|
|
(I.R.S. Employer Identification No.)
|
incorporation or organization)
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $0.01 par value
|
IEC
|
Nasdaq Global Market
|
Large accelerated filer ¨
|
|
Accelerated filer ¨
|
Non-accelerated filer x
|
|
Smaller reporting company x
|
Emerging growth company ¨
|
|
|
|
||
|
||
|
December 27,
2019 |
|
September 30,
2019 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash
|
$
|
—
|
|
|
$
|
—
|
|
Accounts receivable, net of allowance
|
28,514
|
|
|
27,618
|
|
||
Unbilled contract revenue
|
10,003
|
|
|
9,529
|
|
||
Inventories
|
44,959
|
|
|
44,267
|
|
||
Federal income tax receivable
|
517
|
|
|
517
|
|
||
Other current assets
|
2,065
|
|
|
1,454
|
|
||
Total current assets
|
86,058
|
|
|
83,385
|
|
||
|
|
|
|
||||
Property, plant and equipment, net
|
19,000
|
|
|
19,433
|
|
||
Deferred income taxes
|
6,834
|
|
|
7,154
|
|
||
Operating lease right-of-use assets, net of accumulated amortization
|
293
|
|
|
—
|
|
||
Other long-term assets
|
861
|
|
|
860
|
|
||
Total assets
|
$
|
113,046
|
|
|
$
|
110,832
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current portion of long-term debt
|
$
|
1,371
|
|
|
$
|
1,371
|
|
Current portion of operating lease obligation
|
63
|
|
|
—
|
|
||
Current portion of finance lease obligation
|
411
|
|
|
338
|
|
||
Accounts payable
|
25,505
|
|
|
23,690
|
|
||
Accrued payroll and related expenses
|
2,120
|
|
|
3,174
|
|
||
Other accrued expenses
|
647
|
|
|
668
|
|
||
Customer deposits
|
15,098
|
|
|
13,229
|
|
||
Total current liabilities
|
45,215
|
|
|
42,470
|
|
||
|
|
|
|
||||
Long-term debt
|
26,432
|
|
|
28,910
|
|
||
Long-term operating lease obligation
|
230
|
|
|
—
|
|
||
Long-term finance lease obligation
|
6,946
|
|
|
6,685
|
|
||
Other long-term liabilities
|
1,496
|
|
|
1,527
|
|
||
Total liabilities
|
80,319
|
|
|
79,592
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
||||
STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Preferred stock, $0.01 par value:
|
|
|
|
||||
500,000 shares authorized; none issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value:
|
|
|
|
||||
Authorized: 50,000,000 shares
|
|
|
|
||||
Issued: 11,430,852 and 11,394,036 shares, respectively
|
|
|
|
Outstanding: 10,375,364 and 10,338,548 shares, respectively
|
103
|
|
|
103
|
|
||
Additional paid-in capital
|
48,299
|
|
|
48,001
|
|
||
Accumulated deficit
|
(14,086
|
)
|
|
(15,275
|
)
|
||
Treasury stock, at cost: 1,055,488 shares
|
(1,589
|
)
|
|
(1,589
|
)
|
||
Total stockholders’ equity
|
32,727
|
|
|
31,240
|
|
||
Total liabilities and stockholders’ equity
|
$
|
113,046
|
|
|
$
|
110,832
|
|
|
Three Months Ended
|
||||||
|
December 27,
2019 |
|
December 28,
2018 |
||||
|
|
||||||
Net sales
|
$
|
44,734
|
|
|
$
|
35,441
|
|
Cost of sales
|
39,495
|
|
|
30,382
|
|
||
Gross profit
|
5,239
|
|
|
5,059
|
|
||
|
|
|
|
||||
Selling and administrative expenses
|
3,299
|
|
|
3,352
|
|
||
Operating income
|
1,940
|
|
|
1,707
|
|
||
|
|
|
|
||||
Interest and financing expense
|
415
|
|
|
323
|
|
||
Income before income taxes
|
1,525
|
|
|
1,384
|
|
||
|
|
|
|
||||
Income tax expense
|
336
|
|
|
312
|
|
||
|
|
|
|
||||
Net income
|
$
|
1,189
|
|
|
$
|
1,072
|
|
|
|
|
|
||||
Net income per common share:
|
|
|
|
||||
Basic
|
$
|
0.11
|
|
|
$
|
0.10
|
|
Diluted
|
0.11
|
|
|
0.10
|
|
||
|
|
|
|
||||
Weighted average number of shares outstanding:
|
|
|
|||||
Basic
|
10,365,766
|
|
|
10,262,397
|
|
||
Diluted
|
10,695,977
|
|
|
10,495,429
|
|
|
|
Number of Shares Outstanding
|
|
Common
Stock, par $0.01 |
|
Additional
Paid-In Capital |
|
Accumulated Deficit
|
|
Treasury
Stock, at cost |
|
Total
Stockholders’ Equity |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balances, September 30, 2019
|
|
10,338,548
|
|
|
$
|
103
|
|
|
$
|
48,001
|
|
|
$
|
(15,275
|
)
|
|
$
|
(1,589
|
)
|
|
31,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,189
|
|
|
—
|
|
|
1,189
|
|
|||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
152
|
|
|
|
|
—
|
|
|
152
|
|
||||||
Restricted stock vested, net of shares withheld for payment of taxes
|
|
6,367
|
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
—
|
|
|
(24
|
)
|
|||||
Exercise of stock options, net of shares surrendered
|
|
24,000
|
|
|
|
|
130
|
|
|
|
|
|
|
130
|
|
||||||||
Employee stock plan purchases
|
|
6,449
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balances, December 27, 2019
|
|
10,375,364
|
|
|
$
|
103
|
|
|
$
|
48,299
|
|
|
$
|
(14,086
|
)
|
|
$
|
(1,589
|
)
|
|
$
|
32,727
|
|
|
|
Number of Shares Outstanding
|
|
Common
Stock, par $0.01 |
|
Additional
Paid-In Capital |
|
Accumulated Deficit
|
|
Treasury
Stock, at cost |
|
Total
Stockholders’ Equity |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balances, September 30, 2018
|
|
10,248,905
|
|
|
$
|
102
|
|
|
$
|
47,326
|
|
|
$
|
(20,463
|
)
|
|
$
|
(1,589
|
)
|
|
25,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Impact of adoption of ASC 606, net of taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
441
|
|
|
—
|
|
|
441
|
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,072
|
|
|
—
|
|
|
1,072
|
|
|||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
146
|
|
|
|
|
—
|
|
|
146
|
|
||||||
Restricted stock vested, net of shares withheld for payment of taxes
|
|
4,439
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Exercise of stock options, net of shares surrendered
|
|
2,553
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Employee stock plan purchases
|
|
5,674
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balances, December 28, 2018
|
|
10,261,571
|
|
|
$
|
102
|
|
|
$
|
47,492
|
|
|
$
|
(18,950
|
)
|
|
$
|
(1,589
|
)
|
|
$
|
27,055
|
|
|
|
Three Months Ended
|
||||||
|
|
December 27,
2019 |
|
December 28,
2018 |
||||
|
|
|
|
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
||||
Net income
|
|
$
|
1,189
|
|
|
$
|
1,072
|
|
Non-cash adjustments:
|
|
|
|
|
||||
Stock-based compensation
|
|
152
|
|
|
146
|
|
||
Depreciation and amortization
|
|
776
|
|
|
651
|
|
||
Change in reserve for doubtful accounts
|
|
28
|
|
|
26
|
|
||
Change in inventory reserve and warranty reserve
|
|
1,063
|
|
|
112
|
|
||
Deferred tax expense
|
|
320
|
|
|
312
|
|
||
Amortization of deferred gain
|
|
(29
|
)
|
|
(29
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Accounts receivable
|
|
(924
|
)
|
|
2,426
|
|
||
Unbilled contract revenue
|
|
(474
|
)
|
|
(1,770
|
)
|
||
Inventories
|
|
(1,742
|
)
|
|
(6,934
|
)
|
||
Other current assets
|
|
(611
|
)
|
|
220
|
|
||
Other long-term assets
|
|
(1
|
)
|
|
(255
|
)
|
||
Accounts payable
|
|
1,531
|
|
|
1,932
|
|
||
Change in book overdraft position
|
|
284
|
|
|
(2,010
|
)
|
||
Accrued expenses
|
|
(1,088
|
)
|
|
462
|
|
||
Customer deposits
|
|
1,869
|
|
|
1,078
|
|
||
Net cash flows provided by/(used in) operating activities
|
|
2,343
|
|
|
(2,561
|
)
|
||
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
||||
Purchases of property, plant and equipment
|
|
(324
|
)
|
|
(511
|
)
|
||
Net cash flows used in investing activities
|
|
(324
|
)
|
|
(511
|
)
|
||
|
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
||||
Advances from revolving credit facility
|
|
15,809
|
|
|
20,608
|
|
||
Repayments of revolving credit facility
|
|
(17,965
|
)
|
|
(17,589
|
)
|
||
Borrowings under other loan agreements
|
|
—
|
|
|
391
|
|
||
Repayments under other loan agreements
|
|
(343
|
)
|
|
(283
|
)
|
||
Payments under finance lease
|
|
(81
|
)
|
|
(75
|
)
|
||
Proceeds received from lease financing obligation
|
|
415
|
|
|
—
|
|
||
Proceeds from exercise of stock options
|
|
130
|
|
|
—
|
|
||
Proceeds from employee stock plan purchases
|
|
40
|
|
|
20
|
|
||
Cash paid for taxes upon vesting of restricted stock
|
|
(24
|
)
|
|
—
|
|
||
Net cash flows (used in)/provided by financing activities
|
|
(2,019
|
)
|
|
3,072
|
|
||
|
|
|
|
|
||||
Net cash change for the period
|
|
—
|
|
|
—
|
|
||
Cash, beginning of period
|
|
—
|
|
|
—
|
|
||
Cash, end of period
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
||||
Supplemental cash flow information
|
|
|
|
|
||||
Interest paid
|
|
$
|
405
|
|
|
$
|
347
|
|
Income taxes paid
|
|
16
|
|
|
—
|
|
PP&E Lives
|
|
Estimated
Useful Lives |
|
|
(years)
|
Land improvements
|
|
10
|
Buildings and improvements
|
|
5 to 40
|
Machinery and equipment
|
|
3 to 10
|
Furniture and fixtures
|
|
3 to 7
|
Software
|
|
3 to 10
|
•
|
Periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option; and
|
•
|
Periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option.
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
|
December 27, 2019
|
|
December 28, 2018
|
||||||||||||||||||||
|
|
Point in Time
|
|
Over Time
|
|
Net Sales
|
|
Point in Time
|
|
Over Time
|
|
Net Sales
|
||||||||||||
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Aerospace & Defense
|
|
$
|
14,014
|
|
|
$
|
13,273
|
|
|
$
|
27,287
|
|
|
$
|
7,565
|
|
|
$
|
11,147
|
|
|
$
|
18,712
|
|
Medical
|
|
4,198
|
|
|
6,986
|
|
|
11,184
|
|
|
3,685
|
|
|
5,474
|
|
|
9,159
|
|
||||||
Industrial
|
|
5,192
|
|
|
1,071
|
|
|
6,263
|
|
|
6,014
|
|
|
1,556
|
|
|
7,570
|
|
||||||
|
|
$
|
23,404
|
|
|
$
|
21,330
|
|
|
$
|
44,734
|
|
|
$
|
17,264
|
|
|
$
|
18,177
|
|
|
$
|
35,441
|
|
|
|
Three Months Ended
|
||||||
|
|
December 27, 2019
|
|
December 28, 2018
|
||||
(in thousands)
|
|
|
|
|
||||
Beginning balance
|
|
$
|
13,229
|
|
|
$
|
7,595
|
|
Recognition of deferred revenue
|
|
(5,041
|
)
|
|
(2,585
|
)
|
||
Deferral of revenue
|
|
6,910
|
|
|
3,664
|
|
||
Ending balance
|
|
$
|
15,098
|
|
|
$
|
8,674
|
|
|
|
Three Months Ended
|
||||||
Allowance for doubtful accounts
|
|
December 27,
2019 |
|
December 28,
2018 |
||||
(in thousands)
|
|
|
|
|
||||
Allowance, beginning of period
|
|
$
|
71
|
|
|
$
|
85
|
|
Increase in provision for doubtful accounts
|
|
28
|
|
|
26
|
|
||
Write-offs
|
|
—
|
|
|
—
|
|
||
Allowance, end of period
|
|
$
|
99
|
|
|
$
|
111
|
|
Inventories
|
|
December 27,
2019 |
|
September 30,
2019 |
||||
(in thousands)
|
|
|
|
|
|
|||
Raw materials
|
|
$
|
28,890
|
|
|
$
|
25,393
|
|
Work-in-process
|
|
12,766
|
|
|
15,928
|
|
||
Finished goods
|
|
3,303
|
|
|
2,946
|
|
||
Total inventories
|
|
$
|
44,959
|
|
|
$
|
44,267
|
|
Property, Plant and Equipment
|
|
December 27,
2019 |
|
September 30,
2019 |
||||
(in thousands)
|
|
|
|
|
||||
Land and improvements
|
|
$
|
788
|
|
|
$
|
788
|
|
Buildings and improvements
|
|
7,421
|
|
|
7,411
|
|
||
Building under capital lease
|
|
7,750
|
|
|
7,750
|
|
||
Machinery and equipment
|
|
32,219
|
|
|
31,708
|
|
||
Furniture and fixtures
|
|
8,059
|
|
|
8,047
|
|
||
Software
|
|
5,215
|
|
|
5,215
|
|
||
Construction in progress
|
|
950
|
|
|
1,173
|
|
||
Total property, plant and equipment, at cost
|
|
62,402
|
|
|
62,092
|
|
||
Accumulated depreciation
|
|
(43,402
|
)
|
|
(42,659
|
)
|
||
Property, plant and equipment, net
|
|
$
|
19,000
|
|
|
$
|
19,433
|
|
|
|
Three Months Ended
|
||||||
Depreciation Expense
|
|
December 27,
2019 |
|
December 28,
2018 |
||||
(in thousands)
|
|
|
|
|
||||
Depreciation expense
|
|
$
|
757
|
|
|
$
|
654
|
|
|
|
|
|
|
|
December 27, 2019
|
|
September 30, 2019
|
||||||||||
Credit Facility Debt
|
|
Fixed/Variable Rate
|
|
Maturity Date
|
|
Balance
|
|
Interest Rate
|
|
Balance
|
|
Interest Rate
|
||||||
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
M&T Bank credit facilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revolving Credit Facility
|
|
v
|
|
5/5/2022
|
|
$
|
24,490
|
|
|
4.06
|
%
|
|
$
|
26,646
|
|
|
4.31
|
%
|
Term Loan B
|
|
v
|
|
5/5/2022
|
|
2,565
|
|
|
4.21
|
|
|
2,779
|
|
|
4.59
|
|
||
Equipment Line Term Note
|
|
v
|
|
Various
|
|
997
|
|
|
4.31
|
|
|
1,125
|
|
|
4.56
|
|
||
Total debt, gross
|
|
|
|
|
|
28,052
|
|
|
|
|
30,550
|
|
|
|
||||
Unamortized debt issuance costs
|
|
|
|
|
|
(249
|
)
|
|
|
|
(269
|
)
|
|
|
||||
Total debt, net
|
|
|
|
|
|
27,803
|
|
|
|
|
30,281
|
|
|
|
||||
Less: current portion
|
|
|
|
|
|
(1,371
|
)
|
|
|
|
(1,371
|
)
|
|
|
||||
Long-term debt
|
|
|
|
|
|
$
|
26,432
|
|
|
|
|
$
|
28,910
|
|
|
|
a)
|
Revolving Credit Facility (“Revolver”): At December 27, 2019, up to $35.0 million is available through May 5, 2022. The maximum amount the Company may borrow is determined based on a borrowing base calculation described below.
|
b)
|
Term Loan B: $14.0 million was borrowed on January 18, 2013. Principal was being repaid in 120 equal monthly installments of $117 thousand. As part of an amendment to the Credit Facility, as amended, the principal was modified from $8.0 million to $6.0 million and principal is being repaid in equal monthly installments of $71 thousand plus a balloon payment of $0.6 million. The maturity date of the loan is May 5, 2022.
|
c)
|
Equipment Line Advances: Up to $1.5 million is available through May 5, 2022. Interest only is paid until maturity. Principal is due in three or six months after borrowing or can be converted to an Equipment Line Term Loan.
|
d)
|
Equipment Line Term Note: On July 26, 2018, $0.8 million was converted from an Equipment Line Advance, principal is being repaid in 36 equal monthly installments of $21 thousand and matures July 26, 2021. On September 27, 2018, $0.1 million was converted from an Equipment Line Advance, principal is being repaid in 36 equal monthly installments of $2 thousand and matures September 27, 2021. On March 18, 2019, $0.3 million was converted from an Equipment Line Advance, principal is being repaid in 36 equal monthly installments of $9 thousand and matures March 18, 2022. On May 6, 2019, $0.4 million was converted from an Equipment Line Advance, principal is being repaid in 36 equal monthly installments of $11 thousand and matures May 6, 2022.
|
Debt Repayment Schedule
|
|
Contractual
Principal Payments |
|||
(in thousands)
|
|
|
|
||
Twelve months ending December
|
|
|
|
||
2020
|
|
|
$
|
1,371
|
|
2021
|
|
|
1,260
|
|
|
2022
|
(1)
|
|
25,421
|
|
|
|
|
|
$
|
28,052
|
|
|
|
Three Months Ended
|
||||||
Warranty Reserve
|
|
December 27,
2019 |
|
December 28,
2018 |
||||
(in thousands)
|
|
|
|
|
|
|
||
Reserve, beginning of period
|
|
$
|
165
|
|
|
$
|
173
|
|
Provision
|
|
13
|
|
|
34
|
|
||
Warranty costs
|
|
(23
|
)
|
|
(32
|
)
|
||
Reserve, end of period
|
|
$
|
155
|
|
|
$
|
175
|
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||||||||
|
|
December 27, 2019
|
|
December 28, 2018
|
||||||||||
Stock Options
|
|
Number
of Options |
|
Wgtd. Avg.
Exercise Price |
|
Number
of Options |
|
Wgtd. Avg.
Exercise Price |
||||||
|
|
|
|
|
|
|
|
|
||||||
Outstanding, beginning of period
|
|
743,145
|
|
|
$
|
4.54
|
|
|
737,145
|
|
|
$
|
4.33
|
|
Granted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
|
(24,000
|
)
|
|
5.42
|
|
|
(11,500
|
)
|
|
3.99
|
|
||
Forfeited
|
|
(10,000
|
)
|
|
3.58
|
|
|
(17,500
|
)
|
|
3.61
|
|
||
Expired
|
|
(5,000
|
)
|
|
6.91
|
|
|
(5,000
|
)
|
|
4.08
|
|
||
Outstanding, end of period
|
|
704,145
|
|
|
$
|
4.51
|
|
|
703,145
|
|
|
$
|
4.35
|
|
|
|
|
|
|
|
|
|
|
||||||
For options expected to vest
|
|
|
|
|
|
|
|
|
|
|
||||
Number expected to vest
|
|
695,555
|
|
|
$
|
4.49
|
|
|
693,289
|
|
|
$
|
4.34
|
|
Weighted average remaining contractual term, in years
|
|
3.5
|
|
|
|
|
3.8
|
|
|
|
|
|||
Intrinsic value (000s)
|
|
|
|
$
|
3,283
|
|
|
|
|
|
$
|
1,008
|
|
|
|
|
|
|
|
|
|
|
|
||||||
For exercisable options
|
|
|
|
|
|
|
|
|
|
|
||||
Number exercisable
|
|
541,645
|
|
|
$
|
4.16
|
|
|
420,858
|
|
|
$
|
4.24
|
|
Weighted average remaining contractual term, in years
|
|
2.4
|
|
|
|
|
3.1
|
|
|
|
|
|||
Intrinsic value (000s)
|
|
|
|
$
|
2,738
|
|
|
|
|
|
$
|
664
|
|
|
|
|
|
|
|
|
|
|
|
||||||
For non-exercisable options
|
|
|
|
|
|
|
|
|
|
|
||||
Expense not yet recognized (000s)
|
|
|
|
$
|
304
|
|
|
|
|
$
|
269
|
|
||
Weighted average years to be recognized
|
|
3.0
|
|
|
|
|
2.9
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
For options exercised
|
|
|
|
|
|
|
|
|
||||||
Intrinsic value (000s)
|
|
|
|
$
|
64
|
|
|
|
|
|
$
|
23
|
|
|
|
Three Months Ended
|
||||||||||||
|
|
December 27, 2019
|
|
December 28, 2018
|
||||||||||
Restricted (Non-vested) Stock
|
|
Number of Non-vested Shares
|
|
Wgtd. Avg. Grant Date Fair Value
|
|
Number of Non-vested Shares
|
|
Wgtd. Avg. Grant Date Fair Value
|
||||||
|
|
|
|
|
|
|
|
|
||||||
Outstanding, beginning of period
|
|
82,707
|
|
|
$
|
5.25
|
|
|
103,233
|
|
|
$
|
4.08
|
|
Granted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Vested
|
|
(10,000
|
)
|
|
3.60
|
|
|
(7,500
|
)
|
|
3.60
|
|
||
Forfeited
|
|
—
|
|
|
—
|
|
|
(1,400
|
)
|
|
4.13
|
|
||
Outstanding, end of period
|
|
72,707
|
|
|
$
|
5.48
|
|
|
94,333
|
|
|
$
|
4.12
|
|
|
|
|
|
|
|
|
|
|
||||||
For non-vested shares
|
|
|
|
|
|
|
|
|
|
|
||||
Expense not yet recognized (000s)
|
|
|
|
$
|
295
|
|
|
|
|
|
$
|
274
|
|
|
Weighted average remaining years for vesting
|
|
1.9
|
|
|
|
|
1.5
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||
For shares vested
|
|
|
|
|
|
|
|
|
|
|
||||
Aggregate fair value on vesting dates (000s)
|
|
|
|
|
$
|
66
|
|
|
|
|
|
$
|
40
|
|
|
|
Three Months Ended
|
||||||||||||
|
|
December 27, 2019
|
|
December 28, 2018
|
||||||||||
Restricted Stock Units
|
|
Number of Non-vested Units
|
|
Wgtd. Avg. Grant Date Fair Value
|
|
Number of Non-vested Units
|
|
Wgtd. Avg. Grant Date Fair Value
|
||||||
|
|
|
|
|
|
|
|
|
||||||
Outstanding, beginning of period
|
|
153,186
|
|
|
$
|
5.36
|
|
|
170,492
|
|
|
$
|
3.96
|
|
Granted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Vested
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Outstanding, end of period
|
|
153,186
|
|
|
$
|
5.36
|
|
|
170,492
|
|
|
$
|
3.96
|
|
|
|
|
|
|
|
|
|
|
||||||
For non-vested shares
|
|
|
|
|
|
|
|
|
|
|
|
|||
Expense not yet recognized (000s)
|
|
|
|
$
|
603
|
|
|
|
|
|
$
|
322
|
|
|
Weighted average remaining years for vesting
|
|
2.0
|
|
|
|
|
2.1
|
|
|
|
|
|
Three Months Ended
|
||||||
|
|
December 27,
2019 |
|
December 28,
2018 |
||||
(in thousands)
|
|
|
|
|
|
|||
Income tax expense
|
|
$
|
336
|
|
|
$
|
312
|
|
|
|
Three Months Ended
|
||
% of Sales by Sector
|
|
December 27,
2019 |
|
December 28,
2018 |
|
|
|
|
|
Aerospace & Defense
|
|
61%
|
|
53%
|
Medical
|
|
25%
|
|
26%
|
Industrial
|
|
14%
|
|
21%
|
|
|
100%
|
|
100%
|
|
|
December 27,
2019 |
|
|
|
|
|
Weighted average remaining lease term for operating leases (in years)
|
|
4.4
|
|
Weighted average discount rate for operating leases
|
|
5.48
|
%
|
|
|
December 27, 2019
|
||
|
|
|
||
Finance lease right-of-use assets, net of accumulated amortization (included in PP&E) (in thousands)
|
|
$
|
6,761
|
|
Weighted average remaining lease term for finance leases (in years)
|
|
11.9
|
|
|
Weighted average discount rate for finance leases
|
|
4.83
|
%
|
|
|
|
|
Three Months Ended
|
||
Lease Expense
|
|
Classification
|
|
December 27, 2019
|
||
(in thousands)
|
|
|
|
|
||
Operating lease expense
|
|
|
|
|
||
Fixed payment operating lease expense (1)
|
|
Cost of sales
|
|
$
|
26
|
|
Fixed payment operating lease expense
|
|
Selling and administrative expenses
|
|
15
|
|
|
Variable payment operating lease expense
|
|
|
|
—
|
|
|
Finance lease expense
|
|
|
|
|
||
Depreciation of ROU assets
|
|
Cost of sales
|
|
129
|
|
|
Interest
|
|
Interest and financing expense
|
|
85
|
|
|
Total lease expense
|
|
|
|
$
|
255
|
|
|
|
Three Months Ended
|
||
Supplemental Cash Flow
|
|
December 27, 2019
|
||
(in thousands)
|
|
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Cash paid for operating lease ROU assets
|
|
$
|
32
|
|
Interest paid on finance leases
|
|
85
|
|
|
Financing cash flows from finance leases
|
|
—
|
|
|
|
|
|
||
Lease liabilities arising from obtaining ROU assets:
|
|
|
||
Operating leases
|
|
19
|
|
Operating Lease Payment Schedule
|
|
Contractual
Lease Payments |
||
(in thousands)
|
|
|
|
|
Twelve months ending December
|
|
|
|
|
2020
|
|
$
|
77
|
|
2021
|
|
73
|
|
|
2022
|
|
72
|
|
|
2023
|
|
72
|
|
|
2024 and thereafter
|
|
37
|
|
|
Total operating lease payments
|
|
331
|
|
|
Less: amounts representing interest
|
|
(38
|
)
|
|
Total operating lease obligation
|
|
$
|
293
|
|
Finance Lease Payment Schedule
|
|
Contractual
Lease Payments |
||
(in thousands)
|
|
|
|
|
Twelve months ending December
|
|
|
|
|
2020
|
|
$
|
757
|
|
2021
|
|
770
|
|
|
2022
|
|
785
|
|
|
2023
|
|
798
|
|
|
2024 and thereafter
|
|
6,683
|
|
|
Total capital lease payments
|
|
9,793
|
|
|
Less: amounts representing interest
|
|
(2,436
|
)
|
|
Total finance lease obligation
|
|
$
|
7,357
|
|
Capital Lease Payment Schedule
|
|
Contractual
Payments |
||
(in thousands)
|
|
|
|
|
Twelve months ending September 30,
|
|
|
|
|
2020
|
|
$
|
673
|
|
2021
|
|
686
|
|
|
2022
|
|
700
|
|
|
2023
|
|
714
|
|
|
2024 and thereafter
|
|
6,720
|
|
|
Total capital lease payments
|
|
9,493
|
|
|
Less: amounts representing interest
|
|
(2,470
|
)
|
|
Present value of minimum lease payment
|
|
$
|
7,023
|
|
|
|
Three Months Ended
|
||||||
Earnings Per Share
|
|
December 27,
2019 |
|
December 28,
2018 |
||||
(in thousands, except share and per share data)
|
|
|
|
|
||||
Basic net income per share:
|
|
|
|
|
||||
Net income
|
|
$
|
1,189
|
|
|
$
|
1,072
|
|
Less: Income attributable to non-vested shares
|
|
10
|
|
|
10
|
|
||
Net income available to common stockholders
|
|
$
|
1,179
|
|
|
$
|
1,062
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding
|
|
10,365,766
|
|
|
10,262,397
|
|
||
|
|
|
|
|
||||
Basic net income per share
|
|
$
|
0.11
|
|
|
$
|
0.10
|
|
|
|
|
|
|
||||
Diluted net income per share:
|
|
|
|
|
||||
Net income
|
|
$
|
1,189
|
|
|
$
|
1,072
|
|
Shares used in computing basic net income per share
|
|
10,365,766
|
|
|
10,262,397
|
|
||
Dilutive effect of non-vested shares
|
|
330,211
|
|
|
233,032
|
|
||
Shares used in computing diluted net income per share
|
|
10,695,977
|
|
|
10,495,429
|
|
||
|
|
|
|
|
||||
Diluted net income per share
|
|
$
|
0.11
|
|
|
$
|
0.10
|
|
|
|
Three Months Ended
|
||||
|
|
December 27,
2019 |
|
December 28,
2018 |
||
|
|
|
|
|
||
Anti-dilutive shares excluded
|
|
—
|
|
|
17,000
|
|
•
|
Our engineering services include the design, development, and fabrication of customized stress testing platforms to simulate a product’s end application, such as thermal cycling and vibration, in order to ensure reliable performance and avoid catastrophic failure when the product is placed in service.
|
•
|
Our vertical manufacturing model offers customers the ability to simplify their supply chain by utilizing a single supplier for their critical components including complex printed circuit board assembly (“PCBA”), precision metalworking, and interconnect solutions. This service model allows us to control the cost, lead time, and quality of these critical components which are then integrated into full system assemblies and minimizes our customers’ supply chain risk.
|
•
|
We provide direct order fulfillment services for our customers by integrating with their configuration management process to obtain their customer orders, customize the product to the specific requirements, functionally test the product and provide verification data, and direct ship to their end customer in order to reduce time, cost, and complexity within our customer’s supply chain.
|
•
|
We believe we are the only EMS provider with an on-site laboratory that has been approved by the Defense Logistics Agency (“DLA”) for their Qualified Testing Supplier List (“QTSL”) program which deems the site suitable to conduct various QTSL and military testing standards including counterfeit component analysis and environmental testing to qualify a part fit for use. In addition, this advanced laboratory is utilized for complex design analysis and manufacturing process development to solve challenges and accelerate our customers’ time to market.
|
•
|
Newark, New York - Located approximately one hour east of Rochester, New York, our Newark location is our corporate headquarters and is our largest manufacturing location providing complex circuit board manufacturing, interconnect solutions, and system-level assemblies along with an on-site material analysis laboratory for advanced manufacturing process development.
|
•
|
Rochester, New York - Focuses on precision metalworking services including complex metal chassis and assemblies.
|
•
|
Albuquerque, New Mexico - Specializes in the aerospace and defense markets with complex circuit board and system-level assemblies along with a state of the art analysis and testing laboratory which conducts root cause failure analysis, reliability, inspection and authenticity testing.
|
|
|
Three Months Ended
|
||||||
Income Statement Data
|
|
December 27,
2019 |
|
December 28,
2018 |
||||
(in thousands)
|
|
|
|
|
||||
Net sales
|
|
$
|
44,734
|
|
|
$
|
35,441
|
|
|
|
|
|
|
||||
Gross profit
|
|
5,239
|
|
|
5,059
|
|
||
Selling and administrative expenses
|
|
3,299
|
|
|
3,352
|
|
||
Interest and financing expense
|
|
415
|
|
|
323
|
|
||
Income before income taxes
|
|
1,525
|
|
|
1,384
|
|
||
Income tax expense
|
|
336
|
|
|
312
|
|
||
Net income
|
|
$
|
1,189
|
|
|
$
|
1,072
|
|
|
|
Three Months Ended
|
||
% of Sales by Sector
|
|
December 27,
2019 |
|
December 28,
2018 |
|
|
|
|
|
Aerospace & Defense
|
|
61%
|
|
53%
|
Medical
|
|
25%
|
|
26%
|
Industrial
|
|
14%
|
|
21%
|
|
|
100%
|
|
100%
|
Reconciliation to net income:
|
|
|
||
Net income
|
|
$
|
1,189
|
|
Non-cash charge (1)
|
|
987
|
|
|
Income tax effect (2)
|
|
(207
|
)
|
|
Adjusted net income
|
|
$
|
1,969
|
|
|
|
|
||
Reconciliation to gross profit:
|
|
|
||
Gross profit
|
|
$
|
5,239
|
|
Non-cash charge (1)
|
|
987
|
|
|
Adjusted gross profit
|
|
$
|
6,226
|
|
|
|
|
||
Reconciliation to gross margin:
|
|
|
||
Gross margin
|
|
11.7
|
%
|
|
Non-cash charge (1)
|
|
2.2
|
%
|
|
Adjusted gross margin
|
|
13.9
|
%
|
|
|
Three Months Ended
|
||||||
Cash Flow Data
|
|
December 27,
2019 |
|
December 28,
2018 |
||||
(in thousands)
|
|
|
|
|
||||
Cash, beginning of period
|
|
$
|
—
|
|
|
$
|
—
|
|
Net cash provided by/(used in):
|
|
|
|
|
|
|
||
Operating activities
|
|
2,343
|
|
|
(2,561
|
)
|
||
Investing activities
|
|
(324
|
)
|
|
(511
|
)
|
||
Financing activities
|
|
(2,019
|
)
|
|
3,072
|
|
||
Net cash change for the period
|
|
—
|
|
|
—
|
|
||
Cash, end of period
|
|
$
|
—
|
|
|
$
|
—
|
|
Exhibit No.
|
|
Description
|
31.1*
|
|
|
31.2*
|
|
|
32.1*
|
|
|
101
|
|
The following items from this Quarterly Report on Form 10-Q formatted in Extensible Business Reporting Language: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Income Statements (unaudited), (iii) Consolidated Statements of Changes in Stockholders’ Equity (unaudited), (iv) Consolidated Statements of Cash Flows (unaudited), and (v) Notes to Consolidated Financial Statements.
|
|
|
IEC Electronics Corp.
|
|
|
(Registrant)
|
|
|
|
February 5, 2020
|
By:
|
/s/ Thomas L. Barbato
|
|
|
Thomas L. Barbato
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(On behalf of the Registrant and as Principal Financial and Accounting Officer)
|
1 Year IEC Electronics Chart |
1 Month IEC Electronics Chart |
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