IEC to Restate Financial Statements

IEC to Restate Financial Statements 
NEWARK, NY -- (Marketwired) -- 05/01/13 --  IEC Electronics Corp.
(NYSE MKT: IEC) announced that it has filed a Current Report with the
Securities and Exchange Commission in which it announced that its
consolidated financial statements for the fiscal year ended September
30, 2012, the quarterly periods during fiscal 2012, and the quarter
ended December 28, 2012 are being restated due to an error in
accounting for work-in-process inventory at one of the Company's
subsidiaries, Southern California Braiding, Inc. This error resulted
in an aggregate understatement of cost of sales and an aggregate
overstatement of gross profit during all such Restated Periods of
approximately $2.2 million. Detailed information is provided in the
Report which is available on the IEC website at
http://www.iec-electronics.com. The Company will provide additional
information when it files its restated Annual Report on Form 10-K for
fiscal year 2012, and its restated Quarterly Report on Form 10-Q for
the quarter ended December 28, 2012, with the SEC.  
The Company estimates that the income before provision for taxes and
diluted earnings per share for the applicable periods will be
approximately: 


 
                                                                            
                                                                            
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               Income(Loss) Before Provision for Income Taxes*              
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                 Q1-2012**  Q2-2012   Q3-2012   Q4-2012   FY 2012   Q1-2013 
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As Reported      $   1,503 $   4,136 $   3,452 $   2,922 $  12,014 $     379
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Adjustment       $     288 $     173 $     563 $     625 $   1,651 $     539
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Restated         $   1,215 $   3,963 $   2,889 $   2,297 $  10,363 $   (160)
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                         Diluted Earnings per Share*                        
----------------------------------------------------------------------------
                 Q1-2012**  Q2-2012   Q3-2012   Q4-2012   FY 2012   Q1-2013 
----------------------------------------------------------------------------
                                                                            
As Reported      $    0.09 $    0.26 $    0.22 $    0.20 $    0.78 $    0.02
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Adjustment       $    0.01 $    0.01 $    0.04 $    0.04 $    0.11 $    0.03
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Restated         $    0.08 $    0.25 $    0.18 $    0.16 $    0.67 $  (0.01)
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* Quarterly per-share amounts are rounded separately to the nearest
cent, and as a result the sum of the
  quarterly amounts may not
equal the computed per-share amount for the full year
 ** Includes
cumulative impact of fiscal year 2011 
The restatement has no impact on the Company's liquidity, bank
financing, cash flow from operations or other cash position. 
About IEC Electronics
 IEC Electronics Corporation is a premier
provider of electronic manufacturing services ("EMS") to advanced
technology companies primarily in the military and aerospace,
medical, industrial and communications sectors. The Company
specializes in the custom manufacture of high reliability, complex
circuit cards, system level assemblies, a wide array of custom cable
and wire harness assemblies, precision sheet metal products, and
advanced research and testing services. As a full service EMS
provider, IEC is a world-class ISO 9001:2008, AS9100 and ISO13485
certified company. The AS9100 certification enables IEC to serve the
military and commercial aerospace markets. The ISO13485 certification
supports the quality requirements of medical device markets. The
Company is also AC7120 Nadcap accredited for electronics
manufacturing to support the most stringent quality requirements of
the aerospace industry, as well as ITAR registered and NSA approved
under the COMSEC standard. Dynamic Research and Testing Laboratories
(DRTL), the Company's newest business unit, is an ISO 17025
accredited laboratory specializing in the testing and detection of
counterfeit electronic parts, as well as component risk mitigation
and advanced failure analysis. IEC Electronics is headquartered in
Newark, NY (outside of Rochester) and also has operations in
Rochester, NY, Albuquerque, NM and Bell Gardens, CA. Additional
information about IEC can be found on its web site at
www.iec-electronics.com.  
Contact: 
W. Barry Gilbert
CEO
IEC Electronics Corp.
(315) 331-7742 
John Nesbett/Jennifer Belodeau
Institutional Marketing Services (IMS)
(203) 972-9200
jnesbett@institutionalms.com 
 
 
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