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IEC Electronics Corp. (NASDAQ: IEC) has successfully completed a tender offer by CTI Acquisition Corp., a subsidiary of Creation Technologies Inc., at a cash price of $15.35 per share. The offer expired on October 4, 2021, with approximately 72.5% of IEC's outstanding shares validly tendered. Following the merger, IEC will become a wholly owned subsidiary of Creation, and its common stock will cease trading on NASDAQ. The transaction is expected to enhance value through Creation's integrated product lifecycle solutions.
IEC Electronics Corp. (NASDAQ: IEC) and Creation Technologies Inc. announced the extension of the cash tender offer by CTI Acquisition Corp. to purchase outstanding IEC shares until 5:00 p.m. on October 4, 2021. This extension allows for the completion of financing for the transaction. As of September 30, 2021, approximately 70.1% of IEC shares (7,483,017) were tendered. The tender offer is expected to close promptly after the new expiration, subject to conditions outlined in the merger agreement.
IEC Electronics Corp. (NASDAQ: IEC) announced an extension of the cash tender offer by CTI Acquisition Corp., controlled by Creation Technologies, to acquire all outstanding shares of IEC. The new deadline is set for September 30, 2021, as only 60.0% of IEC shares (6,406,629 shares) were tendered by September 23, 2021. Stockholders who already tendered do not need to take further action. The offer is part of the merger agreement terms, and stockholders are encouraged to review the tender offer materials for further details.
IEC Electronics Corp. reported third-quarter fiscal 2021 revenues of $49.4 million, a 4.2% increase from the previous year, despite challenges from material shortages and labor constraints. Gross profit was $5.2 million (10.6% of sales), down from $6.6 million (14.0% of sales) a year earlier. The company recorded $1.0 million net income, down from $2.1 million. Year-to-date revenues reached $142.2 million, a 4.4% increase, but gross profit decreased to 10.0% of sales. A new contract worth over $45 million was secured, indicating strong future prospects.
IEC Electronics Corp. has entered into a definitive merger agreement with Creation Technologies Inc., where Creation will acquire all outstanding shares of IEC for $15.35 per share, totaling approximately $242.3 million including debt. This price represents a 47% premium over IEC’s closing share price on August 11, 2021. The merger aims to enhance IEC’s production capabilities with Creation's cost-effective manufacturing facilities. The deal is expected to close by early October 2021, pending regulatory approvals and shareholder consent.
IEC Electronics Corp. (Nasdaq: IEC) will host a conference call on August 12, 2021, at 10:00 a.m. ET, to discuss its financial results for Q3 2021, which ended on July 2, 2021. Investors can join the call by dialing (877) 407-9210 for U.S. and Canadian participants, or (201) 689-8049 for international participants. A replay will be available for 30 days after the call, and can be accessed using the identification code 42154. Additional information about IEC's services and upcoming events is accessible via their official website.
IEC Electronics Corp. announced a multi-year contract worth over $45 million with a Tier 2 Department of Defense contractor. This contract extends IEC's involvement in a program related to secured communications equipment for U.S. aircraft, ground vehicles, and surface warships, which began in 2019. CEO Jeffrey T. Schlarbaum emphasized the company's commitment to high standards and capability as a U.S.-based manufacturer, making IEC a preferred partner in the aerospace and defense sectors.
IEC Electronics Corp. reported revenues of $45.4 million for the fiscal 2021 second quarter, a 2.7% increase year-over-year. However, gross profit decreased to $3.3 million (7.3% of sales) from $5.5 million (12.5% of sales) in the prior year. The company faced an operating loss of $0.2 million, contrasting with an operating profit of $2.3 million in fiscal 2020. Net loss was $0.3 million ($0.03 per share), down from net income of $1.5 million in the same quarter last year, primarily due to delays in high-value programs and increased depreciation expenses.
IEC Electronics Corp. (Nasdaq: IEC) announced a conference call on May 5, 2021, at 10:00 AM ET. The call will focus on financial results for the fiscal second quarter ending March 31, 2021. U.S. participants can dial (877) 407-9210, while international calls can be made to (201) 689-8049. A replay will be available for 30 days post-call. IEC specializes in electronic manufacturing services for critical sectors like medical and aerospace. It holds several certifications, including ISO 9001:2008 and AS9100D, indicating compliance with industry standards.
IEC Electronics Corp. (Nasdaq: IEC) reported a revenue of $47.5 million for Q1 fiscal 2021, marking a 6.1% increase year-over-year. Gross margin improved to 12.1%, up 40 basis points from the previous year, with a net income of $1.5 million, or $0.15 per share, reflecting a 29.3% increase year-over-year. Despite challenges from COVID-19 affecting production, the company expects normalization as workforce attendance improves, positioning itself for ongoing growth and profitability.
