IEH Corporation Announces Fiscal 2020 Annual Results

Rhea-AI Summary

IEH Corporation (OTC:IEHC) reported a revenue increase of 13% for fiscal year 2020, totaling $32.2 million compared to $28.4 million in 2019.

However, operating income dropped 57% to $3.3 million, and net income decreased by 50%, from $5.16 million to $2.56 million, causing EPS to decline from $2.23 to $1.09. The company cited increased personnel costs and depreciation as key factors for the decline. Despite challenges due to the pandemic, IEH remains financially stable and well-positioned for recovery.

Positive

• Revenue increase of 13% to $32.2 million.
• Company remains profitable and debt-free.

Negative

• Operating income decreased by 57% to $3.3 million.
• Net income fell by 50% to $2.56 million, EPS decreased from $2.23 to $1.09.

BROOKLYN, NY / ACCESSWIRE / October 8, 2020 / IEH Corporation (OTC:IEHC) today announced results for the fiscal year 2020, ended March 31, 2020.

IEH Corporation reported revenues of $32.2 million for the fiscal year 2020, an increase of 13% as compared to revenues of $28.4 million for the fiscal year 2019. Operating Income for the year was $3.3 million, a decrease of 57% compared to $7.7 million in the prior year. The factors that contributed to this decrease were an increase in our headcount, executive stock option compensation and an increase in depreciation. Similarly, net income decreased 50%, from $5.16M or $2.23 basic earnings per share to $2.56M or $1.09 basic earnings per share.

Dave Offerman, President and CEO of IEH Corporation commented, "I would like to express our sincere appreciation to our investors for your patience, as we worked through an extraordinary set of circumstances which led to the unusually long delay in the filing of our 10-K. This delay can be directly attributed to several events which manifested concurrently; the mid-year migration to a new accounting system and the pandemic hitting NYC (resulting in the lack of on-hand personnel to conduct and observe the physical inventory). In essence, this was a "perfect storm" which directly caused the delay of our filing.

We believe that we have the right personnel and plans in place to catch up and timely fulfill our public reporting obligations. In the meantime, the fundamental strengths of our company remain. While we are not immune to the downturn in some of the markets we serve, due to the coronavirus and the resultant recession, we entered these circumstances from a position of strength; profitable, debt-free and strategically well-positioned to capitalize on the recovery.

Again, thank you for your patience, and your continued commitment to IEH Corporation."

About IEH Corporation

For over 77 years and 4 generations of family-run management, IEH Corporation has designed, developed, and manufactured printed circuit board (PCB) connectors, custom interconnects and contacts for high performance applications. With its signature Hyperboloid technology, IEH supplies the most durable, reliable connectors for the most demanding environments. The company markets primarily to companies in defense, aerospace, space and industrial applications, in the United States, Canada, Europe, Southeast and Central Asia and the Mideast. The company was founded in 1941 and is based in Brooklyn, New York.

Contact:

Dave Offerman
IEH Corporation
dave@iehcorp.com
718-492-4448

SOURCE: IEH Corporation

View source version on accesswire.com:
https://www.accesswire.com/609744/IEH-Corporation-Announces-Fiscal-2020-Annual-Results

FAQ

What were IEH Corporation's revenues for fiscal year 2020?

IEH Corporation reported revenues of $32.2 million for fiscal year 2020.

How much did IEH Corporation's operating income decrease in 2020?

Operating income for IEH Corporation decreased by 57% to $3.3 million in 2020.

What was the net income for IEH Corporation in fiscal year 2020?

Net income for IEH Corporation decreased by 50% to $2.56 million in fiscal year 2020.

What challenges did IEH Corporation face in fiscal year 2020?

IEH faced challenges such as a migration to a new accounting system and the impacts of the pandemic, which caused delays in reporting.

What is the earnings per share (EPS) for IEH Corporation in fiscal year 2020?

The earnings per share (EPS) for IEH Corporation decreased to $1.09 in fiscal year 2020, down from $2.23 in 2019.