IEH CORP - IEHC STOCK NEWS

IEH Corporation filed an Opposition Brief on March 15, 2023, regarding the SEC's Motion for Summary Disposition, addressing concerns about its SEC reporting obligations. CEO Dave Offerman emphasized the company's determination to oppose any registration revocation, attributing delays to inventory accounting discrepancies now nearing resolution. The company anticipates filing a 'Super-10K' soon, aggregating overdue periods. Notably, IEH reports a rise in backlog by 71% this fiscal year, indicating a positive growth trajectory after recent challenges, despite revenues still below 2020 levels. Shareholders are encouraged to stay informed about upcoming developments.

IEH Corporation filed a response to the SEC’s order regarding potential suspension of its Securities Exchange Act registration due to late periodic reports. CEO Dave Offerman emphasized the company's commitment to resolving accounting discrepancies and fulfilling reporting obligations. The company experienced a 30% revenue decline for the fiscal year ending March 2022, projecting revenues of $16M to $18M for fiscal 2023, affected by market challenges. IEH has taken steps to reduce costs and expects revenue recovery towards fiscal 2024.

IEH Corp provided an update on its SEC filings and an SEC order issued due to past due reports. The company plans to respond to the order by October 3, 2022, asserting that the proceedings are unwarranted given its size and efforts to resolve inventory accounting issues during the transition to a new system. IEH aims to file a Super 10-K to aggregate overdue reports to restore trading on the OTC Markets. The company acknowledges the frustration of shareholders and appreciates their patience as they work towards resolving these issues.

IEH Corporation (OTC PINK:IEHC) announced that starting September 28, 2021, its stock will trade under the OTC Pink Sheet No Information tier due to SEC rule changes. This means broker-dealers cannot provide stock quotes, limiting transactions to the "Expert" market. The company has been unable to meet SEC filing requirements but is working to address this issue. Despite these challenges, IEH Corporation confirmed its revenue guidance of 5% to 10% year-over-year and stated its balance sheet is strong with cash at an all-time high.

IEH Corporation (OTC PINK:IEHC) announced a delay in filing its Form 10-K for the fiscal year ending March 31, 2021. The company cited challenges with reconciling its legacy ERP system with a new system as the reason for the delay. Despite this, IEH confirmed a revenue guidance of 5% to 10% year-over-year increase. Additionally, its $2.1M PPP loan has been fully forgiven, and cash reserves are at an all-time high. However, revenue is expected to decline in fiscal '22 due to COVID's impact on the commercial aviation sector.

IEH Corporation (OTCQX:IEHC) announced projected revenue between $34 million and $36 million for the fiscal year ending March 31, 2021, representing a 5% to 10% increase over the previous year. The company intends to file its 10-K and delayed 10-Q forms on time. However, due to these filing delays, the OTC has indicated a temporary tier transfer for IEH in their exchange starting March 19, 2021. CEO Dave Offerman expressed confidence in resolving inventory accounting discrepancies, emphasizing the company’s resilience during COVID-19.

IEH Corporation (OTCQX:IEHC) projects a revenue range of $32 to $34 million for the fiscal year ending March 31, 2021, indicating a potential growth of up to 5% compared to the previous year. This estimate is based on current production levels and delivery backlogs. However, the company continues to face challenges with delinquent Securities Exchange Act filings, specifically for the quarters ending June 30 and September 30, 2020. Management has not provided specific guidance on income or earnings due to ongoing issues with inventory accounting.