IEC Wins Contract from Top Global Defense Company

Newark, New York, March 5, 2020 — IEC Electronics Corp. (NASDAQ: IEC) today announced that it has been awarded a Low Rate Initial Production multi-year contract valued at more than $15 million, from a top global defense contractor. 

Jeffrey T. Schlarbaum, President and CEO of IEC Electronics commented, “We are energized to have been selected for this contract with an established aerospace and defense company that has a strong reputation in the sector.  This is a brand new customer for us, who we have been pursuing for more than three years as part of our focused go-to-market strategy.  Considering the competitive landscape, it is gratifying that IEC‘s unique technical capabilities and unmatched dependability as a vertically integrated manufacturing partner for life-saving and mission critical products is being recognized with this award.

“We expect to realize modest revenue from the initial phase of this contract during fiscal 2020, with revenue anticipated to increase as production ramps in fiscal 2021.   The contract is part of a well-funded, high-priority long-term defense program integral to future national security interests.  Given the fact that this is a Low Rate Initial Production order which is expected to ramp to production volumes over time, we are optimistic IEC could see significant additional future revenue from this program.“ 

About IEC Electronics

IEC Electronics is a provider of electronic manufacturing services ("EMS") to advanced technology companies that produce life-saving and mission critical products for the medical, industrial, aerospace and defense sectors.  The Company specializes in delivering technical solutions for the custom manufacture of complex full system assemblies by providing on-site analytical testing laboratories, custom design and test engineering services combined with a broad array of manufacturing services encompassing electronics, interconnect solutions, and precision metalworking.  As a full service EMS provider, IEC holds all appropriate certifications for the market sectors it supports including ISO 9001:2015, AS9100D, ISO 13485, and is Nadcap accredited.  IEC Electronics is headquartered in Newark, NY and also has operations in Rochester, NY and Albuquerque, NM.  Additional information about IEC can be found on its web site at www.iec-electronics.com.

Contact:

Thomas Barbato

 

CFO

 

IEC Electronics Corp.

 

(315) 332-4493

 

tbarbato@iec-electronics.com


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