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
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