IEH Corporation Files Form 10-Q For Fiscal Quarter Ended June 30, 2024
Rhea-AI Summary
IEH (OTC PINK:IEHC) has filed its quarterly report on Form 10-Q for the fiscal quarter ending June 30, 2024. The company reported significant growth and improvement compared to the same quarter last year:
- Revenue increased by 52% to $7,104,977
- Operating profit of $332,979, compared to a loss of $1,334,392
- Net profit of $392,787, compared to a loss of $1,315,902
- Basic earnings per share of $0.17, compared to a loss of $0.56
CEO Dave Offerman noted that while results don't yet match pre-COVID levels, the company has achieved profitability after two years of losses. He expressed optimism for long-term growth in commercial aerospace and defense-related business.
Positive
- 52% increase in revenue year-over-year
- Returned to profitability with $392,787 net profit
- Operating profit of $332,979 compared to previous year's loss
- Improved basic earnings per share from -$0.56 to $0.17
- Strong growth projections in defense-related business
Negative
- Financial results still below pre-COVID levels
- Potential for uneven growth in upcoming quarters
- Continued challenges in commercial aircraft industry production
News Market Reaction
On the day this news was published, IEHC gained 20.00%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
BROOKLYN, NY / ACCESSWIRE / August 13, 2024 / IEH Corporation (OTC PINK:IEHC) today filed with the Securities and Exchange Commission its quarterly report on Form 10-Q for the fiscal quarter ending June 30, 2024.
For the quarter ended June 30, 2024, IEH had revenues of
Dave Offerman, President and CEO of IEH Corporation commented, "By every notable metric of financial performance, IEH has experienced significant growth and improvement in this quarter compared to the same quarter of last year. Revenue, gross margins and operating income all increased considerably, and after 2 years of losses due to jet groundings, COVID-induced contractions in the commercial aerospace supply chain, higher costs and shifting defense priorities, we achieved profitability. While this does not approach our pre-COVID top and bottom line results, it is nonetheless noteworthy when considering the difficulties of the last few years and the continued industry challenges. Growth and improvements may still be uneven from one quarter to the next while the commercial aircraft industry continues to produce below their target levels, but our long-term forecasts for that sector, along with strong growth projections in our defense-related business, bode well for IEH in the years ahead.
On behalf of the management team and staff of IEH, we again wish to express our sincere gratitude for the support of our valued shareholders. We look forward to sharing more positive news in the coming months and quarters."
About IEH Corporation
For over 80 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, medical, 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 headquartered in Brooklyn, New York.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this press release, and in related comments by the Company's management, include "forward-looking statements." All statements, other than statements of historical facts, including, without limitation, statements or expectations regarding our financial condition, statements or expectations regarding our revenues, cash and backlog, expectations regarding future cash requirements, revenue and revenue recovery, including for fiscal year 2025 and beyond, projected timelines for making our SEC filings or successfully preventing our registration from suspension or revocation and expectations regarding our efforts and ability to resolve our inventory accounting issues are forward-looking statements. These statements often include words such as "believe," "expect," "estimate," "plan," "will," "may," "would," "should," "could," or similar expressions, although not all forward-looking statements contain such identifying words. These statements are based on certain assumptions that the Company has made on its current expectations and projections about future events. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and you should not place undue reliance on any forward-looking statements. The Company's actual performance or results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, as they will depend on many factors about which we are unsure, including many factors beyond our control. Among other items, such factors could include: any claims, investigations or proceedings arising as a result of our past due Securities and Exchange Commission ("SEC") periodic reports, including changes in the proceedings related to the SEC's Order Instituting Administrative Proceedings and Notice of Hearing pursuant to Section 12(j) of the Securities and Exchange Act of 1934, as amended; our ability to remediate our inventory accounting issue; our ability to reduce costs or increase revenue; changes in the macroeconomic environment or in the finances of our customers; changes in accounting principles, or their application or interpretation, and our ability to make accurate estimates and the assumptions underlying the estimates; our ability to attract and retain key employees and key resources; and other risk factors discussed from time to time in our filings with the SEC, including those factors discussed under the caption "Risk Factors" in our most recent annual report on Form 10-K, filed with the SEC on June 14, 2024, and in subsequent reports filed with or furnished to the SEC. Additional information concerning these and other factors can be found in our filings with the SEC. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. Except as may be required by applicable law, we do not undertake or intend to update or revise our forward-looking statements, and we assume no obligation to update any forward-looking statements contained in this press release as a result of new information or future events or developments. Thus, you should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. You should carefully review and consider the various disclosures we make in our filings with the SEC that attempt to advise interested parties of the risks, uncertainties and other factors that may affect our business.
Contact:
Dave Offerman
IEH Corporation
dave@iehcorp.com
718-492-4448
SOURCE: IEH Corporation
View the original press release on accesswire.com
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