IEH Corporation Files Form 10-Q For Fiscal Quarter Ended September 30, 2024

Rhea-AI Summary

IEH reported significant financial improvements for Q2 FY2025. Revenue increased 53% to $7.34 million compared to $4.81 million in Q2 FY2024. The company turned around from an operating loss of $1.12 million to an operating profit of $173,196, and from a net loss of $1.10 million to a net profit of $246,443. Basic earnings per share improved from a loss of $0.46 to earnings of $0.10. Cash grew 40% since the start of FY2025, while SG&A costs decreased 50% as a percentage of revenue compared to the same quarter last year.

Positive

• 53% year-over-year revenue growth to $7.34 million
• Turned operating loss into $173,196 profit
• Achieved net profit of $246,443 vs previous loss
• 40% cash growth since start of fiscal year
• 50% reduction in SG&A costs as percentage of revenue

Negative

• Revenue and net income still below pre-COVID levels
• Potential uneven growth due to commercial aircraft industry challenges

BROOKLYN, NY / ACCESSWIRE / November 8, 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 ended September 30, 2024.

For the quarter ended September 30, 2024, IEH had revenues of $7,341,124 as compared to $4,810,988 for the quarter ended September 30, 2023, reflecting a 53% increase; an operating profit of $173,196 for 2^nd quarter fiscal year 2025 as compared to an operating loss of $1,120,435 for 2^nd quarter fiscal year 2024; a net profit of $246,443 for 2^nd quarter fiscal year 2025 as compared to a net loss of $1,100,603 for 2^nd quarter fiscal year 2024; and a basic earnings per share of $.10 for 2^nd quarter fiscal year 2025 as compared to a basic loss per share of $.46 for 2^nd quarter fiscal year 2024.

Dave Offerman, President and CEO of IEH Corporation commented, "IEH's notable improvements in our top and bottom lines continue apace. Similar to the first quarter of fiscal year 2025, IEH has experienced significant growth in this quarter compared to the same quarter of last year. Revenue, gross margins and operating income all increased considerably, our cash has grown 40% since the beginning of this fiscal year, and our selling, general and administrative (SG&A) costs, which ballooned over the prior two fiscal years, has fallen 50% as a percentage of revenue, compared to the same quarter of last fiscal year. While our revenue and net income still do not approach our pre-COVID highs, it is nonetheless noteworthy when considering the difficulties of the last few years and the continued industry challenges. Growth 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 defense, commercial space launch and other markets we serve, 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

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FAQ

What was IEH 's (IEHC) revenue for Q2 FY2025?

IEH reported revenue of $7,341,124 for Q2 FY2025, a 53% increase from $4,810,988 in Q2 FY2024.

What was IEHC's earnings per share for Q2 FY2025?

IEH reported basic earnings per share of $0.10 for Q2 FY2025, compared to a loss of $0.46 per share in Q2 FY2024.

How much did IEH 's (IEHC) cash position grow in FY2025?

IEH 's cash position grew 40% since the beginning of fiscal year 2025.

What was IEHC's net profit for Q2 FY2025?

IEH reported a net profit of $246,443 for Q2 FY2025, compared to a net loss of $1,100,603 in Q2 FY2024.