BROOKLYN, NY / ACCESSWIRE / July 15, 2019 / IEH Corporation (OTCQX: IEHC) today announced results for the fiscal year 2019, ended March 29, 2019.
IEH Corporation reported revenues of $28.4 million for the fiscal year 2019, an increase of 21% as compared to revenues of $23.47 million for the fiscal year 2018. Operating Income for the year was $7.6 million, an increase of 75% compared to $4.35 million in the prior year. Net income effectively doubled, as the Company reported $5.16 million for fiscal 2019, or $2.24 per share, compared to net income of $2.56 million, or $1.11 per share, in fiscal 2018.
Dave Offerman, President and CEO of IEH Corporation commented, "We're very proud to have delivered exceptionally strong 2019 results, characterized by meaningful revenue growth, gross margin improvement and an unprecedented increase in our net income. This continues a trend of year-over-year top and bottom-line growth, all while maintaining manageable inventory levels, and in just the past year, increasing our cash-on-hand five-fold. Our sales backlog maintains historic highs as a direct result of our ability to generate new program activity from existing customers and to attract new customers, both domestically and overseas.
Our success can be attributed to our effective and growing sales organization, and our ability to market our capabilities and products to targeted audiences for our high-performance connectors and interconnect solutions. New product lines will serve to expand these efforts and augment our growth. At the same time, our production and engineering staffs remain focused on cost efficiencies that will maintain our margins and allow us to continue offering high-performance products at competitive prices for our customers' demanding environments. We are energized by our recent performance and optimistic about fiscal 2020, given the opportunities presented by the markets we serve."
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.
SOURCE: IEH Corporation
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