IEC Electronics Corp. (NYSE MKT:IEC) Q2 2020 Earnings Conference Call - Final Transcript

May 06, 2020 • 10:00 am ET


IEC Electronics Corp. (NYSE MKT:IEC) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings and welcome to the IEC Electronics Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

It is now my pleasure to introduce your host, John Nesbett of IMS. Thank you, Mr. Nesbett. You may begin.

John Nesbett

Thank you for calling in, and good morning. On the call this morning, we have Jeff Schlarbaum, President and Chief Executive Officer, and Tom Barbato, Chief Financial Officer. Before we get started, I'd like to take a moment to read the safe harbor statement. This conference call contains certain statements that are or may be deemed to be forward-looking statements.

These forward-looking statements, such as when the Company describes what it believes, expects or anticipates will occur and other similar statements include, but are not limited to, statements regarding future sales, backlog and operating results, future prospects, strategic initiatives, turnaround efforts, the capabilities and capacities of business operations, any financial or other guidance and all statements that are not based on historical fact and rather reflect the Company's current expectations concerning future results and events. The ultimate accuracy of these forward-looking statements is dependent upon a number of risks and uncertainties that may cause the Company's actual results or performance to be different than as expressed or implied by these statements.

Specific risks and uncertainties include, but are not limited to, those set forth in the company's earnings release issued immediately before this call and in the company's most recent annual report on Form 10-K, our quarterly reports on Form 10-Q and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or correct any of the forward-looking statements made during this call, whether as a result of new information, future events or otherwise, except as required by law.

I will now turn the call over to Jeff Schlarbaum. Please go ahead, Jeff.

Jeffrey T. Schlarbaum

All right. Thank you, John. Good morning, everyone. Thank you all for joining us today. I hope everyone is staying safe and healthy. What a difference a few months make. When we last spoke during the first week of February, hard to believe any one of us could have imagined the devastating health crisis and ensuing economic crisis resulting from the COVID-19 pandemic we all have experienced.

With this as our backdrop, I'm pleased to be here, though, this morning to review our fiscal second quarter and year-to-date results. And I will also provide some color about our experiences these last several weeks as it relates to our operations in light of the pandemic and provide some visibility around what we anticipate for the business moving forward.

First off, I'm pleased to report we saw continued strength in the second quarter, with solid revenue increase of 18% to $44.2 million and significantly improved profitability with net income growth of 127% to $1.5 million or $0.15 per basic and $0.14 per diluted share. Backlog remains strong, and I'm pleased to report we had a book-to-bill ratio of 1.5:1 for the second quarter.

In retrospect, while we could