IEHC in with blowout .98 quarter
IEH Corporation reported revenues of $9.043 million for the first quarter of fiscal year 2019, an increase of 81% as compared to revenues of $4.993 million for the first quarter of fiscal year 2018. Gross profit margin for the year was 48% as compared to 33% for the same quarter of the prior year. The Company reported net income of $2.26 million for the quarter, or $.98 per share, compared to net income of $325,000, or $.13 per share, in the same quarter of the prior year. This represents a more than sevenfold increase in Net Income.
Dave Offerman, President and CEO of IEH Corporation commented, "We're very proud to see our success of the last fiscal year continueinto the first quarter of this year, as our top and bottom lines continue to grow. It's worth noting that the results of this quarter, as well as the fourth quarter of last fiscal year, were particularly striking, and due in large part to a substantial contract that has now been completed. So while we anticipate solid results for the rest of this fiscal year, we don't expect this pace to follow the unusually high numbers of the first quarter. Regardless, we maintain a historically high backlog, and with the increase in our production output and the opportunities in our pipeline, we look forward to continued success in the coming months."
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