IEHC.. $4.54
"The Company reported net income of $1,024,600 for the nine months ended December 25, 2009 representing basic earnings of $.45 per share as compared to net income of $760,881 or $.33 per share for the nine months ended December 26, 2008. The increase in net income for the current nine month period can be attributed primarily to the increased revenue recorded during the current nine months."
IEH CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (continued)
Results of Operations
Comparative Analysis-Nine Months Ended December 25, 2009 and December 26, 2008
The following table sets forth for the periods indicated, percentages for certain items reflected in the financial data as such items bear to the revenues of the Company:
Relationship to Total Revenues
Dec. 25, Dec. 26,
2009 2008
Operating Revenues (in thousands) $ 8,952 $ 7,932
Operating Expenses: (as a percentage of Operating Revenues)
Costs of Products Sold 65.33 % 67.96 %
Selling, General and Administrative 14.73 % 14.44 %
Interest Expense .41 % .66 %
Depreciation and amortization 1.46 % 1.70 %
TOTAL COSTS AND EXPENSES 81.93 % 84.76 %
Operating Income (loss) 18.07 % 15.24 %
Other Income - .01 %
Income (loss) before Income Taxes 18.07 % 15.25 %
Income Taxes (6.63 %) 5.65 %
Net Income (loss) 11.44 % 9.60 %
Operating revenues for the nine months ended December 25, 2009 amounted to $8,951,957 reflecting a 12.86% increase versus the nine months ended December 26, 2008 revenues of $7,932,098. The sharp increase in revenues can be attributed to a dramatic increase in commercial aerospace spending, new customers in the medical device manufacturing sector as well as internal production efficiencies.
Cost of products sold amounted to $5,848,266. for the nine months ended December 25, 2009, or 65.33% of operating revenues. This reflected a $457,673 or 8.49% increase in the cost of products sold from $5,390,593 or 67.96% of operating revenues for the nine months ended December 26, 2008. The increase in cost of product sold is due primarily to costs necessary to support the increase in revenue.
IEH CORPORATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (continued)
Comparative Analysis-Nine Months Ended December 25, 2009 and December 26, 2008
(continued)
Selling, general and administrative expenses were $1,318,628 or 14.73% of operating revenues for the nine months ended December 25, 2009 compared to $1,145,487 or 14.44% of operating revenues for the nine months ended December 26, 2008. This category of expenses increased by $173,141 or 15.12% from the prior year. The increase can be attributed to an increase in salaries to sales personnel, commissions and travel expenses.
Interest expense was $36,404 for the nine months ended December 25, 2009 or .41% of operating revenues.
For the fiscal nine months ended December 26, 2008, interest expense was $52,643 or .66% of operating revenues. The decrease of $16,239 or 30.85% reflects primarily management's commitment to apply revenues to reduce the Company's debt.
Depreciation and amortization of $130,914 or 1.46% of operating revenues was reported for the nine months ended December 25, 2009. This reflects a decrease of $4,126 from the comparable nine month period ended December 26, 2008 of $135,040 or 1.70% of operating revenues. The reduction in depreciation is the result of assets being written off during the nine months ended December 25, 2009.
The Company reported net income of $1,024,600 for the nine months ended December 25, 2009 representing basic earnings of $.45 per share as compared to net income of $760,881 or $.33 per share for the nine months ended December 26, 2008. The increase in net income for the current nine month period can be attributed primarily to the increased revenue recorded during the current nine months.
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