SMT, PCB Electronics Industry News

IEC Receives Extension to Its Bank Agreement

Apr 09, 2002

Business Wire

Newark, NY

IEC Electronics Corp. (NASDAQ: IECE) announced today that it has received a three-month extension to the Company's current loan agreement.

As a result of the one-time charges and events outlined in the Company's Form 10K filed January 14, 2002, IEC was in violation of certain financial covenants as of January 11, 2002. The Company had received three previous short-term extensions to its credit agreement. This latest, longer-term extension will run through the end of June.

IEC's President and Chief Executive Officer Thomas Lovelock said, "Our recently announced workforce reductions and other cost savings are expected to lead to positive EBITDA this quarter. This extension and expected improvements in overall business performance should give us sufficient time to finalize a new credit agreement. IEC is in continuing discussions with other lending institutions and believes it will be successful in closing a new agreement."

IEC is a full service, ISO-9001 and 9002 registered electronics manufacturing services provider employing state-of-the-art production utilizing both surface mount and pin-through-hole technology. IEC offers its customers a wide range of manufacturing and management services, on either a turnkey or consignment basis, including design, prototyping, material procurement and control, concurrent engineering services, manufacturing and test engineering support, statistical quality assurance and complete resource management. Information regarding IEC can be found on its web site http://www.iec-electronics.com.

The foregoing, including the discussion regarding the Company's future prospects, contains certain forward-looking statements that involve risks and uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the Company, changes in customer requirements and in the volume of sales to principal customers, the ability of the Company to assimilate acquired businesses and to achieve the anticipated benefits of such acquisitions, and competition and technological change. The Company's actual results of operations may differ significantly from those contemplated by such forward-looking statements as a result of these and other factors, including factors set forth in the Company's 2001 Annual Report on Form 10-K.

May 08, 2003 -

IEC Announces Continued Improvement in its Operating Results for the Second Quarter of 2003

Apr 11, 2003 -

IEC Electronics Announces the Appointment of a New Chief Financial Officer

Mar 20, 2003 -

IEC Announces the Sale of its Texas Facility

Feb 12, 2003 -

IEC Announces First Quarter Fiscal 2003 Results

Mar 29, 2002 -

IEC Announces Workforce Reduction

Feb 22, 2002 -

EMS provider wins $1.5 million in court case

Feb 13, 2002 -

IEC Reports First Quarter Results

Sep 18, 2024 -

Auction Closing Today

Sep 18, 2024 -

ABB NTCS04 infi90 CONTROLS MODULE TERMINATION UNIT

Sep 18, 2024 -

ABB SPCIS22 l/O Control Module

Sep 18, 2024 -

ABB SPDSM04 Module installation unit

Sep 18, 2024 -

ABB NTRO12-A Analog input Terminal

Sep 18, 2024 -

ABB SPDSO14 Digital output Module

Sep 18, 2024 -

ABB NTDI21-A Inverter Circuit Board PCB

Sep 18, 2024 -

ABB SPDSI22 Digital input Module

Sep 18, 2024 -

ABB SPDSI14 Analog input module

Sep 18, 2024 -

ABB NKAS01-15 infi 90 Termination Cable

See electronics manufacturing industry news »

IEC Receives Extension to Its Bank Agreement news release has been viewed 909 times

SMT Spare Parts and Feeders

SMT Feeders