IEC Electronics Corp. (NYSE: IEC) Shows Consiste
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Posted On: 02/13/2013 12:20:22 PM
IEC Electronics Corp. (NYSE: IEC) Shows Consistent Growth
Small-cap IEC Electronics Corp. (NYSE: IEC) provides custom manufacture of circuit cards, system level assemblies and a host of custom cable and wire harness assemblies. The company garnered the number six spot on Forbes coveted Best Small Companies in America list in 2012. It has been something of an American success story having carved a niche for itself in the printed circuit board industry. The company was on the verge of going under when W. Barry Gilbert was named as acting CEO in 2002 after losing its chief customer. Since then sales have maintained a 35 percent annual growth and Gilbert is now onboard on a permanent basis. IEC has made lucrative acquisitions in the past several years that have added to its growth potential; however this is not a debt free company and it has come under fire for going into debt in order to fund the acquisitions. IEC announced last week that it has amended its credit facility with Manufacturers and Traders Trust Company in order convert part of its long term and revolving debt to term loans with fixed rates. This will also lower the interest rate range on existing and new advances. In addition, maturity dates on existing loans will be extended.
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