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IEH Corp. (IEHC0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $7,341,124 from $4,810,988 in the same quarter the previous year. The increase is attributed to a 60% rise in defense revenues due to geopolitical uncertainty.
Cost of products sold for the quarter was $5,610,080, representing 76% of sales, compared to 81% in the same quarter of the previous year. This decrease in cost ratio is due to production efficiencies.
The company reported a net income of $246,443 for the quarter, compared to a net loss of $1,100,603 in the previous year, with the improvement attributed to increased revenues and reduced expenses.
Selling, general, and administrative expenses decreased to $1,371,941 from $1,821,414, primarily due to reduced accounting and consulting fees.
Cash provided by operating activities was $2,588,997, while cash used in investing activities was $141,205.
IEH had a working capital of $19,279,893 as of September 30, 2024. The company believes existing cash and cash generated from operations will be sufficient to meet its cash requirements in fiscal year 2025.
The filing also mentions a backlog of orders amounting to approximately $14,298,000 as of September 30, 2024, expected to ship over the next 12 months.
IEH does not anticipate any material changes to its risk factors as previously disclosed in its Annual Report on Form 10-K for the fiscal year ended March 31, 2024.
The company is involved in an administrative proceeding with the SEC regarding the registration of its securities, and a lawsuit with a former executive was settled without material impact on financials.
IEH continues to focus on its core business of manufacturing high-reliability connectors and does not foresee significant changes in its operations or financial condition.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IEH Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.