SMT, PCB Electronics Industry News

IEC Announces Workforce Reduction

Mar 29, 2002

Business Wire

Newark, NJ.

IEC Electronics Corp. (Nasdaq: IECE) announced a corporate workforce reduction today of 25%.

IEC's President and CEO Thomas Lovelock said, "IEC, like other companies, has experienced the pressures resulting from the collapse of the telecommunications industry, and the rapid deterioration of the US economy over the past six months. We have been forced to temporarily reduce our workforce in North America to match the current revenue stream and as part of our overall cost savings restructuring plan.

Lovelock added, "As we announced previously, the combination of one-time charges for FAS-121 asset impairment write-downs (including goodwill), and litigation contingency charges totaling $17.4 million left us in violation of certain financial covenants. We are continuing discussions with other lending institutions with respect to a new credit agreement - and expect today's reductions, paired with forecast improved sales, will produce positive EBITDA starting in April."

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, including 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.

CONTACT: IEC Electronics Corp.

Heather Keenan, 315/332-4262

hkeenan@iec-electronics.com

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