IEC Electronics Corp Announces Delisting; Shares Fall

By on May 21, 2013

Shares of IEC Electronics Corp (NYSE MKT: IEC) have fallen nearly 30% over two days, to $3.40 per share in midday trading, after announcing its inability to timely file its second quarter results due to a restatement of financials.   As a result of the delay, NYSE MKT has suspended and removed the company’s securities from the exchange.

On May 1, IEC announced that its financial statements for the fiscal year ended September 30, 2012, the quarterly periods during fiscal 2012, and the quarter ended December 28, 2012 would need to be restated due to an error in accounting for work-in-process inventory at one of the company’s subsidiaries, Southern California Braiding, Inc.  IEC said the error caused an understatement of cost of sales, and an overstatement of gross profit, during the restated periods of approximately $2.2 million.

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