UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):  July 9, 2018

 

IEH Corporation
(Exact name of registrant as specified in its charter)

  

COMMISSION FILE NUMBER :   0-5278

 

New York 13-5549348
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

140 58 th Street, Suite 8E
Brooklyn, New York 11220
(Address and zip code of principal executive offices)

 

(718) 492-4440
(Registrant's telephone number, including area code

 

 

CHECK THE APPROPRIATE BOX BELOW IF THE FORM 8-K FILING IS INTENDED TO SIMULTANEOUSLY SATISFY THE FILING OBLIGATION OF THE REGISTRANT UNDER ANY OF THE FOLLOWING PROVISIONS:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨

 

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition

 

On July 9, 2018, IEH Corporation announced by press release its financial results for its fiscal year ended March 30, 2018. A copy of the press release is attached hereto as Exhibit 99.1.

 

The information in Item 2.02 of this Current Report shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

 

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits
   
  Exhibit 99.1 – Press Release, dated July 9, 2018

  

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

    IEH Corporation
     
    By: /s/ Robert Knoth
    Name: Robert Knoth
    Title:   Chief Financial Officer
Date:   July 9, 2018    

  

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EXHIBIT INDEX

 

Exhibit    
Number   Description
     
99.1   Press Release dated July 9 , 2018 .

 

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Exhibit 99.1

 

IEH Corporation Announces Fiscal 2018 Annual Results

 

BROOKLYN, N.Y., July 9, 2018 - IEH Corporation (OTC: IEHC) today announced results for the fiscal year ended March 30, 2018.

 

IEH Corporation reported revenues of $23.47 million for the fiscal year 2018, an increase of 16.6% as compared to revenues of $20.13 million for the fiscal year 2017.  Gross profit margin for the year was 37% as compared to 35% for the prior year.  Selling and administrative expenses increased on a dollar basis to $4 million but decreased as a percentage of sales to 17%, as compared to $3.75 million or 18.7% of sales in fiscal 2017. The Company reported net income of $2.56 million for fiscal 2018, or $1.11 per share, compared to net income of $1.47 million, or $.64 per share, in fiscal 2017.  These represent increases of 74% and 73%, respectively.

 

Dave Offerman, President and CEO of IEH Corporation commented, “We’re extremely pleased to have delivered strong 2018 results, characterized by meaningful revenue growth, gross margin improvement and a considerable increase in our Net Income.  This continues a trend of year-over-year top and bottom-line growth, all while maintaining inventory levels as a percentage of revenue and improving our cash on hand.  Our sales backlog continues to grow as a direct result of our ability to generate new program activity from existing customers and to attract new customers, both domestically and overseas.”

 

“Our success can be attributed to our sales team’s ability to target the right customers and applications for our high-performance connectors and interconnect solutions.  We continue to be challenged by rising labor costs, but our production and engineering staff remain focused on cost efficiencies that will maintain our margins and allow us to continue offering high-performance products at competitive prices for our customers’ demanding environments.  We are energized by our recent performance and optimistic about fiscal 2019, given the opportunities presented by our robust and growing sales backlog.”

 

About IEH Corporation

For over 77 years and 4 generations of family-run management, IEH Corporation has designed, developed, and manufactured printed circuit board (PCB) connectors, custom interconnects and contacts for high performance applications.  With its signature Hyperboloid technology, IEH supplies the most durable, reliable connectors for the most demanding environments.  The company markets primarily to companies in defense, aerospace, space and industrial applications, in the United States, Canada, Europe, Southeast and Central Asia and the Mideast.  The company was founded in 1941 and is based in Brooklyn, New York.

 

Dave Offerman

ph: 718-492-9698

fx: 718-492-9898

dave@iehcorp.com

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