IEC Electronics (IEC) Announces Workforce Reduction at Its Newark, NY Facility

October 11, 2016 4:11 PM EDT

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IEC Electronics Corp. (NYSE MKT: IEC) today confirmed a workforce reduction of approximately 73 full time employees at its Newark, NY facility.

Jeffrey T. Schlarbaum, President & CEO of IEC Electronics commented, "We continue to proactively manage our expense structure as we move through the turnaround. As an outsourced contract manufacturer, our workforce needs fluctuate commensurate with the demands of customer programs. To that end, we have seen a softening in our near term backlog as we look into early fiscal 2017, and have taken proactive steps to align our cost structure with a workforce reduction at our Newark, New York facility as was recently reported by a local media outlet. We remain confident about the long term prospects of the company and look forward to providing a further update in mid-December when we announce our fourth quarter and fiscal year-end financial results."

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