IEH Corporation Files 10-Q’s And 10-K For Fiscal Year Ended March 31, 2023

BROOKLYN, NY / ACCESSWIRE / October 6, 2023 / IEH Corporation (OTC PINK:IEHC) today filed with the Securities and Exchange Commission its quarterly reports on Form 10-Q for Q1 through Q3 of the Fiscal Year ended March 31, 2023, and its annual report on Form 10-K covering the Fiscal Year ended March 31, 2023. In addition, IEH is in the process of preparing its Form 10-Q's for the first two quarters of the current Fiscal Year ending March 31, 2024, in an effort to become current in its SEC filings.

For the Fiscal Year ended March 31, 2023, IEH had revenues of $19,136,890 as compared to $24,265,589 for the Fiscal Year ended March 31, 2022 reflecting a 21.1% decrease; an operating loss of $5,812,812 for Fiscal Year 2023 as compared to an operating loss of $938,933 for Fiscal Year 2022; a net loss of $6,502,924 for Fiscal Year 2023 as compared to net income of $1,438,134 for Fiscal Year 2022; and a basic loss per share of $2.74 as compared to a basic net gain per share of $0.61 for Fiscal Year 2022.

Dave Offerman, President and CEO of IEH Corporation commented, "Although the financial metrics of this past fiscal year were, as forecasted, much lower than the few years prior, IEH is nonetheless pleased to be able to share these statements, which bring us one step closer to being fully caught up and current in our SEC filings, following the long and arduous process of migrating our accounting from the legacy system to the current SAP platform.

As discussed extensively in prior communications, the devastating effects of COVID-19 on commercial aviation and the aerospace supply chain, following directly on the heels of the Boeing 737Max jet grounding, severely diminished IEH's revenue, as a large percentage of our overall earnings were generated from the commercial aerospace sector. These impacts were exacerbated by slowdowns in military spending on some of the programs we support, as well as a revenue reduction from overseas markets, particularly China, where COVID lockdowns were more sweeping and prolonged. As is typical in our industry, IEH only began to feel the effects of these events beginning in Fiscal Year 2022, reaching their nadir in Fiscal Year 2023. Now that we believe the rebound in the commercial aerospace sector has finally begun to cascade down to the Tier II and Tier III component suppliers, so has our revenue recovery begun to accelerate in earnest. In addition, we estimate that defense spending is expected to again rise, as current and potential conflicts and heightened tensions portend new rounds of funding in many of the programs we support.