IEH Corporation Files Form 10-Q for Fiscal Quarters Ended June 30, 2023 and September 30, 2023

BROOKLYN, NY / ACCESSWIRE / November 30, 2023 / IEH Corporation (OTC PINK:IEHC) today filed with the Securities and Exchange Commission its quarterly reports on Form 10-Q for the fiscal quarters ending June 30, 2023 and September 30, 2023.

For the quarter ended June 30, 2023, IEH had revenues of $4,679,845 as compared to $4,078,584 for the quarter ended June 30, 2022 reflecting a 14.7% increase; an operating loss of $1,334,392 for 1^st quarter fiscal year 2024 as compared to an operating loss of $2,097,845 for 1^st quarter fiscal year 2023; a net loss of $1,315,902 for 1st quarter fiscal year 2024 as compared to a net loss of 2,903,776 for 1^st quarter fiscal year 2023; and a basic loss per share of $.56 for 1^st quarter fiscal year 2024 as compared to a basic loss per share of $1.23 for first quarter fiscal year 2023.

For the quarter ended September 30, 2023, IEH had revenues of $4,810,988 as compared to $4,193,646 for the quarter ended September 30, 2022 reflecting a 14.7% increase; an operating loss of $1,120,435 for 2^nd quarter fiscal year 2024 as compared to an operating loss of $1,503,719 for 2^nd quarter fiscal year 2023; a net loss of $1,100,603 for 2^nd quarter of fiscal year 2024 as compared to a net loss of $1,445,342 for 2^nd quarter of fiscal year 2023; and a basic loss per share of $.46 for 2^nd quarter fiscal year 2024 as compared to a basic loss per share of $.61 for 2^nd quarter fiscal year 2023.

Dave Offerman, President and CEO of IEH Corporation commented, "By all appreciable indicators, IEH's financial metrics have improved in this first half of our fiscal year 2024, as compared to the same period of fiscal year 2023. Revenue has increased and our losses have narrowed. Although we are not yet approaching pre-COVID levels of revenue and net income, these most recent results demonstrate that we are moving in the right direction, and with a backlog that is now 28% higher than it was at the beginning of this fiscal year, further confirm that we are on a recovery trajectory. While progress may be choppy from one quarter to the next, the long-term trend certainly points upward.

In addition, with the publishing of these reports IEH is now up-to-date in our SEC filings. Having reached this point, we look forward to engaging with the SEC to resolve the pending administrative proceeding, and with the OTC Market Group, to make the necessary application to resume trading on their Marketplace.

On behalf of the management team and staff of IEH, we again wish to express our sincere gratitude for the patience and support of our valued shareholders while we worked through this process. We look forward to sharing more positive news in the coming months and quarters."