IEH Corp Files Response to SEC Motion in Administrative Proceeding and Provides an Update on Revenue and Operations

BROOKLYN, NY / ACCESSWIRE / March 22, 2023 / On March 15, 2023, IEH Corporation filed its Opposition Brief in response to the March 1, 2023 Securities and Exchange Commission ("SEC") Division of Enforcement's ("Division") Motion for Summary Disposition. Our brief can be found here:

https://d2jidt2wnq36bs.cloudfront.net/investor_files/2023/3-20973_2023 ...

Dave Offerman, President and CEO of IEH Corporation commented, "We encourage our shareholders and the investing community to read our response to the Division's latest motion, as it effectively outlines the company's efforts to become current in its SEC reporting obligations, and sets forth the reasons why IEH believes revocation of its registration is not warranted. As a long-standing, fourth generation New York manufacturer which has been publicly-traded for decades, and which generates revenues and profits while supporting critical defense and commercial aerospace customers and applications, we intend to oppose this SEC proceeding and argue that revocation is not appropriate. While it is true we are not current with our SEC periodic reports, we have nearly completed our efforts to reconcile the inventory accounting discrepancies which have caused our delayed filings.

The ‘Super-10K' mentioned in prior releases, which will aggregate certain past due periods in one filing and provide more information on our operations and finances, is currently under review with our auditors, and we expect to be able to file it with the SEC in the coming weeks. In the meantime, we can provide an update on data not affected by the inventory accounting issues. The following table provides relevant expected financial data:

Foto: Accesswire

Although revenue is still well below our 2020 high, it has picked up over the last few months, and we expect to finish higher than the $16-18 million initially estimated. After declining for much of 2022, our cash position has stabilized in recent months, and our backlog, after similarly falling for much of the past year, has risen 71% since the beginning of the fiscal year. This bodes very well for IEH, as it demonstrates that after a difficult two years following the Boeing 737Max grounding and COVID disruptions, we are on a recovery trajectory, with a very bright outlook for growth in the coming years.