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IEC > SEC Filings for IEC > Form 8-K on 22-Jan-2013All Recent SEC Filings

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Form 8-K for IEC ELECTRONICS CORP


22-Jan-2013

Regulation FD Disclosure


Item 7.01 Regulation FD Disclosure

On January 22, 2013, IEC Electronics Corp. (the "Company") distributed a presentation to be made at the Noble Financial Capital Markets 9th Annual Equity Conference to be held on January 22-23, 2013. A copy of the presentation is furnished as Exhibit 99.1 to this report and is incorporated by reference herein. Among others, the presentation reflects an adjustment in the revenue growth the Company currently expects for fiscal 2013 to a range between 6% and 9% over fiscal 2012 revenue.

To supplement the Company's financial information presented in accordance with generally accepted accounting principles ("GAAP"), the presentation attached as Exhibit 99.1 references EBITDA, which is a non-GAAP financial measure. A reconciliation of this non-GAAP financial measure to the most directly comparable financial measure calculated and presented in accordance with GAAP, Operating Income, isposted in the Investor Relations section of the Company's website, www.iec-electronics.com, and is furnished as Exhibit 99.2 to this report and is incorporated by reference herein.

This non-GAAP financial measure should not be considered in isolation or as a measure of the Company's profitability or liquidity; it is in addition to, and is not a substitute for, financial measures under GAAP. EBITDA may be different from non-GAAP financial measures used by other companies, and may not be comparable to similarly titled measures reported by other companies. Further, the Company may utilize other measures to illustrate performance in the future. Non-GAAP financial measures have limitations since they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP. The Company urges investors to carefully review the GAAP financial information included as part of the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and quarterly earnings releases.

The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA does not take into account working capital requirements, capital expenditures, debt service requirements and other commitments, and accordingly, EBITDA is not necessarily indicative of amounts that may be available for discretionary use. The Company views EBITDA as a useful measure of operating performance given the Company's strong operating margins and net operating loss carryforward (NOL). Additionally, the Company presents EBITDA as a supplemental measure because: (i) it is a basis upon which the Company assesses its liquidity position and performance; (ii) the Company believes that investors will find the data useful in assessing its ability to service and/or incur indebtedness; and (iii) certain covenants in the Company's credit facilities are tied to similar measures. The Company believes that EBITDA, when considered with both the Company's GAAP results and the reconciliation to operating income, provides a more complete understanding of the Company's business than could be obtained absent this disclosure.

The information in the above-mentioned presentation contains certain forward-looking statements made within the safe harbor provisions of The Private Securities Litigation Reform Act of 1995, and reflects the Company's current expectations rather than historical fact. These statements, such as those related to our future prospects, capabilities and results, involve risks and uncertainties, including in particular the risks and uncertainties referred to in the slides. The Company's actual results of operations may differ significantly from those contemplated by any forward-looking statements as a result of those and other factors, including the risk factors set forth in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2012 and other filings of the Company with the Securities and Exchange Commission.

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