IEC makes more cuts

Newark's Norton Street electronics manufacturer released more bad news today, and stocks have tumbled to 11 cents per share.

IEC Electronics Corp. (Nasdaq SmallCap Market: IECE) announced today that it reduced its Newark workforce by 35 percent last week. Chief Executive Officer Thomas W. Lovelock and Chief Financial Officer Richard L. Weiss have both left IEC, electing not to continue in management of the downsized company. Mr. Lovelock is available for consultation with the Company through March 31, 2003.

W. Barry Gilbert, Chairman of the Board has been appointed acting Chief Executive Officer and Bill R. Anderson, Vice President and General Manager has been appointed Chief Operating Officer.

IEC's Chairman Barry Gilbert said, 'The restructuring has been difficult, in fact gut-wrenching, for those personally involved. The contract electronics manufacturing industry is recovering slower than we had anticipated when we reduced headcount in March, and in response, we have had to reduce the workforce in Newark to make it compatible to the volume of current business in the facility.'

Gilbert added that he believed the workforce reduction to be temporary, and that the plant would call back employees as sales increase. '... We are firmly determined to take the necessary steps to restore financial stability and profitability.'

Effective June 5, IEC's shares are being traded on The Nasdaq SmallCap Market.

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