Business
IEH Corporation Announces Revenue Guidance for Fiscal Year Ending March 31, 2021 and Status of Exchange Act filings
IEH Corporation Announces Revenue Guidance for Fiscal Year Ending March 31, 2021 and Status of Exchange Act filings.
About this update from Ieh Corp.
[{"type":"text","content":"BROOKLYN, NY / ACCESSWIRE / December 8, 2020 / IEH Corporation (OTCQX:IEHC) announced today guidance regarding projected revenue for its fiscal year ending March 31, 2021 and the status of its delinquent Securities Exchange Act filings and certain other matters.Forecast Revenue for March 30, 2021 Year EndIEH projects revenue for the fiscal year ending March 31 2021 to be between $32 and $34 million, or between flat and 5% ahead of prior year ending March 31 2020. Management is basing the estimated forecast upon current production levels and backlog of committed deliveries. Revenue for the last fiscal year which ended March 31, 2020 was approximately $32,150,000IEH management is not providing estimates of, or guidance related to, income, operating expenses or earnings per share.Status of Delinquent Exchange Act FilingsManagement of the Company continues to work towards filing its delinquent quarterly reports on Form 10-Q for the June 30th and September 30th fiscal quarters, but are unable at this time to provide an accurate estimate of when its Exchange Act filings will be completed.Dave Offerman, President and CEO of IEH Corporation commented, "In light of our original delay in timely filing of our annual report on Form 10-K for March 2020 and ensuing delays in filing our 10-Qs for June 30 2020 and September 30 2020, as well as the COVID-19 impact on our operations and our industry, we wanted to provide investors with as much visibility as we can on how the business is performing. As I said in our shareholder letter, we are in the process of upgrading our financial infrastructure to reconcile discrepancies in our inventory accounting, and while this transition is a priority for all of us, it has caused delays in our reporting. That said, with the support of our customers, we are pleased to report that we expect revenue to be between $32 and $34 million, which would be flat to 5% ahead of our last fiscal year. This estimate is based on our current production levels and our backlog of committed deliveries. In what has been a most challenging year, we are highly encouraged that our sales and operations have maintained this high level of performance and continued growth. It would be premature at this point to estimate income or earnings, as those are tied to the inventory accounting issues noted in my shareholder's letter. ...