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IEC Electronics Corp. Message Board

  • hallhater hallhater May 3, 2013 6:10 AM Flag

    Silly little fatboy hallmark and his fake posting names are rabidly posting

    trying to make a 14 cent earnings restatement over two years worth of results caused by accounting error at one subsidiary sound like it is the end of the world. Of course it is not. I also see a fleabag outfit is trying to gin up a bogus lawsuit that will amount to absolutely nothing. I will reiterate what fatboy overlooks and that is IEC is most likely in play and has been for months and this accounting fart at SCB was quite possibly discovered by potential buyer(s) executing what could be called "forensic accounting" in doing their due diligence in conjunction with the buyout.
    An impending buyout is one of the few reasons the President and heir apparent to the CEO job left unceremoniously a few months back as obviously if their is a buyout, he has no chance of being CEO and would either be demoted or downsized by a larger acquirer. He is entitled to one years full pay as severance and only a fool would have kept on working for free as a buyout materializes and his potential CEOP job disappears at the same time.
    The only other reasonable explanation for his departure IMHO seems that he was a casualty of the 14 cent earnings restatement screwup and IEC states that is not the case in their 8k filing the other day.
    No matter what, it keeps coming back to how and why this accounting error totalling 14 cents a share at the SCB location was discovered. Remember that SCB has had to have been scrutinized heavily and constantly over the last three years---first when IEC was doing their due diligence prior to the purchase, and then as they monitored SCB's financial performance to see if they were entitled to clawback several million dollars in purchase price held in escrow if SCB did not meet performance goals as negotiated by IEC in the purchase agreement. Since IEC clawed back money from SCB's seller twice totalling more than 2 million dollars over 2 years it would seem they had to have scrutinized the books mighty closely. I say a buyer discovered this...

    Sentiment: Strong Buy

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    • Hallhater: very nice rebuttals & great reads, but did ceo sign financial reports? Your very sharp tongue posts help clear some things up for me. Thanks!
      where there is smoke, there is usually some kind of fire. I hope you're right and this is small fire or as you say a fart. Possible future iec buyers should keep stock price up or show others there is no hurry for anyone to panic sell. There is still a balance sheet of worth in future, no matter what happens.

    • You are right........ but a restatement is a restatement and with everything else going on it will require an enormous amount of energy to get this thing back on track, let alone regain any meaningful momentum going forward. Very difficult for current management to regain confidence of the investor community let alone any credibility. Too bad and to think that Forbes had them at number 3 last year. If it isn't in play the management team gets replaced and soon.

      • 2 Replies to schneider356
      • Do they have any credibility, special is Barry, If they don't have, how can we say they lost

      • Yes, I am right and, yes, you are wrong. Current management will not be management the second IEC is bought out. That is the end game, period, it always has and alwasy was IMHO as all small companies in this biz are not allowed to grow too big for too long if they are well run and profitable. This company has been very well run and is very profitable even in light of this 14 cent restatement covering 9 quarters. As a result most close to this story firmly believe IEC will be sold. This whole almost but not quite bogus and trifling accounting issue for work in progress at one company unit totalling 14 cents over two years plus completely smells like it is being reported in conjunction with a forensic accounting examination of IEC's books as part of a very very thorough due diligence review by the potential acquirer(s). This is not quite a non issue in the scheme of things but it is pretty darn close. I say an offer or offers will be made for IEC shortly that will render this little accounting blurb nothing more than a fart in a hurricane.

        Sentiment: Strong Buy

 
IEC
4.49-0.01(-0.22%)Apr 17 4:01 PMEDT

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