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4-Traders Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  IEH Corporation    IEHC

IEH CORPORATION (IEHC)
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IEH : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K)

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07/12/2018 | 11:33pm CEST
Statements contained in this report, which are not historical facts, may be
considered forward-looking information with respect to plans, projections, or
future performance of the Company as defined under the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are subject to
risks and uncertainties, which could cause actual results to differ materially
from those projected. The words "anticipate," "believe", "estimate", "expect,"
"objective," and "think" or similar expressions used herein are intended to
identify forward-looking statements. The forward-looking statements are based on
the Company's current views and assumptions and involve risks and uncertainties
that include, among other things, the effects of the Company's business, actions
of competitors, changes in laws and regulations, including accounting standards,
employee relations, customer demand, prices of purchased raw material and parts,
domestic economic conditions, including housing starts and changes in consumer
disposable income, and foreign economic conditions, including currency rate
fluctuations. Some or all of the facts are beyond the Company's control.



The following discussion and analysis should be read in conjunction with our
audited financial statements and related footnotes included elsewhere in this
report, which provide additional information concerning the Company's financial
activities and condition.


The Company designs, develops and manufactures printed circuit board connectors and custom interconnects for high performance applications.


                                      11

  Index

                                IEH CORPORATION



                                    PART II


Item 7. Management's Discussion and Analysis of Financial Condition and Results

         of Operations (continued)




Overview



All of our connectors utilize the HYPERBOLOID contact design, a rugged, high-reliability contact system ideally suited for high-stress environments. We are the only independent producer of HYPERBOLOID printed circuit board connectors in the United States.



Our customers consist of OEMs (Original Equipment Manufacturers) and
distributors who resell our products to OEMs. We sell our products directly and
through 25 independent sales representatives and distributors located in all
region of the United States, Canada, the European Union, Southeast Asia, Central
Asia and the Middle East.



The customers we service are in the Military, Aerospace, Space, Medical, Oil and
Gas, Industrial, Test Equipment and Commercial Electronics markets. We appear on
the Military Qualified Product Listing "QPL" to MIL-DTL-55302 and supply
customer requested modifications to this specification. Sales to the commercial
aerospace and military markets were 35% and 45%, respectively, of the Company's
net sales for the year ended March 30, 2018. Our offering of "QPL" items has
recently been expanded to include additional products.





Critical Accounting Policies



The financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America, which require the
Company to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements, and revenues and
expenses during the periods reported. Actual results could differ from those
estimates. The Company believes the following are the critical accounting
policies, which could have the most significant effect on the Company's reported
results and require the most difficult, subjective or complex judgments by
management.



· Impairment of Long-Lived Assets:

The Company reviews its long-lived assets for impairment whenever events or
circumstances indicate that the carrying amount of an asset may not be
recoverable. If the sum of the expected cash flows, undiscounted and without
interest, is less than the carrying amount of the asset, an impairment loss is
recognized as the amount by which the carrying amount of the asset exceeds its
fair value. The Company makes estimates of its future cash flows related to
assets subject to impairment review.



 · Inventory Valuation:


Raw materials and supplies are valued at the lower of average cost or market.
Finished goods and work in process are valued at the lower of actual cost,
determined on a specific identification basis, or market. The Company estimates
which materials may be obsolete and which products in work in process or
finished goods may be sold at less than cost, and adjusts their inventory value
accordingly. Future periods could include either income or expense items if
estimates change and for differences between the estimated and actual amount
realized from the sale of inventory.



 · Income Taxes:

The Company records a liability for potential tax assessments based on its
estimate of the potential exposure. Due to the subjectivity and complex nature
of the underlying issues, actual payments or assessments may differ from
estimates. Income tax expense in future periods could be adjusted for the
difference between actual payments and the Company's recorded liability based on
its assessments and estimates.



                                      12

  Index

                                IEH CORPORATION



                                    PART II


Item 7. Management's Discussion and Analysis of Financial Condition and Results

         of Operations (continued)



Critical Accounting Policies (continued)


 · Revenue Recognition:




Sales are recognized when revenue is realized or realizable and has been earned.
Revenue transactions represent sales of inventory. The Company has historically
adopted shipping terms that title to merchandise passes to the customer at the
shipping point (FOB Shipping Point).



Revenue is realized or realizable and earned when all of the following criteria are met:

· Persuasive evidence of an arrangement exists.

· Shipment has occurred.

· The Company's selling price for its products are fixed and determinable.

· Collectability is reasonable assured.




The Company does not offer any discounts, credits or other sales incentives.
Historically, the Company believes that it has no collection issues with its
customer base.


The Company's policy with respect to customer returns and allowances as well as product warranty is as follows:

The Company will accept a return of defective product within one year from
shipment for repair or replacement at the Company's option. If the product is
repairable, the Company at its own cost, will repair and return it to the
customer. If unrepairable, the Company will either offer an allowance against
payment or will reimburse the customer for the total cost of product. The cost
of defective products is immaterial at this time.



The Company provides engineering services as part of the relationship with its
customers in developing the custom product. The Company is not obligated to
provide such engineering service to its customers. The Company does not invoice
its customers separately for these services.







                                      13

  Index

                                IEH CORPORATION



                                    PART II


Item 7. Management's Discussion and Analysis of Financial Condition and Results

         of Operations (continued)




Results of Operations



Year End Results: March 30, 2018 vs. March 31, 2017



The following table sets forth for the periods indicated, percentages for
certain items reflected in the financial data as such items bear to the revenues
of the Company:



                         Relationship to Total Revenues



                                                    March 30,       March 31,
                                                      2018            2017

       Operating revenues (in thousands)           $    23,473     $   

20,128

Operating expenses:

(as a percentage of operating revenues)

             Costs of products sold                      62.8%           65.1%
             Selling, general and administrative         17.1%           18.7%
             Interest expense                              .2%             .3%
             Depreciation and amortization                1.4%            2.2%

                 TOTAL COSTS AND EXPENSES                81.5%           86.3%

       Operating income                                  18.5%           13.7%

       Other income                                         0%              0%

       Income before income taxes                        18.5%           13.7%

       Income taxes                                      (7.6% )         (6.5% )

       Net income                                        10.9%            7.2%




Net sales for the year ended March 30, 2018 amounted to $23,472,694 reflecting a $3,344,653 increase versus the year ended March 31, 2017 which amounted to $20,128,041. The increase in net sales is a direct result of the Company's efforts in increasing sales in both the commercial and international sectors.



The Company is primarily a manufacturer and its products are essentially basic
components of larger assemblies of finished goods. Approximately 90% of the
Company's net sales for the fiscal years ended March 30, 2018 and March 31,
2017, respectively, were made directly to manufacturers of finished products
with the balance of the Company's products sold to distributors.



Distributors often purchase connectors for customers who do not require large
quantities of connectors over a short period of time but rather require small
allotments of connectors over an extended period of time.



                                      14

  Index

                                IEH CORPORATION



                                    PART II


Item 7. Management's Discussion and Analysis of Financial Condition and Results

         of Operations (continued)



Results of Operations (continued)

Year End Results: March 30, 2018 vs. March 31, 2017 (continued)

During the fiscal year ended March 30, 2018, four customers accounted for $7,639,000 constituting 32.5% of the Company's net sales. One of those customers individually accounted for over 10% of the Company's net sales.

During the fiscal year ended March 31, 2017, five customers accounted for $6,946,000 constituting 34.5% of the Company's net sales. None of those customers accounted for 10% of the Company's net sales.



The Company currently employs 25 independent sales representatives to market its
products in all regions in the United States as well as in Canada, the European
Union (EU), Southeast Asia, Central Asia and the Middle East. These sales
representatives accounted for approximately 95% of the Company's net sales for
the year ended March 30, 2018, with the balance of net sales being generated by
direct customer contact.


For the fiscal year ended March 30, 2018, the Company's principal customers
included manufacturers of commercial electronic products, military defense
contractors and distributors who service these markets. Sales to the commercial
electronic and government markets comprised 80% of the Company's net sales for
the year ended March 30, 2018 and 88% for the year ended March 31, 2017,
respectively. Approximately 20% of net sales were made to international
customers for the year ended March 30, 2018 and 12% for the year ended March 31,
2017, respectively.



Cost of products sold amounted to $14,734,561 for the fiscal year ended March
30, 2018, or 62.8% of operating revenues. This reflected a $1,637,606 or 12.5%
increase in the cost of products sold of $13,096,955 or 65.1% of operating
revenues for the fiscal year ended March 31, 2017. This increase in cost of
products sold is due primarily to the increased cost of production associated
with the increase necessary to support the increase in sales.



Selling, general and administrative expenses were $4,006,950 and $3,754,803 or
17.1% and 18.7% of net sales for the fiscal years ended March 30, 2018 and March
31, 2017, respectively. This category of expenses increased by $252,147 or 6.7%
from the prior year. The increase can be attributed to an increase in travel and
sales commissions and the recognition of additional stock option compensation
expense.


For the fiscal year ended March 30, 2018, interest expense was $48,178 or .2% of net sales. For the fiscal year ended March 31, 2017, interest expense was $53,094 or .3% of net sales. The decrease of $4,916 or 9.3% reflects the decreased borrowings from the Factor during the year.

Depreciation and amortization of $330,037 or 1.4% of net sales was reported for the fiscal year ended March 30, 2018 as compared to $443,432 or 2.2% of net sales for the prior period.

The Company reported net income of $2,565,559 for the year ended March 30, 2018
representing basic earnings of $1.11 per share as compared to net income of
$1,473,976 or $.64 per share for the year ended March 31, 2017. The increase in
net income for the current year can be attributed primarily to the reported
increase in production and sales.



                                      15

  Index

                                IEH CORPORATION



                                    PART II


Item 7. Management's Discussion and Analysis of Financial Condition and Results

         of Operations (continued)



Results of Operations (continued)

Liquidity and Capital Resources

The Company reported working capital of $14,951,572 as of March 30, 2018 compared to working capital of $12,980,943 as of March 31, 2017. The increase in working capital of $1,970,629 was attributable to the following items:


                   Net income                      $ 2,565,559
                   Depreciation and amortization       330,037
                   Capital expenditures               (377,042 )
                   Cash dividend payments             (575,867 )
                   Other                                27,942
                                                   $ 1,970,629




As a result of the above, the current ratio (current assets to current
liabilities) was 7.56 to 1 at March 30, 2018 as compared to 9.52 to 1 at March
31, 2017. Current liabilities at March 30, 2018 were $2,280,760 as compared to
$1,522,944 at March 31, 2017.



The Company reported $377,042 in capital expenditures for the year ended March
30, 2018 and recorded depreciation expense of $330,047 for the year ended March
30, 2018.



Total stockholders' equity increased by $2,017,672 which represented the
reported net income for the year ended March 30, 2018 of $2,565,559 reduced by
the dividend paid of $575,867 and the increase of Capital in excess of par value
for the additional stock option compensation expense of $27,980. Accordingly,
the Company reported a total stockholders' equity of $17,072,216 as of March 30,
2018 as compared to total stockholders' equity as of March 31, 2017 of
$15,054,544.



The Company has an accounts receivable financing agreement with a non-bank
lending institution ("Factor") whereby it can borrow up to 80 percent of its
eligible receivables (as defined in such financing agreement) at an interest
rate of 2 ½% above JP Morgan Chase's publicly announced rate with a minimum
interest rate of 6% per annum.



The financing agreement has an initial term of one year and will automatically
renew for successive one-year terms, unless terminated by the Company or its
lender upon receiving 60 days' prior notice. Funds advanced by the Factor are
secured by the Company's accounts receivable and inventories. As of March 30,
2018, the Company had reported excess payments to the Factor of $154,960 as
compared to March 31, 2017 when the Company had reported excess payments to the
Factor of $191,430. These excess payments are reported in the accompanying
financial statements as "Excess payments to accounts receivable factor."



In the past two fiscal years, management has been reviewing its collection
practices and policies for outstanding receivables and has revised its
collection procedures to a more aggressive collection policy. As a consequence
of this new policy the Company's experience is that its customers have been
remitting payments on a more consistent and timely basis. The Company reviews
the collectability of all accounts receivable on a monthly basis. The reserve is
less than 2% of average gross accounts receivable and is considered to be
conservatively adequate.



The Company has a collective bargaining multi-employer pension plan ("Multi-Employer Plan") with the United Auto Workers of America, Local 259. Contributions are made in accordance with a negotiated labor contract and are based on the number of covered employees employed per month.


                                      16

  Index

                                IEH CORPORATION



                                    PART II


Item 7. Management's Discussion and Analysis of Financial Condition and Results

         of Operations (continued)



Results of Operations (continued)

Year End Results: March 30, 2018 vs. March 31, 2017 (continued)

Liquidity and Capital Resources (continued)



With the passage of the 1990 Act the Company may become subject to liabilities
in excess of contributions made under the collective bargaining agreement.
Generally, these liabilities are contingent upon the termination, withdrawal, or
partial withdrawal from the Multi-Employer Plan. The Company has not taken any
action to terminate, withdraw or partially withdraw from the Multi-Employer Plan
nor does it intend to do so in the future. Under the 1990 Act, liabilities would
be based upon the Company's proportional share of such Plan's unfunded vested
benefits, which is currently not available. The amount of accumulated benefits
and net assets of such Plan also is not currently available to the Company. The
total contributions charged to operations under the Plan were $151,314 for the
year ended March 30, 2018 and $134,843 for the year ended March 31, 2017.



Stock Option Plan


On August 31, 2011, the Company's shareholders approved the adoption of the
Company's 2011 Equity Incentive Plan ("2011 Plan") to provide for the grant of
stock options and restricted stock awards to purchase up to 750,000 shares of
the Company's common stock to all employees, consultants and other eligible
participants including senior management and members of the Board of Directors
of the Company. The 2011 Plan replaced the prior 2002 Employee Stock Option Plan
which had expired in accordance with its terms.



Options granted to employees under the 2011 Plan may be designated as options
which qualify for incentive stock option treatment under Section 422A of the
Internal Revenue Code, or options which do not qualify (non-qualified stock
options).



Under the 2011 Plan, the exercise price of an option designated as an incentive
stock option shall not be less than the fair market value of the Company's
common stock on the day the option is granted. In the event an option designated
as an incentive stock option is granted to a ten percent (10%) or greater
shareholder, such exercise price shall be at least 110 percent (110%) of the
fair market value of the Company's common stock and the option must not be
exercisable after the expiration of ten years from the day of the grant. The
2011 Plan also provides that holders of options that wish to pay for the
exercise price of their options with shares of the Company's common stock must
have beneficially owned such stock for at least six months prior to the exercise
date.



Exercise prices of non-incentive stock options may be less than the fair market
value of the Company's common stock. The aggregate fair market value of shares
subject to options granted to a participant(s), which are designated as
incentive stock options, and which become exercisable in any calendar year,
shall not exceed $100,000.



On July 1, 2015, our Board of Directors granted 245,000 non-qualified options to
purchase shares of the Company's common stock under the 2011 Plan, including,
without limitation, as follows: (i) Michael Offerman, our then Chief Executive
Officer, was granted 75,000 options; (ii) Robert Knoth, our Chief Financial
Officer, was granted 50,000 options; (iii) four non-executive officer key
employees were granted an aggregate of 110,000 options including David Offerman
(then Vice-President of Sales and Marketing) who was granted 50,000 options; and
(iv) each of our non-management directors, Allen Gottlieb and Gerald Chafetz,
was

granted 5,000 options. The stock options (i) have a ten-year term; (ii) have an
exercise price equal to



                                      17

  Index

                                IEH CORPORATION



                                    PART II


Item 7. Management's Discussion and Analysis of Financial Condition and Results

         of Operations (continued)



Results of Operations (continued)

Year End Results: March 30, 2018 vs. March 31, 2017 (continued)

Liquidity and Capital Resources (continued)


Stock Option Plan (continued)


the fair market value of the Company's common stock as determined under the 2011
Plan, as reported in the OTCBB, on the date of grant ($6.00), except that the
options granted to Michael Offerman had an exercise price equal to 110% of such
fair market value ($6.60) because he owned ten percent (10%) or greater of the
Company's outstanding common stock; and (iii) were all immediately vested. In
the event of the termination of each recipient's employment by, or association
with, the Company (as applicable), the options will remain exercisable in
accordance with the terms of the 2011 Plan.



Effective August 15, 2016, the Board of Directors also approved the granting of
stock options to purchase shares of the Company's common stock under the 2011
Plan to each of Dr. Marciano and Mr. Hugel as follows: Each of the new
non-management directors will receive a grant of options totaling 5,000 shares
each subject to the following vesting schedule: (i) 1,000 shares vested
immediately (August 15, 2016); (ii) 2,000 shares vested on August 15, 2017; and
(iii) 2,000 shares will vest on August 15, 2018. The stock options (i) have a
ten-year term; and (ii) have an exercise price equal to the fair market value of
the Company's common stock as determined under the 2011 Plan, as reported in the
OTCBB, on the date of grant ($5.30). In the event of the termination of each
recipient's association with the Company, the options will remain exercisable in
accordance with the terms of the 2011 Plan.



The table below summarizes the option awards for the named executive officers and non-management directors:


                   Name                     Stock Option Grants
                   Michael Offerman (1)                  75,000
                   Robert Knoth                          50,000
                   David Offerman (2)                    50,000
                   Allen Gottlieb                         5,000
                   Gerald Chafetz                         5,000
                   Sonia Marciano (3)                     5,000
                   Eric Hugel (3)                         5,000



(1) On March 24, 2017, Michael Offerman died suddenly. Options are exercisable

for a period of 12 months from the date of death by his personal

representatives, heirs and legatees to the same extent Michael Offerman could

have exercised such options as if he had not died. After the expiration of

the fiscal year ended March 30, 2018, the Estate of Michael Offerman

exercised all options for such 75,000 shares of common stock. (See Note 13 to

the Financial Statements)

(2) On March 26, 2017, the Board of Directors of the Company held a special

meeting by telephonic conference call and elected David Offerman to replace

Michael Offerman as Chairman of the Board, President and Chief Executive

Officer.

(3) As of July 11, 2018, the recipients had vested options to purchase 3,000

     shares of common stock and unvested options to purchase 2,000 shares of
     common stock.




                                      18

  Index

                                IEH CORPORATION



                                    PART II


Item 7. Management's Discussion and Analysis of Financial Condition and Results

         of Operations (continued)



Results of Operations (continued)

Year End Results: March 30, 2018 vs. March 31, 2017 (continued)

Liquidity and Capital Resources (continued)


Stock Option Plan (continued)


Stock-based compensation expense



Stock-based compensation expense, shown in the table below, is recorded in
general and administrative expenses included in our statement of operations:



                                                    Year ended         Year ended
                                                  March 30, 2018     March 31, 2017
                                       Ref        (in thousands)     (in thousands)
       IEH employees                             $          -       $         -
       Non-employee directors                              28                 -
       Total stock option expense        (a)     $         28       $         -



(a): The Company reported additional compensation expense of $27,980 during the

      year ended March 30, 2018 resulting from stock options granted during the
      year ended March 31, 2017.



Unrecognized stock-based compensation expense


                                                               Year ended             Year ended
                                                            March 30, 2018         March 31, 2017
                                              Ref            (in thousands)         (in thousands)
Unrecognized expense for IEH
employees                                                   $           -          $           -
Unrecognized expense for
Non-employee directors                                                 14                     42
Total unrecognized expense                     (b)          $          14          $          42



(b): Unrecognized stock-based compensation expense related to prior years' equity

grants of stock options to non-employee directors, that had not vested as of

      the end of the applicable fiscal year.



Note: Stock option grants to IEH officers, directors and key employees in the fiscal years ended March 30, 2018 and March 31, 2017 were valued using a Black-Scholes model, under the following criteria:


                                       March 30, 2018      March 31, 2017
            Risk free interest rate              2.09 %              1.88 %
            Contractual term                 10 years            10 years
            Dividend yield                         -                    -
            Expected lives                   10 years            10 years
            Expected volatility                    64 %                56 %
            Fair value per option     $          5.85     $          6.00






                                      19

  Index



The following table shows the activity for the fiscal years ended March 30, 2018
and March 31, 2017.



                                                                         Weighted Avg.       Remaining         Aggregate
                                                                         Exercise            Contractual       Intrinsic Value
                                                           Shares        Price               Term (Years)      (in thousands)
Outstanding at the Beginning of the Year     3/25/2016       245,000     $ 
        6.18              9.27     $              -
      Granted                                8/15/2016        10,000     $          5.30             10.00                    -
      Exercised                                                    0
      Forfeited or Expired                                         0
Outstanding at the End of the Year           3/31/2017       255,000     $ 
        6.15              8.82     $             38
      Fully Vested                                           247,000     $          6.05
      Exercisable at the End of the Year
      March 31 2017                                          247,000
Outstanding at the Beginning of the Year     3/31/2017       255,000     $          6.15              8.82     $            125
      Granted                                                      0
      Exercised                                                    0
      Forfeited or Expired                                         0
Outstanding at the End of the Year           3/30/2018       255,000     $ 
        6.15              8.07     $          3,852
      Fully Vested                                           251,000     $          6.02
      Exercisable at the End of the Year                     251,000




The aggregate intrinsic value in the table above represents the total pretax
intrinsic value (i.e., the difference between the Company's closing stock price
on the last trading day of the period and the exercise price, times the number
of shares) that would have been received by the option holders had all option
holders exercised their in-the-money options on those dates. This amount will
change based on the fair market value of the Company's common stock.



The Company intends to provide additional information regarding the compensation
awarded to the named executive officers and non-management directors in respect
of and during the fiscal year ended March 30, 2018, in the proxy statement for
the Company's 2018 annual meeting of shareholders.



Cash Bonus Plan


In 1987, the Company adopted the Cash Bonus Plan for non-union, management and
administration staff. Contributions to the Cash Bonus Plan are made by the
Company only when the company is profitable for the fiscal year, and aim not to
exceed 1.5% of gross revenues for the fiscal year. Accordingly, the Company has
accrued a contribution provision of $324,000 for the year ended March 30, 2018.
For the fiscal year ended March 31, 2017, the contribution was $324,000.



Effects of Inflation



The Company does not view the effects of inflation to have a material effect
upon its business. Increases in costs of raw materials and labor costs have been
offset by increases in the price of the Company's products, as well as
reductions in costs of production, reflecting management's efforts in this area.
While the Company has in the past increased its prices to customers, it has
maintained its relatively competitive price position.



                                      20

  Index

                                IEH CORPORATION



                                    PART II


Item 7. Management's Discussion and Analysis of Financial Condition and Results

         of Operations (continued)



Results of Operations (continued)

Year End Results: March 30, 2018 vs. March 31, 2017 (continued)

Liquidity and Capital Resources (continued)

Effects of Inflation (continued)

However, significant decreases in government and military subcontractor spending have provided excess production capacity in the industry, which in turn has tightened pricing margins.

The Company does not have any off-balance sheet arrangements within the meaning of Item 303 of Regulation S-B.

© Edgar Online, source Glimpses

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Chart IEH CORPORATION
Duration : Period :
IEH Corporation Technical Analysis Chart | IEHC | US44949K1079 | 4-Traders
Managers
NameTitle
David Offerman Chairman, President & Chief Executive Officer
Mark Iskin Vice President-Operations & Purchasing Director
Robert C. Knoth CFO, Secretary, Treasurer & Controller
Robert Romeo Vice President-Engineering
Gerald E. Chafetz Independent Director
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