SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
FORM 10-QSB
[ ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1995
----------------------
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to _______________
Commission File No. 0-5258
IEH CORPORATION
(Exact name of registrant as specified in its charter)
New York 1365549348
- ------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
140 58th Street, Suite 8E, Brooklyn, New York 11220
---------------------------------------------------
(Address of principal executive office)
Registrant's telephone number, including area code: (718) 492-4440
---------------
________________________________________________________________________________
Former name, former address and former fiscal year,
if changed since last report.
Check whether the Issuer: (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.
Yes [ X ] No [ ]
2,303,502 shares of Common Shares, par value $.50 per share, were
outstanding as of Febraury 9, 1996.
<PAGE>
IEH CORPORATION
CONTENTS
PART 1 - FINANCIAL INFORMATION:
ITEM 1 - FINANCIAL STATEMENTS
Balance Sheets
December 31, 1995 (Unaudited)
and March 31, 1995
Statement of Operations
(Unaudited) for the nine months
ended December 31, 1995 and
December 30, 1994
Statement of Cash Flows (Unaudited)
for the nine months ended December 31, 1995
and December 30, 1994
Notes to Financial Statements
(Unaudited)
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
PART II - OTHER INFORMATION
<PAGE>
IEH CORPORATION
BALANCE SHEETS
As of December 31, 1995 and March 31, 1995
<TABLE>
<CAPTION>
December 31, March 31,
1995 1995
---------- ----------
(Unaudited) (Note 1)
<S> <C> <C>
ASSETS
CURRENT ASSETS:
Cash ............................................... $ 7,204 $ 300
Accounts receivable,less allowance for
doubtful accounts of $10,062 at Dec 31, 1995,
and March 31, 1995 ................................ 763,909 793,083
Inventories ( Note 2 ) ............................. 993,497 1,020,309
Prepaid expenses and other current assets ( Note 3 ) 88,247 89,001
Other receivables .................................. 89,733 35,771
---------- ----------
Total current assets ............................. 1,942,590 1,938,464
---------- ----------
PROPERTY, PLANT AND EQUIPMENT,less accumulated
depreciation and amortization of $4,903,330 at
Dec 31, 1995 and $4,704,880 at March 31, 1995 ...... 1,578,764 1,630,362
---------- ----------
OTHER ASSETS:
Prepaid pension cost ............................... 160,652 160,652
Other assets ....................................... 47,882 49,007
---------- ----------
208,909 209,659
---------- ----------
Total assets ...................................... $3,729,888 $3,778,485
========== ==========
</TABLE>
See accompanying notes to financial statements
<PAGE>
IEH CORPORATION
BALANCE SHEETS
As of December 31, 1995 and March 31, 1995
<TABLE>
<CAPTION>
December 31, March 31,
1995 1995
----------- -----------
(Unaudited) (Note 1)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts receivable financing ............................. $ 632,469 $ 585,620
Notes payable, current portion ............................ 2,434 15,706
Loan payable, current portion (Note 5 ) ................... 39,281 43,604
Accrued corporate income taxes ............................ 30,508 13,794
Union pension, health and welfare,current portion (Note 6 ) 120,000 120,000
Accounts payable .......................................... 1,130,312 953,532
Other current liabilities (Note 4 ) ....................... 199,340 262,892
----------- -----------
Total current liabilities ............................... 2,154,344 1,995,148
----------- -----------
LONG-TERM LIABILITIES:
Pension plan payable ...................................... 437,944 438,651
Notes payable, less current portion ....................... 1,798 4,750
Loan payable, less current portion (Note 5 ) .............. 293,599 320,533
Union pension, health and welfare,long-term ( Note 6 ) .... 312,084 325,947
----------- -----------
Total long-term liabilities ............................ 1,045,425 1,089,881
----------- -----------
Total liabilities ....................................... 3,199,769 3,085,029
----------- -----------
STOCKHOLDERS' EQUITY:
Common stock, $.50 par value;
10,000,000 shares authorized,
2,303,502 shares issued and outstanding .................. 1,151,751 1,151,751
Capital in excess of par value ............................ 1,615,874 1,615,874
Retained earnings, ( Deficit ) ............................ (2,237,506) (2,074,169)
----------- -----------
Total stockholders' equity .............................. 530,119 693,456
----------- -----------
Total liabilities and stockholders' equity .............. $ 3,729,888 $ 3,778,485
=========== ===========
</TABLE>
See accompanying notes to financial statements
<PAGE>
IEH CORPORATION
STATEMENT OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended Three Months Ended
------------------------------- -------------------------------
Dec 31, Dec 30, Dec 31, Dec 30,
1995 1994 1995 1994
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
REVENUES,net sales ... $ 2,907,035 $ 3,914,514 $ 1,036,549 $ 1,263,053
----------- ----------- ----------- -----------
COSTS AND EXPENSES:
Cost of products sold 2,240,467 2,939,085 759,504 959,457
Selling, general and
administrative .... 500,664 656,478 165,343 204,279
Interest ............ 111,297 107,922 41,304 40,332
Depreciation and
amortization ...... 199,350 202,050 66,450 67,650
----------- ----------- ----------- -----------
3,051,778 3,905,535 1,032,601 1,271,718
----------- ----------- ----------- -----------
OPERATING INCOME(LOSS) (144,743) 8,979 3,948 (8,665)
----------- ----------- ----------- -----------
OTHER INCOME ......... 306 -- -- --
----------- ----------- ----------- -----------
INCOME (LOSS) BEFORE
INCOME TAXES ........ (144,437) 8,979 3,948 (8,665)
----------- ----------- ----------- -----------
PROVISION FOR
INCOME TAXES ........ 18,900 20,430 6,300 7,975
----------- ----------- ----------- -----------
NET INCOME (LOSS) .... $ (163,337) $ (11,451) $ (2,352) $ (16,640)
=========== =========== =========== ===========
NET INCOME (LOSS) PER
COMMON SHARE ........ $ (.07) $ (.005) $ (.001) $ (.01)
=========== =========== =========== ===========
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES OUTSTANDING
(in thousands) ...... 2,304 2,304 2,304 2,304
=========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements
<PAGE>
IEH CORPORATION
STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
---------------------------
December 31, December 30,
1995 1994
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income(loss) ........................................ $(163,337) $ (11,451)
--------- ---------
Adjustments to reconcile net income(loss)
to net cash used in operating activities:
Depreciation and amortization ......................... 199,350 202,050
Changes in assets and liabilities:
(Increase) decrease in accounts receivable ............ 29,174 219,922
(Increase) decrease in inventories .................... 26,812 (16,411)
(Increase) decrease in prepaid expenses
and other current assets ........................... 754 24,559
(Increase) decrease in other receivables .............. (53,962) 7,220
(Increase) decrease in other assets ................... 750 8,624
(Increase) decrease in prepaid and refundable
income taxes ....................................... -- 271
(Decrease) increase in accounts payable ............... 176,780 (18,839)
(Decrease) increase in other current liabilities ...... (63,477) (19,566)
Increase in accrued corporate income taxes payable .... 16,714 10,427
Increase in due to union pension and health and welfare (13,863) (59,011)
(Decrease) increase in pension plan payable ........... (707) (30,862)
--------- ---------
Total adjustments ............................ 318,325 328,384
--------- ---------
NET CASH USED IN OPERATING ACTIVITIES ..................... 154,988 316,933
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment .............. (147,372) (181,533)
--------- ---------
NET CASH PROVIDED BY (USED IN)
INVESTING ACTIVITIES .................................. (147,372) (181,533)
--------- ---------
</TABLE>
See accompanying notes to financial statements
<PAGE>
IEH CORPORATION
STATEMENTS OF CASH FLOWS (CONTINUED)
Increase (Decrease) in Cash
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
---------------------------
December 31, December 30,
1995 1994
--------- ---------
<S> <C> <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on notes payable ............... $ (16,224) $ --
Principal payments on notes payable ............... -- 8,792
Proceeds from loan payable ........................ -- --
Proceeds from accounts receivable financing ....... 46,849 (110,356)
Principal payments on accounts receivable financing -- --
Principal payments on loan payable ................ (31,337) (31,876)
--------- ---------
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES ............................ (712) (133,440)
--------- ---------
INCREASE (DECREASE) IN CASH ........................ 6,904 (1,960)
CASH, beginning of year ............................ 300 8,173
--------- ---------
CASH, end of year .................................. $ 7,204 $ 6,213
========= =========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION,
cash paid during the nine months for:
Interest ....................................... $ 111,297 $ 107,922
========= =========
Income Taxes ................................... $ 18,900 $ 20,430
========= =========
</TABLE>
See accompanying notes to financial statements
<PAGE>
IEH CORPORATION
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 1- FINANCIAL STATEMENTS:
The accompanying financial statements of IEH Corporation("The Company")
for the nine months ended December 31, 1995 and December 30, 1994 have
been prepared in accordance with the instructions to Form 10-QSB and do
not include all of the information and footnotes required by generally
accepted accounting principles. The financial statements have been
prepared by management from the books and records of the Company and
reflect, in the opinion of management, all adjustments (consisting of
normal recurring accruals) necessary for a fair presentation of the
financial position, results of operations, and cash flows of the
Company. These statements should be read in conjunction with the
financial statements and notes thereto included in the Company's annual
report Form 10- KSB for the fiscal year ended March 31, 1995. The
balance sheet at March 31, 1995 has been taken from the audited
financial statements of that date.
Note 2- INVENTORIES:
Inventories are comprised of the following:
<TABLE>
<CAPTION>
December 31, March 31,
1995 1995
---------- ----------
(Unaudited)
<S> <C> <C>
Raw materials ........................ $ 560,030 $ 575,144
Work in process ...................... 112,046 115,070
Finished goods ....................... 321,421 330,095
---------- ----------
$ 993,497 $1,020,309
========== ==========
</TABLE>
Inventories are priced at the lower of cost (first-in, first -out
method) or market. During the current fiscal year, the Company
established a reserve for obsolescence to reflect net realizable value.
The balance of this reserve as of December 31, 1995 was $36,000.
Inventories at December 31, 1995 are recorded net of this reserve.
<PAGE>
Note 3- PREPAID EXPENSES AND OTHER CURRENT ASSETS:
Prepaid expenses and other current assets are comprised of the
following:
<TABLE>
<CAPTION>
December 31, March 31,
1995 1995
------- -------
(Unaudited)
<S> <C> <C>
Prepaid insurance .......................... $65,983 $20,843
Other current assets ....................... 22,264 68,158
------- -------
$88,247 $89,001
======= =======
</TABLE>
Note 4- OTHER CURRENT LIABILITIES:
Other current liabilities are comprised of the following:
<TABLE>
<CAPTION>
December 31, March 31,
1995 1995
-------- --------
(Unaudited)
<S> <C> <C>
Payroll and vacation accruals ................ $ 19,554 $ 15,075
Sales commissions ............................ 28,316 7,315
License fees ................................. 75,417 75,417
Pension plan payable ......................... 26,335 35,049
Other ........................................ 49,718 130,036
-------- --------
$199,340 $262,892
======== ========
</TABLE>
Note 5- LOAN PAYABLE:
On July 22, 1992, the Company obtained a loan of $435,000 from the New
York State Urban Development Corporation, ("UDC") collateralized by
machinery and equipment. The loan is payable over ten years, with
interest rates progressively increasing from 3% to 7%. On May 25, 1995
the UDC increased the rate of interest 1% to 5% per annum retroactive
to March 31, 1995. The balance remaining at December 31, 1995 was
$332,880.
<PAGE>
Aggregate future principal payments are as follows:
Fiscal Year Ending March:
1995 $ 10,748
1996 43,603
1997 44,543
1998 46,314
Thereafter 187,672
---------
$ 332,880
=========
As of December 31, 1995, the Company had failed to meet one of the
financial covenants of the loan agreement; namely that the "Company
shall be obligated to maintain a tangible net worth of not less than
$1,000,000 for the duration of the loan". The Company reported tangible
net worth of $530,119 at December 31, 1995. The inability of the
Company to meet this covenant is ascribed to the reported net loss of
$637,899 for the year ended March 26, 1993 which reduced tangible net
worth from $1,467,280 as reported at March 27, 1992.
The Company had previously received a waiver of this covenant from the
UDC through the period ending March 31, 1994. The UDC is presently
reviewing the financial statements of the Company for the year ended
March 31, 1995 with respect to consideration of the granting of an
additional waiver of this covenant.
There are no assurances that the Company will receive any additional
waivers of this covenant through the period ending December 31, 1995.
Should the Company not receive any additional waivers of this covenant,
then it will be deemed to be in default of this loan obligation to the
UDC and the entire loan plus interest will become due and payable.
<PAGE>
Note 6- COMMITMENTS:
The Company has, with the United Auto Workers of America, Local 259, a
collective bargaining multi-employer pension plan. Contributions are
made in accordance with a negotiated labor contract and are based on
the number of covered employees employed per month. With the passage of
the Multi-Employer Pension Amendments Act of 1980 ("The 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 Plan. The Company has not taken any action to
terminate, withdraw or partially withdraw from the Plan nor does it
intend to do so in the future. Under the Act, liabilities would be
based upon the Company's proportional share of the 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. Total contributions charged to operations
under this pension plan were $31,123 for the nine months ended December
31, 1995.
In December, 1993, the Company and Local 259 entered into a verbal
agreement whereby the Company would satisfy this debt by the following
payment schedule:
The sum of $10,000 will be paid by the Company each month in
satisfaction of the current arrears until this total debt has been
paid. Under this agreement, the projected payment schedule for arrears
will satisfy the total debt in 49 months.
Additionally, both parties have agreed that current obligatory funding
by the Company will be made on a timely current basis.
Effective February 1, 1995, the Company withdrew from the union's
health and welfare plan,and offered and provided its employees an
alternative health insurance plan.
As of December 31, 1995, the Company reported arrears with respect to
its past contributions to the union's health and welfare plan and
contributions to the pension plan. The amount due the health and
welfare plan was $199,809 and the amount due the pension plan was
$232,195, for a total of $432,004.
Subsequent to the balance sheet date, the Company was notified that the
United Auto Workers of America, Local 259, that in the Union's
determination, the Company had affected a withdrawal liability from the
pension plan, and that the Company's liability was greater than what
the Company has reported.
The Company is contesting the union's determination and at present is
seeking documentation from the union to verify the claim as to
withdrawal and the claimed lability.
The Company has a pension plan for its salaried employees. At December
31, 1995, the Company reported a total pension liability of $464,279.
Of this amount, $26,335 is included in other current liabilities, with
the balance of $437,944 being reported as a long-term liability. The
Company has been unable to fund contributions to the Plan and has
applied to the Internal Revenue Service for a waiver of the minimum
funding requirement. Additionally, the Company has applied to the
Pension Benefit Guaranty Corporation for relief and termination of the
Plan. No final determination has been made by either the Internal
Revenue Service or the Pension Benefit Guaranty Corporation to the
Company's requests.
Note 7- CONTINGENCIES:
In 1979, the Company entered into an agreement with Brevetron S.A. for
the manufacture and sale of certain electrical connectors. The
agreement was a so-called "hybrid" agreement involving a license under
both patent rights and know-how. The license was non-exclusive, and in
fact the Company encountered licensed competition in the United States
in the sale of these products known as the "Hypertac" socket. The last
of these patents expired in 1992. The Company, however, had continued
to pay licensing fees to Brevetron S.A. and thru the year ended March
31, 1995 had recorded a licensing fee liability of $75,417. For the six
months ended September 30, 1995, the Company had recorded an additional
$31,783 in license fees. Upon having outside counsel conduct a review
of the agreement, the Company has advised Brevetron that it believes
that there is no legal obligation for the Company to pay any further
licensing fees. It is the opinion of counsel that the agreement has
been unenforceable since January 7, 1992, the date of expiration of the
latest patent. Accordingly, the Company has reversed the current year's
license fees of $31,783 that were recorded as an expense in the period
ending September 30, 1995. The remaining liability of $75,417 remains
on the books as a liability pending further determination from counsel.
Note 8- CHANGES IN STOCKHOLDERS' EQUITY:
Retained earnings decreased by $2,352 which represents the net loss for
the three months ended December 31, 1995.
<PAGE>
Item 2- Management's Discussion and Analysis of Financial Condition
and Results of Operations
Results of Operations:
The following table sets forth for the periods indicated, sales revenues and
percentages for certain items in the financial data as such items bear to the
revenues of the Company:
<TABLE>
<CAPTION>
Nine Months Ended
----------------------------
December 31, December 30,
1995 1994
----------- -----------
<S> <C> <C>
Revenues, net sales (in thousands) ............ $ 2,907 $ 3,915
----------- -----------
Costs and Expenses:
(as a percentage of revenues)
Cost of products sold ....................... 77.1% 75.1%
Selling,general and administrative .......... 17.2% 16.8%
Interest expense ............................ 3.8% 2.8%
Depreciation and amortization ............... 6.9% 5.2%
----------- -----------
Total costs and expenses ............ 105.0% 99.8%
----------- -----------
Operating income (loss) ..................... (5.0%) .2%
----------- -----------
Other income ................................ .0% .0%
----------- -----------
Income (loss) before income taxes ........... (5.0%) .2%
----------- -----------
Provision for income taxes .................. (.6%) (.5%)
----------- -----------
Net income (loss) ........................... (5.6%) (.3%)
=========== ===========
</TABLE>
Comparative Analysis:
Operating revenues for the nine month period ending December 31, 1995 amounted
to $2,907,035 reflecting a 27.7% decrease versus the prior nine month period
ending December 30, 1994 of $2,651,461. The decrease in revenues in this
comparative period reflects a continued decrease in governmental and military
procurement and the Company's efforts to redirect its sales efforts to
commercial electronic sales.
Cost of products sold amounted to $2,240,467 for the nine months ended December
31, 1995, or 77.1% of revenues. This reflected a decrease of 23.8% in the cost
of products sold from $2,939,085 or 75.1% of revenues from the comparative nine
month period ended December 30, 1994. This decrease is primarily due to the
decrease in revenues as a result of decreased governmental and military
procurement.
Selling, general and administrative expenses were $500,664 or 17.2% of revenues,
compared to $656,478 or 16.8% of revenues for the comparative nine month period
ending December 30, 1994. This decrease of 23.7% was attributed to certain fixed
costs remaining constant despite a decline in sales during this period.
Interest expense was $111,297 or 3.8% of revenues as compared to $107,922 or
2.8% of revenues for the prior nine month period ending December 30, 1994. The
increase in interest expense of 3.1% reflects the higher rates prevailing in the
current fiscal year as compared to the prior year.
Depreciation and amortization of $199,350 or 6.9% was reported for the nine
months ended December 31, 1995 as compared to $202,050 or 5.2% of revenues for
the prior nine month period ending December 30, 1994. This expense as a
percentage of revenues increased as a result of decreased revenues as well as an
increase in the acquisition of machinery and equipment during the nine month
period ended December 31, 1995.
The Company reported a net loss of $163,337 for the nine month period ended
December 31, 1995, representing a loss of $.07 per common share as compared to a
net loss of $.005 per common share for the nine months ended December 30, 1994.
This comparative increase for the current nine month period is due to an overall
decrease in revenues during this period.
<PAGE>
Item 2- Management's Discussion and Analysis of Financial Condition and
Results of Operations
Results of Operations:
The following table sets forth for the periods indicated, sales revenues and
percentages for certain items in the financial data as such items bear to the
revenues of the Company:
<TABLE>
<CAPTION>
Three Months Ended
----------------------------
December 31, December 30,
1995 1994
----------- -----------
<S> <C> <C>
Revenues, net sales(in thousands) ............ $ 1,036 $ 1,263
----------- -----------
Costs and Expenses:
(as a percentage of revenues)
Cost of products sold ........................ 73.3% 76.0%
Selling, general and administrative .......... 16.0% 16.2%
Interest expense ............................. 4.0% 3.2%
Depreciation and amortization ................ 6.3% 5.3%
----------- -----------
Total costs and expenses ............ 99.6% 100.7%
----------- -----------
Income (loss) before income taxes ............ .4% (.7%)
----------- -----------
Provision for income taxes ................... .6% .6%
----------- -----------
Net income (loss) ............................ (.2%) (1.3%)
=========== ===========
</TABLE>
Comparative Analysis:
Operating revenues for the three month period ending December 31, 1995 amounted
to $1,036,549 reflecting a 17.9% decrease versus the prior three month period
ending December 30, 1994 of $1,263,053. The decrease in revenues in this
comparative period reflects a continued decrease in governmental and military
procurement and the Company's efforts to redirect its sales efforts to
commercial electronic sales.
Cost of products sold amounted to $759,504 for the nine months ended December
31, 1995 or 73.3% of revenues. This reflected a decrease of 20.8% in the cost of
products sold from $1,263,053 or 76.0% of revenues from the comparative three
month period ending December 30, 1994. This decrease is primarily due to the
decrease in revenues as a result of decreased governmental and military
procurement.
Selling, general and administrative expenses were $165,343 or 16.0% of revenues,
compared to $204,279 or 16.2% of revenues for the comparative three month period
ending December 30, 1994. This decrease of 19% was attributed to management's
efforts to better control costs and expenses.
Interest expense was $41,304 or 4.0% of revenues as compared to $40,332 or 3.2%
of revenues for the comparative three month period ending December 30, 1994. The
increase in interest expense of 2.4% reflects the higher rates prevailing in the
current period.
Depreciation and amortization of $66,450 or 6.3% of revenues was reported for
the three months ended December 31, 1995. This reflects a decrease of 1.7% from
the comparative prior year period ending December 30, 1994 of $67,650 or 5.3% of
revenues. This expense as a percentage of revenues decreased as a result of
reduced revenues as well as a reduction in the acquisition of machinery and
equipment during the current three months ended December 31, 1995.
The Company reported a net loss of $2,352 for the three months ended December
31, 1995, representing a loss of $.001 per common share as compared to a net
loss of $16,640 or $.01 per common share for the three months ended December 30,
1994.
<PAGE>
Item 4. Submission of Matter to a Vote of Security-Holders.
On December 22, 1995, the Company held its Annual Meeting of
Shareholders.
At the Annual Meeting, Allen Gottlieb and Robert Pittman were elected
Directors of the Company for a period of two (2) years until the 1997 Annual
Meeting or until their successors are elected. On the record date of the Annual
Meeting, there were 2,303,502 shares of the Company's Common Stock outstanding
and Shareholders holding 2,040,822 shares of Common Stock, in person and by
proxy were present, thus constituting a quorum. 1,729,478 shares were voted for
Mr. Pittman's election, with 311,344 shares abstaining; and l,729,478 shares
were voted for Mr. Gottlieb's election, with 311,344 shares abstaining.
Michael Offerman, Ralph Acello and Murray Sennet are the remaining
Directors of the Company, whose terms continue until the 1996 Annual Meeting or
until such time as their successors are elected and duly qualified.
Item 6. Exhibits and Reports on Form 8-K
Exhibit 27. Financial Data Schedule
<PAGE>
SIGNATURES
In accordance with the requirements of the Exchange Act, the Registrant
has duly cause this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
IEH CORPORATION
(Registrant)
February 9, 1996 s/Michael Offerman
- ---------------- ----------------------------
Michael Offerman
President
February 9, 1996 s/Robert Knoth
- ---------------- ----------------------------
Robert Knoth
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> APR-01-1996
<PERIOD-END> DEC-30-1995
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 763,909
<ALLOWANCES> 10,062
<INVENTORY> 993,497
<CURRENT-ASSETS> 1,942,590
<PP&E> 6,482,094
<DEPRECIATION> 4,903,330
<TOTAL-ASSETS> 3,729,888
<CURRENT-LIABILITIES> 2,154,344
<BONDS> 1,045,425
0
0
<COMMON> 1,151,751
<OTHER-SE> (621,632)
<TOTAL-LIABILITY-AND-EQUITY> 3,729,888
<SALES> 2,907,035
<TOTAL-REVENUES> 2,907,341
<CGS> 2,240,467
<TOTAL-COSTS> 700,014
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 111,297
<INCOME-PRETAX> (144,437)
<INCOME-TAX> 18,900
<INCOME-CONTINUING> (144,437)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (144,437)
<EPS-PRIMARY> (.07)
<EPS-DILUTED> 0
</TABLE>
