Iec Electronics (IEC) 10-K/A 11 May 15 2014 FY Annual report (amended) Financial data

Document_And_Entity_Informatio

Document And Entity Information (USD $)	12 Months Ended
	Sep. 30, 2014	Nov. 18, 2014	Mar. 28, 2014
Document Information [Line Items]
Entity Registrant Name	IEC ELECTRONICS CORP
Entity Central Index Key	49728
Current Fiscal Year End Date	-21
Entity Filer Category	Smaller Reporting Company
Trading Symbol	IEC
Entity Common Stock, Shares Outstanding		10,180,308
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	30-Sep-14
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$35,032,117

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013	Sep. 30, 2012
In Thousands, unless otherwise specified
Current assets:
Cash	$1,980	$679	$652	$1,733	$2,499	$2,662
Accounts receivable, net of allowance	22,347	23,245	25,083	21,729	27,945
Inventories, net	22,526	20,709	19,745	21,217	21,904
Deferred income taxes	0	0	0	1,382	1,382
Other current assets	3,597	2,107	1,124	1,002	610
Total current assets	50,450	46,740	46,604	47,063	54,340
Fixed assets, net	17,850	18,489	19,261	19,107	17,946
Intangible assets, net	2,392	2,456	2,520	2,583	2,647
Goodwill	2,005	2,005	2,005	2,005	2,005
Deferred income taxes	0	0	0	12,281	11,652
Other long term assets	299	238	339	416	345
Total assets	72,996	69,928	70,729	83,455	88,935
Current liabilities:
Current portion of long-term debt	2,908	2,908	2,908	2,908	2,778
Accounts payable	17,732	14,340	15,304	13,295	16,508
Accrued payroll and related expenses	3,203	2,869	2,557	2,040	2,464
Other accrued expenses	1,008	947	960	894	811
Customer deposits	1,553	928	438	1,199	187
Total current liabilities	26,404	21,992	22,167	20,336	22,748
Long-term debt	28,479	31,578	32,229	32,193	34,026
Other long-term liabilities	708	153	158	163	167
Total liabilities	55,591	53,723	54,554	52,692	56,941
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value: 500,000 shares authorized; none issued or outstanding	0				0
Common stock, $0.01 par value: Authorized: 50,000,000 shares Issued: 11,146,571 and 11,006,749 shares, respectively Outstanding: 10,126,767 and 9,991,291 shares, respectively	111	111	112	111	110
Additional paid-in capital	44,302	44,132	44,032	43,906	43,802
Retained earnings/(accumulated deficit)	-25,554	-26,588	-26,529	-11,814	-10,483
Treasury stock, at cost: 1,019,804 and 1,015,458 shares, respectively	-1,454	-1,450	-1,440	-1,440	-1,435
Total stockholders’ equity	17,405	16,205	16,175	30,763	31,994	40,796
Total liabilities and stockholders’ equity	$72,996	$69,928	$70,729	$83,455	$88,935

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$0.01	$0.01	$0.01	$0.01	$0.01
Preferred stock, shares authorized	500,000	500,000	500,000	500,000	500,000
Preferred stock, shares issued	0	0	0	0	0
Preferred stock, shares outstanding	0	0	0	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01	$0.01	$0.01	$0.01
Common stock, shares authorized	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000
Common stock, shares issued	11,146,571	11,702,821	11,107,115	11,146,571	11,006,749
Common stock, shares outstanding	10,126,767	10,053,956	10,090,661	10,126,767	9,991,291
Treasury stock, shares	1,019,804	1,018,865	1,016,454	1,019,804	1,015,458

CONSOLIDATED_INCOME_STATEMENTS

CONSOLIDATED INCOME STATEMENTS (USD $)	3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013	Jun. 28, 2013	Mar. 29, 2013	Dec. 28, 2012	Mar. 28, 2014	Jun. 27, 2014	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Net sales	$35,687	$32,992	$34,805	$32,138	$39,122	$35,154	$33,681	$32,989	$66,942	$99,934	$135,621	$140,946
Cost of sales	32,179	29,197	30,161	28,760	33,668				58,920	88,118	120,297	123,269
Gross profit	3,508	3,795	4,644	3,378	5,454	5,159	2,899	4,165	8,022	11,816	15,324	17,677
Selling and administrative expenses	3,551	3,195	3,952	3,791	3,761				7,744	10,938	14,567	15,453
Impairment of goodwill and other intangibles	0	0	0	0	14,217				0	0	0	14,217
Restatement and related expenses	-1,302	102	1,258	1,156	625				2,414	2,516	1,136	1,842
Operating profit/(loss)	1,259	498	-566	-1,569	-13,149				-2,136	-1,638	-379	-13,835
Interest and financing expense	386	558	492	360	522				852	1,410	1,795	1,170
Other expense/(income)	0	0	-1	19	0				18	18	18	47
Income/(loss) before income taxes	873	-60	-1,057	-1,948	-13,671				-3,006	-3,066	-2,192	-15,052
Provision for/(benefit from) income taxes	-161	0	13,657	-617	-5,004				13,040	13,039	12,879	-5,522
Net income/(loss)	$1,034	($60)	($14,714)	($1,331)	($8,667)	$382	($1,144)	($101)	($16,046)	($16,105)	($15,071)	($9,530)
Net income/(loss) per common and common equivalent share:
Basic (in dollars per share)	$0.10	($0.01)	($1.50)	($0.14)	($0.89)	$0.04	($0.12)	($0.01)	($1.64)	($1.64)	($1.53)	($0.98)
Diluted (in dollars per share)	$0.10	($0.01)	($1.50)	($0.14)	($0.89)	$0.04	($0.12)	($0.01)	($1.64)	($1.64)	($1.53)	($0.98)
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	9,853,647	9,838,872	9,829,964	9,780,896	9,739,601				9,805,841	9,816,974	9,827,043	9,711,549
Diluted (in shares)	9,950,634	9,902,017	9,829,964	9,780,896	9,739,601				9,805,841	9,816,974	9,827,043	9,711,549

CONSOLIDATED_STATEMENTS_of_CHA

CONSOLIDATED STATEMENTS of CHANGES in STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Deficit) [Member]	Treasury Stock [Member]
In Thousands
Balances at Sep. 30, 2012	$40,796	$109	$43,075	($953)	($1,435)
Net income/(loss)	-9,530	0	0	-9,530	0
Stock-based compensation	589	0	589	0	0
Forfeitures	0	-1	1	0	0
Directors' fees paid in stock	10	0	10	0	0
Restricted (non-vested) stock grants, net of forfeitures	0	2	-2	0	0
Exercise of stock options	60	0	60	0	0
Shares withheld for payment of taxes upon vesting of restricted stock	-29	0	-29	0	0
Employee stock plan purchases	98	0	98	0	0
Balances at Sep. 30, 2013	31,994	110	43,802	-10,483	-1,435
Net income/(loss)	-15,071	0	0	-15,071	0
Stock-based compensation	542	0	542	0	0
Restricted (non-vested) stock grants, net of forfeitures	0	1	-1	0	0
Exercise of stock options	19		38	0	-19
Shares withheld for payment of taxes upon vesting of restricted stock	-79	0	-79	0	0
Balances at Sep. 30, 2014	$17,405	$111	$44,302	($25,554)	($1,454)

CONSOLIDATED_STATEMENTS_of_CAS

CONSOLIDATED STATEMENTS of CASH FLOWS (USD $)	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 27, 2013	Mar. 28, 2014	Jun. 27, 2014	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	($1,331)	($16,046)	($16,105)	($15,071)	($9,530)
Non-cash adjustments:
Stock-based compensation	150	287	378	542	589
Depreciation and amortization	1,195	2,419	3,625	4,846	4,795
Impairment of goodwill and other intangibles	0	0	0	0	14,217
Directors’ fees paid in stock	0	0	0	0	10
gain/loss sale of fixed assets	0	0	0	2	-8
Reserve for doubtful accounts	244	433	220	73	105
Deferred tax expense/(benefit)	-629	13,034	13,034	13,034	-5,651
Changes in assets and liabilities:
Accounts receivable	5,972	2,429	4,480	5,525	-4,857
Inventory	687	2,159	1,195	-622	-4,207
Other current assets	-392	-514	-1,497	-2,987	-209
Other long term assets	-91	-18	81	15	-264
Accounts payable	-3,213	-2,009	-2,634	902	811
Accrued expenses	-341	242	541	936	-347
Customer deposits	1,012	251	741	1,366	41
Other long term liabilities	-4	-9	-14	541	167
Net cash flows from operating activities	3,259	2,658	4,045	9,102	-4,338
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	-2,593	-3,099	-3,806	-4,465	-5,103
Proceeds from disposal of fixed assets	323	323	323	323	21
Net cash flows from investing activities	-2,270	-2,776	-3,483	-4,142	-5,082
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from revolving line of credit	15,603	29,115	43,513	56,016	60,815
Repayments of revolving line of credit	-17,900	-30,650	-44,971	-59,846	-47,266
Borrowings under other loan agreements	1,300	1,300	1,300	1,300	24,000
Repayments under other loan agreements	-706	-1,432	-2,160	-2,887	-28,382
Debt issuance costs	-2	-2	-2	-2	-39
Proceeds from exercise of stock options	17	17	17	19	60
Proceeds from employee stock plan purchases	0	0	0	0	98
Shares withheld for payment of taxes upon vesting of restricted stock	-67	-77	-79	-79	-29
Net cash flows from financing activities	-1,755	-1,729	-2,382	-5,479	9,257
Net increase/(decrease) in cash and cash equivalents	-766	-1,847	-1,820	-519	-163
Cash and cash equivalents, beginning of period	2,499	2,499	2,499	2,499	2,662
Cash and cash equivalents, end of period	1,733	652	679	1,980	2,499
Supplemental cash flow information:
Interest paid	403	12	12	1,556	1,176
Income taxes paid	11	790	1,177	9	367
Non-cash transactions:
Fixed assets purchased with extended payment terms	$0	$805	$466	$322	$0

OUR_BUSINESS_AND_SUMMARY_OF_SI

OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]
OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Our Business
	IEC Electronics Corp. (“IEC”, “we”, “our”, “us”, “Company”) is a premier provider of electronic contract manufacturing services (“EMS”) to companies in various industries that require advanced technology.  We specialize in the custom manufacture of high reliability, complex circuit boards and system-level assemblies; a wide array of cable and wire harness assemblies capable of withstanding extreme environments; and precision metal components.  We excel where quality and reliability are of paramount importance and when low-to-medium volume, high-mix production is the norm.  We utilize state-of-the-art, automated circuit board assembly equipment together with a full complement of high-reliability manufacturing stress testing methods.  With our customers at the center of everything we do, we have created a high-intensity, rapid response culture capable of reacting and adapting to their ever-changing needs.  Our customer-centric approach offers a high degree of flexibility while simultaneously complying with rigorous quality and on-time delivery standards.  While many EMS services are viewed as commodities, we believe we set ourselves apart through an uncommon mix of capabilities including:
	•	A technology center that combines dedicated prototype manufacturing with an on-site Materials Analysis Lab, enabling the seamless transition of complex electronics from design to production.
	•	In-house, custom, functional testing and troubleshooting of complex system-level assemblies in support of end-order fulfillment.
	•	A laboratory that enables us to assist customers in mitigating the risk of purchasing counterfeit parts through our subsidiary, Dynamic and Testing Laboratories, LLC.
	•	Build-to-print precision sheet metal and complex wire harness assemblies supporting just-in-time delivery of critical end-market, system-level electronics.
	•	A Lean/Six Sigma continuous improvement program supported by a team of Six Sigma Blackbelts delivering best-in-class results.
	•	Proprietary software-driven Web Portal providing customers real-time access to a wide array of operational data.
	Generally Accepted Accounting Principles
	IEC’s financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America, as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”).
	Fiscal Calendar
	The Company’s fiscal year ends on September 30th, and the first three quarters end generally on the Friday closest to the last day of the calendar quarter.
	Consolidation
	The consolidated financial statements include the accounts of IEC and its wholly owned subsidiaries: IEC Electronics Wire and Cable, Inc. (“Wire and Cable”); IEC Electronics Corp-Albuquerque (“Albuquerque”); Dynamic Research and Testing Laboratories, LLC (“DRTL”); and Southern California Braiding, Inc. (“SCB”).  The Celmet unit (“Celmet”) operates as a division of IEC.  All significant intercompany transactions and accounts are eliminated in consolidation.
	Reclassifications
	Prior year financial statement amounts are reclassified as necessary to conform to the current year presentation. Such reclassifications generally involve transfers of individual accounts from one financial statement line-item to another, without affecting income before or after taxes.
	Cash and Cash Equivalents
	The Company’s cash and cash equivalents principally represent deposit accounts with Manufacturers and Traders Trust Company (“M&T Bank”), a banking corporation headquartered in Buffalo, NY.
	Allowance for Doubtful Accounts
	The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding invoices and management’s evaluation of collectability.  Accounts are written off after all reasonable collection efforts have been exhausted and management concludes that likelihood of collection is remote.
	Inventory Valuation
	Inventories are stated at the lower of cost or market value under the first-in, first-out method.  The Company regularly assesses slow-moving, excess and obsolete inventory and maintains balance sheet reserves in amounts required to reduce the recorded value of inventory to lower of cost or market.
	Property, Plant and Equipment
	Property, plant and equipment (“PP&E”) are stated at cost and are depreciated over various estimated useful lives using the straight-line method.  Maintenance and repairs are charged to expense as incurred, while renewals and improvements are capitalized.  At the time of retirement or other disposition of PP&E, cost and accumulated depreciation are removed from the accounts and any gain or loss is recorded in earnings.
	Depreciable lives generally used for PP&E are presented in the table below.  Leasehold improvements are amortized over the shorter of the lease term or estimated useful life of the improvement.
	PP&E Lives		Estimated
			Useful Lives
			(years)
	Land improvements		10
	Buildings and improvements		5 to 40
	Machinery and equipment		3 to 5
	Furniture and fixtures		3 to 7
	Intangible Assets
	Intangible assets (other than goodwill) are those that lack physical substance and are not financial assets.  Such assets held by IEC were acquired in connection with business combinations and represent economic benefits associated with acquired customer relationships, a non-compete agreement, and a property tax abatement.  Values assigned to individual intangible assets are amortized using the straight-line method over their estimated useful lives.  During the fourth quarter of fiscal 2013, an impairment charge of $2.4 million related to SCB’s customer relationships was recorded.  The impairment analysis and resulting charge are further discussed in Note 7—Intangible Assets.
	Reviewing Long-Lived Assets for Potential Impairment
	ASC 360-10 (Property, Plant and Equipment) and 350-30 (Intangibles) require the Company to test long-lived assets (PP&E and definitive lived assets) for recoverability whenever events or circumstances indicate that the carrying amount may not be recoverable.  If carrying value exceeds undiscounted future cash flows attributable to an asset, it is considered impaired and the excess of carrying value over fair value must be charged to earnings.  No impairment charges were recorded by IEC for property, plant and equipment during fiscal 2014 or fiscal 2013.  Refer to Note 7—Intangible Assets for further discussion of the impairment charge recorded in the fourth quarter of fiscal 2013.
	Goodwill
	Goodwill represents the excess of cost over fair value of net assets acquired in a business combination.   Under ASC 350, goodwill is not amortized but is reviewed for impairment at least annually or when events or circumstances indicate that carrying value may exceed fair value.  The Company may elect to precede a quantitative review for impairment with a qualitative assessment of the likelihood that fair value of a particular reporting unit exceeds carrying value.  If the qualitative assessment leads to a conclusion that it is more than 50 percent likely that fair value exceeds carrying value, no further testing is required.  In the event of a less favorable outcome, the Company is required to proceed with quantitative testing.
	The quantitative process entails comparing the overall fair value of the unit to which goodwill relates to carrying value.  If fair value exceeds carrying value, no further assessment of potential impairment is required.  If fair value of the unit is less than carrying value, a valuation of the unit’s individual assets and liabilities is required to determine whether or not goodwill is impaired.  Goodwill impairment losses are charged to earnings.  During the fourth quarter of fiscal 2013, an impairment charge of $11.8 million related to SCB’s goodwill was recorded.  The impairment analysis and resulting charge are further discussed in Note 8—Goodwill.
	Most of IEC’s recorded goodwill relates to SCB acquired in December 2010, and a lesser portion relates to Celmet, which was acquired in July 2010.
	Leases
	At the inception of a lease covering equipment or real estate, the lease agreement is evaluated under criteria discussed in ASC 840-10-25 (Leases).  Leases meeting one of four key criteria are accounted for as capital leases and all others are treated as operating leases.  Under a capital lease, the discounted value of future lease payments becomes the basis for recognizing an asset and a borrowing, and lease payments are allocated between debt reduction and interest.  For operating leases, payments are recorded as rent expense.  Criteria for a capital lease include (i) transfer of ownership during the lease term; (ii) existence of a bargain purchase option under terms that make it likely to be exercised; (iii) a lease term equal to 75 percent or more of the economic life of the leased property; and (iv) minimum lease payments that equal or exceed 90 percent of the fair value of the property.
	In June 2008, IEC entered into a sale-leaseback arrangement with M&T Bank under which fixed assets with a net book value of $2.0 million and an original cost of $15.6 million were sold to M&T Bank and were leased back under a five-year operating lease.  The sold assets were removed from the accounts and a minimal loss on the transaction was amortized over the initial lease term.  During the third quarter of fiscal 2013, the operating lease terminated and the assets were repurchased for $0.4 million pursuant to a purchase option in the sale-leaseback arrangement.
	Legal Contingencies
	When legal proceedings are brought or claims are made against us and the outcome is uncertain, ASC 450-10 (Contingencies) requires that we determine whether it is probable that an asset has been impaired or a liability has been incurred.  If such impairment or liability is probable and the amount of loss can be reasonably estimated, the loss must be charged to earnings.  No material charges for legal contingencies were recorded by IEC during fiscal 2014 or fiscal 2013.
	When it is considered probable that a loss has been incurred, but the amount of loss cannot be estimated, disclosure but not accrual of the probable loss is required.  Disclosure of a loss contingency is also required when it is reasonably possible, but not probable, that a loss has been incurred.
	Customer Deposits
	Customer deposits represent amounts invoiced to customers for which the revenue has not yet been earned and therefore represent a commitment for the Company to deliver goods or services in the future. Deposits are generally short term in nature and are recognized as revenue when earned.
	Grants from Outside Parties
	Grants from outside parties are recorded as other long-term liabilities and are amortized over the same period during which the associated fixed assets are depreciated.
	Derivative Financial Instruments
	The Company actively monitors its exposure to interest rate risk and from time to time uses derivative financial instruments to manage the impact of this risk.  The Company uses derivatives only for purposes of managing risk associated with underlying exposures.  The Company does not trade or use instruments with the objective of earning financial gains on the interest rate, nor does the Company use derivative instruments where it does not have underlying exposures.  The Company manages its hedging position and monitors the credit ratings of counterparties and does not anticipate losses due to counterparty nonperformance.  Management believes its use of derivative instruments to manage risk is in the Company’s best interest.  However, the Company’s use of derivative financial instruments may result in short-term gains or losses and increased earnings volatility.  The Company’s instruments are recorded in the consolidated balance sheets at fair value in other assets or other long-term liabilities.
	Fair Value Measurements
	Under ASC 825 (Financial Instruments), the Company is required to disclose the fair value of financial instruments for which it is practicable to estimate value.  The Company’s financial instruments consist of cash, accounts receivable, accounts payable, accrued liabilities, borrowings and an interest rate swap agreement.  IEC believes that recorded value approximates fair value for all cash, accounts receivable, accounts payable and accrued liabilities.
	ASC 820 (Fair Value Measurements and Disclosures) defines fair value, establishes a framework for measurement, and prescribes related disclosures.  ASC 820 defines fair value as the price that would be received upon sale of an asset or would be paid to transfer a liability in an orderly transaction.  Inputs used to measure fair value are categorized under the following hierarchy:
	Level 1: Quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date.
	Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable market data.
	Level 3: Model-derived valuations in which one or more significant inputs are unobservable.
	The Company deems a transfer between levels of the fair value hierarchy to have occurred at the beginning of the reporting period.  There were no such transfers during fiscal 2014 or fiscal 2013.
	Revenue Recognition
	The Company’s revenue is principally derived from the sale of electronic products built to customer specifications, but also from other value-added support services and repair work.  Revenue from product sales is recognized when (i) goods are shipped or title and risk of ownership have passed, (ii) the price to the buyer is fixed or determinable, and (iii) realization is reasonably assured. Service revenue is generally recognized once the service has been rendered.  For material management arrangements, revenue is generally recognized as services are rendered.  Under such arrangements, some or all of the following services may be provided: design, bid, procurement, testing, storage or other activities relating to materials the customer expects to incorporate into products that it manufactures.  Value-added support services revenue, including material management and repair work revenue, amounted to less than 5% of total revenue in fiscal 2014 or fiscal 2013.
	Provisions for discounts, allowances, rebates, estimated returns and other adjustments are recorded in the period the related sales are recognized.
	Stock-Based Compensation
ASC 718 (Stock Compensation) requires that compensation expense be recognized for equity awards based on fair value as of the date of grant.  For stock options, the Company uses the Black-Scholes pricing model to estimate grant date fair value.  Costs associated with stock awards are recorded over requisite service periods, generally the vesting period.  If vesting is contingent on the achievement of performance objectives, fair value is accrued over the period the objectives are expected to be achieved only if it is considered probable that the objectives will be achieved.  The Company also has an employee stock purchase plan (“ESPP”) that provides for discounted stock purchase price. Compensation expense related to the discount is recognized as employees contribute to the plan.  On May 21, 2013, the Compensation Committee of the Company’s Board of Directors suspended operation of the ESPP indefinitely in connection with the Prior Restatement of the Company’s financial statements described herein (including unavailability of the registration statement covering shares offered under the plan due to the failure of the Company to be current in its filings with the SEC until the Company filed its Form 10-K on December 24, 2013). The ESPP was reinstated effective October 1, 2014.
Restatement and Related Expenses
As further discussed in Note 2—Prior Restatement of SCB Work-In-Process Inventory, the Company restated its consolidated financial statements for the fiscal year ended September 30, 2012, and the interim fiscal quarters and year to date periods within the year ended September 30, 2012, included in the Company’s Annual Report on Form10-K/A and the fiscal quarter ended December 28, 2012, as reported in the Company’s Quarterly Report on Form 10-Q/A for that fiscal quarter (the "Prior Restatement").  As discussed further in Note 3—Fiscal 2014 Restatement of Deferred Tax Asset Valuation Allowance and Excess and Obsolete Inventory Reserve, the Company also restated its consolidated financial statements for the fiscal year ended September 30, 2014 and its interim financial statements for each quarterly period within the year ended September 30, 2014, included in the Company's Annual Report on Form 10-K/A to correct an error in the valuation allowance on deferred income tax assets as well as an error in estimate excess and obsolete inventory reserves (the "2014 Restatements"). The Prior Restatement and the 2014 Restatements together are referred to as the "Restatements".
Restatement and related expenses represents third-party expenses arising from the Prior Restatement. These expenses include legal and accounting fees incurred by the Company from external counsel and independent accountants directly attributable to the Prior Restatement as well as other matters arising from the Prior Restatement including those more fully described in Note 18—Litigation.  The Company receives reimbursement for certain of these expenses which may result in a benefit in a given period. The Company receives reimbursement for certain expenses related to the Prior Restatement which may result in a benefit in a given period. No Restatement and related expenses have been incurred through the fourth quarter of fiscal 2014 related to the 2014 Restatements.
Income Taxes and Deferred Taxes
ASC 740 (Income Taxes) requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns, but not in both.  Deferred tax assets are also established for tax benefits associated with tax loss and tax credit carryforwards.  Such deferred balances reflect tax rates that are scheduled to be in effect, based on currently enacted legislation, in the years the book/tax differences reverse and tax loss and tax credit carryforwards are expected to be realized.  An allowance is established for any deferred tax asset for which realization is not likely.
ASC 740 also prescribes the manner in which a company measures, recognizes, presents, and discloses in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return.  The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the position will be sustained following examination by taxing authorities, based on technical merits of the position.  The Company believes that it has no material uncertain tax positions.
Any interest or penalties incurred are reported as interest expense.  The Company’s income tax filings are subject to audit by various tax jurisdictions and current open years are fiscal 2010 through fiscal 2013.  The federal income tax audit for fiscal 2011 concluded in fiscal 2013 and did not have a material impact on the financial statements.
Earnings Per Share
Basic earnings per common share are calculated by dividing income available to common stockholders by the weighted average number of shares outstanding during each period.  Diluted earnings per common share add to the denominator incremental shares resulting from the assumed exercise of all potentially dilutive stock options, as well as restricted (non-vested) stock, restricted stock units (“RSU’s”) and anticipated issuance through the employee stock purchase plan.  Options, restricted stock and RSU’s are primarily held by directors, officers and certain employees.  A summary of shares used in earnings per share (“EPS”) calculations follows.
		Three Months Ended		Years Ended
Shares for EPS Calculation		September 30,	September 30,	September 30,	September 30,
		2014	2013	2014	2013
		(unaudited)
		(restated)
Weighted average shares outstanding		9,853,647	9,739,601	9,827,043	9,711,549
Incremental shares		96,987	—	—	—
Diluted shares		9,950,634	9,739,601	9,827,043	9,711,549
Anti-dilutive shares excluded		556,873	521,857	556,873	521,857
As a result of the net loss for the three months ended September 30, 2013 and years ended September 30, 2014 and 2013, the Company calculated diluted earnings per share using weighted average basic shares outstanding, as using diluted shares would be anti-dilutive to loss per share.
Dividends
IEC does not pay dividends on its common stock, as it is the Company’s current policy to retain earnings for use in the business.  Furthermore, the Company’s Fourth Amended and Restated Credit Facility Agreement with M&T Bank includes certain restrictions on paying cash dividends.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and the disclosure of contingent assets and liabilities.  Actual results may differ from management’s estimates.
Statements of Cash Flows
The Company presents operating cash flows using the indirect method of reporting under which non-cash income and expense items are removed from net income.
Comprehensive Income
IEC has no items of other comprehensive income (“OCI”) in any period presented in the accompanying financial statements, and in accordance with ASC 220-10-15, is not required to present captions for OCI or comprehensive income in the statements.
Recently Issued Accounting Standards
FASB ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force),” was issued July 2013 and is effective for fiscal years beginning after December 15, 2013. ASU 2013-11 provides guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforwards in the same tax jurisdiction as of the reporting date. The Company does not anticipate a significant impact upon adoption.
FASB ASU 2013-12, “Definition of a Public Business Entity (An Addition to the Master Glossary),” was issued December 2013 and the amendment provides a single definition of public business entity for use in future financial accounting and reporting guidance. There is no actual effective date for the amendment, however, the term public business entity will be used in future ASUs.

RESTATEMENT_OF_CONSOLIDATED_FI

RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS	12 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS	We restated our consolidated financial statements for the fiscal year ended September 30, 2012, and the interim fiscal quarters and year to date periods within the year ended September 30, 2012, included in the Company’s Annual Report on Form10-K/A and the fiscal quarter ended December 28, 2012, as reported in the Company’s Quarterly Report on Form 10-Q/A for that fiscal quarter, (the "Prior Restatement").
	The Company identified an error in accounting for work-in-process inventory at SCB, one of its wholly owned subsidiaries. During the quarter ended March 29, 2013 the Company began to analyze the cost structure of SCB including labor, overhead and selling and administrative expenses. Throughout the second half of fiscal 2012 and the first half of fiscal 2013 SCB’s expenses incurred increased each period. Over the same period, the labor and overhead capitalized into work-in-process inventory also increased. The Company initially believed the increase in capitalized work-in-process labor and overhead resulted from unfavorable variances due to increased expenses in relation to revenue during those periods. Upon further review, it was determined the Company overcapitalized labor and overhead costs in SCB’s work-in-process inventory. The overcapitalization was a result of failure to accurately factor in the stage of completion for the work-in-process inventory.
	The Consolidated Balance Sheet at September 30, 2014 and Consolidated Statements of Income, Changes in Stockholders’ Equity and Cash Flows for the year then ended have been restated.
	The summary impacts of the restatement adjustments on the Company’s previously reported consolidated net loss for the year ended September 30, 2014 follows:
		Year Ended
		September 30,
		2014
	(in thousands)
	Net loss - Previously reported	$	(2,092	)
	Deferred tax asset valuation allowance adjustment	(12,258		)
	Excess and obsolete inventory reserve adjustment	(721		)
	Net loss - Restated	$	(15,071	)
	While closing the first quarter of fiscal 2015, the Company revisited its assessment of realizability of deferred tax assets and identified an error in interpretation of the guidance for the valuation allowance on deferred tax assets.
	The Company performed a realizability assessment for the fourth quarter of fiscal 2014 and came to the conclusion that there was no additional valuation allowance required on federal deferred tax assets; however, due to a change in New York State tax laws which reduces the State tax rate for qualified manufacturers to 0% for IEC's fiscal year ended September 30, 2015, the valuation allowance was increased by $1.1 million to fully reserve for New York State deferred tax assets.
	This conclusion regarding federal deferred tax assets at the time of the fourth quarter of fiscal 2014 assessment was based on the Company's evaluation of the negative and positive evidence available at that time. The Company's cumulative loss in recent years was considered; however, the Company determined that the goodwill and intangibles impairment charge taken in the fourth quarter of fiscal 2013 should be excluded when weighing the evidence. Positive evidence included taxable income each year beginning in 2004 through 2013, forecasted results and backlog. At the time of our Original 2014 Form 10-K filing, there was forecasted pre-tax income for fiscal 2015 and earnings growth was forecasted in subsequent years. The Company's Federal net operating losses ("NOLs") do not begin to expire until 2022. As aggregate future taxable income was expected to exceed Federal NOLs, it was concluded that realizability of these was more likely than not. In addition, future taxable income was expected to exceed the amount of Federal NOLs and deferred tax assets expected to reverse in future years combined. As such, there was no additional valuation allowance recorded for federal deferred tax assets.
	During the process of closing the first quarter of fiscal 2015, the Company revisited its determination regarding the valuation of its deferred tax assets. After consulting applicable accounting guidance and interpretations thereof, the Company determined that the impairment charge should not have been excluded from the cumulative loss calculation. Once a cumulative three year loss is identified, it is very difficult to overcome this negative evidence. IEC does not believe there is enough positive evidence to outweigh the cumulative three year loss. Based on this interpretation, a full valuation allowance should be recorded beginning in the second quarter of fiscal 2014, which is when the Company first accumulated a three year loss. As such, an error in the valuation allowance on deferred income tax assets has been identified resulting in an understatement of tax expense and overstatement of deferred tax assets. The Company determined this error was material and required restatement of fiscal 2014 as well as the second, third and fourth quarters of fiscal 2014.
	The Company also performed additional analysis related to its excess and obsolete inventory reserves. This analysis identified an error in the Albuquerque and SCB operating locations. The Company discovered that not all pertinent information was factored into the excess and obsolete inventory reserve estimates during fiscal 2014.
	During fiscal 2014, given the time that has passed since SCB was acquired in December 2010, the Company should have factored in the age of SCB's inventory and its demand when estimating its excess and obsolete inventory reserve. Instead, the Company employed an approach that factored in the usage of the inventory since the SCB acquisition date and estimated a general reserve for remaining inventory. The restated excess and obsolete inventory reserve for SCB is based on an analysis that appropriately incorporates the age of SCB's inventory and its demand and involves the review of specific inventory items with a large extended value. This additional analysis was performed consistently for all items, regardless of whether they were purchased before or after the date the Company acquired SCB.
	The Albuquerque excess and obsolete inventory reserve as originally reported did not take into consideration facts and circumstances related to certain customer programs. The Company's methodology was applied consistently, however, the rigor around the analysis of excess inventory did not take into account certain customer information that was available at the time. As a result, the Company concluded the inventory on hand for these customer programs was not adequately reserved for.

RESTATEMENT_OF_DEFERRED_TAX_AS

RESTATEMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE AND EXCESS AND OBSOLETE INVENTORY RESERVE	12 Months Ended
	Sep. 30, 2014
Accounting Changes and Error Corrections [Abstract]
RESTATEMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE AND EXCESS AND OBSOLETE INVENTORY RESERVE	We restated our consolidated financial statements for the fiscal year ended September 30, 2012, and the interim fiscal quarters and year to date periods within the year ended September 30, 2012, included in the Company’s Annual Report on Form10-K/A and the fiscal quarter ended December 28, 2012, as reported in the Company’s Quarterly Report on Form 10-Q/A for that fiscal quarter, (the "Prior Restatement").
	The Company identified an error in accounting for work-in-process inventory at SCB, one of its wholly owned subsidiaries. During the quarter ended March 29, 2013 the Company began to analyze the cost structure of SCB including labor, overhead and selling and administrative expenses. Throughout the second half of fiscal 2012 and the first half of fiscal 2013 SCB’s expenses incurred increased each period. Over the same period, the labor and overhead capitalized into work-in-process inventory also increased. The Company initially believed the increase in capitalized work-in-process labor and overhead resulted from unfavorable variances due to increased expenses in relation to revenue during those periods. Upon further review, it was determined the Company overcapitalized labor and overhead costs in SCB’s work-in-process inventory. The overcapitalization was a result of failure to accurately factor in the stage of completion for the work-in-process inventory.
	The Consolidated Balance Sheet at September 30, 2014 and Consolidated Statements of Income, Changes in Stockholders’ Equity and Cash Flows for the year then ended have been restated.
	The summary impacts of the restatement adjustments on the Company’s previously reported consolidated net loss for the year ended September 30, 2014 follows:
		Year Ended
		September 30,
		2014
	(in thousands)
	Net loss - Previously reported	$	(2,092	)
	Deferred tax asset valuation allowance adjustment	(12,258		)
	Excess and obsolete inventory reserve adjustment	(721		)
	Net loss - Restated	$	(15,071	)
	While closing the first quarter of fiscal 2015, the Company revisited its assessment of realizability of deferred tax assets and identified an error in interpretation of the guidance for the valuation allowance on deferred tax assets.
	The Company performed a realizability assessment for the fourth quarter of fiscal 2014 and came to the conclusion that there was no additional valuation allowance required on federal deferred tax assets; however, due to a change in New York State tax laws which reduces the State tax rate for qualified manufacturers to 0% for IEC's fiscal year ended September 30, 2015, the valuation allowance was increased by $1.1 million to fully reserve for New York State deferred tax assets.
	This conclusion regarding federal deferred tax assets at the time of the fourth quarter of fiscal 2014 assessment was based on the Company's evaluation of the negative and positive evidence available at that time. The Company's cumulative loss in recent years was considered; however, the Company determined that the goodwill and intangibles impairment charge taken in the fourth quarter of fiscal 2013 should be excluded when weighing the evidence. Positive evidence included taxable income each year beginning in 2004 through 2013, forecasted results and backlog. At the time of our Original 2014 Form 10-K filing, there was forecasted pre-tax income for fiscal 2015 and earnings growth was forecasted in subsequent years. The Company's Federal net operating losses ("NOLs") do not begin to expire until 2022. As aggregate future taxable income was expected to exceed Federal NOLs, it was concluded that realizability of these was more likely than not. In addition, future taxable income was expected to exceed the amount of Federal NOLs and deferred tax assets expected to reverse in future years combined. As such, there was no additional valuation allowance recorded for federal deferred tax assets.
	During the process of closing the first quarter of fiscal 2015, the Company revisited its determination regarding the valuation of its deferred tax assets. After consulting applicable accounting guidance and interpretations thereof, the Company determined that the impairment charge should not have been excluded from the cumulative loss calculation. Once a cumulative three year loss is identified, it is very difficult to overcome this negative evidence. IEC does not believe there is enough positive evidence to outweigh the cumulative three year loss. Based on this interpretation, a full valuation allowance should be recorded beginning in the second quarter of fiscal 2014, which is when the Company first accumulated a three year loss. As such, an error in the valuation allowance on deferred income tax assets has been identified resulting in an understatement of tax expense and overstatement of deferred tax assets. The Company determined this error was material and required restatement of fiscal 2014 as well as the second, third and fourth quarters of fiscal 2014.
	The Company also performed additional analysis related to its excess and obsolete inventory reserves. This analysis identified an error in the Albuquerque and SCB operating locations. The Company discovered that not all pertinent information was factored into the excess and obsolete inventory reserve estimates during fiscal 2014.
	During fiscal 2014, given the time that has passed since SCB was acquired in December 2010, the Company should have factored in the age of SCB's inventory and its demand when estimating its excess and obsolete inventory reserve. Instead, the Company employed an approach that factored in the usage of the inventory since the SCB acquisition date and estimated a general reserve for remaining inventory. The restated excess and obsolete inventory reserve for SCB is based on an analysis that appropriately incorporates the age of SCB's inventory and its demand and involves the review of specific inventory items with a large extended value. This additional analysis was performed consistently for all items, regardless of whether they were purchased before or after the date the Company acquired SCB.
	The Albuquerque excess and obsolete inventory reserve as originally reported did not take into consideration facts and circumstances related to certain customer programs. The Company's methodology was applied consistently, however, the rigor around the analysis of excess inventory did not take into account certain customer information that was available at the time. As a result, the Company concluded the inventory on hand for these customer programs was not adequately reserved for.

ALLOWANCE_FOR_DOUBTFUL_ACCOUNT

ALLOWANCE FOR DOUBTFUL ACCOUNTS	12 Months Ended
	Sep. 30, 2014
Receivables [Abstract]
ALLOWANCE FOR DOUBTFUL ACCOUNTS	mary follows of activity in the allowance for doubtful accounts during the years ended September 30, 2014 and 2013:
		Years Ended
	Allowance for Doubtful Accounts	September 30,			September 30,
		2014			2013
	(in thousands)
	Allowance, beginning of period	$	452		$	406
	Provision for doubtful accounts	121			105
	Write-offs	(48		)	(59		)
	Allowance, end of period	$	525		$	452

INVENTORIES

INVENTORIES	12 Months Ended
	Sep. 30, 2014
Inventory Disclosure [Abstract]
INVENTORIES	mmary of inventory by category at period end follows:
	Inventories	September 30,			September 30,
		2014			2013
	(in thousands)	(restated)
	Raw materials	$	16,769		$	14,841
	Work-in-process	7,906			7,564
	Finished goods	757			1,449
	Total inventories	25,432			23,854
	Reserve for excess/obsolete inventory	(2,906		)	(1,950		)
	Inventories, net	$	22,526		$	21,904
	The Company has restated its excess and obsolete inventory reserve. The restatement is further discussed in Note 3—Fiscal 2014 Restatement of Deferred Tax Asset Valuation Allowance and Excess and Obsolete Inventory Reserve.

FIXED_ASSETS

FIXED ASSETS	12 Months Ended
	Sep. 30, 2014
Property, Plant and Equipment [Abstract]
FIXED ASSETS	mmary of fixed assets and accumulated depreciation at period end follows:
	Fixed Assets	September 30,			September 30,
		2014			2013
	(in thousands)
	Land and improvements	$	1,601		$	1,601
	Buildings and improvements	13,452			11,070
	Leasehold improvements	1,458			1,411
	Machinery and equipment	26,996			25,963
	Furniture and fixtures	7,207			6,165
	Construction in progress	381			835
	Total fixed assets, at cost	51,095			47,045
	Accumulated depreciation	(33,245		)	(29,099		)
	Fixed assets, net	$	17,850		$	17,946
	Depreciation expense during the three months ended and years ended September 30, 2014 and 2013 follows:
		Three Months Ended						Years Ended
		September 30,			September 30,			September 30,		September 30,
		2014			2013			2014		2013
	(in thousands)	(unaudited)
	Depreciation expense	$	1,152		$	1,103		$	4,558	$	4,264
	Results of the impairment analysis in the fourth quarter of fiscal 2013 related to the SCB reporting unit, more fully described in Note 7—Intangible Assets and Note 8—Goodwill, did not result in a fixed asset impairment as undiscounted cash flows exceeded the carrying value of the assets.

INTANGIBLE_ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	s intangible assets (other than goodwill) were acquired in connection with purchases of SCB in the first quarter of fiscal 2011 and Albuquerque in fiscal 2010.
	Among SCB’s key attributes as an acquisition candidate were the relationships established with a number of military and defense contractors.  The anticipated profitability of those relationships was considered by IEC in arriving at an amount to offer for the firm and also became the basis for allocating a portion of the purchase price to a related customer relationship intangible asset.  Based upon several key assumptions and a detailed analysis of value, $5.9 million was allocated to this intangible asset.  The asset is being amortized over its 15-year estimated useful life, using the straight-line method.
	For the reasons set forth in Note 8—Goodwill below, the Company recorded an impairment of the customer relationship intangible asset in the fourth quarter of fiscal 2013.  As part of the impairment determination, future cash flows of SCB’s customer relationships existing at acquisition date were projected based on estimates of future revenues, operating income and other factors, such as working capital and capital expenditures.  Factors taken into consideration in arriving at these estimates include historical results since acquisition, industry data and expected challenging market conditions as described more fully in Note 8—Goodwill.  The projections did not include possible future benefits from customer relationships existing at acquisition date that may positively impact other reporting units, including Albuquerque, in the future.  The discount rates used in our discounted cash flow method were based on a weighted average cost of capital determined from relevant market comparisons, adjusted upward for risks specific to the reporting unit.  An estimated attrition rate was calculated based on the reporting unit’s historical revenue.  Based on the results of this test, we recognized an impairment charge of $2.4 million for customer relationships.  An impairment analysis for intangible assets was not necessary prior to the fourth quarter of fiscal 2013 for the same reasons a goodwill impairment charge was not recorded prior to the fourth quarter of fiscal 2013 as described in Note 8—Goodwill.
	There has been no further impairment of SCB customer relationships in fiscal 2014.
	In connection with the SCB acquisition, IEC also allocated $100 thousand to an intangible asset representing the estimated value of a five-year, non-compete agreement entered into with SCB’s selling shareholders.  This intangible asset is being amortized evenly over its contractual life, and no impairment has been taken for this asset since the SCB acquisition.
	As for Albuquerque, its building and land were acquired subject to an Industrial Revenue Bond (“IRB”) that exempts the property from real estate taxes for the term of the IRB.  The tax abatement was valued at $360 thousand at date of acquisition, and such value is being amortized over the 9.2 year exemption period that remained as of the acquisition date.  No impairment has been taken for this asset since the Albuquerque acquisition.
	A summary of intangible assets by category and accumulated amortization at period end follows:
	Intangible Assets	September 30,			September 30,
		2014			2013
	(in thousands)
	Customer relationships - SCB	$	5,900		$	5,900
	Property tax abatement - Albuquerque	360			360
	Non-compete agreement - SCB	100			100
	Total intangibles	6,360			6,360
	Accumulated amortization	(1,556		)	(1,301		)
	Accumulated impairment - customer relationships	(2,412		)	(2,412		)
	Intangible assets, net	$	2,392		$	2,647
	Amortization expense during the years ended September 30, 2014 and September 30, 2013 follows:
		Three Months Ended						Years Ended
	Amortization Expense	September 30,			September 30,			September 30,		September 30,
		2014			2013			2014		2013
	(in thousands)	(unaudited)
	Intangible amortization expense	$	64		$	113		$	254	$	452
	A summary of estimated future amortization expense for the next five years follows:
	Future Amortization	Estimated future amortization
	(in thousands)
	Twelve months ended September 30,
	2015	$	254
	2016	238
	2017	234
	2018	234
	2019	213
	2020 and thereafter	$	1,219

GOODWILL

GOODWILL	12 Months Ended
	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL
	Goodwill balances resulting from the acquisitions of SCB in the first quarter of fiscal 2011 and Celmet in fiscal 2010 were $13.7 million and $0.1 million, respectively, prior to the impairment described below.
	Since its acquisition, SCB has operated as a reporting unit of the Company, primarily in the aerospace & defense (previously disclosed as military & aerospace) market sector.  Due to changing circumstances, the Company determined it was necessary to perform a quantitative assessment which resulted in an impairment charge recorded in the fourth quarter of fiscal 2013.
	The Company performs its annual impairment test for SCB goodwill during the third quarter.  Prior to the fourth quarter of fiscal 2013, these tests indicated no impairment.  During the third quarter of fiscal 2013, we performed a qualitative impairment analysis as permitted by ASC 350 – Intangibles – Goodwill and Other.  We considered several factors including operating results in recent periods, backlog, market sector and macro-economic conditions and revenue.  At the time, we anticipated improved operating margins in future periods.  Government activities were not expected to have a significant impact on SCB as the majority of the programs that SCB’s customers participate in involve complex, advanced technology including unmanned vehicles, space defense and space exploration – and, as such, were more likely delayed as opposed to permanently cut.  Revenue growth also was expected to have a positive impact on operating margins due to improved leverage on existing overhead, selling and administrative costs.  The Company therefore determined it was not more likely than not that goodwill was impaired.
	After acquisition, operating expenses at the SCB reporting unit were at a level that would support anticipated higher revenue volumes.  Although revenue at the reporting unit increased in fiscal 2013 over fiscal 2012, growth was slower than projected at acquisition date.  During the second and third quarters of fiscal 2013, the Company made an effort to increase margins by implementing operational improvements at the reporting unit to reduce costs and improve efficiencies.  Notwithstanding improvements, SCB continued to experience poor operating performance.  As a result, the Company made strategic decisions during the fourth quarter of fiscal 2013 to direct more revenue from existing and new customers in the aerospace & defense market sector to our Albuquerque reporting unit.  This change in strategy was to improve leverage of expenses at Albuquerque while reducing expenses at SCB.  The change in strategy is expected to be limited, managed growth planned for the SCB reporting unit for the foreseeable future, with future additional growth in this market sector planned to occur at our other locations.
	As part of the strategic change noted above, the Company has reduced planned operating expenses in order to better align them with current revenue volumes and planned reduced growth at the SCB reporting unit.  Fiscal 2014 measures to improve operating results included planned operational efficiencies, reduction of square footage leased and reduction of personnel, administrative, selling and other discretionary costs.  These changes began to take effect in fiscal 2014; however it will take some time to realize the full impact.  In the fourth quarter of fiscal 2013, forecasts for the SCB reporting unit for fiscal 2014 included lower revenue and operating margin projections based on the Company’s plans to manage the level of operations at this reporting unit while continuing to grow business in the aerospace & defense market sector at other reporting units.
	Additionally, by the fourth quarter of fiscal 2013, uncertainties relative to the aerospace & defense market sector intensified over those in the third quarter of fiscal 2013.  Federal government indecision regarding funding of budget deficits resulted in a partial government shut-down during October 2013.  This followed Department of Defense spending reductions that already occurred as a result of sequestration in the spring of 2013.  A temporary suspension of the debt ceiling put an end to the October 2013 shutdown.  At the time the Company was performing its impairment analysis, the temporary suspension was scheduled to end in February 2014.  At that time, there was the possibility of another partial shut-down and further cuts that could take effect in calendar 2014 if further sequestration could not be avoided.  Although instability has continued to be evident, the Company continues to believe government funding for the majority of our customers’ programs that we support is more likely delayed as opposed to permanently cut.
	As a result of the factors described above, the Company determined it was necessary to perform a quantitative step one goodwill impairment analysis as of the fourth quarter of fiscal 2013.  The fair value of the SCB reporting unit was estimated using discounted cash flows, which is an income approach.  The discount rates used were based on a weighted average cost of capital determined from relevant market comparisons, adjusted upward for risks specific to the reporting unit.  Future cash flows were projected based on estimates of future revenues, operating income and other factors, such as working capital and capital expenditures.  Factors taken into consideration in arriving at these estimates included historical results since acquisition, industry data, and expected challenging market conditions.  The projections did not include possible future benefits from customer relationships that may positively impact other reporting units, including Albuquerque, in the future.  Despite the planned changes described above, projections still indicated low operating margins, and the carrying value of the SCB reporting unit exceeded the fair value estimated in step one of the impairment analysis.  It was therefore necessary to perform step two to determine the amount of the impairment.
	The step two analysis was performed utilizing the same factors in the step one analysis described above.  The fair value of the assets and liabilities of the reporting unit were estimated and the residual fair value of the reporting unit was compared to the carrying value of goodwill.  Based on the results of the step two analysis, the Company recognized a goodwill impairment charge of $11.8 million in the fourth quarter of fiscal 2013.
	In the time after the Company performed its impairment analysis and prior to the filing of our Form 10-K for the year ended September 30, 2013, Congress considered a proposed framework that would avoid another partial government shut-down and further sequestration in 2014.  However, at that time, details as to exactly how any agreement would impact the Company’s customers would take time to emerge.  Absent more clarity, the Company did not modify its impairment analysis.
	There was no further impairment of SCB goodwill during fiscal 2014.
	As for the goodwill from the Celmet acquisition, there has been no impairment since acquisition date.
	A summary of the total goodwill and accumulated impairment at period end follows:
	Goodwill	September 30,			September 30,
		2014			2013
	(in thousands)
	Goodwill	$	13,810		$	13,810
	Accumulated impairment	(11,805		)	(11,805		)
	Goodwill, net	$	2,005		$	2,005

CREDIT_FACILITIES

CREDIT FACILITIES

12 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

CREDIT FACILITIES

mary of borrowings at period end follows:

Fixed/

30-Sep-14

30-Sep-13

Variable

Interest

Interest

Debt

Rate

Maturity Date

Balance

Rate (1)

Balance

Rate (1)

(in thousands)

M&T credit facilities:

Revolving Credit Facility

v

1/18/16

$

7,431

4.44

%

$

11,261

3.19

%

Term Loan A

f

2/1/22

8,148

3.98

9,259

3.98

Term Loan B

v

2/1/23

11,783

3.41

13,184

2.68

Albuquerque Mortgage Loan

v

2/1/18

2,733

4.69

3,000

3.44

Celmet Building Term Loan

f

11/7/18

1,192

4.72

—

—

Other credit facilities:

Albuquerque Industrial Revenue Bond

f

3/1/19

100

5.63

100

5.63

Total debt

31,387

36,804

Less: current portion

(2,908

)

(2,778

)

Long-term debt

$

28,479

$

34,026

(1) Rates noted above are before impact of interest rate swap.

M&T Bank Credit Facilities

On January 18, 2013, the Company and M&T Bank entered into the Fourth Amended and Restated Credit Facility Agreement (“2013 Credit Agreement”), replacing a prior agreement dated December 17, 2010 (“2010 Credit Agreement”). Many of the terms, conditions and covenants remained unchanged from the 2010 Credit Agreement. For the variable rate debt, the applicable margin is the interest rate added to Libor and is based on the Debt to EBITDARS Ratio. Borrowings under the 2013 Credit Agreement are secured by, among other things, the assets of IEC and its subsidiaries.

Individual debt facilities provided under the 2013 Credit Agreement are described below:

a)

Revolving Credit Facility (“Revolver”): Up to $20 million is available through January 18, 2016. The Company may borrow up to the lesser of (i) 85% of eligible receivables plus 35% of eligible inventories or (ii) $20 million. At IEC’s election, another 35% of eligible inventories may be included in the borrowing base for limited periods of time during which a higher rate of interest is charged on the Revolver. Borrowings based on inventory balances are further limited to a cap of $3.75 million, or when subject to the higher percentage limit, $4.75 million. Based on the calculation described above, at September 30, 2014, the Company was able to borrow up to $20.0 million on the Revolver. Average available balances amounted to $11.0 million and $12.8 million during the years ended September 30, 2014 and 2013, respectively.

The Company incurs quarterly unused commitment fees ranging from 0.125% to 0.500% of the excess of $20.0 million over average borrowings under the Revolver. Fees incurred amounted to $55 thousand and $36 thousand during the years ended September 30, 2014 and 2013, respectively. The fee percentage varies based on IEC’s ratio of debt to EBITDARS.

b)

Term Loan A: $10.0 million was borrowed on January 18, 2013. Principal is being repaid in 108 monthly installments of $93 thousand.

c)

Term Loan B: $14.0 million was borrowed on January 18, 2013. Principal is being repaid in 120 monthly installments of $117 thousand.

d)

Albuquerque Mortgage Loan: $4.0 million was borrowed on December 16, 2009. The loan is secured by real property in Albuquerque, NM, and principal is being repaid in monthly installments of $22 thousand plus a balloon payment due at maturity.

e)

Energy Loan: $0.2 million was borrowed on April 2, 2008, for which interest at a fixed rate of 2.08% is subsidized by the State of New York. Principal was being repaid in 60 equal monthly installments and the loan was paid in full during April 2013.

On November 8, 2013, the Company obtained an amendment to the 2013 Credit Agreement (the “Celmet Building Amendment”) for the Celmet Building Term Loan for $1.3 million. The proceeds were used to reimburse the Company’s cost of purchasing the Rochester, New York facility.

The 2013 Credit Agreement also contains various affirmative and negative covenants including financial covenants. The Company is required to maintain (i) a minimum level of quarterly EBITDARS, (ii) a ratio of total debt to twelve month EBITDARS (“Debt to EBITDARS Ratio”) that is below a specified limit, and (iii) a minimum fixed charge coverage ratio (“Fixed Charge Coverage Ratio”) as described in the tables below. The terms of the 2013 Credit Agreement did not require measurement of financial covenants for the first quarter of fiscal 2013. For the purpose of calculating compliance with the covenants, IEC’s operating lease obligation to M&T Bank for certain equipment sold to the bank on June 27, 2008 and leased back for a period of five years, was treated as debt. During the third quarter of fiscal 2013, the operating lease terminated and the assets were repurchased pursuant to a purchase option in the sale-leaseback arrangement.

On May 15, 2013 we obtained an amendment to the 2013 Credit Agreement (the “First 2013 Amendment”) which modified the Debt to EBITDARS Ratio and Fixed Charge Coverage Ratio covenants, and on August 6, 2013 we obtained a further amendment to the 2013 Credit Agreement (the “Second 2013 Amendment,” and together with the First 2013 Amendment, the “2013 Amendments”) which modified the Debt to EBITDARS Ratio, as shown in the table below. On December 13, 2013 and February 4, 2014 we obtained further amendments to the 2013 Credit Agreement (the “First 2014 Amendment” and “Second 2014 Amendment”, respectively, and together the “2014 Amendments”) which modified the ratios as follows:

Ÿ

Debt to EBITDARS Ratio: (a)

2013 Credit Agreement, before 2013 Amendments:

3/31/2013 through and including 9/29/2013

< 3.00 to 1.00

9/30/2013 and thereafter

<2.75 to 1.00

2013 Credit Agreement, after First 2013 Amendment:

6/28/2013 through and including 12/27/2013

< 3.25 to 1.00

12/28/2013 through and including 3/28/2014

<3.00 to 1.00

3/29/2014 and thereafter

< 2.75 to 1.00

2013 Credit Agreement, after Second 2013 Amendment:

6/28/2013 through and including 12/27/2013

< 3.50 to 1.00

12/28/2013 through and including 3/28/2014

<3.00 to 1.00

3/29/2014 and thereafter

< 2.75 to 1.00

2013 Credit Agreement, after First 2014 Amendment:

12/13/2013 through and including 3/27/2014

< 4.50 to 1.00

3/28/2014 through and including 6/26/2014

<3.50 to 1.00

6/27/2014 through and including 9/29/2014

<3.25 to 1.00

09/30/2014 and thereafter

< 2.75 to 1.00

2013 Credit Agreement, after Second 2014 Amendment:

12/26/2014 through and including 3/26/2015

< 4.50 to 1.00

3/27/2015 through and including 6/25/2015

<3.50 to 1.00

6/26/2015 through and including 9/29/2015

<3.25 to 1.00

09/30/2015 and thereafter

< 2.75 to 1.00

Ÿ

Fixed Charge Coverage Ratio: (b)

2013 Credit Agreement, before 2013 Amendments:

3/31/2013 and thereafter

≥ 1.25 to 1.00

2013 Credit Agreement, after First 2013 Amendment:

6/28/13

>0.95 to 1.00

9/30/13

>1.00 to 1.00

12/27/13

>1.15 to 1.00

3/28/2014 and thereafter

>1.25 to 1.00

2013 Credit Agreement, after First 2014 Amendment:

3/28/2014 through and including 6/26/2014

≥0.90 to 1.00

06/27/2014 through and including 9/29/2014

≥1.10 to 1.00

9/30/2014 and thereafter

≥1.25 to 1.00

2013 Credit Agreement, after Second 2014 Amendment:

12/26/2014 through and including 3/26/2015

≥1.00 to 1.00

03/27/2014 through and including 6/25/2015

≥1.15 to 1.00

6/26/2015 and thereafter

≥1.25 to 1.00

(a)

The ratio of debt to earnings before interest, taxes, depreciation, amortization, rent expense and non-cash stock compensation expense.

(b)

The ratio compares (i) 12 month EBITDA plus non-cash stock compensation expense minus unfinanced capital expenditures minus cash taxes paid, to (ii) the sum of interest expense, principal payments, sale-leaseback payments and dividends, if any (fixed charges).

The Second 2013 Amendment also amended two definitions used in the calculation of the financial covenants, including: (i) the definition of net income, to add back, through the fiscal quarter ending June 27, 2014, up to $1.1 million of legal and accounting fees associated with the Prior Restatement, and (ii) the definition of interest expense as related to Rate Management Transactions (defined in the 2013 Credit Agreement), to be “the net cash cost or benefit associated with Rate Management Transactions net cash benefit or loss”.

The Second 2014 Amendment also modified the Quarterly EBITDARS covenant to be equal to or greater than $1.25 million for the fiscal quarter ending March 28, 2014, and $1.5 million for each fiscal quarter thereafter.

At September 30, 2014 and June 27, 2014, the Company was in compliance with the Quarterly EBITDARS covenant. At March 28, 2014, the Company was not in compliance with the Quarterly EBITDARS covenant. At December 27, 2013, the Company was not in compliance with Quarterly EBITDARS covenant or the Debt to EBITDARS Ratio. At September 30, 2013, the Company was not in compliance with the Debt to EBITDARS Ratio and Fixed Charge Coverage Ratio. The Company obtained waivers from M&T Bank with respect to such noncompliance. The First 2014 Amendment did not require measurement of the Fixed Charge Coverage Ratio in the first quarter of fiscal 2014. The Second 2014 Amendment does not require measurement of the Debt to EBITDARS ratio or the Fixed Charge Coverage ratio for any quarter during fiscal 2014. As a result of the 2014 Restatements as described in Note 3—Fiscal 2014 Restatement of Deferred Tax Asset Valuation Allowance and Excess and Obsolete Inventory Reserve, the Company was in default of the Credit Agreement for failure to deliver financial statements prepared in accordance with GAAP. The Company received a waiver from M&T regarding this event of default.

The waivers received by the Company for failure to comply with the financial covenants during fiscal 2013 and the first and second quarters of fiscal 2014 did not affect the quarterly calculation of the applicable interest rate margin for the Revolver and Albuquerque Mortgage Loan and the Revolver unused fees. However, the Second 2013 Amendment modified the ranges of applicable margins and unused fees by increasing both the lower and upper limit of each range with respect to the applicable debt facility. The applicable margins are determined based on the Debt to EBITDARS Ratio. Changes to applicable margins and unused fees resulting from the Debt to EBITDARS Ratio generally become effective mid-way through the subsequent quarter. The higher Debt to EBITDARS Ratio calculated as of March 29, 2013 resulted in an increase of 0.75% in the effective rate applicable to the Revolver and Albuquerque Mortgage Loan and an increase of 0.375% in the unused commitment fee for the Revolver. The higher Debt to EBITDARS Ratio calculated as of June 28, 2013, in conjunction with the Second 2013 Amendment resulted in an increase of 0.25% in the effective rate applicable to those two loans and the unused commitment fee for the Revolver remained unchanged. However, the First 2014 Amendment fixed the applicable margin for the Revolver at 4.25%, for the Albuquerque Mortgage Loan at 4.50% and Term Loan B at 3.25% and the unused fee at 0.50%, in each case for the period December 13, 2013 through December 13, 2014 and if the Company is not compliant with financial covenants on December 13, 2014, during the period of non-compliance. The Second 2014 Amendment further fixed the applicable margins at the rates noted in the First 2014 Amendment through March 27, 2015 and if the Company is not compliant with financial covenants on March 27, 2015, during the period of non-compliance.

Significant modifications made in the 2013 Credit Agreement and subsequent amendments to the financing arrangements previously in effect under the 2010 Credit Agreement and subsequent amendments, include:

•

Consolidation of all outstanding term debt, except the Albuquerque Mortgage Loan and the Energy Loan, and an $8.9 million portion of outstanding loans under the Revolver, into two new and increased term loans, described below (“Term Loan A” and “Term Loan B”);

•

Creation of a new Term Loan A in the original principal amount of $10.0 million, bearing interest at the fixed rate of 3.98% per annum, payable in equal monthly principal payments of $93 thousand each plus accrued interest, with a final maturity date of February 1, 2022;

•

Creation of a new Term Loan B in the original principal amount of $14.0 million, bearing interest at a variable rate equal to 2.50% above Libor in effect from time to time, payable in equal monthly principal payments of $117 thousand each plus accrued interest, with a final maturity date of February 1, 2023. The First 2014 Amendment modified the applicable margin to 3.25% until December 13, 2014. Thereafter, the applicable margin will revert back to the rate range defined in the 2013 Credit Agreement provided that the Company is compliant with all the covenants. If however, the Company is non-compliant with any of the covenants the applicable margin will remain fixed at 3.25% until the Company has become compliant with all the covenants. The Second 2014 Amendment modified the applicable margin to 3.25% until March 27, 2015. Thereafter, the applicable margin will revert back to the rate range defined in the 2013 Credit Agreement provided that the Company is compliant with all the covenants. If however, the Company is non-compliant with any of the covenants the applicable margin will remain fixed at 3.25% until the Company has become compliant with all the covenants;

•

Extension of the maturity date of the Albuquerque Mortgage Loan from December 16, 2014 to February 1, 2018, with no change to the monthly principal payments of $22 thousand each plus accrued interest;

•

Modification of the interest rate applicable to the Albuquerque Mortgage Loan from (i) a range on the applicable quarterly adjustment date of 2.50% to 3.75% above Libor based upon the Company’s then Debt to EBITDARS Ratio (ranging from 1.75:1.00 or less to 3.25:1.00 or greater), to (ii) a range on the applicable quarterly adjustment date of 2.00% to 3.25% above Libor based upon the Company’s then Debt to EBITDARS Ratio (ranging from 0.75:1.00 or less to 2.75:1.00 or greater). The Second 2013 Amendment modified the interest rate to a range on the applicable quarterly adjustment date of 2.25% to 3.75% above Libor based upon the Company’s then Debt to EBITDARS Ratio (ranging from 1.25:1.00 or less to 3.25:1.00 or greater). The First 2014 Amendment modified the applicable margin to 4.50% until December 13, 2014. Thereafter, the applicable margin would have reverted back to the rate range defined in the Second 2013 Amendment provided that the Company was compliant with all the covenants. If however, the Company was non-compliant with any of the covenants the applicable margin would have remained fixed at 4.50% until the Company became compliant with all the covenants. The Second 2014 Amendment modified the applicable margin to 4.50% until March 27, 2015. Thereafter, the applicable margin will revert back to the rate range defined in the Second 2013 Amendment provided that the Company is compliant with all the covenants. If however, the Company is non-compliant with any of the covenants the applicable margin will remain fixed at 4.50% until the Company has become compliant with all the covenants;

•

Continuation of the Revolver in the maximum available principal amount of the lesser of $20.0 million or the amount available under the borrowing base (the formula for which, and interest rate surcharge applicable to optional over-base advances, remains unchanged), with an outstanding principal balance immediately after the closing of $3.7 million;

•

Extension of the maturity date of the Revolver from December 17, 2013 to January 18, 2016;

•

Modification of the interest rate applicable to the Revolver from (i) a range on the applicable quarterly adjustment date of 2.25% to 3.50% above Libor based upon the Company’s then Debt to EBITDARS Ratio (ranging from 1.75:1.00 or less to 3.25:1.00 or greater), to (ii) a range on the applicable quarterly adjustment date of 1.75% to 3.00% above Libor based upon the Company’s then Debt to EBITDARS Ratio (ranging from 0.75:1.00 or less to 2.75:1.00 or greater). The Second 2013 Amendment modified the interest rate to a range on the applicable quarterly adjustment date of 2.00% to 3.50% above Libor based upon the Company’s then Debt to EBITDARS Ratio (ranging from 1.25:1.00 or less to 3.25:1.00 or greater). The First 2014 Amendment modified the applicable margin to 4.25% until December 13, 2014. Thereafter, the applicable margin would have reverted back to the rate range defined in the Second 2013 Amendment provided that the Company was compliant with all the covenants. If however, the Company was non-compliant with any of the covenants the applicable margin would have remained fixed at 4.25% until the Company became compliant with all the covenants. The Second 2014 Amendment modified the applicable margin to 4.25% until March 27, 2015. Thereafter, the applicable margin will revert back to the rate range defined in the Second 2013 Amendment provided that the Company is compliant with all the covenants. If however, the Company is non-compliant with any of the covenants the applicable margin will remain fixed at 4.25% until the Company has become compliant with all the covenants;

•

Modification of the unused fee applicable to the Revolver from (i) a range on the applicable quarterly adjustment date of 0.125% to 0.500% based upon the Company’s then ratio of Debt to EBITDARS (ranging from 1.75:1.00 or less to 3.25:1.00 or greater), to (ii) a range on the applicable quarterly adjustment date of 0.125% to 0.500% based upon the Company’s then ratio of Debt to EBITDARS (ranging from 0.75:1.00 or less to 2.75:1.00 or greater). The Second 2013 Amendment modified the unused fee to a range on the applicable quarterly adjustment date of 0.250% to 0.500% based upon the Company’s then Debt to EBITDARS Ratio (ranging from 1.25:1.00 or less to 3.25:1.00 or greater). The First 2014 Amendment modified the unused fee to a fixed rate of 0.50% until December 13, 2014. Thereafter, the unused fee would have reverted back to the fee range defined in the Second 2013 Amendment provided that the Company was compliant with all the covenants. If however, the Company was non-compliant with any of the covenants the unused fee would have remained at the fixed rate of 0.50% until the Company became compliant with all the covenants. The Second 2014 Amendment modified the unused fee to a fixed rate of 0.50% until March 27, 2015. Thereafter, the unused fee will revert back to the fee range defined in the Second 2013 Amendment provided that the Company is compliant with all the covenants. If however, the Company is non-compliant with any of the covenants the unused fee will remain at the fixed rate of 0.50% until the Company has become compliant with all the covenants;

•

Elimination of mandatory prepayments based upon excess cash flow;

•

Continuation, unchanged, of existing financial covenants requiring minimum quarterly EBITDARS, a maximum Debt to twelve month EBITDARS ratio, and minimum Fixed Charge Coverage Ratio, all measured at the end of each quarter commencing with the quarter ending in June 2013 (but later modified in the 2013 Amendments and the 2014 Amendments); and

•

Modification of the prohibition against dividends and stock repurchases to permit an aggregate maximum of $3.5 million of such distributions prior to February 1, 2023 absent default at the time of the applicable payment.

In connection with the 2013 Credit Agreement, on January 18, 2013, the Company and M&T Bank entered into an interest rate swap arrangement (“Swap Transaction”). The Swap Transaction is for a notional amount of $14.0 million with an effective date of February 1, 2013 and a termination date of February 1, 2023. The Swap Transaction is designed to reduce the variability of future interest payments with respect to Term Loan B by effectively fixing the annual interest rate payable on the loan’s outstanding principal. Pursuant to the swap transaction, the Company’s one month Libor rate is swapped for a fixed rate of 1.32%. When the swap fixed rate is added to the Term Loan B spread of 2.50%, the Company’s interest rate applicable to Term Loan B is effectively fixed at 3.82%. The 2014 Amendments temporarily modified the Term Loan B spread to 3.25% which results in an effectively fixed rate of 4.57%.

The 2010 Credit Agreement provided for various debt facilities as detailed below. The revolving credit facility and term loan borrowings under the 2010 Credit Agreement bore interest at Libor plus a margin that varied between 2.25% and 3.75% based on the Company’s Debt to EBITDARS Ratio.

The 2010 Credit Agreement was modified on November 17, 2011 by a letter agreement that extended the Equipment Line of Credit to December 17, 2013 and made all loans under such line due and payable no later than that date. The 2010 Credit Agreement required prepayments of term loans equal to 50% of excess cash flow for fiscal years ending after September 30, 2010 and the letter agreement changed that requirement to fiscal years ending after September 30, 2011.

Individual debt facilities that were provided under the 2010 Credit Agreement are described below:

a)

Revolving Credit Facility (“Revolver”): Up to $20.0 million was available through December 17, 2013. The Company could borrow up to the lesser of (i) 85% of eligible receivables plus 35% of eligible inventories or (ii) $20.0 million. At IEC’s election, another 35% of eligible inventories would be included in the borrowing base for limited periods of time during which a higher rate of interest would be charged on the Revolver. Borrowings based on inventory balances were further limited to a cap of $3.75 million, or when subject to the higher percentage limit, $4.75 million.

b)

SCB Term Loan: $20.0 million was borrowed on December 17, 2010 and principal was being repaid in 60 equal monthly installments. This loan was paid off during January 2013.

c)

Albuquerque Term Loan: $5.0 million was borrowed on December 16, 2009, and principal was being repaid in 60 equal monthly installments. This loan was paid off during January 2013.

d)

Albuquerque Mortgage Loan: $4.0 million was borrowed on December 16, 2009. The loan is secured by real property in Albuquerque, NM, and principal was being repaid in 60 monthly installments of $22 thousand plus a balloon payment due at maturity. The maturity date of the mortgage loan was modified from December 16, 2014 to February 1, 2018; with no change to the monthly principal payments of $22 thousand each plus accrued interest.

e)

Celmet Term Loan: $2.0 million was borrowed on July 30, 2010, and principal was being repaid in 60 equal monthly installments. This loan was paid off during January 2013.

f)

Equipment Line of Credit: Up to $1.5 million, reduced by outstanding loans, was available through December 17, 2013. The line was available for purchases of capital equipment. Borrowings under the line were supported by individual notes that specify interest and principal repayment terms. The Company had the option to select whether the interest rate was fixed or variable. Equal payments of principal were being made over 48 months for two of the loans and over 60 months for one loan. These loans were paid off during January 2013.

g)

Energy Loan: $0.2 million was borrowed on April 2, 2008 under this facility, for which interest at a fixed rate of 2.08% was subsidized by the State of New York. Principal was being repaid in 60 equal monthly installments and the loan was paid in full during April 2013.

Other Credit Facilities

a)

Seller Notes: The May 2008 acquisition of Val-U-Tech Corp., which was renamed IEC Electronics Wire and Cable, Inc. (“Wire and Cable”) in 2009, was financed in part by three promissory notes payable to the sellers totaling $3.8 million. These notes were subordinated to borrowings under the Credit Agreement and were being repaid in quarterly installments of $160 thousand, including interest. Effective October 1, 2011, the interest rate on the notes was reduced from 4.0% to 3.0% without altering any other terms of the borrowings. The seller notes were paid in full during June 2013.

b)

Albuquerque Industrial Revenue Bond: When IEC acquired Albuquerque, the Company assumed responsibility for a $100 thousand Industrial Revenue Bond issued by the City of Albuquerque. Interest on the bond is paid semiannually, and principal is due in its entirety at maturity.

All Facilities

A summary of contractual principal payments under IEC’s borrowings for the next five years taking into consideration the 2013 Credit Agreement follows:

Debt Repayment Schedule

Contractual

Principal

Payments

(in thousands)

Twelve months ended Sept 30,

2015

$

2,908

2016 (1)

10,339

2017

2,908

2018

4,574

2019

3,283

2020 and thereafter

$

7,375

$

31,387

(1) Includes Revolver balance of $7.4 million at September 30, 2014

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	rest Rate Risk Management
	In connection with the 2013 Credit Agreement, on January 18, 2013, the Company and M&T Bank entered into the Swap Transaction.  The Swap Transaction is for a notional amount of $14.0 million with an effective date of February 1, 2013 and a termination date of February 1, 2023.  The Swap Transaction is designed to reduce the variability of future interest payments with respect to Term Loan B by effectively fixing the annual interest rate payable on outstanding principal of Term Loan B.  Pursuant to the interest rate swap, the Company’s one month Libor rate is swapped for a fixed rate of 1.32%.  As more fully described in Note 9—Credit Facilities, the applicable margin on Term Loan B is fixed at 3.25% until March 27, 2015.  When the swap fixed rate is added to the Term Loan B Spread of 3.25%, the Company’s interest rate applicable to Term Loan B is effectively fixed at 4.57%.
	The fair value of the interest rate swap agreement represented an asset of $0.2 million and $0.3 million at September 30, 2014 and 2013, respectively, and was estimated based on Level 2 inputs.  The Company did not designate the swap as a cash flow hedge at inception and therefore, the gains or losses from the changes in fair value of the derivative instrument are recognized in earnings for the periods ended September 30, 2014 and 2013 within interest expense.
	The fair value of the interest rate swap of $0.2 million and $0.3 million is recorded in other long term assets in the Consolidated Balance Sheet at September 30, 2014 and 2013, respectively.

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	cial Instruments Carried at Fair Value
	The Company’s Swap Transaction is recorded on the balance sheet as either an asset or a liability measured at fair value.  The Company estimates the fair value of the Swap Transaction based on Level 2 valuation inputs, including fixed interest rates, Libor implied forward interest rates and the remaining time to maturity.  At September 30, 2014, the Swap Transaction was an asset of $0.2 million.
	Financial Instruments Carried at Historical Cost
	The Company’s long-term debt is not quoted.  Fair value was estimated using a discounted cash flow analysis based on Level 2 valuation inputs, including borrowing rates the Company believes are currently available to it for loans with similar terms and maturities.
	The Company’s debt is carried at historical cost on the balance sheet.  The fair value and carrying value of Term Loan A at September 30, 2014 were $6.9 million and $8.1 million, respectively.  The fair value and carrying value of Celmet Building Term Loan at September 30, 2014 was $1.0 million and $1.2 million, respectively. The fair value of the remainder of the Company’s debt approximated carrying value at September 30, 2014 as it is variable rate debt.  The fair value and carrying value of Term Loan A at September 30, 2013 were $7.6 million and $9.3 million, respectively.  The fair value of the remainder of the Company’s debt approximated carrying value at September 30, 2013 as it is variable rate debt.

WARRANTY_RESERVES

WARRANTY RESERVES	12 Months Ended
	Sep. 30, 2014
Product Warranties Disclosures [Abstract]
WARRANTY RESERVES	enerally warrants its products and workmanship for up to twelve months from date of sale.  As an offset to warranty claims, the Company is sometimes able to obtain reimbursement from suppliers for warranty-related costs or losses.  Based on historical warranty claims experience and in consideration of sales trends, a reserve is maintained for estimated future warranty costs to be incurred on products and services sold through the balance sheet date.
	A summary of additions to and charges against IEC’s warranty reserves during the period follows:
		Years Ended
	Warranty Reserve	September 30,			September 30,
		2014			2013
	(in thousands)
	Reserve, beginning of period	$	219		$	388
	Provision	296			13
	Warranty costs	(264		)	(182		)
	Reserve, end of period	$	251		$	219

DEFERRED_GRANTS

DEFERRED GRANTS	12 Months Ended
	Sep. 30, 2014
Deferred Grants [Abstract]
DEFERRED GRANTS	ompany received grants for certain facility improvements and equipment from state and local agencies in which the Company operates.  These grants reimburse the Company for a portion of the actual cost or provide in kind services in support of capital projects.  Deferred grants of $0.7 million and $0.2 million were recorded during the years ended September 30, 2014 and 2013, respectively.
	One of the Company’s grants is a loan to grant agreement.  The Company has signed a promissory note, which will be forgiven if certain employment targets are obtained at specified future dates.  If the employment targets are not obtained, the Company is obligated to repay the loan with interest.  As the Company intends to comply with these agreements, the Company has recorded the funds received as a deferred amount within other long-term liabilities on the balance sheet.
	The Company received a government grant for the purchase of equipment upgrades to accommodate existing and anticipated business growth. Required employment targets for this grant have been met as of September 30, 2014.
	The Company is also the recipient of matching grants from two local governmental agencies related to certain renovations for one of its operating locations.  One agency is contributing in kind services and property of $0.1 million while the other is contributing cash of $0.1 million to match expenditures by the Company of at least the same amount.
	The grants are amortized over the useful lives of the related fixed assets when there is reasonable assurance that the Company will meet the employment targets.
	Grant amortization expense during the three months ended and years ended September 30, 2014 and 2013 follows:
		Three Months Ended				Years Ended
		September 30,		September 30,		September 30,		September 30,
		2014		2013		2014		2013
	(in thousands)	(unaudited)
	Grant amortization expense	$	144	$	17	$	158	$	17

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	010 Omnibus Incentive Compensation Plan (“2010 Plan”) was approved by the Company’s stockholders at the January 2011 Annual Meeting of the Shareholders.  This plan replaced IEC’s 2001 Stock Option and Incentive Plan (“2001 Plan”), which expired in December 2011.  The 2010 Plan, which is administered by the Compensation Committee of the Board of Directors, provides for the following types of awards: incentive stock options, nonqualified options, stock appreciation rights, restricted shares, restricted stock units, performance compensation awards, cash incentive awards, director stock and other equity-based and equity-related awards.  Awards are generally granted to certain members of management and employees, as well as directors.  Under the 2010 Plan, up to 2,000,000 common shares may be issued over a term of ten years.
	Stock-based awards granted through December 2011, were made under the 2001 Plan.  Awards granted after December 2011 were made under the 2010 Plan and future awards will be made under the 2010 Plan.
	Stock compensation expense recorded under the plans totaled $0.5 million and $0.6 million for the years ended September 30, 2014 and September 30, 2013, respectively.  Expenses relating to stock options that comply with certain U.S. income tax rules are neither deductible by the Company nor taxable to the employee.  Further information regarding awards granted under the 2001 Plan, 2010 Plan and employee stock purchase plan is provided below.
	Stock Options
	When options are granted, IEC estimates fair value using the Black-Scholes option pricing model and recognizes the computed value as compensation cost over the vesting period, which is typically four years.  The contractual term of options granted under the plan is generally seven years.
	Assumptions used in the Black-Scholes model and the estimated value of options granted during the years ended September 30, 2014 and 2013 follows:
		Years Ended
	Valuation of Options	September 30,				September 30,
		2014				2013
	Assumptions for Black-Scholes:
	Risk-free interest rate	1.32		%		0.55		%
	Expected term in years	4.1				4
	Volatility	48		%		49		%
	Expected annual dividends	none				none
	Value of options granted:
	Number of options granted	50,500				50,000
	Weighted average fair value per share	$	1.62			$	2.65
	Fair value of options granted (000s)	$	82			$	133
	A summary of stock option activity, together with other related data, follows:
		Years Ended
		30-Sep-14							30-Sep-13
	Stock Options	Number			Wgtd.  Avg. Exercise Price				Number		Wgtd.  Avg. Exercise Price
		of Options							of Options
	Outstanding, beginning of period	246,383			$	4.38			280,789		$	3.82
	Granted	50,500			4.12				50,000		6.91
	Exercised	(23,237	)		1.53				(30,150	)	2
	Shares withheld for payment of	(4,346	)		1.72				—		—
	taxes upon exercise of stock option
	Forfeited	(29,350	)		5.73				(45,756	)	5.52
	Expired	(5,950	)		5.11				(8,500	)	2.01
	Outstanding, end of period	234,000			$	4.48			246,383		$	4.38
	For options expected to vest
	Number expected to vest	212,455			$	4.47			234,967		$	4.29
	Weighted average remaining term, in years	3.2							3.5
	Intrinsic value (000s)				$	173					$	168
	For exercisable options
	Number exercisable	121,650			$	3.64			108,033		$	2.36
	Weighted average remaining term, in years	1.7							1.8
	Intrinsic value (000s)				$	161					$	168
	For non-exercisable options
	Expense not yet recognized (000s)				$	145					$	194
	Weighted average years to be recognized	2.6							2.5
	For options exercised
	Intrinsic value (000s)				$	69					$	131
	Changes in the number of non-vested options outstanding, together with other related data, follows:
		Years Ended
		30-Sep-14							30-Sep-13
	Stock Options	Number			Wgtd. Avg.				Number		Wgtd. Avg.
		of Options			Grant Date				of Options		Grant Date
					Fair Value						Fair Value
	Non-vested, beginning of period	138,350			$	2.51			157,150		$	2.42
	Granted	50,500			1.62				50,000		2.65
	Vested	(47,150	)		2.51				(23,044	)	2.26
	Forfeited	(29,350	)		2.35				(45,756	)	2.51
	Non-vested, end of period	112,350			$	2.15			138,350		$	2.51
	Restricted (Non-vested) Stock
	Holders of IEC restricted stock have voting and dividend rights as of the date of grant, but until vested the shares may be forfeited and cannot be sold or otherwise transferred.  At the end of the vesting period, which is typically four or five years (three years in the case of directors), holders have all the rights and privileges of any other IEC common stockholder.  The fair value of a share of restricted stock is its market value on the date of grant, and that value is recognized as stock compensation expense over the vesting period.
	A summary of restricted stock activity, together with related data, follows:
		Years Ended
		30-Sep-14							30-Sep-13
	Restricted (Non-vested) Stock	Number of			Wgtd. Avg.				Number of		Wgtd. Avg.
		Non-vested			Grant Date				Non-vested		Grant Date
		Shares			Fair Value				Shares		Fair Value
	Outstanding, beginning of period	275,474			$	5.96			339,939		$	5.69
Granted	225,703			4.14				90,708		6.82
Vested	(88,586	)		5.71				(58,372	)	5.45
Shares withheld for payment of	(18,615	)		4.28				(4,441	)	4.7
taxes upon vesting of restricted stock
Forfeited	(71,103	)		5.88				(92,360	)	6.15
Outstanding, end of period	322,873			$	4.97			275,474		$	5.96
For non-vested shares
Expense not yet recognized (000s)				$	862					$	811
Weighted average remaining years for vesting				2.7						2.8
For shares vested
Aggregate fair value on vesting dates (000s)				$	454					$	388
Employee Stock Purchase Plan
The Company administers an employee stock purchase plan (“ESPP”) that provides for a discounted stock purchase price.  On May 21, 2013, the Compensation Committee of the Company’s Board of Directors suspended operation of the ESPP indefinitely in connection with the Prior Restatement of the Company’s financial statements described herein (including unavailability of the registration statement covering shares offered under the plan due to the failure of the Company to be current in its filings with the SEC until the Company filed its Form 10-K on December 24, 2013).  The ESPP was reinstated effective October 1, 2014. There were no employee contributions or compensation expense recognized under the ESPP during the year ended September 30, 2014. Employee contributions to the plan, net of withdrawals were $49 thousand for the year ended September 30, 2013. Compensation expense recognized under the ESPP was $5 thousand for the year ended September 30, 2013.
Stock Issued to Board Members
In addition to annual grants of restricted stock, included in the table above, Board members may elect to have their meeting fees paid in the form of shares of the Company’s common stock.   In connection with the Prior Restatement of the Company’s financial statements described herein (including unavailability of the registration statement covering shares offered under the plan due to the failure of the Company to be current in its filings with the SEC until the Company filed its Form 10-K on December 24, 2013), the Company determined not to pay, and has not paid, any meeting fees in stock during the period since May 21, 2013.  During the fiscal year ended September 30, 2013, before the Prior Restatement, Board members were granted 1,480 shares of common stock, as payment of such meeting fees, in addition to cash payments. The Company recognized stock-based compensation expense related to Board members meeting fees of $10 thousand during the fiscal year ended September 30, 2013.

RETIREMENT_PLAN

RETIREMENT PLAN	12 Months Ended
	Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]
RETIREMENT PLAN	ompany administers a retirement savings plan for the benefit of its eligible employees and their beneficiaries under the provisions of Sections 401(a) and (k) of the Internal Revenue Code.  Eligible employees may contribute a portion of their compensation to the plan, and the Company is permitted to make discretionary contributions as determined by the Board of Directors.  During 2014, for one location, the Company contributed 25% of the first 6% contributed by employees. During the fourth quarter of fiscal 2014, the Company also contributed 25% of the first 6% contributed by all employees at other locations. Contributions during the year ended September 30, 2014 totaled $82 thousand. During 2013, for one location, the Company contributed 25% of the first 6% contributed by employees. Company contributions totaled $35 thousand at this location during the year ended September 30, 2013. There were no other Company contributions made in 2013.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]
INCOME TAXES	sion for/(benefit from) income taxes during the years ended September 30, 2014 and 2013 follows:
		Years Ended
	Income Tax Provision	September 30, 2014				September 30, 2013
	(in thousands)	(restated)
	Current tax:
	State	$	(111	)		$	209
	Federal	(44		)		(80		)
	Deferred tax:
	State	1,493				(557		)
	Federal	11,541				(5,094		)
	Provision for/(benefit from) income taxes	$	12,879			$	(5,522	)
	Differences between the federal statutory rate and IEC’s effective tax rates for 2014 and 2013 are explained by the following reconciliation.
		Years Ended
	Taxes as Percent of Pretax Income	September 30, 2014			September 30, 2013
		(restated)
	Federal statutory rate	(34.0	)%		(34.0	)%
	Increase in valuation allowance	620.3	%		—	%
	Decrease in state deferred tax rate	8.3	%		—	%
	State income taxes, net of federal benefit	(5.1	)%		(2.3	)%
	Decrease/(increase) in tax credits	(3.6	)%		(1.3	)%
	IRS audit and other federal refunds	(1.5	)%		0.6	%
	Other	3	%		0.3	%
	Income tax provision/(benefit) as percent of pretax income	587.4	%		(36.7	)%
	The following table displays deferred tax assets by category:
		Years Ended
	Deferred Income Taxes	September 30,				September 30,
		2014				2013
	(in thousands)	(restated)
	Deferred tax assets:
	Net operating loss carryforward	$	5,925			$	5,913
	Alternative minimum tax credit carryforward	949				870
	Depreciation and fixed assets	1,099				250
	Amortization and impairment of intangibles	3,178				3,610
	New York State investment tax & other credits	1,186				1,186
	Inventories	1,041				737
	Other	679				923
	Total before allowance	14,057				13,489
	Valuation allowance	(14,057		)		(455		)
	Deferred tax assets, net	—				13,034
	Net deferred income taxes (current and deferred)	$	—			$	13,034
	IEC has federal net operating loss carryforwards (“NOLs”) for income tax purposes of approximately $16.3 million at September 30, 2014, expiring mainly in years 2021 through 2025, with a small portion expiring in 2034.
	At September 30, 2014, the Company also has state NOLs of $27.7 million, expiring mainly in years 2021 through 2025 and $1.2 million of New York State investment tax and other credit carryforwards, expiring in various years through 2028.  The credits cannot be utilized until the New York NOL is exhausted. Recent New York state corporate tax reform has resulted in the reduction of the business income base rate for qualified manufactures in New York state to 0% beginning in fiscal 2015 for IEC. As a result of this legislation, it is more likely than not that the New York state NOLs and credits will not be realized. The Company increased the valuation allowance during fiscal 2014 to fully offset all state NOLs and state tax credits. If the NOLs or credits expire unused, the related deferred tax asset and offsetting valuation allowance will be reduced.
	The Company restated is second quarter of fiscal 2014 to record a full valuation allowance on all deferred tax assets. In addition, the Company restated its excess and obsolete inventory reserve. The increase in the excess and obsolete inventory reserve resulted in an increased deferred tax asset. These restatements are further discussed in Note 3—Fiscal 2014 Restatement of Deferred Tax Asset Valuation Allowance and Excess and Obsolete Inventory Reserve.

MARKET_SECTORS_AND_MAJOR_CUSTO

MARKET SECTORS AND MAJOR CUSTOMERS	12 Months Ended
	Sep. 30, 2014
Risks and Uncertainties [Abstract]
MARKET SECTORS AND MAJOR CUSTOMERS	mary of sales, according to the market sector within which IEC’s customers operate, follows:
		Three Months Ended		Years Ended
	% of Sales by Sector	September 30,	September 30,	September 30,	September 30,
		2014	2013	2014	2013
		(unaudited)
	Aerospace & Defense (previously Military & Aerospace)	46%	49%	49%	51%
	Medical	23%	20%	20%	20%
	Industrial	26%	22%	25%	21%
	Communications & Other	5%	9%	6%	8%
		100%	100%	100%	100%
	Two individual customers represented 10% or more of sales for the year ended September 30, 2014. One customer in the Industrial sector represented 16% of sales and one customer in the Medical sector represented 14% of sales. In the prior fiscal year, one customer in the Industrial sector represented 15% of sales. Two individual customers represented 10% or more of receivables and accounted for 33% of outstanding balances at September 30, 2014. At September 30, 2013 one individual customer represented 10% or more of receivables and accounted for 13% of such outstanding balances.
	Credit risk associated with individual customers is periodically evaluated by analyzing the entity’s financial condition and payment history.  Customers generally are not required to post collateral.

LITIGATION

LITIGATION	12 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	scussed in Note 2—Prior Restatement of SCB Work-In-Process Inventory above, the Company restated its financial statements. In connection with the Prior Restatement, the Audit Committee conducted an independent review of the underlying facts and circumstances, and the Company is responding to a formal investigation by the staff of the SEC relating to the Prior Restatement and other matters. The Company is unable to predict what action, if any, might be taken in the future by the SEC or its staff as a result of the investigation or what impact the cost of responding to the SEC might have on the Company’s financial position, results of operations, or cash flows. The previously reported amended complaint in the consolidated shareholder class action originally filed June 28, 2013 in the United States District Court, Southern District of New York, against the Company and its CEO and former CFO seeking unspecified compensatory damages was dismissed in its entirety without right to replead. The Court’s opinion and order granting the motion to dismiss was issued on September 11, 2014, and the judgment dismissing the complaint and closing the case was entered on September 12, 2014.
	From time to time, the Company may be involved in other legal action in the ordinary course of its business, but management does not believe that any such other proceedings commenced through the date of the financial statements included in this Form 10-K/A, individually or in the aggregate, will have material adverse effect on the Company’s consolidated financial position.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	s
	The Company is obligated under non-cancelable operating leases, primarily for manufacturing equipment, buildings and office equipment. Leases for buildings occupied by IEC expire in September 2018. These operating leases generally contain renewal options and require the Company to pay executory costs such as taxes, insurance and maintenance.
	A summary of minimum lease obligations through the remainder of the lease terms follows:
	Future Rental Obligations	Contractual
		Lease
		Payments
	(in thousands)
	Twelve months ended September 30,
	2015	$	333
	2016	328
	2017	287
	2018	276
	2019	5
	Rent expense during the three months ended and years ended September 30, 2014 and September 30, 2013 follows:
		Three Months Ended				Years Ended
	Rent Expense	September 30,		September 30,		September 30,		September 30,
		2014		2013		2014		2013
	(in thousands)	(unaudited)
	Rent expense	$	118	$	161	$	457	$	1,107
	Purchase Commitments
	During August 2011, one of IEC’s operating units entered into a five-year agreement with one of its suppliers to purchase a minimum volume of materials in exchange for receiving favorable pricing on the unit’s purchases.  In the event the unit’s cumulative purchases do not equal or exceed stated minimums, the supplier has a right to terminate the agreement and the IEC unit would be obligated to pay an early termination fee that declines from $365 thousand to zero over the term of the agreement.  As of the date of this Form 10-K/A, the Company expects to exceed minimum purchase requirements under the agreement, thereby avoiding any termination fee.

QUARTERLY_FINANCIAL_DATA

QUARTERLY FINANCIAL DATA	12 Months Ended
	Sep. 30, 2014
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA	The accompanying unaudited financial information for the three month periods specified below have been prepared in accordance with GAAP for interim financia1 information. In the opinion of management, all adjustments required for a fair presentation of the information have been made.
	Key financial data for quarterly periods in fiscal years ended September 30, 2014 and 2013 as restated, is presented in the table below. For further information regarding the Restatements, see Note 2—Prior Restatement of SCB Work-In-Process Inventory and Note 3—Fiscal 2014 Restatement of Deferred Tax Asset Valuation Allowance and Excess and Obsolete Inventory Reserve. The remaining tables present the effects of adjustments made to our previously reported unaudited consolidated quarterly financial information for the first, second, third and fourth quarters in the fiscal year ended September 30, 2014.
	It should be noted that quarterly amounts are rounded separately and as a result the sum of the quarterly amounts may not equal the computed amount for the full year.
			Net Sales			Gross Profit			Net Income/(Loss)				Basic Earnings/ (Loss) Per Share				Diluted Earnings/ (Loss) Per Share
	(Unaudited; in thousands, except per share data)
	Fiscal Quarters
	Fourth 2014, restated		$	35,687		$	3,508		$	1,034			$	0.1			$	0.1
	Third 2014, restated		32,992			3,795			(60		)		(0.01		)		(0.01		)
	Second 2014, restated		34,805			4,644			(14,714		)		(1.50		)		(1.50		)
	First 2014, restated		$	32,138		3,378			$	(1,331	)		$	(0.14	)		(0.14		)
	Fourth 2013		$	39,122		$	5,454		$	(8,667	)		$	(0.89	)		$	(0.89	)
	Third 2013		35,154			5,159			382				0.04				0.04
	Second 2013		33,681			2,899			(1,144		)		(0.12		)		(0.12		)
	First 2013, restated		32,989			4,165			(101		)		(0.01		)		(0.01		)
		Consolidated Balance Sheet
		September 30, 2014
		As reported			Adjustment			Restated
					(in thousands)
	ASSETS
	Current assets:
	Cash	$	1,980					$	1,980
	Accounts receivable, net of allowance	22,347						22,347
	Inventories, net	23,247			(721		)	22,526
	Deferred income taxes	1,114			(1,114		)	—
	Other current assets	3,597						3,597
	Total current assets	52,285			(1,835		)	50,450
	Fixed assets, net	17,850						17,850
	Intangible assets, net	2,392						2,392
	Goodwill	2,005						2,005
	Deferred income taxes	11,144			(11,144		)	—
	Other long term assets	299						299
	Total assets	$	85,975		$	(12,979	)	$	72,996
	LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities:
	Current portion of long-term debt	$	2,908					$	2,908
	Accounts payable	17,732						17,732
	Accrued payroll and related expenses	3,203						3,203
	Other accrued expenses	1,008						1,008
	Customer deposits	1,553						1,553
	Total current liabilities	26,404			—			26,404
	Long-term debt	28,479						28,479
	Other long-term liabilities	708						708
	Total liabilities	55,591			—			55,591
	STOCKHOLDERS’ EQUITY
	Preferred stock, $0.01 par value:	—
	500,000 shares authorized; none issued or outstanding
	Common stock, $0.01 par value:	111						111
	Authorized: 50,000,000 shares
	Issued: 11,146,571 shares
	Outstanding: 10,126,767 shares
	Additional paid-in capital	44,302						44,302
	Retained earnings/(accumulated deficit)	(12,575		)	(12,979		)	(25,554		)
	Treasury stock, at cost: 1,019,804 shares	(1,454		)				(1,454		)
	Total stockholders’ equity	30,384			(12,979		)	17,405
	Total liabilities and stockholders’ equity	$	85,975		$	(12,979	)	$	72,996
		Consolidated Balance Sheet
		June 27, 2014
		As reported			Adjustment			Restated
					(in thousands)
	ASSETS
	Current assets:
	Cash	$	679					$	679
	Accounts receivable, net of allowance	23,245						23,245
	Inventories, net	21,152			(443		)	20,709
Deferred income taxes	1,382			(1,382		)	—
Other current assets	2,107						2,107
Total current assets	48,565			(1,825		)	46,740
Fixed assets, net	$	18,489					$	18,489
Intangible assets, net	2,456						2,456
Goodwill	2,005						2,005
Deferred income taxes	12,634			(12,634		)	—
Other long term assets	238						238
Total assets	$	84,387		$	(14,459	)	$	69,928
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	2,908					$	2,908
Accounts payable	14,340						14,340
Accrued payroll and related expenses	2,869						2,869
Other accrued expenses	947						947
Customer deposits	928						928
Total current liabilities	21,992			—			21,992
Long-term debt	31,578						31,578
Other long-term liabilities	153						153
Total liabilities	53,723			—			53,723
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value:	—
500,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value:	111						111
Authorized: 50,000,000 shares
Issued: 11,072,821 shares
Outstanding: 10,053,956 shares
Additional paid-in capital	44,132						44,132
Retained earnings/(accumulated deficit)	(12,129		)	(14,459		)	(26,588		)
Treasury stock, at cost: 1,018,865 shares	(1,450		)				(1,450		)
Total stockholders’ equity	30,664			(14,459		)	16,205
Total liabilities and stockholders’ equity	$	84,387		$	(14,459	)	$	69,928
	Consolidated Balance Sheet
	March 28, 2014
	As reported			Adjustment			Restated
				(in thousands)
ASSETS
Current assets:
Cash	$	652					$	652
Accounts receivable, net of allowance	25,083						25,083
Inventories, net	20,103			(358		)	19,745
Deferred income taxes	1,382			(1,382		)	—
Other current assets	1,124						1,124
Total current assets	48,344			(1,740		)	46,604
Fixed assets, net	$	19,261					$	19,261
Intangible assets, net	2,520						2,520
Goodwill	2,005						2,005
Deferred income taxes	12,637			(12,637		)	—
Other long term assets	339						339
Total assets	$	85,106		$	(14,377	)	$	70,729
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	2,908					$	2,908
Accounts payable	15,304						15,304
Accrued payroll and related expenses	2,557						2,557
Other accrued expenses	960						960
Customer deposits	438						438
Total current liabilities	22,167			—			22,167
Long-term debt	32,229						32,229
Other long-term liabilities	158						158
Total liabilities	54,554			—			54,554
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value:	—
500,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value:	112						112
Authorized: 50,000,000 shares
Issued: 11,107,115 shares
Outstanding: 10,090,661 shares
Additional paid-in capital	44,032						44,032
Retained earnings/(accumulated deficit)	(12,152		)	(14,377		)	(26,529		)
Treasury stock, at cost: 1,016,454 shares	(1,440		)				(1,440		)
Total stockholders’ equity	30,552			(14,377		)	16,175
Total liabilities and stockholders’ equity	$	85,106		$	(14,377	)	$	70,729
	Consolidated Balance Sheet
	December 27, 2013
	As reported			Adjustment			Restated
				(in thousands)
ASSETS
Current assets:
Cash	$	1,733					$	1,733
Accounts receivable, net of allowance	21,729						21,729
Inventories, net	21,449			(232		)	21,217
Deferred income taxes	1,382						1,382
Other current assets	1,002						1,002
Total current assets	47,295			(232		)	47,063
Fixed assets, net	19,107						19,107
Intangible assets, net	2,583						2,583
Goodwill	2,005						2,005
Deferred income taxes	12,281						12,281
Other long term assets	416						416
Total assets	$	83,687		$	(232	)	$	83,455
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	2,908					$	2,908
Accounts payable	13,295						13,295
Accrued payroll and related expenses	2,040						2,040
Other accrued expenses	894						894
Customer deposits	1,199						1,199
Total current liabilities	20,336			—			20,336
Long-term debt	32,193						32,193
Other long-term liabilities	163						163
Total liabilities	52,692			—			52,692
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value:
500,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value:	111						111
Authorized: 50,000,000 shares
Issued: 11,046,172 shares
Outstanding: 10,029,718 shares
Additional paid-in capital	43,906						43,906
Retained earnings/(accumulated deficit)	(11,582		)	(232		)	(11,814		)
Treasury stock, at cost: 1,016,454 shares	(1,440		)				(1,440		)
Total stockholders’ equity	30,995			(232		)	30,763
Total liabilities and stockholders’ equity	$	83,687		$	(232	)	$	83,455
	Three Months Ended										Years Ended
	September 30, 2014										September 30, 2014
	As reported			Adjustment			Restated				As reported				Adjustment				Restated
							(in thousands)
Net sales	$	35,687					$	35,687			$	135,621							$	135,621
Cost of sales	31,901			278			32,179				119,576				721				120,297
Gross profit	3,786			(278		)	3,508				16,045				(721		)		15,324
Selling and administrative	3,551						3,551				14,567								14,567
expenses
Impairment of goodwill and	—						—				—								—
other intangibles
Restatement and related expenses	(1,302		)				(1,302		)		1,136								1,136
Operating profit/(loss)	1,537			(278		)	1,259				342				(721		)		(379		)
Interest and financing expense	386						386				1,795								1,795
Other expense/(income)	—						—				18								18
Income/(loss) before income taxes	1,151			(278		)	873				(1,471		)		(721		)		(2,192		)
Provision for/(benefit from)	1,597			(1,758		)	(161		)		621				12,258				12,879
income taxes
Net income/(loss)	$	(446	)	$	1,480		$	1,034			$	(2,092	)		$	(12,979	)		$	(15,071	)
Net income/(loss) per common and common equivalent share:
Basic	$	(0.05	)	$	0.15		$	0.1			$	(0.21	)		$	(1.32	)		$	(1.53	)
Diluted	(0.04		)	$	0.15		0.1				(0.21		)		$	(1.32	)		(1.53		)
Weighted average number of common and common equivalent shares outstanding:
Basic	9,853,647						9,853,647				9,827,043								9,827,043
Diluted	9,950,634						9,950,634				9,827,043								9,827,043
	Three Months Ended										Nine Months Ended
	June 27, 2014										June 27, 2014
	As reported			Adjustment			Restated				As reported				Adjustment				Restated
							(in thousands)
Net sales	$	32,992					$	32,992			$	99,934							$	99,934
Cost of sales	29,112			85			29,197				87,675				443				88,118
Gross profit	3,880			(85		)	3,795				12,259				(443		)		11,816
Selling and administrative	3,195						3,195				10,938								10,938
expenses
Impairment of goodwill and							—												—
other intangibles
Restatement and related expenses	102						102				2,516								2,516
Operating profit/(loss)	583			(85		)	498				(1,195		)		(443		)		(1,638		)
Interest and financing expense	558						558				1,410								1,410
Other expense/(income)	—						—				18								18
Income/(loss) before income taxes	25			(85		)	(60		)		(2,623		)		(443		)		(3,066		)
Provision for/(benefit from)	3			(3		)	—				(977		)		14,016				13,039
income taxes
Net income/(loss)	$	22		$	(82	)	$	(60	)		$	(1,646	)		$	(14,459	)		$	(16,105	)
Net income/(loss) per common and common equivalent share:
Basic	$	—		$	(0.01	)	$	(0.01	)		$	(0.17	)		$	(1.47	)		$	(1.64	)
Diluted	—			(0.01		)	(0.01		)		(0.17		)		(1.47		)		(1.64		)
Weighted average number of common and common equivalent shares outstanding:
Basic	9,838,872						9,838,872				9,816,974								9,816,974
Diluted	9,902,017						9,902,017				9,816,974								9,816,974
	Three Months Ended										Six Months Ended
	March 28, 2014										March 28, 2014
	As reported			Adjustment			Restated				As reported				Adjustment				Restated
							(in thousands)
Net sales	$	34,805					$	34,805			$	66,942							$	66,942
Cost of sales	30,035			126			30,161				58,562				358				58,920
Gross profit	4,770			(126		)	4,644				8,380				(358		)		8,022
Selling and administrative	3,952						3,952				7,744								7,744
expenses
Impairment of goodwill and	—						—				—								—
other intangibles
Restatement and related expenses	1,258						1,258				2,414								2,414
Operating profit/(loss)	(440		)	(126		)	(566		)		(1,778		)		(358		)		(2,136		)
Interest and financing expense	492						492				852								852
Other expense/(income)	(1		)				(1		)		18								18
Income/(loss) before income taxes	(931		)	(126		)	(1,057		)		(2,648		)		(358		)		(3,006		)
Provision for/(benefit from)	(362		)	14,019			13,657				(979		)		14,019				13,040
income taxes
Net income/(loss)	$	(569	)	$	(14,145	)	$	(14,714	)		$	(1,669	)		$	(14,377	)		$	(16,046	)
Net income/(loss) per common and common equivalent share:
Basic	$	(0.06	)	$	(1.44	)	$	(1.50	)		$	(0.17	)		$	(1.47	)		$	(1.64	)
Diluted	(0.06		)	(1.44		)	(1.50		)		(0.17		)		(1.47		)		(1.64		)
Weighted average number of common and common equivalent shares outstanding:
Basic	9,829,964						9,829,964				9,805,841								9,805,841
Diluted	9,829,964						9,829,964				9,805,841								9,805,841
	Three Months Ended
	December 27, 2013
	As reported			Adjustment			Restated
Net sales	$	32,138					$	32,138
Cost of sales	28,528			232			28,760
Gross profit	3,610			(232		)	3,378
Selling and administrative	3,791						3,791
expenses
Impairment of goodwill and	—						—
other intangibles
Restatement and related expenses	1,156						1,156
Operating profit/(loss)	(1,337		)	(232		)	(1,569		)
Interest and financing expense	360						360
Other expense/(income)	19						19
Income/(loss) before income taxes	(1,716		)	(232		)	(1,948		)
Provision for/(benefit from)	(617		)				(617		)
income taxes
Net income/(loss)	$	(1,099	)	$	(232	)	$	(1,331	)
Net income/(loss) per common and common equivalent share:
Basic	$	(0.11	)	$	(0.03	)	$	(0.14	)
Diluted	(0.11		)	(0.03		)	(0.14		)
Weighted average number of common and common equivalent shares outstanding:
Basic	9,780,896						9,780,896
Diluted	9,780,896						9,780,896
	Year Ended
	September 30, 2014
	As reported			Adjustment			Restated
CASH FLOWS FROM OPERATING ACTIVITIES				(in thousands)
Net income/(loss)	$	(2,092	)	(12,979		)	(15,071		)
Non-cash adjustments:
Stock-based compensation	542						542
Depreciation and amortization	4,846						4,846
Impairment of goodwill and other intangibles	—						—
Directors’ fees paid in stock	—						—
Loss on sale of fixed assets	2						2
Reserve for doubtful accounts	73						73
Deferred tax expense/(benefit)	776			12,258			13,034
Changes in assets and liabilities:
Accounts receivable	5,525						5,525
Inventory	(1,343		)	721			(622		)
Other current assets	(2,987		)				(2,987		)
Other long term assets	15						15
Accounts payable	902						902
Accrued expenses	936						936
Customer deposits	1,366						1,366
Other long term liabilities	541						541
Net cash flows from operating activities	9,102			—			9,102
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of fixed assets	(4,465		)				(4,465		)
Proceeds from disposal of fixed assets	323						323
Net cash flows from investing activities	(4,142		)	—			(4,142		)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from revolving line of credit	56,016						56,016
Repayments of revolving line of credit	(59,846		)				(59,846		)
Borrowings under other loan agreements	1,300						1,300
Repayments under other loan agreements	(2,887		)				(2,887		)
Debt issuance costs	(2		)				(2		)
Proceeds from exercise of stock options	19						19
Proceeds from employee stock plan purchases	—						—
Shares withheld for payment of taxes upon vesting of restricted stock	(79		)				(79		)
Net cash flows from financing activities	(5,479		)	—			(5,479		)
Net cash flows for the period	(519		)				(519		)
Cash and cash equivalents, beginning of period	2,499						2,499
Cash and cash equivalents, end of period	$	1,980		$	—		$	1,980
Supplemental cash flow information:
Interest paid	$	1,556					1,556
Income taxes paid	9						9
Non-cash transactions:
Fixed assets purchased with extended payment terms	322						322
	Nine Months Ended
	June 27, 2014
	As reported			Adjustment			Restated
CASH FLOWS FROM OPERATING ACTIVITIES				(in thousands)
Net income/(loss)	$	(1,646	)	(14,459		)	(16,105		)
Non-cash adjustments:
Stock-based compensation	378						378
Depreciation and amortization	3,625						3,625
Impairment of goodwill & other intg.							—
Directors' fees paid in stock	—						—
gain/loss sale of fixed assets							—
Reserve for doubtful accounts	220						220
Deferred tax expense/benefit	(982		)	14,016			13,034
Changes in assets and liabilities:
Accounts receivable	4,480						4,480
Inventory	752			443			1,195
Other current assets	(1,497		)				(1,497		)
Other long term assets	81						81
Accounts payable	(2,634		)				(2,634		)
Accrued expenses	541						541
Customer deposits	741						741
Other long term liabilities	(14		)				(14		)
Net cash flows from operating activities	4,045			—			4,045
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of fixed assets	(3,806		)				(3,806		)
Grant proceeds from outside parties							—
Proceeds from (net cost of) disposal of fixed assets	323						323
Net cash flows from investing activities	(3,483		)	—			(3,483		)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from revolving line of credit	43,513						43,513
Repayments of revolving line of credit	(44,971		)				(44,971		)
Borrowings under other loan agreements	1,300						1,300
Repayments under other loan agreements	(2,160		)				(2,160		)
Debt issuance costs	(2		)				(2		)
Proceeds from exercise of stock options	17						17
Proceeds from employee stock plan purchases	—						—
Shares withheld for payment of taxes upon vesting of restricted stock	(79		)				(79		)
Net cash flows from financing activities	(2,382		)	—			(2,382		)
Net cash flows for the period	(1,820		)	—			(1,820		)
Cash and cash equivalents, beginning of period	2,499						2,499
Cash and cash equivalents, end of period	$	679		$	—		$	679
Supplemental cash flow information:
Interest paid	$	1,177					$	1,177
Income taxes paid	12						12
Non-cash transactions:
Fixed assets purchased with extended payment terms	466						466
	Six Months Ended
	March 28, 2014
	As reported			Adjustment			Restated
CASH FLOWS FROM OPERATING ACTIVITIES				(in thousands)
Net income/(loss)	$	(1,669	)	(14,377		)	(16,046		)
Non-cash adjustments:
Stock-based compensation	287						287
Depreciation and amortization	2,419						2,419
Impairment of goodwill & other intg.							—
Directors' fees paid in stock	—						—
gain/loss sale of fixed assets							—
Reserve for doubtful accounts	433						433
Deferred tax expense/benefit	(985		)	14,019			13,034
Changes in assets and liabilities:
Accounts receivable	2,429						2,429
Inventory	1,801			358			2,159
Other current assets	(514		)				(514		)
Other long term assets	(18		)				(18		)
Accounts payable	(2,009		)				(2,009		)
Accrued expenses	242						242
Customer deposits	251						251
Other long term liabilities	(9		)				(9		)
Net cash flows from operating activities	2,658			—			2,658
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of fixed assets	(3,099		)				(3,099		)
Grant proceeds from outside parties							—
Proceeds from (net cost of) disposal of fixed assets	323						323
Net cash flows from investing activities	(2,776		)	—			(2,776		)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from revolving line of credit	29,115						29,115
Repayments of revolving line of credit	(30,650		)				(30,650		)
Borrowings under other loan agreements	1,300						1,300
Repayments under other loan agreements	(1,432		)				(1,432		)
Debt issuance costs	(2		)				(2		)
Proceeds from exercise of stock options	17						17
Proceeds from employee stock plan purchases	—						—
Shares withheld for payment of taxes upon vesting of restricted stock	(77		)				(77		)
Net cash flows from financing activities	(1,729		)	—			(1,729		)
Net cash flows for the period	(1,847		)	—			(1,847		)
Cash and cash equivalents, beginning of period	2,499						2,499
Cash and cash equivalents, end of period	$	652		$	—		$	652
Supplemental cash flow information:
Interest paid	790						790
Income taxes paid	12						12
Non-cash transactions:
Fixed assets purchased with extended payment terms	805						805
	Three Months Ended
	December 27, 2013
	As reported			Adjustment			Restated
CASH FLOWS FROM OPERATING ACTIVITIES				(in thousands)
Net income/(loss)	(1,099		)	$	(232	)	(1,331		)
Non-cash adjustments:
Stock-based compensation	150						150
Depreciation and amortization	1,195						1,195
Impairment of goodwill & other intg.							—
Directors' fees paid in stock							—
gain/loss sale of fixed assets							—
Reserve for doubtful accounts	244						244
Deferred tax expense/benefit	(629		)				(629		)
Changes in assets and liabilities:
Accounts receivable	5,972						5,972
Inventory	455			232			687
Other current assets	(392		)				(392		)
Other long term assets	(91		)				(91		)
Accounts payable	(3,213		)				(3,213		)
Accrued expenses	(341		)				(341		)
Customer deposits	1,012						1,012
Other long term liabilities	(4		)				(4		)
Net cash flows from operating activities	3,259			—			3,259
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of fixed assets	(2,593		)				(2,593		)
Grant proceeds from outside parties							—
Proceeds from (net cost of) disposal of fixed assets	323						323
Net cash flows from investing activities	(2,270		)	—			(2,270		)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from revolving line of credit	15,603						15,603
Repayments of revolving line of credit	(17,900		)				(17,900		)
Borrowings under other loan agreements	1,300						1,300
Repayments under other loan agreements	(706		)				(706		)
Debt issuance costs	(2		)				(2		)
Proceeds from exercise of stock options	17						17
Proceeds from employee stock plan purchases							—
Shares withheld for payment of taxes upon vesting of restricted stock	(67		)				(67		)
Net cash flows from financing activities	(1,755		)	—			(1,755		)
Net cash flows for the period	(766		)	—			(766		)
Cash and cash equivalents, beginning of period	2,499						2,499
Cash and cash equivalents, end of period	$	1,733		$	—		$	1,733
Supplemental cash flow information:
Interest paid	403						403
Income taxes paid	11						11
Non-cash transactions:
Fixed assets purchased with extended payment terms							—

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	On February 2, 2015, the Company announced its shareholders have elected all seven Vintage Opportunity Fund, LP-nominated directors to IEC’s Board of Directors. Due to the preceding proxy contest, we will incur higher legal and other expenses in the second quarter of fiscal 2015. The change in control event triggers vesting and payment requirements for various compensation agreements which will result in higher stock based compensation and cash outflows in the second quarter of fiscal 2015.
	The Company announced the termination of W. Barry Gilbert, its former chief executive officer and appointment, of Jeffrey T. Schlarbaum, its new chief executive officer on February 6, 2015 and February 12, 2015, respectively. On March 30, 2015, the Company announced the resignation of Brett E. Mancini, its Vice President, Business Development and Engineering Solutions. The accrual of potential future severance payments related to these departures will be recorded in the second quarter of fiscal 2015. In addition, during the second quarter of fiscal 2015, we have accrued for the estimated reimbursement to Vintage Opportunity Fund, LP of their costs related to the proxy contest discussed above. Any further impacts of the change in the Board of Directors and executive management cannot be determined.
	On May 8, 2015, the Company and M&T entered into a Sixth Amendment to the 2013 Credit Agreement, as previously amended (the “Sixth Amendment”). Pursuant to the Sixth Amendment, M&T agreed to (i) modify the financial covenants related to Quarterly EBITDARS, the Debt to EBITDARS Ratio and the Fixed Coverage Charge Ratio and (ii) waive events of default arising from the Company’s non-compliance with these covenants during the fiscal quarters ended December 26, 2014 and March 27, 2015. The Sixth Amendment also amended the definition of EBITDARS under the 2013 Credit Agreement to add back a maximum amount of professional services fees and expenses incurred and paid or to be paid prior to December 25, 2015. EBITDARS as amended and restated means, for the applicable period, earnings before interest, taxes, depreciation, amortization, plus (i) payments due under the M&T sale-leaseback arrangement, (ii) non-cash stock option expense and (iii) professional services fees and expenses incurred and paid or to be paid prior to December 25, 2015, up to a maximum of (a) for the fiscal quarter ended December 26, 2014, $235,000, (b) for the fiscal quarter ending March 27, 2015, $2,625,600, (c) for the fiscal quarter ending June 26, 2015, $200,000 plus costs incurred and paid by Borrower during such Fiscal Quarter in connection with mortgages, environmental site assessments, title insurance and appraisals ("Costs") and (d) for the fiscal quarter ending September 30, 2015, $200,000, all on a consolidated basis and determined in accordance with GAAP on a consistent basis.
	Additionally, the Sixth Amendment extended each facility’s applicable interest rate margin established under the Fifth Amendment to the 2013 Credit Agreement, which rates otherwise would have expired on March 27, 2015, through March 26, 2016, and thereafter if the Company is not then in compliance with its financial covenants, as follows, per annum: Revolver (4.25% above Libor), Albuquerque Mortgage Loan (4.50% above Libor) and Term Loan B (3.25% above Libor). The applicable unused line fee of 0.50% also was extended through March 26, 2016, and thereafter if the Company is not in compliance with its financial covenants.

OUR_BUSINESS_AND_SUMMARY_OF_SI1

OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]
Our Business	Our Business
	IEC Electronics Corp. (“IEC”, “we”, “our”, “us”, “Company”)
Generally Accepted Accounting Principles	Generally Accepted Accounting Principles
	IEC’s financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America, as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”).
Fiscal Calendar	Fiscal Calendar
	The Company’s fiscal year ends on September 30th, and the first three quarters end generally on the Friday closest to the last day of the calendar quarter.
Consolidation	Consolidation
	The consolidated financial statements include the accounts of IEC and its wholly owned subsidiaries: IEC Electronics Wire and Cable, Inc. (“Wire and Cable”); IEC Electronics Corp-Albuquerque (“Albuquerque”); Dynamic Research and Testing Laboratories, LLC (“DRTL”); and Southern California Braiding, Inc. (“SCB”).  The Celmet unit (“Celmet”) operates as a division of IEC.  All significant intercompany transactions and accounts are eliminated in consolidation.
Reclassifications	Reclassifications
	Prior year financial statement amounts are reclassified as necessary to conform to the current year presentation. Such reclassifications generally involve transfers of individual accounts from one financial statement line-item to another, without affecting income before or after taxes.
Cash and Cash Equivalents	Cash and Cash Equivalents
	The Company’s cash and cash equivalents principally represent deposit accounts with Manufacturers and Traders Trust Company (“M&T Bank”), a banking corporation headquartered in Buffalo, NY.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts
	The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding invoices and management’s evaluation of collectability.  Accounts are written off after all reasonable collection efforts have been exhausted and management concludes that likelihood of collection is remote.
Inventory Valuation	Inventory Valuation
	Inventories are stated at the lower of cost or market value under the first-in, first-out method.  The Company regularly assesses slow-moving, excess and obsolete inventory and maintains balance sheet reserves in amounts required to reduce the recorded value of inventory to lower of cost or market.
Property, Plant and Equipment	Property, Plant and Equipment
	Property, plant and equipment (“PP&E”) are stated at cost and are depreciated over various estimated useful lives using the straight-line method.  Maintenance and repairs are charged to expense as incurred, while renewals and improvements are capitalized.  At the time of retirement or other disposition of PP&E, cost and accumulated depreciation are removed from the accounts and any gain or loss is recorded in earnings.
	Depreciable lives generally used for PP&E are presented in the table below.  Leasehold improvements are amortized over the shorter of the lease term or estimated useful life of the improvement.
	PP&E Lives	Estimated
		Useful Lives
		(years)
	Land improvements	10
	Buildings and improvements	5 to 40
	Machinery and equipment	3 to 5
	Furniture and fixtures	3 to 7
Intangible Assets	Intangible Assets
	Intangible assets (other than goodwill) are those that lack physical substance and are not financial assets.  Such assets held by IEC were acquired in connection with business combinations and represent economic benefits associated with acquired customer relationships, a non-compete agreement, and a property tax abatement.  Values assigned to individual intangible assets are amortized using the straight-line method over their estimated useful lives.  During the fourth quarter of fiscal 2013, an impairment charge of $2.4 million related to SCB’s customer relationships was recorded.  The impairment analysis and resulting charge are further discussed in Note 7—Intangible Assets.
Reviewing Long-Lived Assets for Potential Impairment	Reviewing Long-Lived Assets for Potential Impairment
	ASC 360-10 (Property, Plant and Equipment) and 350-30 (Intangibles) require the Company to test long-lived assets (PP&E and definitive lived assets) for recoverability whenever events or circumstances indicate that the carrying amount may not be recoverable.  If carrying value exceeds undiscounted future cash flows attributable to an asset, it is considered impaired and the excess of carrying value over fair value must be charged to earnings.  No impairment charges were recorded by IEC for property, plant and equipment during fiscal 2014 or fiscal 2013.  Refer to Note 7—Intangible Assets for further discussion of the impairment charge recorded in the fourth quarter of fiscal 2013.
Goodwill	Goodwill
	Goodwill represents the excess of cost over fair value of net assets acquired in a business combination.   Under ASC 350, goodwill is not amortized but is reviewed for impairment at least annually or when events or circumstances indicate that carrying value may exceed fair value.  The Company may elect to precede a quantitative review for impairment with a qualitative assessment of the likelihood that fair value of a particular reporting unit exceeds carrying value.  If the qualitative assessment leads to a conclusion that it is more than 50 percent likely that fair value exceeds carrying value, no further testing is required.  In the event of a less favorable outcome, the Company is required to proceed with quantitative testing.
	The quantitative process entails comparing the overall fair value of the unit to which goodwill relates to carrying value.  If fair value exceeds carrying value, no further assessment of potential impairment is required.  If fair value of the unit is less than carrying value, a valuation of the unit’s individual assets and liabilities is required to determine whether or not goodwill is impaired.  Goodwill impairment losses are charged to earnings.  During the fourth quarter of fiscal 2013, an impairment charge of $11.8 million related to SCB’s goodwill was recorded.  The impairment analysis and resulting charge are further discussed in Note 8—Goodwill.
	Most of IEC’s recorded goodwill relates to SCB acquired in December 2010, and a lesser portion relates to Celmet, which was acquired in July 2010.
Leases	Leases
	At the inception of a lease covering equipment or real estate, the lease agreement is evaluated under criteria discussed in ASC 840-10-25 (Leases).  Leases meeting one of four key criteria are accounted for as capital leases and all others are treated as operating leases.  Under a capital lease, the discounted value of future lease payments becomes the basis for recognizing an asset and a borrowing, and lease payments are allocated between debt reduction and interest.  For operating leases, payments are recorded as rent expense.  Criteria for a capital lease include (i) transfer of ownership during the lease term; (ii) existence of a bargain purchase option under terms that make it likely to be exercised; (iii) a lease term equal to 75 percent or more of the economic life of the leased property; and (iv) minimum lease payments that equal or exceed 90 percent of the fair value of the property.
	In June 2008, IEC entered into a sale-leaseback arrangement with M&T Bank under which fixed assets with a net book value of $2.0 million and an original cost of $15.6 million were sold to M&T Bank and were leased back under a five-year operating lease.  The sold assets were removed from the accounts and a minimal loss on the transaction was amortized over the initial lease term.  During the third quarter of fiscal 2013, the operating lease terminated and the assets were repurchased for $0.4 million pursuant to a purchase option in the sale-leaseback arrangement.
Legal Contingencies	Legal Contingencies
	When legal proceedings are brought or claims are made against us and the outcome is uncertain, ASC 450-10 (Contingencies) requires that we determine whether it is probable that an asset has been impaired or a liability has been incurred.  If such impairment or liability is probable and the amount of loss can be reasonably estimated, the loss must be charged to earnings.  No material charges for legal contingencies were recorded by IEC during fiscal 2014 or fiscal 2013.
	When it is considered probable that a loss has been incurred, but the amount of loss cannot be estimated, disclosure but not accrual of the probable loss is required.  Disclosure of a loss contingency is also required when it is reasonably possible, but not probable, that a loss has been incurred.
Customer Deposits	Customer Deposits
Grants from Outside Parties	Grants from Outside Parties
	Grants from outside parties are recorded as other long-term liabilities and are amortized over the same period during which the associated fixed assets are depreciated.
Derivative Financial Instruments	Derivative Financial Instruments
	The Company actively monitors its exposure to interest rate risk and from time to time uses derivative financial instruments to manage the impact of this risk.  The Company uses derivatives only for purposes of managing risk associated with underlying exposures.  The Company does not trade or use instruments with the objective of earning financial gains on the interest rate, nor does the Company use derivative instruments where it does not have underlying exposures.  The Company manages its hedging position and monitors the credit ratings of counterparties and does not anticipate losses due to counterparty nonperformance.  Management believes its use of derivative instruments to manage risk is in the Company’s best interest.  However, the Company’s use of derivative financial instruments may result in short-term gains or losses and increased earnings volatility.  The Company’s instruments are recorded in the consolidated balance sheets at fair value in other assets or other long-term liabilities.
Fair Value Measurements	Fair Value Measurements
	Under ASC 825 (Financial Instruments), the Company is required to disclose the fair value of financial instruments for which it is practicable to estimate value.  The Company’s financial instruments consist of cash, accounts receivable, accounts payable, accrued liabilities, borrowings and an interest rate swap agreement.  IEC believes that recorded value approximates fair value for all cash, accounts receivable, accounts payable and accrued liabilities.
	ASC 820 (Fair Value Measurements and Disclosures) defines fair value, establishes a framework for measurement, and prescribes related disclosures.  ASC 820 defines fair value as the price that would be received upon sale of an asset or would be paid to transfer a liability in an orderly transaction.  Inputs used to measure fair value are categorized under the following hierarchy:
	Level 1: Quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date.
	Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable market data.
	Level 3: Model-derived valuations in which one or more significant inputs are unobservable.
	The Company deems a transfer between levels of the fair value hierarchy to have occurred at the beginning of the reporting period.  There were no such transfers during fiscal 2014 or fiscal 2013.
Revenue Recognition	Revenue Recognition
	The Company’s revenue is principally derived from the sale of electronic products built to customer specifications, but also from other value-added support services and repair work.  Revenue from product sales is recognized when (i) goods are shipped or title and risk of ownership have passed, (ii) the price to the buyer is fixed or determinable, and (iii) realization is reasonably assured. Service revenue is generally recognized once the service has been rendered.  For material management arrangements, revenue is generally recognized as services are rendered.  Under such arrangements, some or all of the following services may be provided: design, bid, procurement, testing, storage or other activities relating to materials the customer expects to incorporate into products that it manufactures.  Value-added support services revenue, including material management and repair work revenue, amounted to less than 5% of total revenue in fiscal 2014 or fiscal 2013.
	Provisions for discounts, allowances, rebates, estimated returns and other adjustments are recorded in the period the related sales are recognized.
Stock-Based Compensation	Stock-Based Compensation
	ASC 718 (Stock Compensation) requires that compensation expense be recognized for equity awards based on fair value as of the date of grant.  For stock options, the Company uses the Black-Scholes pricing model to estimate grant date fair value.  Costs associated with stock awards are recorded over requisite service periods, generally the vesting period.  If vesting is contingent on the achievement of performance objectives, fair value is accrued over the period the objectives are expected to be achieved only if it is considered probable that the objectives will be achieved.  The Company also has an employee stock purchase plan (“ESPP”) that provides for discounted stock purchase price. Compensation expense related to the discount is recognized as employees contribute to the plan.  On May 21, 2013, the Compensation Committee of the Company’s Board of Directors suspended operation of the ESPP indefinitely in connection with the Prior Restatement of the Company’s financial statements described herein (including unavailability of the registration statement covering shares offered under the plan due to the failure of the Company to be current in its filings with the SEC until the Company filed its Form 10-K on December 24, 2013).
Restatement and Related Expenses	Restatement and Related Expenses
Income Taxes and Deferred Taxes	Income Taxes and Deferred Taxes
	ASC 740 (Income Taxes) requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns, but not in both.  Deferred tax assets are also established for tax benefits associated with tax loss and tax credit carryforwards.  Such deferred balances reflect tax rates that are scheduled to be in effect, based on currently enacted legislation, in the years the book/tax differences reverse and tax loss and tax credit carryforwards are expected to be realized.  An allowance is established for any deferred tax asset for which realization is not likely.
	ASC 740 also prescribes the manner in which a company measures, recognizes, presents, and discloses in its financial statements uncertain tax positions that the Company has taken or expects to take on a tax return.  The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the position will be sustained following examination by taxing authorities, based on technical merits of the position.  The Company believes that it has no material uncertain tax positions.
	Any interest or penalties incurred are reported as interest expense.  The Company’s income tax filings are subject to audit by various tax jurisdictions and current open years are fiscal 2010 through fiscal 2013.  The federal income tax audit for fiscal 2011 concluded in fiscal 2013 and did not have a material impact on the financial statements.
Earnings Per Share	Earnings Per Share
	Basic earnings per common share are calculated by dividing income available to common stockholders by the weighted average number of shares outstanding during each period.  Diluted earnings per common share add to the denominator incremental shares resulting from the assumed exercise of all potentially dilutive stock options, as well as restricted (non-vested) stock, restricted stock units (“RSU’s”) and anticipated issuance through the employee stock purchase plan.  Options, restricted stock and RSU’s are primarily held by directors, officers and certain employees.  A summary of shares used in earnings per share (“EPS”) calculations follows.
		Three Months Ended		Years Ended
	Shares for EPS Calculation	September 30,	September 30,	September 30,	September 30,
		2014	2013	2014	2013
		(unaudited)
		(restated)
	Weighted average shares outstanding	9,853,647	9,739,601	9,827,043	9,711,549
	Incremental shares	96,987	—	—	—
	Diluted shares	9,950,634	9,739,601	9,827,043	9,711,549
	Anti-dilutive shares excluded	556,873	521,857	556,873	521,857
	As a result of the net loss for the three months ended September 30, 2013 and years ended September 30, 2014 and 2013, the Company calculated diluted earnings per share using weighted average basic shares outstanding, as using diluted shares would be anti-dilutive to loss per share.
Dividends	Dividends
	IEC does not pay dividends on its common stock, as it is the Company’s current policy to retain earnings for use in the business.  Furthermore, the Company’s Fourth Amended and Restated Credit Facility Agreement with M&T Bank includes certain restrictions on paying cash dividends.
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and the disclosure of contingent assets and liabilities.  Actual results may differ from management’s estimates.
Statements of Cash Flows	Statements of Cash Flows
	The Company presents operating cash flows using the indirect method of reporting under which non-cash income and expense items are removed from net income.
Comprehensive Income	Comprehensive Income
	IEC has no items of other comprehensive income (“OCI”) in any period presented in the accompanying financial statements, and in accordance with ASC 220-10-15, is not required to present captions for OCI or comprehensive income in the statements.
Recently Issued Accounting Standards	Recently Issued Accounting Standards
	FASB ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force),” was issued July 2013 and is effective for fiscal years beginning after December 15, 2013. ASU 2013-11 provides guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforwards in the same tax jurisdiction as of the reporting date. The Company does not anticipate a significant impact upon adoption.
	FASB ASU 2013-12, “Definition of a Public Business Entity (An Addition to the Master Glossary),” was issued December 2013 and the amendment provides a single definition of public business entity for use in future financial accounting and reporting guidance. There is no actual effective date for the amendment, however, the term public business entity will be used in future ASUs.

OUR_BUSINESS_AND_SUMMARY_OF_SI2

OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]
Property, Plant and Equipment	Depreciable lives generally used for PP&E are presented in the table below.  Leasehold improvements are amortized over the shorter of the lease term or estimated useful life of the improvement.
	PP&E Lives	Estimated
		Useful Lives
		(years)
	Land improvements	10
	Buildings and improvements	5 to 40
	Machinery and equipment	3 to 5
	Furniture and fixtures	3 to 7
Schedule of Weighted Average Number of Shares	A summary of shares used in earnings per share (“EPS”) calculations follows.
		Three Months Ended		Years Ended
	Shares for EPS Calculation	September 30,	September 30,	September 30,	September 30,
		2014	2013	2014	2013
		(unaudited)
		(restated)
	Weighted average shares outstanding	9,853,647	9,739,601	9,827,043	9,711,549
	Incremental shares	96,987	—	—	—
	Diluted shares	9,950,634	9,739,601	9,827,043	9,711,549
	Anti-dilutive shares excluded	556,873	521,857	556,873	521,857

RESTATEMENT_OF_DEFERRED_TAX_AS1

RESTATEMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE AND EXCESS AND OBSOLETE INVENTORY RESERVE (Tables)	12 Months Ended
	Sep. 30, 2014
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections	The summary impacts of the restatement adjustments on the Company’s previously reported consolidated net loss for the year ended September 30, 2014 follows:
		Year Ended
		September 30,
		2014
	(in thousands)
	Net loss - Previously reported	$	(2,092	)
	Deferred tax asset valuation allowance adjustment	(12,258		)
	Excess and obsolete inventory reserve adjustment	(721		)
	Net loss - Restated	$	(15,071	)

ALLOWANCE_FOR_DOUBTFUL_ACCOUNT1

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)	12 Months Ended
	Sep. 30, 2014
Receivables [Abstract]
Allowance for Credit Losses on Financing Receivables	A summary follows of activity in the allowance for doubtful accounts during the years ended September 30, 2014 and 2013:
		Years Ended
	Allowance for Doubtful Accounts	September 30,			September 30,
		2014			2013
	(in thousands)
	Allowance, beginning of period	$	452		$	406
	Provision for doubtful accounts	121			105
	Write-offs	(48		)	(59		)
	Allowance, end of period	$	525		$	452

INVENTORIES_Tables

INVENTORIES (Tables)	12 Months Ended
	Sep. 30, 2014
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	A summary of inventory by category at period end follows:
	Inventories	September 30,			September 30,
		2014			2013
	(in thousands)	(restated)
	Raw materials	$	16,769		$	14,841
	Work-in-process	7,906			7,564
	Finished goods	757			1,449
	Total inventories	25,432			23,854
	Reserve for excess/obsolete inventory	(2,906		)	(1,950		)
	Inventories, net	$	22,526		$	21,904

FIXED_ASSETS_Tables

FIXED ASSETS (Tables)	12 Months Ended
	Sep. 30, 2014
Property, Plant and Equipment [Abstract]
Fixed Assets Schedule And Accumulated Depreciation Disclosure	A summary of fixed assets and accumulated depreciation at period end follows:
	Fixed Assets	September 30,			September 30,
		2014			2013
	(in thousands)
	Land and improvements	$	1,601		$	1,601
	Buildings and improvements	13,452			11,070
	Leasehold improvements	1,458			1,411
	Machinery and equipment	26,996			25,963
	Furniture and fixtures	7,207			6,165
	Construction in progress	381			835
	Total fixed assets, at cost	51,095			47,045
	Accumulated depreciation	(33,245		)	(29,099		)
	Fixed assets, net	$	17,850		$	17,946
	Depreciation expense during the three months ended and years ended September 30, 2014 and 2013 follows:
		Three Months Ended						Years Ended
		September 30,			September 30,			September 30,		September 30,
		2014			2013			2014		2013
	(in thousands)	(unaudited)
	Depreciation expense	$	1,152		$	1,103		$	4,558	$	4,264

INTANGIBLE_ASSETS_Tables

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite-Lived Intangible Assets (Excluding Goodwill)	A summary of intangible assets by category and accumulated amortization at period end follows:
	Intangible Assets	September 30,			September 30,
		2014			2013
	(in thousands)
	Customer relationships - SCB	$	5,900		$	5,900
	Property tax abatement - Albuquerque	360			360
	Non-compete agreement - SCB	100			100
	Total intangibles	6,360			6,360
	Accumulated amortization	(1,556		)	(1,301		)
	Accumulated impairment - customer relationships	(2,412		)	(2,412		)
	Intangible assets, net	$	2,392		$	2,647
Schedule of Amortization Expense	Amortization expense during the years ended September 30, 2014 and September 30, 2013 follows:
		Three Months Ended						Years Ended
	Amortization Expense	September 30,			September 30,			September 30,		September 30,
		2014			2013			2014		2013
	(in thousands)	(unaudited)
	Intangible amortization expense	$	64		$	113		$	254	$	452
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	A summary of estimated future amortization expense for the next five years follows:
	Future Amortization	Estimated future amortization
	(in thousands)
	Twelve months ended September 30,
	2015	$	254
	2016	238
	2017	234
	2018	234
	2019	213
	2020 and thereafter	$	1,219

GOODWILL_Tables

GOODWILL (Tables)	12 Months Ended
	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	A summary of the total goodwill and accumulated impairment at period end follows:
	Goodwill	September 30,			September 30,
		2014			2013
	(in thousands)
	Goodwill	$	13,810		$	13,810
	Accumulated impairment	(11,805		)	(11,805		)
	Goodwill, net	$	2,005		$	2,005

CREDIT_FACILITIES_Tables

CREDIT FACILITIES (Tables)

12 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Schedule of Debt

A summary of borrowings at period end follows:

Fixed/

30-Sep-14

30-Sep-13

Variable

Interest

Interest

Debt

Rate

Maturity Date

Balance

Rate (1)

Balance

Rate (1)

(in thousands)

M&T credit facilities:

Revolving Credit Facility

v

1/18/16

$

7,431

4.44

%

$

11,261

3.19

%

Term Loan A

f

2/1/22

8,148

3.98

9,259

3.98

Term Loan B

v

2/1/23

11,783

3.41

13,184

2.68

Albuquerque Mortgage Loan

v

2/1/18

2,733

4.69

3,000

3.44

Celmet Building Term Loan

f

11/7/18

1,192

4.72

—

—

Other credit facilities:

Albuquerque Industrial Revenue Bond

f

3/1/19

100

5.63

100

5.63

Total debt

31,387

36,804

Less: current portion

(2,908

)

(2,778

)

Long-term debt

$

28,479

$

34,026

(1) Rates noted above are before impact of interest rate swap.

Schedule of Debt Covenant

On December 13, 2013 and February 4, 2014 we obtained further amendments to the 2013 Credit Agreement (the “First 2014 Amendment” and “Second 2014 Amendment”, respectively, and together the “2014 Amendments”) which modified the ratios as follows:

Ÿ

Debt to EBITDARS Ratio: (a)

2013 Credit Agreement, before 2013 Amendments:

3/31/2013 through and including 9/29/2013

< 3.00 to 1.00

9/30/2013 and thereafter

<2.75 to 1.00

2013 Credit Agreement, after First 2013 Amendment:

6/28/2013 through and including 12/27/2013

< 3.25 to 1.00

12/28/2013 through and including 3/28/2014

<3.00 to 1.00

3/29/2014 and thereafter

< 2.75 to 1.00

2013 Credit Agreement, after Second 2013 Amendment:

6/28/2013 through and including 12/27/2013

< 3.50 to 1.00

12/28/2013 through and including 3/28/2014

<3.00 to 1.00

3/29/2014 and thereafter

< 2.75 to 1.00

2013 Credit Agreement, after First 2014 Amendment:

12/13/2013 through and including 3/27/2014

< 4.50 to 1.00

3/28/2014 through and including 6/26/2014

<3.50 to 1.00

6/27/2014 through and including 9/29/2014

<3.25 to 1.00

09/30/2014 and thereafter

< 2.75 to 1.00

2013 Credit Agreement, after Second 2014 Amendment:

12/26/2014 through and including 3/26/2015

< 4.50 to 1.00

3/27/2015 through and including 6/25/2015

<3.50 to 1.00

6/26/2015 through and including 9/29/2015

<3.25 to 1.00

09/30/2015 and thereafter

< 2.75 to 1.00

Ÿ

Fixed Charge Coverage Ratio: (b)

2013 Credit Agreement, before 2013 Amendments:

3/31/2013 and thereafter

≥ 1.25 to 1.00

2013 Credit Agreement, after First 2013 Amendment:

6/28/13

>0.95 to 1.00

9/30/13

>1.00 to 1.00

12/27/13

>1.15 to 1.00

3/28/2014 and thereafter

>1.25 to 1.00

2013 Credit Agreement, after First 2014 Amendment:

3/28/2014 through and including 6/26/2014

≥0.90 to 1.00

06/27/2014 through and including 9/29/2014

≥1.10 to 1.00

9/30/2014 and thereafter

≥1.25 to 1.00

2013 Credit Agreement, after Second 2014 Amendment:

12/26/2014 through and including 3/26/2015

≥1.00 to 1.00

03/27/2014 through and including 6/25/2015

≥1.15 to 1.00

6/26/2015 and thereafter

≥1.25 to 1.00

(a)

The ratio of debt to earnings before interest, taxes, depreciation, amortization, rent expense and non-cash stock compensation expense.

(b)

The ratio compares (i) 12 month EBITDA plus non-cash stock compensation expense minus unfinanced capital expenditures minus cash taxes paid, to (ii) the sum of interest expense, principal payments, sale-leaseback payments and dividends, if any (fixed charges).

Schedule of Maturities of Long-term Debt

A summary of contractual principal payments under IEC’s borrowings for the next five years taking into consideration the 2013 Credit Agreement follows:

Debt Repayment Schedule

Contractual

Principal

Payments

(in thousands)

Twelve months ended Sept 30,

2015

$

2,908

2016 (1)

10,339

2017

2,908

2018

4,574

2019

3,283

2020 and thereafter

$

7,375

$

31,387

(1) Includes Revolver balance of $7.4 million at September 30, 2014

WARRANTY_RESERVES_Tables

WARRANTY RESERVES (Tables)	12 Months Ended
	Sep. 30, 2014
Product Warranties Disclosures [Abstract]
Schedule of Product Warranty Liability	A summary of additions to and charges against IEC’s warranty reserves during the period follows:
		Years Ended
	Warranty Reserve	September 30,			September 30,
		2014			2013
	(in thousands)
	Reserve, beginning of period	$	219		$	388
	Provision	296			13
	Warranty costs	(264		)	(182		)
	Reserve, end of period	$	251		$	219

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	Assumptions used in the Black-Scholes model and the estimated value of options granted during the years ended September 30, 2014 and 2013 follows:
		Years Ended
	Valuation of Options	September 30,				September 30,
		2014				2013
	Assumptions for Black-Scholes:
	Risk-free interest rate	1.32		%		0.55		%
	Expected term in years	4.1				4
	Volatility	48		%		49		%
	Expected annual dividends	none				none
	Value of options granted:
	Number of options granted	50,500				50,000
	Weighted average fair value per share	$	1.62			$	2.65
	Fair value of options granted (000s)	$	82			$	133
Changes in Number of Options Outstanding with Other Related Data	A summary of stock option activity, together with other related data, follows:
		Years Ended
		30-Sep-14							30-Sep-13
	Stock Options	Number			Wgtd.  Avg. Exercise Price				Number		Wgtd.  Avg. Exercise Price
		of Options							of Options
	Outstanding, beginning of period	246,383			$	4.38			280,789		$	3.82
	Granted	50,500			4.12				50,000		6.91
	Exercised	(23,237	)		1.53				(30,150	)	2
	Shares withheld for payment of	(4,346	)		1.72				—		—
	taxes upon exercise of stock option
	Forfeited	(29,350	)		5.73				(45,756	)	5.52
	Expired	(5,950	)		5.11				(8,500	)	2.01
	Outstanding, end of period	234,000			$	4.48			246,383		$	4.38
	For options expected to vest
	Number expected to vest	212,455			$	4.47			234,967		$	4.29
	Weighted average remaining term, in years	3.2							3.5
	Intrinsic value (000s)				$	173					$	168
	For exercisable options
	Number exercisable	121,650			$	3.64			108,033		$	2.36
	Weighted average remaining term, in years	1.7							1.8
	Intrinsic value (000s)				$	161					$	168
	For non-exercisable options
	Expense not yet recognized (000s)				$	145					$	194
	Weighted average years to be recognized	2.6							2.5
	For options exercised
	Intrinsic value (000s)				$	69					$	131
Schedule of Nonvested Stock Options Activity	Changes in the number of non-vested options outstanding, together with other related data, follows:
		Years Ended
		30-Sep-14							30-Sep-13
	Stock Options	Number			Wgtd. Avg.				Number		Wgtd. Avg.
		of Options			Grant Date				of Options		Grant Date
					Fair Value						Fair Value
	Non-vested, beginning of period	138,350			$	2.51			157,150		$	2.42
	Granted	50,500			1.62				50,000		2.65
	Vested	(47,150	)		2.51				(23,044	)	2.26
	Forfeited	(29,350	)		2.35				(45,756	)	2.51
	Non-vested, end of period	112,350			$	2.15			138,350		$	2.51
Changes in Number of Restricted Non-vested Stock Outstanding with Other Related Data	A summary of restricted stock activity, together with related data, follows:
		Years Ended
		30-Sep-14							30-Sep-13
	Restricted (Non-vested) Stock	Number of			Wgtd. Avg.				Number of		Wgtd. Avg.
		Non-vested			Grant Date				Non-vested		Grant Date
		Shares			Fair Value				Shares		Fair Value
	Outstanding, beginning of period	275,474			$	5.96			339,939		$	5.69
	Granted	225,703			4.14				90,708		6.82
	Vested	(88,586	)		5.71				(58,372	)	5.45
	Shares withheld for payment of	(18,615	)		4.28				(4,441	)	4.7
	taxes upon vesting of restricted stock
	Forfeited	(71,103	)		5.88				(92,360	)	6.15
	Outstanding, end of period	322,873			$	4.97			275,474		$	5.96
	For non-vested shares
	Expense not yet recognized (000s)				$	862					$	811
	Weighted average remaining years for vesting				2.7						2.8
	For shares vested
	Aggregate fair value on vesting dates (000s)				$	454					$	388

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Provision for/(benefit from) income taxes during the years ended September 30, 2014 and 2013 follows:

MARKET_SECTORS_AND_MAJOR_CUSTO1

MARKET SECTORS AND MAJOR CUSTOMERS (Tables)	12 Months Ended
	Sep. 30, 2014
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	A summary of sales, according to the market sector within which IEC’s customers operate, follows:
		Three Months Ended		Years Ended
	% of Sales by Sector	September 30,	September 30,	September 30,	September 30,
		2014	2013	2014	2013
		(unaudited)
	Aerospace & Defense (previously Military & Aerospace)	46%	49%	49%	51%
	Medical	23%	20%	20%	20%
	Industrial	26%	22%	25%	21%
	Communications & Other	5%	9%	6%	8%
		100%	100%	100%	100%

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	A summary of minimum lease obligations through the remainder of the lease terms follows:
	Future Rental Obligations	Contractual
		Lease
		Payments
	(in thousands)
	Twelve months ended September 30,
	2015	$	333
	2016	328
	2017	287
	2018	276
	2019	5
Schedule of Rent Expense	Rent expense during the three months ended and years ended September 30, 2014 and September 30, 2013 follows:
		Three Months Ended				Years Ended
	Rent Expense	September 30,		September 30,		September 30,		September 30,
		2014		2013		2014		2013
	(in thousands)	(unaudited)
	Rent expense	$	118	$	161	$	457	$	1,107

QUARTERLY_FINANCIAL_DATA_Table

QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Sep. 30, 2014
Quarterly Financial Information Disclosure [Abstract]
Restatement to Prior Year Income	It should be noted that quarterly amounts are rounded separately and as a result the sum of the quarterly amounts may not equal the computed amount for the full year.
			Net Sales			Gross Profit			Net Income/(Loss)				Basic Earnings/ (Loss) Per Share				Diluted Earnings/ (Loss) Per Share
	(Unaudited; in thousands, except per share data)
	Fiscal Quarters
	Fourth 2014, restated		$	35,687		$	3,508		$	1,034			$	0.1			$	0.1
	Third 2014, restated		32,992			3,795			(60		)		(0.01		)		(0.01		)
	Second 2014, restated		34,805			4,644			(14,714		)		(1.50		)		(1.50		)
	First 2014, restated		$	32,138		3,378			$	(1,331	)		$	(0.14	)		(0.14		)
	Fourth 2013		$	39,122		$	5,454		$	(8,667	)		$	(0.89	)		$	(0.89	)
	Third 2013		35,154			5,159			382				0.04				0.04
	Second 2013		33,681			2,899			(1,144		)		(0.12		)		(0.12		)
	First 2013, restated		32,989			4,165			(101		)		(0.01		)		(0.01		)
Schedule of Quarterly Financial Information
		Consolidated Balance Sheet
		September 30, 2014
		As reported			Adjustment			Restated
					(in thousands)
	ASSETS
	Current assets:
	Cash	$	1,980					$	1,980
	Accounts receivable, net of allowance	22,347						22,347
	Inventories, net	23,247			(721		)	22,526
	Deferred income taxes	1,114			(1,114		)	—
	Other current assets	3,597						3,597
	Total current assets	52,285			(1,835		)	50,450
	Fixed assets, net	17,850						17,850
	Intangible assets, net	2,392						2,392
	Goodwill	2,005						2,005
	Deferred income taxes	11,144			(11,144		)	—
	Other long term assets	299						299
	Total assets	$	85,975		$	(12,979	)	$	72,996
	LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities:
	Current portion of long-term debt	$	2,908					$	2,908
	Accounts payable	17,732						17,732
	Accrued payroll and related expenses	3,203						3,203
	Other accrued expenses	1,008						1,008
	Customer deposits	1,553						1,553
	Total current liabilities	26,404			—			26,404
	Long-term debt	28,479						28,479
	Other long-term liabilities	708						708
	Total liabilities	55,591			—			55,591
	STOCKHOLDERS’ EQUITY
	Preferred stock, $0.01 par value:	—
	500,000 shares authorized; none issued or outstanding
	Common stock, $0.01 par value:	111						111
	Authorized: 50,000,000 shares
	Issued: 11,146,571 shares
	Outstanding: 10,126,767 shares
	Additional paid-in capital	44,302						44,302
	Retained earnings/(accumulated deficit)	(12,575		)	(12,979		)	(25,554		)
	Treasury stock, at cost: 1,019,804 shares	(1,454		)				(1,454		)
	Total stockholders’ equity	30,384			(12,979		)	17,405
	Total liabilities and stockholders’ equity	$	85,975		$	(12,979	)	$	72,996
		Consolidated Balance Sheet
		June 27, 2014
		As reported			Adjustment			Restated
					(in thousands)
	ASSETS
	Current assets:
	Cash	$	679					$	679
	Accounts receivable, net of allowance	23,245						23,245
	Inventories, net	21,152			(443		)	20,709
	Deferred income taxes	1,382			(1,382		)	—
	Other current assets	2,107						2,107
	Total current assets	48,565			(1,825		)	46,740
	Fixed assets, net	$	18,489					$	18,489
	Intangible assets, net	2,456						2,456
	Goodwill	2,005						2,005
	Deferred income taxes	12,634			(12,634		)	—
	Other long term assets	238						238
	Total assets	$	84,387		$	(14,459	)	$	69,928
	LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities:
	Current portion of long-term debt	$	2,908					$	2,908
	Accounts payable	14,340						14,340
Accrued payroll and related expenses	2,869						2,869
Other accrued expenses	947						947
Customer deposits	928						928
Total current liabilities	21,992			—			21,992
Long-term debt	31,578						31,578
Other long-term liabilities	153						153
Total liabilities	53,723			—			53,723
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value:	—
500,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value:	111						111
Authorized: 50,000,000 shares
Issued: 11,072,821 shares
Outstanding: 10,053,956 shares
Additional paid-in capital	44,132						44,132
Retained earnings/(accumulated deficit)	(12,129		)	(14,459		)	(26,588		)
Treasury stock, at cost: 1,018,865 shares	(1,450		)				(1,450		)
Total stockholders’ equity	30,664			(14,459		)	16,205
Total liabilities and stockholders’ equity	$	84,387		$	(14,459	)	$	69,928
	Consolidated Balance Sheet
	March 28, 2014
	As reported			Adjustment			Restated
				(in thousands)
ASSETS
Current assets:
Cash	$	652					$	652
Accounts receivable, net of allowance	25,083						25,083
Inventories, net	20,103			(358		)	19,745
Deferred income taxes	1,382			(1,382		)	—
Other current assets	1,124						1,124
Total current assets	48,344			(1,740		)	46,604
Fixed assets, net	$	19,261					$	19,261
Intangible assets, net	2,520						2,520
Goodwill	2,005						2,005
Deferred income taxes	12,637			(12,637		)	—
Other long term assets	339						339
Total assets	$	85,106		$	(14,377	)	$	70,729
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	2,908					$	2,908
Accounts payable	15,304						15,304
Accrued payroll and related expenses	2,557						2,557
Other accrued expenses	960						960
Customer deposits	438						438
Total current liabilities	22,167			—			22,167
Long-term debt	32,229						32,229
Other long-term liabilities	158						158
Total liabilities	54,554			—			54,554
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value:	—
500,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value:	112						112
Authorized: 50,000,000 shares
Issued: 11,107,115 shares
Outstanding: 10,090,661 shares
Additional paid-in capital	44,032						44,032
Retained earnings/(accumulated deficit)	(12,152		)	(14,377		)	(26,529		)
Treasury stock, at cost: 1,016,454 shares	(1,440		)				(1,440		)
Total stockholders’ equity	30,552			(14,377		)	16,175
Total liabilities and stockholders’ equity	$	85,106		$	(14,377	)	$	70,729
	Consolidated Balance Sheet
	December 27, 2013
	As reported			Adjustment			Restated
				(in thousands)
ASSETS
Current assets:
Cash	$	1,733					$	1,733
Accounts receivable, net of allowance	21,729						21,729
Inventories, net	21,449			(232		)	21,217
Deferred income taxes	1,382						1,382
Other current assets	1,002						1,002
Total current assets	47,295			(232		)	47,063
Fixed assets, net	19,107						19,107
Intangible assets, net	2,583						2,583
Goodwill	2,005						2,005
Deferred income taxes	12,281						12,281
Other long term assets	416						416
Total assets	$	83,687		$	(232	)	$	83,455
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	2,908					$	2,908
Accounts payable	13,295						13,295
Accrued payroll and related expenses	2,040						2,040
Other accrued expenses	894						894
Customer deposits	1,199						1,199
Total current liabilities	20,336			—			20,336
Long-term debt	32,193						32,193
Other long-term liabilities	163						163
Total liabilities	52,692			—			52,692
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value:
500,000 shares authorized; none issued or outstanding
Common stock, $0.01 par value:	111						111
Authorized: 50,000,000 shares
Issued: 11,046,172 shares
Outstanding: 10,029,718 shares
Additional paid-in capital	43,906						43,906
Retained earnings/(accumulated deficit)	(11,582		)	(232		)	(11,814		)
Treasury stock, at cost: 1,016,454 shares	(1,440		)				(1,440		)
Total stockholders’ equity	30,995			(232		)	30,763
Total liabilities and stockholders’ equity	$	83,687		$	(232	)	$	83,455
	Three Months Ended										Years Ended
	September 30, 2014										September 30, 2014
	As reported			Adjustment			Restated				As reported				Adjustment				Restated
							(in thousands)
Net sales	$	35,687					$	35,687			$	135,621							$	135,621
Cost of sales	31,901			278			32,179				119,576				721				120,297
Gross profit	3,786			(278		)	3,508				16,045				(721		)		15,324
Selling and administrative	3,551						3,551				14,567								14,567
expenses
Impairment of goodwill and	—						—				—								—
other intangibles
Restatement and related expenses	(1,302		)				(1,302		)		1,136								1,136
Operating profit/(loss)	1,537			(278		)	1,259				342				(721		)		(379		)
Interest and financing expense	386						386				1,795								1,795
Other expense/(income)	—						—				18								18
Income/(loss) before income taxes	1,151			(278		)	873				(1,471		)		(721		)		(2,192		)
Provision for/(benefit from)	1,597			(1,758		)	(161		)		621				12,258				12,879
income taxes
Net income/(loss)	$	(446	)	$	1,480		$	1,034			$	(2,092	)		$	(12,979	)		$	(15,071	)
Net income/(loss) per common and common equivalent share:
Basic	$	(0.05	)	$	0.15		$	0.1			$	(0.21	)		$	(1.32	)		$	(1.53	)
Diluted	(0.04		)	$	0.15		0.1				(0.21		)		$	(1.32	)		(1.53		)
Weighted average number of common and common equivalent shares outstanding:
Basic	9,853,647						9,853,647				9,827,043								9,827,043
Diluted	9,950,634						9,950,634				9,827,043								9,827,043
	Three Months Ended										Nine Months Ended
	June 27, 2014										June 27, 2014
	As reported			Adjustment			Restated				As reported				Adjustment				Restated
							(in thousands)
Net sales	$	32,992					$	32,992			$	99,934							$	99,934
Cost of sales	29,112			85			29,197				87,675				443				88,118
Gross profit	3,880			(85		)	3,795				12,259				(443		)		11,816
Selling and administrative	3,195						3,195				10,938								10,938
expenses
Impairment of goodwill and							—												—
other intangibles
Restatement and related expenses	102						102				2,516								2,516
Operating profit/(loss)	583			(85		)	498				(1,195		)		(443		)		(1,638		)
Interest and financing expense	558						558				1,410								1,410
Other expense/(income)	—						—				18								18
Income/(loss) before income taxes	25			(85		)	(60		)		(2,623		)		(443		)		(3,066		)
Provision for/(benefit from)	3			(3		)	—				(977		)		14,016				13,039
income taxes
Net income/(loss)	$	22		$	(82	)	$	(60	)		$	(1,646	)		$	(14,459	)		$	(16,105	)
Net income/(loss) per common and common equivalent share:
Basic	$	—		$	(0.01	)	$	(0.01	)		$	(0.17	)		$	(1.47	)		$	(1.64	)
Diluted	—			(0.01		)	(0.01		)		(0.17		)		(1.47		)		(1.64		)
Weighted average number of common and common equivalent shares outstanding:
Basic	9,838,872						9,838,872				9,816,974								9,816,974
Diluted	9,902,017						9,902,017				9,816,974								9,816,974
	Three Months Ended										Six Months Ended
	March 28, 2014										March 28, 2014
	As reported			Adjustment			Restated				As reported				Adjustment				Restated
							(in thousands)
Net sales	$	34,805					$	34,805			$	66,942							$	66,942
Cost of sales	30,035			126			30,161				58,562				358				58,920
Gross profit	4,770			(126		)	4,644				8,380				(358		)		8,022
Selling and administrative	3,952						3,952				7,744								7,744
expenses
Impairment of goodwill and	—						—				—								—
other intangibles
Restatement and related expenses	1,258						1,258				2,414								2,414
Operating profit/(loss)	(440		)	(126		)	(566		)		(1,778		)		(358		)		(2,136		)
Interest and financing expense	492						492				852								852
Other expense/(income)	(1		)				(1		)		18								18
Income/(loss) before income taxes	(931		)	(126		)	(1,057		)		(2,648		)		(358		)		(3,006		)
Provision for/(benefit from)	(362		)	14,019			13,657				(979		)		14,019				13,040
income taxes
Net income/(loss)	$	(569	)	$	(14,145	)	$	(14,714	)		$	(1,669	)		$	(14,377	)		$	(16,046	)
Net income/(loss) per common and common equivalent share:
Basic	$	(0.06	)	$	(1.44	)	$	(1.50	)		$	(0.17	)		$	(1.47	)		$	(1.64	)
Diluted	(0.06		)	(1.44		)	(1.50		)		(0.17		)		(1.47		)		(1.64		)
Weighted average number of common and common equivalent shares outstanding:
Basic	9,829,964						9,829,964				9,805,841								9,805,841
Diluted	9,829,964						9,829,964				9,805,841								9,805,841
	Three Months Ended
	December 27, 2013
	As reported			Adjustment			Restated
Net sales	$	32,138					$	32,138
Cost of sales	28,528			232			28,760
Gross profit	3,610			(232		)	3,378
Selling and administrative	3,791						3,791
expenses
Impairment of goodwill and	—						—
other intangibles
Restatement and related expenses	1,156						1,156
Operating profit/(loss)	(1,337		)	(232		)	(1,569		)
Interest and financing expense	360						360
Other expense/(income)	19						19
Income/(loss) before income taxes	(1,716		)	(232		)	(1,948		)
Provision for/(benefit from)	(617		)				(617		)
income taxes
Net income/(loss)	$	(1,099	)	$	(232	)	$	(1,331	)
Net income/(loss) per common and common equivalent share:
Basic	$	(0.11	)	$	(0.03	)	$	(0.14	)
Diluted	(0.11		)	(0.03		)	(0.14		)
Weighted average number of common and common equivalent shares outstanding:
Basic	9,780,896						9,780,896
Diluted	9,780,896						9,780,896
	Year Ended
	September 30, 2014
	As reported			Adjustment			Restated
CASH FLOWS FROM OPERATING ACTIVITIES				(in thousands)
Net income/(loss)	$	(2,092	)	(12,979		)	(15,071		)
Non-cash adjustments:
Stock-based compensation	542						542
Depreciation and amortization	4,846						4,846
Impairment of goodwill and other intangibles	—						—
Directors’ fees paid in stock	—						—
Loss on sale of fixed assets	2						2
Reserve for doubtful accounts	73						73
Deferred tax expense/(benefit)	776			12,258			13,034
Changes in assets and liabilities:
Accounts receivable	5,525						5,525
Inventory	(1,343		)	721			(622		)
Other current assets	(2,987		)				(2,987		)
Other long term assets	15						15
Accounts payable	902						902
Accrued expenses	936						936
Customer deposits	1,366						1,366
Other long term liabilities	541						541
Net cash flows from operating activities	9,102			—			9,102
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of fixed assets	(4,465		)				(4,465		)
Proceeds from disposal of fixed assets	323						323
Net cash flows from investing activities	(4,142		)	—			(4,142		)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from revolving line of credit	56,016						56,016
Repayments of revolving line of credit	(59,846		)				(59,846		)
Borrowings under other loan agreements	1,300						1,300
Repayments under other loan agreements	(2,887		)				(2,887		)
Debt issuance costs	(2		)				(2		)
Proceeds from exercise of stock options	19						19
Proceeds from employee stock plan purchases	—						—
Shares withheld for payment of taxes upon vesting of restricted stock	(79		)				(79		)
Net cash flows from financing activities	(5,479		)	—			(5,479		)
Net cash flows for the period	(519		)				(519		)
Cash and cash equivalents, beginning of period	2,499						2,499
Cash and cash equivalents, end of period	$	1,980		$	—		$	1,980
Supplemental cash flow information:
Interest paid	$	1,556					1,556
Income taxes paid	9						9
Non-cash transactions:
Fixed assets purchased with extended payment terms	322						322
	Nine Months Ended
	June 27, 2014
	As reported			Adjustment			Restated
CASH FLOWS FROM OPERATING ACTIVITIES				(in thousands)
Net income/(loss)	$	(1,646	)	(14,459		)	(16,105		)
Non-cash adjustments:
Stock-based compensation	378						378
Depreciation and amortization	3,625						3,625
Impairment of goodwill & other intg.							—
Directors' fees paid in stock	—						—
gain/loss sale of fixed assets							—
Reserve for doubtful accounts	220						220
Deferred tax expense/benefit	(982		)	14,016			13,034
Changes in assets and liabilities:
Accounts receivable	4,480						4,480
Inventory	752			443			1,195
Other current assets	(1,497		)				(1,497		)
Other long term assets	81						81
Accounts payable	(2,634		)				(2,634		)
Accrued expenses	541						541
Customer deposits	741						741
Other long term liabilities	(14		)				(14		)
Net cash flows from operating activities	4,045			—			4,045
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of fixed assets	(3,806		)				(3,806		)
Grant proceeds from outside parties							—
Proceeds from (net cost of) disposal of fixed assets	323						323
Net cash flows from investing activities	(3,483		)	—			(3,483		)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from revolving line of credit	43,513						43,513
Repayments of revolving line of credit	(44,971		)				(44,971		)
Borrowings under other loan agreements	1,300						1,300
Repayments under other loan agreements	(2,160		)				(2,160		)
Debt issuance costs	(2		)				(2		)
Proceeds from exercise of stock options	17						17
Proceeds from employee stock plan purchases	—						—
Shares withheld for payment of taxes upon vesting of restricted stock	(79		)				(79		)
Net cash flows from financing activities	(2,382		)	—			(2,382		)
Net cash flows for the period	(1,820		)	—			(1,820		)
Cash and cash equivalents, beginning of period	2,499						2,499
Cash and cash equivalents, end of period	$	679		$	—		$	679
Supplemental cash flow information:
Interest paid	$	1,177					$	1,177
Income taxes paid	12						12
Non-cash transactions:
Fixed assets purchased with extended payment terms	466						466
	Six Months Ended
	March 28, 2014
	As reported			Adjustment			Restated
CASH FLOWS FROM OPERATING ACTIVITIES				(in thousands)
Net income/(loss)	$	(1,669	)	(14,377		)	(16,046		)
Non-cash adjustments:
Stock-based compensation	287						287
Depreciation and amortization	2,419						2,419
Impairment of goodwill & other intg.							—
Directors' fees paid in stock	—						—
gain/loss sale of fixed assets							—
Reserve for doubtful accounts	433						433
Deferred tax expense/benefit	(985		)	14,019			13,034
Changes in assets and liabilities:
Accounts receivable	2,429						2,429
Inventory	1,801			358			2,159
Other current assets	(514		)				(514		)
Other long term assets	(18		)				(18		)
Accounts payable	(2,009		)				(2,009		)
Accrued expenses	242						242
Customer deposits	251						251
Other long term liabilities	(9		)				(9		)
Net cash flows from operating activities	2,658			—			2,658
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of fixed assets	(3,099		)				(3,099		)
Grant proceeds from outside parties							—
Proceeds from (net cost of) disposal of fixed assets	323						323
Net cash flows from investing activities	(2,776		)	—			(2,776		)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from revolving line of credit	29,115						29,115
Repayments of revolving line of credit	(30,650		)				(30,650		)
Borrowings under other loan agreements	1,300						1,300
Repayments under other loan agreements	(1,432		)				(1,432		)
Debt issuance costs	(2		)				(2		)
Proceeds from exercise of stock options	17						17
Proceeds from employee stock plan purchases	—						—
Shares withheld for payment of taxes upon vesting of restricted stock	(77		)				(77		)
Net cash flows from financing activities	(1,729		)	—			(1,729		)
Net cash flows for the period	(1,847		)	—			(1,847		)
Cash and cash equivalents, beginning of period	2,499						2,499
Cash and cash equivalents, end of period	$	652		$	—		$	652
Supplemental cash flow information:
Interest paid	790						790
Income taxes paid	12						12
Non-cash transactions:
Fixed assets purchased with extended payment terms	805						805
	Three Months Ended
	December 27, 2013
	As reported			Adjustment			Restated
CASH FLOWS FROM OPERATING ACTIVITIES				(in thousands)
Net income/(loss)	(1,099		)	$	(232	)	(1,331		)
Non-cash adjustments:
Stock-based compensation	150						150
Depreciation and amortization	1,195						1,195
Impairment of goodwill & other intg.							—
Directors' fees paid in stock							—
gain/loss sale of fixed assets							—
Reserve for doubtful accounts	244						244
Deferred tax expense/benefit	(629		)				(629		)
Changes in assets and liabilities:
Accounts receivable	5,972						5,972
Inventory	455			232			687
Other current assets	(392		)				(392		)
Other long term assets	(91		)				(91		)
Accounts payable	(3,213		)				(3,213		)
Accrued expenses	(341		)				(341		)
Customer deposits	1,012						1,012
Other long term liabilities	(4		)				(4		)
Net cash flows from operating activities	3,259			—			3,259
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of fixed assets	(2,593		)				(2,593		)
Grant proceeds from outside parties							—
Proceeds from (net cost of) disposal of fixed assets	323						323
Net cash flows from investing activities	(2,270		)	—			(2,270		)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from revolving line of credit	15,603						15,603
Repayments of revolving line of credit	(17,900		)				(17,900		)
Borrowings under other loan agreements	1,300						1,300
Repayments under other loan agreements	(706		)				(706		)
Debt issuance costs	(2		)				(2		)
Proceeds from exercise of stock options	17						17
Proceeds from employee stock plan purchases							—
Shares withheld for payment of taxes upon vesting of restricted stock	(67		)				(67		)
Net cash flows from financing activities	(1,755		)	—			(1,755		)
Net cash flows for the period	(766		)	—			(766		)
Cash and cash equivalents, beginning of period	2,499						2,499
Cash and cash equivalents, end of period	$	1,733		$	—		$	1,733
Supplemental cash flow information:
Interest paid	403						403
Income taxes paid	11						11
Non-cash transactions:
Fixed assets purchased with extended payment terms							—

OUR_BUSINESS_AND_SUMMARY_OF_SI3

OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Sep. 30, 2014
Land improvements [Member]
Estimated Useful Lives	10 years
Buildings and improvements [Member] | Minimum [Member]
Estimated Useful Lives	5 years
Buildings and improvements [Member] | Maximum [Member]
Estimated Useful Lives	40 years
Machinery and equipment [Member] | Minimum [Member]
Estimated Useful Lives	3 years
Machinery and equipment [Member] | Maximum [Member]
Estimated Useful Lives	5 years
Furniture and fixtures [Member] | Minimum [Member]
Estimated Useful Lives	3 years
Furniture and fixtures [Member] | Maximum [Member]
Estimated Useful Lives	7 years

OUR_BUSINESS_AND_SUMMARY_OF_SI4

OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	3 Months Ended					6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013	Mar. 28, 2014	Jun. 27, 2014	Sep. 30, 2014	Sep. 30, 2013
Accounting Policies [Abstract]
Weighted average shares outstanding	9,853,647	9,838,872	9,829,964	9,780,896	9,739,601	9,805,841	9,816,974	9,827,043	9,711,549
Incremental shares	96,987				0			0	0
Diluted shares	9,950,634	9,902,017	9,829,964	9,780,896	9,739,601	9,805,841	9,816,974	9,827,043	9,711,549
Anti-dilutive shares excluded	556,873				521,857			556,873	521,857

OUR_BUSINESS_AND_SUMMARY_OF_SI5

OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $)	3 Months Ended		12 Months Ended
	Sep. 30, 2013	Jun. 28, 2013	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2008
Goodwill impairment	$11,800,000
Sale-leaseback arrangement, fixed assets, net book value					2,000,000
Sale-leaseback arrangement, fixed assets, original cost					15,600,000
Operating lease, term			5 years
Repurchase of assets		400,000
Material Management [Member]
Maximum percentage of total revenue			5.00%	5.00%
SCB [Member]
Goodwill impairment	11,800,000		0
Customer Relationships [Member] | SCB [Member]
Impairment of intangible assets	$2,400,000

RESTATEMENT_OF_CONSOLIDATED_FI1

RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS (Details) (SCB [Member])	Sep. 30, 2014
	subsidiary
SCB [Member]
Number of subsidiaries with error	1

RESTATEMENT_OF_DEFERRED_TAX_AS2

RESTATEMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE AND EXCESS AND OBSOLETE INVENTORY RESERVE (Details) (USD $)	3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended		6 Months Ended	12 Months Ended
	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013	Jun. 28, 2013	Mar. 29, 2013	Dec. 28, 2012	Mar. 28, 2014	Jun. 27, 2014	Sep. 30, 2014	Sep. 30, 2013	Mar. 27, 2015	Sep. 30, 2015
Net income/(loss)	$1,034,000	($60,000)	($14,714,000)	($1,331,000)	($8,667,000)	$382,000	($1,144,000)	($101,000)	($16,046,000)	($16,105,000)	($15,071,000)	($9,530,000)
Deferred tax asset valuation allowance adjustment					455,000							455,000
Excess and obsolete inventory reserve adjustment	2,906,000				1,950,000						2,906,000	1,950,000
Effective Income Tax Rate Reconciliation, Percent											587.40%	-36.70%
Increase in valuation allowance											1,100,000
As reported
Net income/(loss)	-446,000	22,000	-569,000	-1,099,000					-1,669,000	-1,646,000	-2,092,000
Adjustment
Net income/(loss)	1,480,000	-82,000	-14,145,000	-232,000					-14,377,000	-14,459,000	-12,979,000		-14,377,000
Deferred tax asset valuation allowance adjustment	-12,258,000										-12,258,000
Excess and obsolete inventory reserve adjustment	($721,000)										($721,000)
State and Local Jurisdiction [Member] | Forecast
Effective Income Tax Rate Reconciliation, Percent														0.00%

ALLOWANCE_FOR_DOUBTFUL_ACCOUNT2

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance, beginning of period	$452	$406
Provision for doubtful accounts	121	105
Write-offs	-48	-59
Allowance, end of period	$525	$452

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]
Raw materials	$16,769				$14,841
Work-in-process	7,906				7,564
Finished goods	757				1,449
Total inventories	25,432				23,854
Reserve for excess/obsolete inventory	-2,906				-1,950
Inventories, net	$22,526	$20,709	$19,745	$21,217	$21,904

FIXED_ASSETS_Details

FIXED ASSETS (Details) (USD $)	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
Property, Plant and Equipment [Abstract]
Land and improvements	$1,601				$1,601
Buildings and improvements	13,452				11,070
Leasehold improvements	1,458				1,411
Machinery and equipment	26,996				25,963
Furniture and fixtures	7,207				6,165
Construction in progress	381				835
Total fixed assets, at cost	51,095				47,045
Accumulated depreciation	-33,245				-29,099
Fixed assets, net	$17,850	$18,489	$19,261	$19,107	$17,946

FIXED_ASSETS_Details_1

FIXED ASSETS (Details 1) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Property, Plant and Equipment [Abstract]
Depreciation expense	$1,152	$1,103	$4,558	$4,264

INTANGIBLE_ASSETS_Details

INTANGIBLE ASSETS (Details) (USD $)	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013	Dec. 31, 2010	Sep. 30, 2010
In Thousands, unless otherwise specified
Total intangibles	$6,360				$6,360
Accumulated amortization	-1,556				-1,301
Accumulated impairment - customer relationships	-2,412				-2,412
Intangible assets, net	2,392	2,456	2,520	2,583	2,647
Customer relationships [Member] | SCB [Member]
Total intangibles	5,900				5,900	5,900
Property tax abatement [Member] | Albuquerque [Member]
Total intangibles	360				360
Non-compete agreement [Member] | SCB [Member]
Total intangibles	$100				$100		$100

INTANGIBLE_ASSETS_Details_1

INTANGIBLE ASSETS (Details 1) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible amortization expense	$64	$113	$254	$452

INTANGIBLE_ASSETS_Details_2

INTANGIBLE ASSETS (Details 2) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Goodwill and Intangible Assets Disclosure [Abstract]
2015	$254
2016	238
2017	234
2018	234
Finite-Lived Intangible Assets, Amortization Expense, Year Five	213
2019	$1,219

INTANGIBLE_ASSETS_Details_Text

INTANGIBLE ASSETS (Details Textual) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2010	Sep. 30, 2010
Amount allocated to intangibles	$6,360,000	$6,360,000
Customer relationships [Member] | SCB [Member]
Amount allocated to intangibles	5,900,000	5,900,000	5,900,000
Estimated useful life	15 years
Impairment of intangible assets		2,400,000
Non-compete agreement [Member] | SCB [Member]
Amount allocated to intangibles	100,000	100,000		100,000
Estimated useful life	5 years
Property tax abatement [Member] | Albuquerque [Member]
Amount allocated to intangibles	$360,000	$360,000
Estimated useful life	9 years 2 months 12 days

GOODWILL_Details

GOODWILL (Details) (USD $)	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$13,810				$13,810
Accumulated impairment	-11,805				-11,805
Goodwill, net	$2,005	$2,005	$2,005	$2,005	$2,005

GOODWILL_Details_Textual

GOODWILL (Details Textual) (USD $)	3 Months Ended		12 Months Ended
	Sep. 30, 2013	Dec. 31, 2010	Sep. 30, 2014	Sep. 30, 2010
Goodwill impairment	$11,800,000
SCB [Member]
Goodwill from acquisitions		13,700,000
Goodwill impairment	11,800,000		0
Celmet [Member]
Goodwill from acquisitions				$100,000

CREDIT_FACILITIES_Details

CREDIT FACILITIES (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013
Total debt	$31,387					$36,804
Less: current portion	-2,908		-2,908	-2,908	-2,908	-2,778
Long-term debt	28,479		31,578	32,229	32,193	34,026
Term Loan A [Member]
Debt Instrument, Interest Rate Terms	Fixed Interest Rate
Maturity Date	1-Feb-22
Interest Rate	3.98%	[1]				3.98%	[1]
Total debt	8,148					9,259
Term Loan B [Member]
Debt Instrument, Interest Rate Terms	Variable Interest Rate
Maturity Date	1-Feb-23
Interest Rate	3.41%	[1]				2.68%	[1]
Total debt	11,783					13,184
Albuquerque Mortgage Loan [Member]
Debt Instrument, Interest Rate Terms	Variable Interest Rate
Maturity Date	1-Feb-18
Interest Rate	4.69%	[1]				3.44%	[1]
Total debt	2,733					3,000
Celmet Building Term Loan [Member]
Debt Instrument, Interest Rate Terms	Fixed Interest Rate
Maturity Date	7-Nov-18
Interest Rate	4.72%	[1]				0.00%	[1]
Total debt	1,192					0
Albuquerque Industrial Revenue Bond [Member]
Debt Instrument, Interest Rate Terms	Fixed Interest Rate
Maturity Date	1-Mar-19
Interest Rate	5.63%	[1]				5.63%	[1]
Total debt	100					100
Revolving Credit Facility [Member]
Debt Instrument, Interest Rate Terms	Variable Interest Rate
Maturity Date	18-Jan-16
Interest Rate	4.44%	[1]				3.19%	[1]
Total debt	$7,431					$11,261
[1]	Rates noted above are before impact of interest rate swap.

CREDIT_FACILITIES_Details_1

CREDIT FACILITIES (Details 1)	12 Months Ended
	Sep. 30, 2014
2013 Credit Agreement, before 2013 Amendments [Member] | Period One [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	3/31/2013 through and including 9/29/2013	[1]
Debt to EBITDARS	< 3.00 to 1.00	[1]
Fixed Charge Coverage Ratio: (b)
Fixed Charge Coverage Ratio Period	3/31/2013 and thereafter	[2]
Fixed Charge Coverage Ratio	≥ 1.25 to 1.00	[2]
2013 Credit Agreement, before 2013 Amendments [Member] | Period Two [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	9/30/2013 and thereafter	[1]
Debt to EBITDARS		[1]
2013 Credit Agreement, after First 2013 Amendment [Member] | Period One [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	6/28/2013 through and including 12/27/2013	[1]
Debt to EBITDARS	< 3.25 to 1.00	[1]
Fixed Charge Coverage Ratio: (b)
Fixed Charge Coverage Ratio Period	6/28/13	[2]
Fixed Charge Coverage Ratio	>0.95 to 1.00	[2]
2013 Credit Agreement, after First 2013 Amendment [Member] | Period Two [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	12/28/2013 through and including 3/28/2014	[1]
Debt to EBITDARS		[1]
Fixed Charge Coverage Ratio: (b)
Fixed Charge Coverage Ratio Period	9/30/13	[2]
Fixed Charge Coverage Ratio	>1.00 to 1.00	[2]
2013 Credit Agreement, after First 2013 Amendment [Member] | Period Three [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	3/29/2014 and thereafter	[1]
Debt to EBITDARS	< 2.75 to 1.00	[1]
Fixed Charge Coverage Ratio: (b)
Fixed Charge Coverage Ratio Period	12/27/13	[2]
Fixed Charge Coverage Ratio	>1.15 to 1.00	[2]
2013 Credit Agreement, after First 2013 Amendment [Member] | Period Four [Member]
Fixed Charge Coverage Ratio: (b)
Fixed Charge Coverage Ratio Period	3/28/2014 and thereafter	[2]
Fixed Charge Coverage Ratio	>1.25 to 1.00	[2]
2013 Credit Agreement, after Second 2013 Amendment [Member] | Period One [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	6/28/2013 through and including 12/27/2013	[1]
Debt to EBITDARS	< 3.50 to 1.00	[1]
2013 Credit Agreement, after Second 2013 Amendment [Member] | Period Two [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	12/28/2013 through and including 3/28/2014	[1]
Debt to EBITDARS		[1]
2013 Credit Agreement, after Second 2013 Amendment [Member] | Period Three [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	3/29/2014 and thereafter	[1]
Debt to EBITDARS	< 2.75 to 1.00	[1]
2013 Credit Agreement, after First 2014 Amendment [Member] | Period One [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	12/13/2013 through and including 3/27/2014	[1]
Debt to EBITDARS	< 4.50 to 1.00	[1]
Fixed Charge Coverage Ratio: (b)
Fixed Charge Coverage Ratio Period	3/28/2014 through and including 6/26/2014	[2]
Fixed Charge Coverage Ratio	≥0.90 to 1.00	[2]
2013 Credit Agreement, after First 2014 Amendment [Member] | Period Two [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	3/28/2014 through and including 6/26/2014	[1]
Debt to EBITDARS		[1]
Fixed Charge Coverage Ratio: (b)
Fixed Charge Coverage Ratio Period	06/27/2014 through and including 9/29/2014	[2]
Fixed Charge Coverage Ratio	≥1.10 to 1.00	[2]
2013 Credit Agreement, after First 2014 Amendment [Member] | Period Three [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	6/27/2014 through and including 9/29/2014	[1]
Debt to EBITDARS		[1]
Fixed Charge Coverage Ratio: (b)
Fixed Charge Coverage Ratio Period	9/30/2014 and thereafter	[2]
Fixed Charge Coverage Ratio	≥1.25 to 1.00	[2]
2013 Credit Agreement, after First 2014 Amendment [Member] | Period Four [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	09/30/2014 and thereafter	[1]
Debt to EBITDARS	< 2.75 to 1.00	[1]
2013 Credit Agreement, after Second 2014 Amendment [Member] | Period One [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	12/26/2014 through and including 3/26/2015	[1]
Debt to EBITDARS	< 4.50 to 1.00	[1]
Fixed Charge Coverage Ratio: (b)
Fixed Charge Coverage Ratio Period	12/26/2014 through and including 3/26/2015	[2]
Fixed Charge Coverage Ratio	≥1.00 to 1.00	[2]
2013 Credit Agreement, after Second 2014 Amendment [Member] | Period Two [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	3/27/2015 through and including 6/25/2015	[1]
Debt to EBITDARS		[1]
Fixed Charge Coverage Ratio: (b)
Fixed Charge Coverage Ratio Period	03/27/2014 through and including 6/25/2015	[2]
Fixed Charge Coverage Ratio	≥1.15 to 1.00	[2]
2013 Credit Agreement, after Second 2014 Amendment [Member] | Period Three [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	6/26/2015 through and including 9/29/2015	[1]
Debt to EBITDARS		[1]
Fixed Charge Coverage Ratio: (b)
Fixed Charge Coverage Ratio Period	6/26/2015 and thereafter	[2]
Fixed Charge Coverage Ratio	≥1.25 to 1.00	[2]
2013 Credit Agreement, after Second 2014 Amendment [Member] | Period Four [Member]
Debt to EBITDARS Ratio: (a)
Debt to EBITDARS Ratio Period	09/30/2015 and thereafter	[1]
Debt to EBITDARS	< 2.75 to 1.00	[1]
[1]	The ratio of debt to earnings before interest, taxes, depreciation, amortization, rent expense and non-cash stock compensation expense.
[2]	The ratio compares (i) 12 month EBITDA plus non-cash stock compensation expense minus unfinanced capital expenditures minus cash taxes paid, to (ii) the sum of interest expense, principal payments, sale-leaseback payments and dividends, if any (fixed charges).

CREDIT_FACILITIES_Details_2

CREDIT FACILITIES (Details 2) (USD $)	Sep. 30, 2014		Sep. 30, 2013
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]
2015	$2,908
2016	10,339	[1]
2017	2,908
2018	4,574
2019	3,283
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	7,375
Total debt	$31,387		$36,804
[1]	Includes Revolver balance of $7.4 million at September 30, 2014

CREDIT_FACILITIES_Details_Text

CREDIT FACILITIES (Details Textual) (USD $)

12 Months Ended

3 Months Ended

1 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Jan. 31, 2013

Dec. 31, 2010

Dec. 31, 2009

Apr. 30, 2008

31-May-08

Jul. 31, 2010

Jan. 18, 2013

Dec. 17, 2010

Dec. 16, 2009

Dec. 17, 2013

Apr. 02, 2008

Oct. 01, 2011

Nov. 08, 2013

Jul. 30, 2010

Line of Credit Facility, Maximum Borrowing Capacity Based on Eligible Inventories

$3,750,000

$3,750,000

Average borrowing capacity

11,000,000

12,800,000

11,000,000

Maximum legal and accounting fees associated with the restatement

1,100,000

Increase in effective rate of loans

0.75%

Increase in unused commitment fee

0.38%

Amount outstanding

3,700,000

3,700,000

Basis spread on variable rate

1.32%

Notional amount

14,000,000

Long-term debt

31,387,000

36,804,000

31,387,000

Amendment 2014 [Member]

Net earnings before interest,taxes, depreciation and amortization

1,500,000

1,250,000

Second Amendment [Member]

Increase in interest rate

0.25%

Term Loan A [Member]

Maturity date

1-Feb-22

Debt instrument, periodic payment, principal

93,000

Percentage bearing fixed interest, percentage rate

3.98%

3.98%

Face amount

10,000,000

10,000,000

Term Loan A [Member] | Amendment 2014 [Member]

Interest rate, stated percentage

3.25%

3.25%

Debt Instrument, Unused Commitment Fee, Percentage

0.50%

0.50%

Term Loan A [Member] | Credit Agreement 2013 [Member]

Long-term line of credit

10,000,000

Repayment monthly installments

108 monthly installments

Line of credit facility, periodic payment, principal

93,000

Term Loan B [Member]

Maturity date

1-Feb-23

Debt instrument, periodic payment, principal

117,000

Percentage bearing fixed interest, percentage rate

2.50%

2.50%

Face amount

14,000,000

14,000,000

Increase in interest rate

4.57%

Basis spread on variable rate

2.50%

2.50%

Interest rate, effective percentage

3.82%

3.82%

Term Loan B [Member] | Credit Agreement 2013 [Member]

Long-term line of credit

14,000,000

Repayment monthly installments

120 monthly installments

Line of credit facility, periodic payment, principal

117,000

Term Loan B [Member] | Second Amendment [Member]

Debt Instrument, Basis Spread on Variable Rate

3.25%

Term Loan B [Member] | Amendment 2014 [Member]

Debt Instrument, Basis Spread on Variable Rate

3.25%

Interest rate, effective percentage

3.25%

3.25%

Albuquerque [Member]

Liabilities assumed

100,000

100,000

Albuquerque [Member] | Amendment 2014 [Member]

Interest rate, stated percentage

4.50%

4.50%

Scb Term Loan [Member] | Credit Agreement 2010 [Member]

Long-term line of credit

20,000,000

Repayment monthly installments

60 equal monthly installments.

Albuquerque Mortgage Loan [Member]

Debt instrument, periodic payment, principal

22,000

Extended maturity date

December 16, 2014 to February 1, 2018

Description of variable rate basis

Modification of the interest rate applicable to the Albuquerque Mortgage Loan from (i) a range on the applicable quarterly adjustment date of 2.50% to 3.75% above Libor based upon the Company’s then Debt to EBITDARS Ratio (ranging from 1.75:1.00 or less to 3.25:1.00 or greater), to (ii) a range on the applicable quarterly adjustment date of 2.00% to 3.25% above Libor based upon the Company’s then Debt to EBITDARS Ratio (ranging from 0.75:1.00 or less to 2.75:1.00 or greater).

Albuquerque Mortgage Loan [Member] | Amendment 2014 [Member]

Interest rate, stated percentage

4.50%

4.50%

Albuquerque Mortgage Loan [Member] | Credit Agreement 2013 [Member]

Long-term line of credit

4,000,000

Repayment monthly installments

monthly installments

Debt instrument, periodic payment, principal

22,000

Albuquerque Mortgage Loan [Member] | Credit Agreement 2010 [Member]

Long-term line of credit

4,000,000

Repayment monthly installments

60 monthly installments

Debt instrument, periodic payment, principal

22,000

Albuquerque Mortgage Loan [Member] | Second Amendment [Member]

Debt Instrument, Basis Spread on Variable Rate

4.50%

Albuquerque Mortgage Loan [Member] | Amendment 2014 [Member]

Debt Instrument, Basis Spread on Variable Rate

4.50%

Equipment Line Of Credit [Member] | Credit Agreement 2010 [Member]

Average borrowing capacity

1,500,000

Energy loan [Member] | Credit Agreement 2013 [Member]

Long-term line of credit

200,000

Repayment monthly installments

60 equal monthly installments

Percentage bearing fixed interest, percentage rate

2.08%

Energy loan [Member] | Credit Agreement 2010 [Member]

Long-term line of credit

200,000

Repayment monthly installments

60 equal monthly installments

Percentage bearing fixed interest, percentage rate

2.08%

Seller Notes [Member]

Notes payable

3,800,000

Debt instrument, periodic payment

160,000

Seller Notes [Member] | Minimum [Member]

Interest rate, stated percentage

3.00%

Seller Notes [Member] | Maximum [Member]

Interest rate, stated percentage

4.00%

Revolving Credit Facility [Member]

Maximum borrowing capacity

20,000,000

20,000,000

Maturity date

18-Jan-16

Line of Credit Facility, Maximum Borrowing Capacity as Percentage of Eligible Receivables

85.00%

85.00%

Line of Credit Facility, Maximum Borrowing Capacity as Percentage of Eligible Inventories

35.00%

35.00%

Line of Credit Facility, Maximum Borrowing Capacity Based on Eligible Inventories, Higher Limit

4,750,000

4,750,000

Current borrowing capacity

20,000,000

20,000,000

Interest rate, stated percentage

4.44%

[1]

3.19%

[1]

4.44%

[1]

Extended maturity date

December 17, 2013 to January 18, 2016

Description of variable rate basis

a range on the applicable quarterly adjustment date of 2.25% to 3.50% above Libor based upon the Company’s then Debt to EBITDARS Ratio (ranging from 1.75:1.00 or less to 3.25:1.00 or greater), to (ii) a range on the applicable quarterly adjustment date of 1.75% to 3.00% above Libor based upon the Company’s then Debt to EBITDARS Ratio (ranging from 0.75:1.00 or less to 2.75:1.00 or greater). The Second 2013 Amendment modified the interest rate to a range on the applicable quarterly adjustment date of 2.00% to 3.50% above Libor based upon the Company’s then Debt to EBITDARS Ratio (ranging from 1.25:1.00 or less to 3.25:1.00 or greater)

Description of variable rate, unused fee

a range on the applicable quarterly adjustment date of 0.125% to 0.500% based upon the Company’s then ratio of Debt to EBITDARS (ranging from 1.75:1.00 or less to 3.25:1.00 or greater), to (ii) a range on the applicable quarterly adjustment date of 0.125% to 0.500% based upon the Company’s then ratio of Debt to EBITDARS (ranging from 0.75:1.00 or less to 2.75:1.00 or greater). The Second 2013 Amendment modified the unused fee to a range on the applicable quarterly adjustment date of 0.250% to 0.500% based upon the Company’s then Debt to EBITDARS Ratio (ranging from 1.25:1.00 or less to 3.25:1.00 or greater).

Dividends and stock repurchases, maximum limit

3,500,000

3,500,000

Borrowing capacity, description

Up to $20.0 million was available through December 17, 2013. The Company could borrow up to the lesser of (i) 85% of eligible receivables plus 35% of eligible inventories or (ii) $20.0 million. At IEC’s election, another 35% of eligible inventories would be included in the borrowing base for limited periods of time during which a higher rate of interest would be charged on the Revolver. Borrowings based on inventory balances were further limited to a cap of $3.75 million, or when subject to the higher percentage limit, $4.75 million.

Long-term debt

7,431,000

11,261,000

7,431,000

Revolving Credit Facility [Member] | Credit Agreement 2013 [Member]

Average borrowing capacity

20,000,000

20,000,000

Commitment fee amount

55,000

36,000

Revolving Credit Facility [Member] | Credit Agreement 2010 [Member]

Revolving credit facility description

the maximum available principal amount of the lesser of $20.0 million or the amount available under the borrowing base (the formula for which, and interest rate surcharge applicable to optional over-base advances, remains unchanged)

Revolving Credit Facility [Member] | Second Amendment [Member]

Unused capacity, commitment fee percentage

0.50%

Revolving Credit Facility [Member] | Amendment 2014 [Member]

Unused capacity, commitment fee percentage

0.50%

Interest rate, stated percentage

4.25%

4.25%

Revolving Credit Facility [Member] | Minimum [Member]

Unused capacity, commitment fee percentage

0.13%

Basis spread on variable rate

2.25%

2.25%

Revolving Credit Facility [Member] | Maximum [Member]

Unused capacity, commitment fee percentage

0.50%

Basis spread on variable rate

3.75%

3.75%

Revolving Credit Facility [Member] | Term Loan B [Member]

Amount outstanding

8,900,000

8,900,000

Albuquerque Term Loan [Member] | Credit Agreement 2010 [Member]

Long-term line of credit

5,000,000

Repayment monthly installments

60 equal monthly installments.

Celmet Term Loan [Member] | Third Amendment [Member]

Face amount

1,300,000

Celmet Term Loan [Member] | Credit Agreement 2010 [Member]

Long-term line of credit

$2,000,000

Repayment monthly installments

60 equal monthly installments.

[1]

Rates noted above are before impact of interest rate swap.

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Details Textual) (USD $)	Jan. 18, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 13, 2013
In Millions, unless otherwise specified
Notional amount	$14
Fixed interest rate	1.32%
Interest Rate Swap [Member]
Fair value of interest rate swap asset		$0.20	$0.30
Term Loan B [Member]
Fixed interest rate	3.25%
Applicable margin rate	4.57%			3.25%

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) (USD $)	Sep. 30, 2014	Sep. 30, 2013
Long-term debt, carrying value	$31,387,000	$36,804,000
Term Loan A [Member]
Long-term debt, fair value	6,900,000	7,600,000
Long-term debt, carrying value	8,148,000	9,259,000
Celmet Term Loan [Member]
Long-term debt, fair value	1,000,000
Long-term debt, carrying value	1,192,000	0
Interest Rate Swap [Member]
Interest rate swap asset	$200,000	$300,000

WARRANTY_RESERVES_Details

WARRANTY RESERVES (Details) (Warranty Reserves [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Warranty Reserves [Member]
Reserve, beginning of period	$219	$388
Provision	296	13
Warranty costs	-264	-182
Reserve, end of period	$251	$219

DEFERRED_GRANTS_Details_Textua

DEFERRED GRANTS (Details Textual) (USD $)	3 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Amortization of Other Deferred Charges	$144,000	$17,000	$158,000	$17,000
Grant proceeds	700,000	200,000	700,000	200,000
Amortization of deferred grants				0
Local Government Agency One [Member]
Grant proceeds	100,000		100,000
Local Government Agency Two [Member]
Grant proceeds	$100,000		$100,000

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Assumptions for Black-Scholes:
Risk-free interest rate	1.32%	0.55%
Expected term in years	4 years 1 month 21 days	4 years
Volatility	48.00%	49.00%
Expected annual dividends	$0	$0
Value of options granted:
Number of options granted (in shares)	50,500	50,000
Weighted average fair value per share (in dollars per share)	$1.62	$2.65
Fair value of options granted (000's)	$82,000	$133,000

STOCKBASED_COMPENSATION_Detail1

STOCK-BASED COMPENSATION (Details 1) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Number of Options [Roll Forward]
Outstanding, beginning of period (in shares)	246,383	280,789
Granted (in shares)	50,500	50,000
Exercised (in shares)	-23,237	-30,150
Shares withheld for payment of taxes upon exercise of stock option (in shares)	-4,346	0
Forfeited (in shares)	-29,350	-45,756
Expired (in shares)	-5,950	-8,500
Outstanding, end of period (in shares)	234,000	246,383
Wgtd. Avg. Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$4.38	$3.82
Granted (in dollars per share)	$4.12	$6.91
Exercised (in dollars per share)	$1.53	$2
Shares withheld for payment of taxes upon exercise of stock option (in dollars per share)	$1.72	$0
Forfeited (in dollars per share)	$5.73	$5.52
Expired (in dollars per share)	$5.11	$2.01
Outstanding, end of period (in dollars per share)	$4.48	$4.38
For options expected to vest
Number expected to vest (in shares)	212,455	234,967
Number expected to vest (in dollars per share)	$4.47	$4.29
Weighted average remaining term, in years	3 years 2 months 23 days	3 years 6 months
Intrinsic value (000s)	$173	$168
For exercisable options
Number exercisable (in shares)	121,650	108,033
Number exercisable (in dollars per share)	$3.64	$2.36
Weighted average remaining term, in years	1 year 8 months 24 days	1 year 9 months
Intrinsic value (000s)	161	168
For non-exercisable options
Expense not yet recognized (000s)	145	194
Weighted average years to be recognized	2 years 7 months 3 days	2 years 6 months
For options exercised, Intrinsic value (000s)	$69	$131

STOCKBASED_COMPENSATION_Detail2

STOCK-BASED COMPENSATION (Details 2) (USD $)	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Number of Options [Roll Forward]
Non-vested, beginning of period (in shares)	138,350	157,150
Granted (in shares)	50,500	50,000
Vested (in shares)	-47,150	-23,044
Forfeited (in shares)	-29,350	-45,756
Non-vested, end of period (in shares)	112,350	138,350
Wgtd. Avg. Grant Date Fair Value [Roll Forward]
Non-vested, beginning of period (in dollars per share)	$2.51	$2.42
Granted (in dollars per share)	$1.62	$2.65
Vested (in dollars per share)	$2.51	$2.26
Forfeited (in dollars per share)	$2.35	$2.51
Non-vested, end of period (in dollars per share)	$2.15	$2.51

STOCKBASED_COMPENSATION_Detail3

STOCK-BASED COMPENSATION (Details 3) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Number of Non-vested Shares [Roll Forward]
Shares withheld for payment of taxes upon vesting of restricted stock (in shares)	-4,346	0
Wgtd. Avg. Grant Date Fair Value [Roll Forward]
Shares withheld for payment of taxes upon vesting of restricted stock (in dollars per share)	$1.72	$0
Restricted (Non-vested) Stock [Member]
Number of Non-vested Shares [Roll Forward]
Outstanding, beginning of period (in shares)	275,474	339,939
Granted (in shares)	225,703	90,708
Vested (in shares)	-88,586	-58,372
Shares withheld for payment of taxes upon vesting of restricted stock (in shares)	-18,615	-4,441
Forfeited (in shares)	-71,103	-92,360
Outstanding, end of period (in shares)	322,873	275,474
Wgtd. Avg. Grant Date Fair Value [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$5.96	$5.69
Granted (in dollars per share)	$4.14	$6.82
Vested (in dollars per share)	$5.71	$5.45
Shares withheld for payment of taxes upon vesting of restricted stock (in dollars per share)	$4.28	$4.70
Forfeited (in dollars per share)	$5.88	$6.15
Outstanding, end of period (in dollars per share)	$4.97	$5.96
For non-vested shares
Expense not yet recognized (000s)	$862	$811
Weighted average remaining years for vesting	2 years 8 months 16 days	2 years 9 months
For shares vested
Aggregate fair value on vesting dates (000s)	$454	$388

STOCKBASED_COMPENSATION_Detail4

STOCK-BASED COMPENSATION (Details Textual) (USD $)	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 27, 2013	Mar. 28, 2014	Jun. 27, 2014	Sep. 30, 2014	Sep. 30, 2013
Stock-based compensation				$542,000	$589,000
Compensation expense	150,000	287,000	378,000	542,000	589,000
2010 Plan [Member]
Maximum number of common shares that may be issued				2,000,000
Common shares, issuance term				10 years
ESPP [Member]
Employee contributions				0	49,000
Compensation expense				0	5,000
Stock Issued to Board Members [Member]
Compensation expense					10,000
Number of shares of common stock granted					1,480
Additional Paid-in Capital [Member]
Stock-based compensation				$542,000	$589,000
Director [Member]
Award vesting period				3 years
Vesting One [Member]
Award vesting period				4 years
Vesting Two [Member]
Award vesting period				5 years

RETIREMENT_PLAN_Details_Textua

RETIREMENT PLAN (Details Textual) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Compensation and Retirement Disclosure [Abstract]
Contributions by employer, Percentage of eligible employee contribution	25.00%	25.00%	25.00%
Contributions by employer, percentage	6.00%	6.00%	6.00%
Contributions by employer		$82	$35

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended					6 Months Ended	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013	Mar. 28, 2014	Jun. 27, 2014	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards					$5,913				$5,913
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent								-34.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent									0.00%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent									0.00%
Current State and Local Tax Expense (Benefit)									209
Benefit from income taxes	-161	0	13,657	-617	-5,004	13,040	13,039	12,879	-5,522
Current Federal Tax Expense (Benefit)									-80
Deferred State and Local Income Tax Expense (Benefit)									-557
Deferred Federal Income Tax Expense (Benefit)									-5,094
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent									-2.30%
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent									-1.30%
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Percent									0.60%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent									0.30%
Effective Income Tax Rate Reconciliation, Percent								587.40%	-36.70%
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax					870				870
Deferred Tax Assets, Property, Plant and Equipment					250				250
Deferred Tax Assets, Goodwill and Intangible Assets					3,610				3,610
Deferred Tax Assets, State Taxes					1,186				1,186
Deferred Tax Assets, Inventory					737				737
Deferred Tax Assets, Other					923				923
Deferred Tax Assets, Gross	14,057				13,489			14,057	13,489
Deferred Tax Assets, Valuation Allowance					-455				-455
Deferred Tax Assets, Net of Valuation Allowance	0				13,034			0	13,034
Deferred Tax Assets, Net	$0				$13,034			$0	$13,034

INCOME_TAXES_Details_Textual

INCOME TAXES (Details Textual) (USD $)	Sep. 30, 2013	Sep. 30, 2014
In Millions, unless otherwise specified
Investment Tax Credit Carryforward [Member]
Operating loss carryforwards	$1.20
Internal Revenue Service (IRS) [Member]
Operating loss carryforwards		16.3
State and Local Jurisdiction [Member]
Operating loss carryforwards		$27.70
Business Income Base Rate, Tax, Percentage		0.00%

MARKET_SECTORS_AND_MAJOR_CUSTO2

MARKET SECTORS AND MAJOR CUSTOMERS (Details) (Sales Revenue, Segment [Member])	3 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
% of Sales by Sector	100.00%	100.00%	100.00%	100.00%
Aerospace & Defense [Member]
% of Sales by Sector	46.00%	49.00%	49.00%	51.00%
Medical [Member]
% of Sales by Sector	23.00%	20.00%	20.00%	20.00%
Industrial [Member]
% of Sales by Sector	26.00%	22.00%	25.00%	21.00%
Communications & Other [Member]
% of Sales by Sector	5.00%	9.00%	6.00%	8.00%

MARKET_SECTORS_AND_MAJOR_CUSTO3

MARKET SECTORS AND MAJOR CUSTOMERS (Details Textual)	12 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2013	Mar. 28, 2014	Sep. 30, 2014
	customer	customer	customer
Concentration risk, number of customers	2,000
Customer Concentration Risk [Member] | Sales [Member]
Concentration risk, number of customers		1
Customer Concentration Risk [Member] | Sales [Member] | Industrial [Member]
Concentration risk, number of customers	1		1
Concentration risk, percentage	15.00%		16.00%
Customer Concentration Risk [Member] | Sales [Member] | Medical [Member]
Concentration risk, percentage			14.00%
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration risk, number of customers	2		2
Concentration risk, percentage			33.00%

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Commitments and Contingencies Disclosure [Abstract]
2015	$333
2016	328
2017	287
2018	276
2019	$5

COMMITMENTS_AND_CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details 1) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$118	$161	$457	$1,107

COMMITMENTS_AND_CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Details Textual) (USD $)	1 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2011
Long-term purchase commitment, period	5 years
Maximum [Member]
Early termination fee	365
Minimum [Member]
Early termination fee	0

QUARTERLY_FINANCIAL_DATA_Detai

QUARTERLY FINANCIAL DATA (Details) (USD $)	3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013	Jun. 28, 2013	Mar. 29, 2013	Dec. 28, 2012	Mar. 28, 2014	Jun. 27, 2014	Sep. 30, 2014	Sep. 30, 2013
Quarterly Financial Information Disclosure [Abstract]
Net Sales	$35,687	$32,992	$34,805	$32,138	$39,122	$35,154	$33,681	$32,989	$66,942	$99,934	$135,621	$140,946
Gross Profit	3,508	3,795	4,644	3,378	5,454	5,159	2,899	4,165	8,022	11,816	15,324	17,677
Net income/(loss)	$1,034	($60)	($14,714)	($1,331)	($8,667)	$382	($1,144)	($101)	($16,046)	($16,105)	($15,071)	($9,530)
Basic Earnings/ (Loss) Per Share (usd per share)	$0.10	($0.01)	($1.50)	($0.14)	($0.89)	$0.04	($0.12)	($0.01)	($1.64)	($1.64)	($1.53)	($0.98)
Diluted Earnings/ (Loss) Per Share (usd per share)	$0.10	($0.01)	($1.50)	($0.14)	($0.89)	$0.04	($0.12)	($0.01)	($1.64)	($1.64)	($1.53)	($0.98)

QUARTERLY_FINANCIAL_DATA_BALAN

QUARTERLY FINANCIAL DATA - BALANCE SHEET (Details) (USD $)	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013	Sep. 30, 2012
Current assets:
Cash	$1,980,000	$679,000	$652,000	$1,733,000	$2,499,000	$2,662,000
Accounts receivable, net of allowance	22,347,000	23,245,000	25,083,000	21,729,000	27,945,000
Inventories, net	22,526,000	20,709,000	19,745,000	21,217,000	21,904,000
Deferred income taxes	0	0	0	1,382,000	1,382,000
Other current assets	3,597,000	2,107,000	1,124,000	1,002,000	610,000
Total current assets	50,450,000	46,740,000	46,604,000	47,063,000	54,340,000
Fixed assets, net	17,850,000	18,489,000	19,261,000	19,107,000	17,946,000
Intangible assets, net	2,392,000	2,456,000	2,520,000	2,583,000	2,647,000
Goodwill	2,005,000	2,005,000	2,005,000	2,005,000	2,005,000
Deferred income taxes	0	0	0	12,281,000	11,652,000
Other long term assets	299,000	238,000	339,000	416,000	345,000
Total assets	72,996,000	69,928,000	70,729,000	83,455,000	88,935,000
Current liabilities:
Current portion of long-term debt	2,908,000	2,908,000	2,908,000	2,908,000	2,778,000
Accounts payable	17,732,000	14,340,000	15,304,000	13,295,000	16,508,000
Accrued payroll and related expenses	3,203,000	2,869,000	2,557,000	2,040,000	2,464,000
Other accrued expenses	1,008,000	947,000	960,000	894,000	811,000
Customer deposits	1,553,000	928,000	438,000	1,199,000	187,000
Total current liabilities	26,404,000	21,992,000	22,167,000	20,336,000	22,748,000
Long-term debt	28,479,000	31,578,000	32,229,000	32,193,000	34,026,000
Other long-term liabilities	708,000	153,000	158,000	163,000	167,000
Total liabilities	55,591,000	53,723,000	54,554,000	52,692,000	56,941,000
Preferred stock, value	0				0
Common stock, value	111,000	111,000	112,000	111,000	110,000
Additional paid-in capital	44,302,000	44,132,000	44,032,000	43,906,000	43,802,000
Retained earnings/(accumulated deficit)	-25,554,000	-26,588,000	-26,529,000	-11,814,000	-10,483,000
Treasury stock, value	-1,454,000	-1,450,000	-1,440,000	-1,440,000	-1,435,000
Total stockholders’ equity	17,405,000	16,205,000	16,175,000	30,763,000	31,994,000	40,796,000
Total liabilities and stockholders’ equity	72,996,000	69,928,000	70,729,000	83,455,000	88,935,000
As reported
Current assets:
Cash	1,980,000	679,000	652,000	1,733,000	2,499,000
Accounts receivable, net of allowance	22,347,000	23,245,000	25,083,000	21,729,000
Inventories, net	23,247,000	21,152,000	20,103,000	21,449,000
Deferred income taxes	1,114,000	1,382,000	1,382,000	1,382,000
Other current assets	3,597,000	2,107,000	1,124,000	1,002,000
Total current assets	52,285,000	48,565,000	48,344,000	47,295,000
Fixed assets, net	17,850,000	18,489,000	19,261,000	19,107,000
Intangible assets, net	2,392,000	2,456,000	2,520,000	2,583,000
Goodwill	2,005,000	2,005,000	2,005,000	2,005,000
Deferred income taxes	11,144,000	12,634,000	12,637,000	12,281,000
Other long term assets	299,000	238,000	339,000	416,000
Total assets	85,975,000	84,387,000	85,106,000	83,687,000
Current liabilities:
Current portion of long-term debt	2,908,000	2,908,000	2,908,000	2,908,000
Accounts payable	17,732,000	14,340,000	15,304,000	13,295,000
Accrued payroll and related expenses	3,203,000	2,869,000	2,557,000	2,040,000
Other accrued expenses	1,008,000	947,000	960,000	894,000
Customer deposits	1,553,000	928,000	438,000	1,199,000
Total current liabilities	26,404,000	21,992,000	22,167,000	20,336,000
Long-term debt	28,479,000	31,578,000	32,229,000	32,193,000
Other long-term liabilities	708,000	153,000	158,000	163,000
Total liabilities	55,591,000	53,723,000	54,554,000	52,692,000
Preferred stock, value	0	0	0
Common stock, value	111,000	111,000	112,000	111,000
Additional paid-in capital	44,302,000	44,132,000	44,032,000	43,906,000
Retained earnings/(accumulated deficit)	-12,575,000	-12,129,000	-12,152,000	-11,582,000
Treasury stock, value	-1,454,000	-1,450,000	-1,440,000	-1,440,000
Total stockholders’ equity	30,384,000	30,664,000	30,552,000	30,995,000
Total liabilities and stockholders’ equity	85,975,000	84,387,000	85,106,000	83,687,000
Adjustment
Current assets:
Cash	0	0	0	0
Inventories, net	-721,000	-443,000	-358,000	-232,000
Deferred income taxes	-1,114,000	-1,382,000	-1,382,000
Total current assets	-1,835,000	-1,825,000	-1,740,000	-232,000
Deferred income taxes	-11,144,000	-12,634,000	-12,637,000
Total assets	-12,979,000	-14,459,000	-14,377,000	-232,000
Current liabilities:
Total current liabilities	0	0	0	0
Total liabilities	0	0	0	0
Retained earnings/(accumulated deficit)	-12,979,000	-14,459,000	-14,377,000	-232,000
Total stockholders’ equity	-12,979,000	-14,459,000	-14,377,000	-232,000
Total liabilities and stockholders’ equity	($12,979,000)	($14,459,000)	($14,377,000)	($232,000)

QUARTERLY_FINANCIAL_DATA_BALAN1

QUARTERLY FINANCIAL DATA - BALANCE SHEET ADDITIONAL INFORMATION (Details) (USD $)	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013
Quarterly Financial Information Disclosure [Abstract]
Preferred stock, par value (in dollars per share)	$0.01	$0.01	$0.01	$0.01	$0.01
Preferred stock, shares authorized	500,000	500,000	500,000	500,000	500,000
Preferred stock, shares issued	0	0	0	0	0
Preferred stock, shares outstanding	0	0	0	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01	$0.01	$0.01	$0.01
Common stock, shares authorized	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000
Common stock, shares issued	11,146,571	11,702,821	11,107,115	11,146,571	11,006,749
Common stock, shares outstanding	10,126,767	10,053,956	10,090,661	10,126,767	9,991,291
Treasury stock, shares	1,019,804	1,018,865	1,016,454	1,019,804	1,015,458

QUARTERLY_FINANCIAL_DATA_INCOM

QUARTERLY FINANCIAL DATA - INCOME STATEMENT (Details) (USD $)	3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013	Jun. 28, 2013	Mar. 29, 2013	Dec. 28, 2012	Mar. 28, 2014	Jun. 27, 2014	Sep. 30, 2014	Sep. 30, 2013	Mar. 27, 2015
Condensed Financial Statements, Captions [Line Items]
Net sales	$35,687	$32,992	$34,805	$32,138	$39,122	$35,154	$33,681	$32,989	$66,942	$99,934	$135,621	$140,946
Cost of sales	32,179	29,197	30,161	28,760	33,668				58,920	88,118	120,297	123,269
Gross profit	3,508	3,795	4,644	3,378	5,454	5,159	2,899	4,165	8,022	11,816	15,324	17,677
Selling and administrative expenses	3,551	3,195	3,952	3,791	3,761				7,744	10,938	14,567	15,453
Impairment of goodwill and other intangibles	0	0	0	0	14,217				0	0	0	14,217
Restatement and related expenses	-1,302	102	1,258	1,156	625				2,414	2,516	1,136	1,842
Operating profit/(loss)	1,259	498	-566	-1,569	-13,149				-2,136	-1,638	-379	-13,835
Interest and financing expense	386	558	492	360	522				852	1,410	1,795	1,170
Other expense/(income)	0	0	-1	19	0				18	18	18	47
Income/(loss) before income taxes	873	-60	-1,057	-1,948	-13,671				-3,006	-3,066	-2,192	-15,052
Provision for/(benefit from) income taxes	-161	0	13,657	-617	-5,004				13,040	13,039	12,879	-5,522
Net income/(loss)	1,034	-60	-14,714	-1,331	-8,667	382	-1,144	-101	-16,046	-16,105	-15,071	-9,530
Earnings Per Share [Abstract]
Basic (in dollars per share)	$0.10	($0.01)	($1.50)	($0.14)	($0.89)	$0.04	($0.12)	($0.01)	($1.64)	($1.64)	($1.53)	($0.98)
Diluted (in dollars per share)	$0.10	($0.01)	($1.50)	($0.14)	($0.89)	$0.04	($0.12)	($0.01)	($1.64)	($1.64)	($1.53)	($0.98)
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	9,853,647	9,838,872	9,829,964	9,780,896	9,739,601				9,805,841	9,816,974	9,827,043	9,711,549
Diluted (in shares)	9,950,634	9,902,017	9,829,964	9,780,896	9,739,601				9,805,841	9,816,974	9,827,043	9,711,549
As reported
Condensed Financial Statements, Captions [Line Items]
Net sales	35,687	32,992	34,805	32,138					66,942	99,934	135,621
Cost of sales	31,901	29,112	30,035	28,528					58,562	87,675	119,576
Gross profit	3,786	3,880	4,770	3,610					8,380	12,259	16,045
Selling and administrative expenses	3,551	3,195	3,952	3,791					7,744	10,938	14,567
Impairment of goodwill and other intangibles	0		0	0					0		0
Restatement and related expenses	-1,302	102	1,258	1,156					2,414	2,516	1,136
Operating profit/(loss)	1,537	583	-440	-1,337					-1,778	-1,195	342
Interest and financing expense	386	558	492	360					852	1,410	1,795
Other expense/(income)	0	0	-1	19					18	18	18
Income/(loss) before income taxes	1,151	25	-931	-1,716					-2,648	-2,623	-1,471
Provision for/(benefit from) income taxes	1,597	3	-362	-617					-979	-977	621
Net income/(loss)	-446	22	-569	-1,099					-1,669	-1,646	-2,092
Earnings Per Share [Abstract]
Basic (in dollars per share)	($0.05)	$0	($0.06)	($0.11)					($0.17)	($0.17)	($0.21)
Diluted (in dollars per share)	($0.04)	$0	($0.06)	($0.11)					($0.17)	($0.17)	($0.21)
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	9,853,647	9,838,872	9,829,964	9,780,896					9,805,841	9,816,974	9,827,043
Diluted (in shares)	9,853,647	9,902,017	9,829,964	9,780,896					9,805,841	9,816,974	9,827,043
Adjustment
Condensed Financial Statements, Captions [Line Items]
Cost of sales	278	85	126	232					358	443	721
Gross profit	-278	-85	-126	-232					-358	-443	-721
Operating profit/(loss)	-278	-85	-126	-232					-358	-443	-721
Income/(loss) before income taxes	-278	-85	-126	-232					-358	-443	-721
Provision for/(benefit from) income taxes	-1,758	-3	14,019						14,019	14,016	12,258
Net income/(loss)	$1,480	($82)	($14,145)	($232)					($14,377)	($14,459)	($12,979)		($14,377)
Earnings Per Share [Abstract]
Basic (in dollars per share)	$0.15	($0.01)	($1.44)	($0.03)					($1.47)	($1.47)	($1.32)
Diluted (in dollars per share)	$0.15	($0.01)	($1.44)	($0.03)					($1.47)	($1.47)	($1.32)

QUARTERLY_FINANCIAL_DATA_CASH_

QUARTERLY FINANCIAL DATA - CASH FLOW (Details) (USD $)	3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended		6 Months Ended
	Sep. 30, 2014	Jun. 27, 2014	Mar. 28, 2014	Dec. 27, 2013	Sep. 30, 2013	Jun. 28, 2013	Mar. 29, 2013	Dec. 28, 2012	Mar. 28, 2014	Jun. 27, 2014	Sep. 30, 2014	Sep. 30, 2013	Mar. 27, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$1,034,000	($60,000)	($14,714,000)	($1,331,000)	($8,667,000)	$382,000	($1,144,000)	($101,000)	($16,046,000)	($16,105,000)	($15,071,000)	($9,530,000)
Non-cash adjustments:
Stock-based compensation				150,000					287,000	378,000	542,000	589,000
Depreciation and amortization				1,195,000					2,419,000	3,625,000	4,846,000	4,795,000
Impairment of goodwill and other intangibles	0	0	0	0	14,217,000				0	0	0	14,217,000
Directors’ fees paid in stock				0					0	0	0	10,000
gain/loss sale of fixed assets				0					0	0	2,000	-8,000
Reserve for doubtful accounts				244,000					433,000	220,000	73,000	105,000
Deferred tax expense/(benefit)				-629,000					13,034,000	13,034,000	13,034,000	-5,651,000
Changes in assets and liabilities:
Accounts receivable				5,972,000					2,429,000	4,480,000	5,525,000	-4,857,000
Inventory				687,000					2,159,000	1,195,000	-622,000	-4,207,000
Other current assets				-392,000					-514,000	-1,497,000	-2,987,000	-209,000
Other long term assets				-91,000					-18,000	81,000	15,000	-264,000
Accounts payable				-3,213,000					-2,009,000	-2,634,000	902,000	811,000
Accrued expenses				-341,000					242,000	541,000	936,000	-347,000
Customer deposits				1,012,000					251,000	741,000	1,366,000	41,000
Other long term liabilities				-4,000					-9,000	-14,000	541,000	167,000
Net cash flows from operating activities				3,259,000					2,658,000	4,045,000	9,102,000	-4,338,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from disposal of fixed assets				323,000					323,000	323,000	323,000	21,000
Purchases of fixed assets				-2,593,000					-3,099,000	-3,806,000	-4,465,000	-5,103,000
Grant proceeds from outside parties				0
Net cash flows from investing activities				-2,270,000					-2,776,000	-3,483,000	-4,142,000	-5,082,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from revolving line of credit				15,603,000					29,115,000	43,513,000	56,016,000	60,815,000
Repayments of revolving line of credit				-17,900,000					-30,650,000	-44,971,000	-59,846,000	-47,266,000
Borrowings under other loan agreements				1,300,000					1,300,000	1,300,000	1,300,000	24,000,000
Repayments under other loan agreements				-706,000					-1,432,000	-2,160,000	-2,887,000	-28,382,000
Debt issuance costs				-2,000					-2,000	-2,000	-2,000	-39,000
Proceeds from exercise of stock options				17,000					17,000	17,000	19,000	60,000
Proceeds from employee stock plan purchases				0					0	0	0	98,000
Shares withheld for payment of taxes upon vesting of restricted stock				-67,000					-77,000	-79,000	-79,000	-29,000
Net cash flows from financing activities				-1,755,000					-1,729,000	-2,382,000	-5,479,000	9,257,000
Net increase/(decrease) in cash and cash equivalents				-766,000					-1,847,000	-1,820,000	-519,000	-163,000
Cash and cash equivalents, beginning of period	679,000	652,000	1,733,000	2,499,000				2,662,000	2,499,000	2,499,000	2,499,000	2,662,000
Cash and cash equivalents, end of period	1,980,000	679,000	652,000	1,733,000	2,499,000				652,000	679,000	1,980,000	2,499,000
Supplemental cash flow information:
Income taxes paid				11,000					790,000	1,177,000	9,000	367,000
Interest paid				403,000					12,000	12,000	1,556,000	1,176,000
Non-cash transactions:
Fixed assets purchased with extended payment terms				0					805,000	466,000	322,000	0
As reported
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	-446,000	22,000	-569,000	-1,099,000					-1,669,000	-1,646,000	-2,092,000
Non-cash adjustments:
Stock-based compensation				150,000					287,000	378,000	542,000
Depreciation and amortization				1,195,000					2,419,000	3,625,000	4,846,000
Impairment of goodwill and other intangibles	0		0	0					0		0
Directors’ fees paid in stock									0	0	0
gain/loss sale of fixed assets											2,000
Reserve for doubtful accounts				244,000					433,000	220,000	73,000
Deferred tax expense/(benefit)				-629,000					-985,000	-982,000	776,000
Changes in assets and liabilities:
Accounts receivable				5,972,000					2,429,000	4,480,000	5,525,000
Inventory				455,000					1,801,000	752,000	-1,343,000
Other current assets				-392,000					-514,000	-1,497,000	-2,987,000
Other long term assets				-91,000					-18,000	81,000	15,000
Accounts payable				-3,213,000					-2,009,000	-2,634,000	902,000
Accrued expenses				-341,000					242,000	541,000	936,000
Customer deposits				1,012,000					251,000	741,000	1,366,000
Other long term liabilities				-4,000					-9,000	-14,000	541,000
Net cash flows from operating activities				3,259,000					2,658,000	4,045,000	9,102,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from disposal of fixed assets				323,000					323,000	323,000	323,000
Purchases of fixed assets				-2,593,000					-3,099,000	-3,806,000	-4,465,000
Net cash flows from investing activities				-2,270,000					-2,776,000	-3,483,000	-4,142,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from revolving line of credit				15,603,000					29,115,000	43,513,000	56,016,000
Repayments of revolving line of credit				-17,900,000					-30,650,000	-44,971,000	-59,846,000
Borrowings under other loan agreements				1,300,000					1,300,000	1,300,000	1,300,000
Repayments under other loan agreements				-706,000					-1,432,000	-2,160,000	-2,887,000
Debt issuance costs				-2,000					-2,000	-2,000	-2,000
Proceeds from exercise of stock options				17,000					17,000	17,000	19,000
Proceeds from employee stock plan purchases									0	0	0
Shares withheld for payment of taxes upon vesting of restricted stock				-67,000					-77,000	-79,000	-79,000
Net cash flows from financing activities				-1,755,000					-1,729,000	-2,382,000	-5,479,000
Net increase/(decrease) in cash and cash equivalents				-766,000					-1,847,000	-1,820,000	-519,000
Cash and cash equivalents, beginning of period	679,000	652,000	1,733,000	2,499,000					2,499,000	2,499,000	2,499,000
Cash and cash equivalents, end of period	1,980,000	679,000	652,000	1,733,000					652,000	679,000	1,980,000
Supplemental cash flow information:
Income taxes paid				11,000					790,000	1,177,000	9,000
Interest paid				403,000					12,000	12,000	1,556,000
Non-cash transactions:
Fixed assets purchased with extended payment terms									805,000	466,000	322,000
Adjustment
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	1,480,000	-82,000	-14,145,000	-232,000					-14,377,000	-14,459,000	-12,979,000		-14,377,000
Non-cash adjustments:
Deferred tax expense/(benefit)									14,019,000	14,016,000	12,258,000
Changes in assets and liabilities:
Inventory				-232,000					-358,000	443,000
Net cash flows from operating activities				0					0	0	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash flows from investing activities				0					0	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash flows from financing activities				0					0	0	0
Net increase/(decrease) in cash and cash equivalents				0					0	0
Cash and cash equivalents, beginning of period	0	0	0										0
Cash and cash equivalents, end of period	$0	$0	$0	$0					$0	$0	$0

SUBSEQUENT_EVENTS_SUBSEQUENT_E

SUBSEQUENT EVENTS SUBSEQUENT EVENTS (Details) (Subsequent Event [Member])	Feb. 02, 2015
	Director
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of directors elected	7