Iec Electronics (IEC) 10-Q 12 Feb 16 2015 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jan. 01, 2016	Feb. 08, 2016
Document Information [Line Items]
Entity Registrant Name	IEC ELECTRONICS CORP
Entity Central Index Key	49,728
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	IEC
Entity Common Stock, Shares Outstanding		10,178,576
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 1, 2016
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 01, 2016	Sep. 30, 2015
Current assets:
Cash	$ 85	$ 407
Accounts receivable, net of allowance	20,070	24,923
Inventories, net	26,177	25,753
Other current assets	1,759	1,444
Total current assets	48,091	52,527
Fixed assets, net	15,288	15,443
Intangible assets, net	124	134
Goodwill	101	101
Other long term assets	317	57
Total assets	63,921	68,262
Current liabilities:
Current portion of long-term debt	2,918	2,908
Accounts payable	13,320	18,336
Accrued payroll and related expenses	2,906	2,338
Other accrued expenses	1,177	1,318
Customer deposits	5,585	5,761
Total current liabilities	25,906	30,661
Long-term debt	27,306	28,323
Other long-term liabilities	484	590
Total liabilities	53,696	59,574
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value: 500,000 shares authorized; none issued or outstanding	0	0
Outstanding: 10,178,576 and 10,196,145 shares, respectively	112	112
Additional paid-in capital	45,899	45,845
Retained earnings/(accumulated deficit)	(34,197)	(35,740)
Treasury stock, at cost: 1,055,488 and 1,035,872 shares, respectively	(1,589)	(1,529)
Total stockholders' equity	10,225	8,688
Total liabilities and stockholders' equity	$ 63,921	$ 68,262

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Jan. 01, 2016	Sep. 30, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	11,234,064	11,232,017
Common stock, shares outstanding	10,198,192	10,196,145
Treasury stock, shares	1,035,872	10,196,145

CONSOLIDATED INCOME STATEMENTS

CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Thousands	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
Net sales	$ 32,933	$ 28,829
Cost of sales	27,116	25,374
Gross profit	5,817	3,455
Selling and administrative expenses	4,035	3,246
Restatement and related expenses	(50)	(89)
Operating profit/(loss)	1,832	298
Interest and financing expense	289	534
Income/(loss) from continuing operations before income taxes	1,543	(236)
Provision for/(benefit from) income taxes	0	0
Income (Loss) from Continuing Operations Attributable to Parent	1,543	(236)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	0	(559)
Net income/(loss)	$ 1,543	$ (795)
Loss on discontinued operations, net
Basic (in dollars per share)	$ 0.15	$ (0.08)
Diluted (in dollars per share)	0.15	(0.08)
Income (Loss) from Continuing Operations, Per Diluted Share	0.15	(0.02)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0	(0.06)
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.15	$ (0.02)
Basic net income/(loss) per common and common equivalent share:
Basic (in shares)	10,216,587	9,864,927
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share	$ 0	$ (0.06)
Diluted (in shares)	10,216,587	9,864,927

CONSOLIDATED STATEMENTS of CHAN

CONSOLIDATED STATEMENTS of CHANGES in STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Deficit) [Member]	Treasury Stock [Member]
Balances at Sep. 30, 2014	$ 17,405,000	$ 111,000	$ 44,302,000	$ (25,554,000)	$ (1,454,000)
Net income/(loss)	(795,000)	0	0	(795,000)	0
Stock-based compensation	141,000	0	141,000	0	0
Restricted (non-vested) stock grants, net of forfeitures	0	1,000	(1,000)	0	0
Exercise of stock options	4,000	0	4,000	0	0
Shares withheld for payment of taxes upon vesting of restricted stock	(39,000)	0	(39,000)	0	0
Balances at Dec. 26, 2014	16,716,000	112,000	44,407,000	(26,349,000)	(1,454,000)
Balances at Sep. 30, 2015	8,688,000	112,000	45,845,000	(35,740,000)	1,529,000
Net income/(loss)	1,543,000	0	0		0
Stock-based compensation	54,000	0	54,000	0	0
Restricted (non-vested) stock grants, net of forfeitures	0	0	0	0	0
Exercise of stock options	0	0	0	$ 0	0
Shares withheld for payment of taxes upon vesting of restricted stock	(60,000)	0	0		(60,000)
Balances at Jan. 01, 2016	$ 10,225,000	$ 112,000	$ 45,899,000	$ (34,197,000)	$ (1,589,000)

CONSOLIDATED STATEMENTS of CASH

CONSOLIDATED STATEMENTS of CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ 1,543	$ (795)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	0	(559)
Income (Loss) from Continuing Operations Attributable to Parent	1,543	(236)
Non-cash adjustments:
Stock-based compensation	54	141
Incentive Compensation Shares Returned	(60)	0
Depreciation and amortization	855	1,058
Reserve for doubtful accounts	122	(157)
Inventory Write-down	498	(278)
Changes in assets and liabilities:
Accounts receivable	4,731	1,531
Inventory	(922)	(5,767)
Other current assets	(315)	1,132
Other long term assets	(63)	94
Accounts payable	(5,016)	1,847
Accrued expenses	427	(820)
Customer deposits	(176)	855
Other long term liabilities	(74)	(41)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations	1,604	(641)
Net cash flows from operating activities-continuing operations	1,604	(381)
Cash Provided by (Used in) Operating Activities, Discontinued Operations	0	260
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(685)	(1,171)
Proceeds from Grants	0	698
Net Cash Provided by (Used in) Investing Activities, Continuing Operations	(685)	(473)
Cash Provided by (Used in) Investing Activities, Discontinued Operations	0	(23)
Net cash flows from investing activities-continuing operations	(685)	(496)
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from revolving line of credit	16,816	16,429
Repayments of revolving line of credit	(17,128)	(16,416)
Repayments under other loan agreements	(727)	(727)
Debt issuance costs	(202)	0
Proceeds from exercise of stock options	0	4
Shares withheld for payment of taxes upon vesting of restricted stock	0	(39)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations	(1,241)	(749)
Cash Provided by (Used in) Financing Activities, Discontinued Operations	0
Net Cash Provided by (Used in) Financing Activities	(1,241)	(749)
Net increase/(decrease) in cash and cash equivalents	(322)	(1,626)
Cash and cash equivalents, beginning of period	407	1,980
Cash and cash equivalents, end of period	85
Supplemental cash flow information:
Interest paid	365	345
Income taxes paid	0	0
Non-cash transactions
Incentive compensation shares returned	$ 0	$ 89

OUR BUSINESS AND SUMMARY OF SIG

OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jan. 01, 2016
Accounting Policies [Abstract]
Contingencies Disclosure [Text Block]	The Company previously 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 Form 10-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 disclosed in prior filings, the staff of the SEC is conducting a formal investigation relating to the Prior Restatement and other matters. During the first quarter of fiscal 2016, the Company began engaging in discussions with the SEC staff concerning a potential resolution of the investigation. These discussions led to the Company reaching a preliminary understanding with the SEC staff regarding a potential settlement. In this regard, the Company understands that the SEC staff is prepared to recommend that the SEC file a settled administrative enforcement action against the Company alleging violations of the antifraud, periodic and current reporting, internal controls, and books-and-records provisions of the federal securities laws. As part of the proposed settlement, the Company would (i) neither admit nor deny the SEC’s findings, (ii) pay a penalty of $200,000 , and (iii) agree to cease-and-desist from committing or causing any violations or future violations of those provisions. Final resolution of the SEC investigation with respect to the Company is subject to final approval of the settlement by the SEC staff and, ultimately, the Commissioners of the SEC. Accordingly, there can be no assurance that the Company’s efforts to resolve the SEC investigation will be successful or that the settlement terms will be as anticipated. The Company also cannot predict the timing of any settlement or, in the event the proposed settlement is not approved, what the ultimate resolution of the SEC investigation will be with respect to the Company. In addition, during the first quarter of fiscal 2016, the Company became aware that the SEC staff issued “Wells Notices” to two individuals who are no longer associated with the Company - a former Executive Vice President of the Company and a former Controller of the Company’s previously-owned Southern California Braiding, Inc. subsidiary that was the subject of the Prior Restatement. A Wells Notice is an indication that the SEC staff has made a preliminary determination to recommend that the SEC file an enforcement action. Each of these individuals has also reached a preliminary understanding with the SEC staff regarding a potential settlement. The Company cannot predict the outcome of the SEC investigation with respect to these two former employees, including whether their settlements will be approved. In connection with the Prior Restatement, W. Barry Gilbert, our former chief executive officer and director, voluntarily returned to the Company certain incentive compensation and the proceeds from certain sales of the Company's common stock. These transfers, which were made during the three months ended January 1, 2016 , were in the form of cash of $42 thousand and shares of common stock valued at $60 thousand . In June 2015, W. Barry Gilbert, our former chief executive officer and director commenced an arbitration proceeding against us in connection with the termination of his employment agreement effective February 6, 2015. Mr. Gilbert has alleged that his termination was not for cause as we have claimed and that we breached the terms of our employment agreement with him by not paying the compensation called for under his employment agreement for a termination without cause. Mr. Gilbert is seeking an award of $1.45 million plus attorney’s fees, interest, arbitration costs and other relief alleged to be owed to him under his employment agreement. The date of the arbitration hearing has not yet been scheduled. 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, individually or in the aggregate, will have material adverse effect on the Company’s consolidated financial position.
OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Our Business IEC Electronics Corp. (“IEC”, “we”, “our”, “us”, or the “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. 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 ("GAAP"), 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”). The Celmet unit (“Celmet”) operates as a division of IEC. As further discussed in Note 2—SCB Divestiture and Discontinued Operations , the operations of our wholly-owned subsidiary, formerly known as Southern California Braiding, Inc. (“SCB”), were divested during the fourth quarter of fiscal 2015. All significant intercompany transactions and accounts are eliminated in consolidation. Unaudited Financial Statements The accompanying unaudited financial statements for the three months ended January 1, 2016 and December 26, 2014 have been prepared in accordance with GAAP for interim financial information. In the opinion of management, all adjustments required for a fair presentation of the information have been made. The accompanying financial statements should be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2015 . Reclassifications Prior year financial statement amounts are reclassified as necessary to conform to the current year presentation, including presentation of results of discontinued operations. Other 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 (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. The customer relationship and non-compete intangibles related to our wholly-owned subsidiary, SCB, and were fully impaired as of the end of the third quarter of fiscal 2015. The operations of SCB were divested during the fourth quarter of fiscal 2015. Reviewing Long-Lived Assets for Potential Impairment ASC 360-10 (Property, Plant and Equipment) and ASC 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. An impairment to SCB's fixed assets was recorded in fiscal 2015. No impairment charges were recorded by IEC for property, plant and equipment in fiscal 2016. 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. The goodwill related to our wholly-owned subsidiary, SCB, was fully impaired as of the end of the third quarter of fiscal 2015. SCB was divested during the fourth quarter of fiscal 2015. IEC’s remaining goodwill 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. 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. 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. 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 2016 or fiscal 2015. 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 the first three months of fiscal 2016 or fiscal 2015 . 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. During fiscal 2015 and the first quarter of fiscal 2016, the ESPP was suspended in connection with the 2014 Restatements described below. Restatement and Related Expenses 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"). 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 estimating 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 represent third-party expenses arising from the Restatements. These expenses include legal and accounting fees incurred by the Company from external counsel and independent accountants directly attributable to the Restatements as well as other matters arising from the Prior Restatement including those more fully described in Note 17—Litigation . The Company receives reimbursement for certain of these expenses which may result in a benefit in a given period. Legal Expense Accrual The Company records legal expenses as they are incurred, based on invoices received or estimates provided by legal counsel. Future estimated legal expenses are not recorded until incurred. 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 2014. The Company is currently under federal income tax audit for fiscal 2013 and does not expect 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 ("RSUs") and anticipated issuances under the employee stock purchase plan. Options, restricted stock and RSUs are primarily held by directors, officers and certain employees. A summary of shares used in earnings per share (“EPS”) calculations follows. Three Months Ended Shares for EPS Calculation January 1, December 26, Weighted average shares outstanding 10,216,587 9,864,927 Incremental shares — — Diluted shares 10,216,587 9,864,927 Anti-dilutive shares excluded 757,105 678,943 As a result of the incremental shares being negative for the three months ended January 1, 2016 , the Company calculated diluted earnings per share using weighted average basic shares outstanding, as using diluted shares would be anti-dilutive. As a result of the net loss for three months ended December 26, 2014 , 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 Fifth Amended and Restated Credit Facility Agreement with M&T Bank includes certain restrictions on paying cash dividends as more fully described in Note 8—Credit Facilities . 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. 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 adopted this ASU in the first quarter of fiscal 2015 and there was no impact upon adoption.

SCB DIVESTITURE AND DISCONTINUE

SCB DIVESTITURE AND DISCONTINUED OPERATIONS	3 Months Ended
	Dec. 26, 2014
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	NOTE 2—SCB DIVESTITURE AND DISCONTINUED OPERATIONS As previously disclosed, Southern California Braiding, Inc., a wholly owned subsidiary of the Company, entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”), effective as of July 9, 2015, by and between SCB and DCX-Chol Enterprises, Inc. ("DCX"), whereby DCX purchased the multi-conductor stranded copper cable and harness assemblies manufacturing and servicing business previously operated by SCB. DCX, a provider of engineered high performance interconnect products, purchased substantially all assets and assumed certain obligations and liabilities of SCB for the agreed upon selling price of $2.5 million , adjusted to $2.4 million due to certain deposits and prorations. DCX paid the adjusted purchase price in cash at closing. The Asset Purchase Agreement contains indemnification provisions of each party with respect to breaches of representations, warranties and covenants and certain other specified matters. Prior to this transaction, there was not a material relationship between the Company and DCX or between DCX and any officer, director or affiliate of the Company. During the third quarter of fiscal 2015, the Company received an offer from DCX to purchase substantially all the assets and assume certain liabilities of SCB for approximately $2.5 million . The Company's willingness to accept the offer was considered to be an indication of fair value and as such, impairment charges of $4.1 million were taken to adjust SCB's assets to fair value as of June 26, 2015. The pre-tax loss on the sale of SCB for the year ended September 30, 2015 included in Loss on discontinued operations, net in the income statement is calculated as follows: July 9, 2015 (in thousands) (unaudited) Purchase price $ 2,405 Net book value of assets sold (2,630 ) Legal fees associated with closing (114 ) Finder's fee (50 ) Sales tax on asset sale (20 ) Other (24 ) Loss on sale of SCB $ (433 ) Carrying amounts of major classes of assets and liabilities that were disposed of follows: July 9, 2015 (in thousands) (unaudited) Inventories, net 1,803 Other current assets 53 Fixed assets, net 916 Intangible assets, net — Customer deposits (142 ) Net assets sold 2,630 SCB's revenue and loss before income taxes follows: December 26, (in thousands) Net sales 2,163 Loss before income taxes (559 ) The loss on discontinued operations for the three months ended December 26, 2014 was comprised of operating losses, there was no provision or benefit from taxes for these periods.

ALLOWANCE FOR DOUBTFUL ACCOUNTS

ALLOWANCE FOR DOUBTFUL ACCOUNTS	3 Months Ended
	Jan. 01, 2016
Receivables [Abstract]
ALLOWANCE FOR DOUBTFUL ACCOUNTS	A summary follows of activity in the allowance for doubtful accounts during the three months ended January 1, 2016 and December 26, 2014 . Three Months Ended Allowance for Doubtful Accounts January 1, December 26, (in thousands) Allowance, beginning of period $ 423 $ 525 Provision for doubtful accounts 277 (104 ) Write-offs (155 ) (53 ) Allowance, end of period $ 545 $ 368

INVENTORIES

INVENTORIES	3 Months Ended
	Jan. 01, 2016
Inventory Disclosure [Abstract]
INVENTORIES	A summary of inventory by category at period end follows: Inventories January 1, September 30, (in thousands) Raw materials $ 16,948 $ 17,637 Work-in-process 8,714 8,512 Finished goods 2,750 1,341 Total inventories 28,412 27,490 Reserve for excess/obsolete inventory (2,235 ) (1,737 ) Inventories, net $ 26,177 $ 25,753

FIXED ASSETS

FIXED ASSETS	3 Months Ended
	Jan. 01, 2016
Property, Plant and Equipment [Abstract]
FIXED ASSETS	A summary of fixed assets and accumulated depreciation at period end follows: Fixed Assets January 1, September 30, (in thousands) Land and improvements $ 1,601 $ 1,601 Buildings and improvements 14,188 14,161 Machinery and equipment 26,104 26,061 Furniture and fixtures 7,310 7,291 Construction in progress 1,624 1,028 Total fixed assets, at cost 50,827 50,142 Accumulated depreciation (35,539 ) (34,699 ) Accumulated impairment - building and improvements $ — $ — Fixed assets, net $ 15,288 $ 15,443 Depreciation expense during the three months ended January 1, 2016 and December 26, 2014 follows: Three Months Ended January 1, December 26, (in thousands) Depreciation expense $ 840 $ 1,046

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Jan. 01, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	IEC's intangible assets (other than goodwill) were acquired in connection with purchase of Albuquerque in fiscal 2010. Albuquerque's 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 the 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 January 1, September 30, (in thousands) Property tax abatement - Albuquerque 360 360 Accumulated amortization (236 ) (226 ) Intangible assets, net $ 124 $ 134 Amortization expense during the three months ended January 1, 2016 and December 26, 2014 follows: Three Months Ended Amortization Expense January 1, December 26, (in thousands) Intangible amortization expense $ 10 $ 10 A summary of amortization expense for the next five years follows: Future Amortization Estimated future amortization (in thousands) Twelve months ended December, 2016 $ 39 2017 39 2018 39 2019 8

GOODWILL

GOODWILL	3 Months Ended
	Jan. 01, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	The goodwill balance of $0.1 million resulted from the acquisition of Celmet in fiscal 2010. There has been no impairment for this goodwill since acquisition date.

CREDIT FACILITIES

CREDIT FACILITIES	3 Months Ended
	Jan. 01, 2016
Debt Disclosure [Abstract]
CREDIT FACILITIES	0.45 to 1.00 10/01/15 through and including 1/01/16 > 0.75 to 1.00 1/02/16 through and including 4/01/16 > 1.00 to 1.00 4/02/16 through and including 7/01/16 > 1.10 to 1.00 7/2/16 and thereafter > 1.25 to 1.00 Maximum Inventory: As of January 1, 2016 $ 30,000,000 As of April 1, 2016 29,000,000 As of July 1, 2016 28,000,000 As of September 30, 2016 27,000,000 As of December 30, 2016 26,000,000 As of the end of the Fiscal Quarter ending March 31, 2017 25,000,000 As of the end of each Fiscal Quarter thereafter 25,000,000 Maximum Capital Expenditures $ 3,500,000 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. Quarterly EBITDARS is the quarterly measurement of earnings before interest, taxes, depreciation, amortization, rent expense and non-cash stock compensation expense. The Debt to EBITDARS Ratio is the ratio of debt to earnings before interest, taxes, depreciation, amortization, rent expense and non-cash stock compensation expense. The Fixed Charge Coverage 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 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 September 30, 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 September 30, 2015, up to a maximum of (a) for the fiscal quarter ended December 26, 2014, $235,112, (b) for the fiscal quarter ending March 27, 2015, $2,652,659, (c) for the fiscal quarter ending June 26, 2015, $200,000 plus costs incurred and paid by the Company during such fiscal quarter in connection with mortgages, environmental site assessments, title insurance and appraisals and (d) for the fiscal quarter ending September 30, 2015, $200,000 plus costs incurred and paid by the Company during such fiscal quarter, all on a consolidated basis and determined in accordance with GAAP on a consistent basis. The Sixth Amendment also modified the Quarterly EBITDARS covenant to be equal to or greater than $1.25 million for the fiscal quarter ending June 26, 2015, and $1.5 million for each fiscal quarter thereafter. A summary of financial covenant compliance follows: Quarterly EBITDAS Debt to EBITDAS Ratio Fixed Charge Coverage Ratio Maximum Inventory Maximum Capital Expenditures Fiscal Quarters First 2016 Compliant Compliant Compliant Compliant Measured Annually Fourth 2015 Compliant Compliant Compliant Not Applicable Not Applicable Third 2015 (1) Compliant Compliant Compliant Not Applicable Not Applicable Second 2015 (1) Waived Waived Waived Not Applicable Not Applicable First 2015 (1) Waived Waived Waived Not Applicable Not Applicable (1) The Company was subject to the 2013 Credit Agreement during these periods. As a result of the 2014 Restatements as described in Note 1—Our Business and Summary of Significant Accounting Policies , 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. Other Borrowings a) 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. b) Wayne County IDA Loan to Grant : The Company entered into an agreement with Wayne County, NY to receive grant funds while meeting employment targets. As these employment targets were not met, $32 thousand of the grant is presented as a loan payable. Principal is being repaid in 36 monthly installments of $917 . Events of Default In addition to the items discussed above, the Fifth Amended Credit Agreement includes the following two events of default: a) The levying of a penalty or fee (other than routine fees consistent with those historically incurred by the Company in the ordinary course of its business) by the Securities and Exchange Commission against the Company in excess of $400,000, individually or in the aggregate. b) Legal fees incurred by the Company associated with a Securities and Exchange Commission investigation of the Company in excess of $250,000 in any fiscal year, net of any amounts reimbursed to the Company by any insurer during such fiscal year. There were no events of default for the three months ended January 1, 2016 . Contractual Principal Payments 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 (in thousands) Twelve months ended December, 2016 $ 2,918 2017 2,918 2018 (1) 17,261 2019 2,611 2020 and thereafter 4,516 $ 30,224 (1) Includes Revolver balance of $12.1 million at January 1, 2016" id="sjs-B4" xml:space="preserve"> A summary of borrowings at period end follows: Fixed/ January 1, 2016 September 30, 2015 Variable Interest Interest Debt Rate Maturity Date Balance Rate (1) Balance Rate (1) (in thousands) M&T credit facilities: Revolving Credit Facility v 1/18/2018 $ 12,103 4.69 % $ 12,415 4.50 % Term Loan A f 2/1/2020 4,526 3.98 4,804 3.98 Term Loan B v 2/1/2023 10,034 3.49 10,383 3.45 Albuquerque Mortgage Loan v 2/1/2018 2,400 4.94 2,467 4.75 Celmet Building Term Loan f 11/7/2018 1,029 4.72 1,062 4.72 Other credit facilities: Albuquerque Industrial Revenue Bond f 3/1/2019 100 5.63 100 5.63 Wayne County IDA Loan to Grant f 12/31/2019 32 2.00 — — Total debt 30,224 31,231 Less: current portion (2,918 ) (2,908 ) Long-term debt $ 27,306 $ 28,323 (1) Rates noted are before impact of interest rate swap. M&T Bank Credit Facilities On December 14, 2015, the Company and M&T Bank entered into the Fifth Amended and Restated Credit Facility Agreement (“Fifth Amended Credit Agreement”), which amends and restates in its entirety the Fourth Amended and Restated Credit Facility Agreement dated as of January 18, 2013, as amended (the “2013 Credit Agreement”). Borrowings under the Fifth Amended Credit Agreement are secured by, among other things, the assets of IEC and its subsidiaries. The Fifth Amended Credit Agreement prohibits the Company from paying dividends or repurchasing or redeeming its common stock without first obtaining the consent of M&T Bank. Except as described below, the terms, conditions, covenants, guarantees and collateral previously in effect under the 2013 Credit Agreement will continue substantially unchanged under the Fifth Amended Credit Agreement. Before entering into the Fifth Amended Credit Agreement, the Company and M&T Bank were performing under the terms of the Sixth Amendment to the 2013 Credit Agreement entered into on May 8, 2015 ("the Sixth Amendment"). Individual debt facilities provided under the Fifth Amended Credit Agreement, which remain mostly unchanged from the 2013 Credit Agreement, and are described below: a) Revolving Credit Facility (“Revolver”) : Up to $20 million is available through January 18, 2018 . The maximum amount the Company may borrow is determined based on a borrowing base calculation as defined in the Fifth Amended Credit Agreement as described below. 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) Celmet Building Term Loan: $1.3 million was borrowed on November 8, 2013 pursuant to an amendment to the 2013 Credit Agreement. The proceeds were used to reimburse the Company’s cost of purchasing the Rochester, New York facility. Principal is being repaid in 59 monthly installments of $11 thousand plus a balloon payment due at maturity. Borrowing Base Under the Fifth Amended Credit Agreement, the maximum amount the Company can borrow under the Revolver is the lesser of (i) 85% of eligible receivables plus 35% of eligible inventories (up to a cap of $3.75 million) or (ii) $20.0 million . Prior to the Sixth Amendment to the 2013 Credit Agreement, at the Company's election, another 35% of eligible inventories could be included in the borrowing base for limited periods of time during which a higher rate of interest was charged on the Revolver. Borrowings based on inventory balances were limited to a cap of $3.75 million , or when subject to the higher percentage limit, $4.75 million . The Sixth Amendment removed the provision in the 2013 Credit Agreement that allowed for borrowing at an increased interest rate margin based on 85% of eligible receivables plus 70% of eligible inventories up to a maximum of $4.75 million . At January 1, 2016 and September 30, 2015 , the upper limit on Revolver borrowings was $18.6 million and $20.0 million , respectively. Average available balances on the Revolver amounted to $7.8 million during the three months ended January 1, 2016 . Interest Rates Under the Fifth Amended Credit Agreement, variable rate debt accrues interest at LIBOR plus the applicable marginal interest rate that fluctuates based on the Company's Debt to EBITDAS Ratio, as defined below. Under the Fifth Amended Credit Agreement the applicable marginal interest rate was fixed on December 14, 2015 as follows: 4.25% for the Revolver, 4.50% for the Albuquerque Mortgage Loan and 3.25% for the Term Loan B, until the tenth day following the date the Company delivers its quarterly covenant calculation for the first quarter of fiscal 2016. Subsequent to this date, for the variable rate debt, the interest rate is LIBOR plus the applicable margin interest rate that is based on the Company's Debt to EBITDAS Ratio, as defined below. Changes to applicable margins and unused fees resulting from the Debt to EBITDAS Ratio generally become effective mid-way through the subsequent quarter. Prior to December 14, 2015, the Sixth Amendment fixed each facility’s applicable margin through March 31, 2016 as follows: 4.25% for the Revolver, 4.50% for the Albuquerque Mortgage Loan and 3.25% for the Term Loan B. The applicable unused line fee of 0.50% also was extended through March 31, 2016, and thereafter if the Company is not in compliance with its financial covenants. 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 $8.7 thousand and $18.0 thousand during the three months ended January 1, 2016 and December 26, 2014 , respectively. The fee percentage varies based on the Company's Debt to EBITDAS Ratio, as defined below. Interest Rate Swap 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 3.25% , the Company’s interest rate applicable to Term Loan B is effectively fixed at 4.57% . Financial Covenants The Fifth Amended Credit Agreement also contains various affirmative and negative covenants including financial covenants. The Company is required to maintain (i) a minimum level of quarterly EBITDAS ("Quarterly EBITDAS"), (ii) a ratio of total debt to twelve month EBITDAS (“Debt to EBITDAS Ratio”) that is below a specified limit, (iii) a minimum fixed charge coverage ratio (“Fixed Charge Coverage Ratio”), (iv) a maximum level of inventory (“Maximum Inventory”), and (v) a maximum amount of capital expenditures (“Maximum Capital Expenditures”). The Debt to EBITDAS Ratio is the ratio of debt to earnings before interest, taxes, depreciation, amortization and non-cash stock compensation expense. The Fixed Charge Coverage Ratio compares (i) 12 month EBITDA plus non-cash stock compensation expense minus unfinanced capital expenditures minus taxes paid, to (ii) the sum of interest expense, principal payments and dividends, if any (fixed charges). The Maximum Inventory covenant allows for specific levels of inventory as defined by the agreement. The Maximum Capital Expenditures covenants allow for a maximum amount of capital expenditures on an annual basis. Covenant Ratios in effect at January 1, 2016 , pursuant to the Fifth Amended Credit Agreement, are as follows: Debt to EBITDAS Ratio: 6/26/15 through and including 9/30/15 < 5.75 to 1.00 10/01/15 through and including 1/01/16 < 5.10 to 1.00 1/02/16 through and including 4/01/16 < 3.95 to 1.00 4/02/16 through and including 7/01/16 < 3.65 to 1.00 7/02/16 through and including 9/30/16 < 3.10 to 1.00 Thereafter < 3.10 to 1.00 Minimum Quarterly EBITDAS Ratio: Fiscal Quarter ending 9/30/15 $ 1,500,000 Fiscal Quarter ending 1/01/16 1,785,000 Fiscal Quarter ending 4/01/16 1,900,000 Fiscal Quarter ending 7/01/16 1,800,000 Fiscal Quarter ending 9/30/16 2,190,000 Thereafter 2,190,000 Fixed Charge Coverage Ratio: 6/26/15 through and including 9/30/15 > 0.45 to 1.00 10/01/15 through and including 1/01/16 > 0.75 to 1.00 1/02/16 through and including 4/01/16 > 1.00 to 1.00 4/02/16 through and including 7/01/16 > 1.10 to 1.00 7/2/16 and thereafter > 1.25 to 1.00 Maximum Inventory: As of January 1, 2016 $ 30,000,000 As of April 1, 2016 29,000,000 As of July 1, 2016 28,000,000 As of September 30, 2016 27,000,000 As of December 30, 2016 26,000,000 As of the end of the Fiscal Quarter ending March 31, 2017 25,000,000 As of the end of each Fiscal Quarter thereafter 25,000,000 Maximum Capital Expenditures $ 3,500,000 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. Quarterly EBITDARS is the quarterly measurement of earnings before interest, taxes, depreciation, amortization, rent expense and non-cash stock compensation expense. The Debt to EBITDARS Ratio is the ratio of debt to earnings before interest, taxes, depreciation, amortization, rent expense and non-cash stock compensation expense. The Fixed Charge Coverage 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 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 September 30, 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 September 30, 2015, up to a maximum of (a) for the fiscal quarter ended December 26, 2014, $235,112, (b) for the fiscal quarter ending March 27, 2015, $2,652,659, (c) for the fiscal quarter ending June 26, 2015, $200,000 plus costs incurred and paid by the Company during such fiscal quarter in connection with mortgages, environmental site assessments, title insurance and appraisals and (d) for the fiscal quarter ending September 30, 2015, $200,000 plus costs incurred and paid by the Company during such fiscal quarter, all on a consolidated basis and determined in accordance with GAAP on a consistent basis. The Sixth Amendment also modified the Quarterly EBITDARS covenant to be equal to or greater than $1.25 million for the fiscal quarter ending June 26, 2015, and $1.5 million for each fiscal quarter thereafter. A summary of financial covenant compliance follows: Quarterly EBITDAS Debt to EBITDAS Ratio Fixed Charge Coverage Ratio Maximum Inventory Maximum Capital Expenditures Fiscal Quarters First 2016 Compliant Compliant Compliant Compliant Measured Annually Fourth 2015 Compliant Compliant Compliant Not Applicable Not Applicable Third 2015 (1) Compliant Compliant Compliant Not Applicable Not Applicable Second 2015 (1) Waived Waived Waived Not Applicable Not Applicable First 2015 (1) Waived Waived Waived Not Applicable Not Applicable (1) The Company was subject to the 2013 Credit Agreement during these periods. As a result of the 2014 Restatements as described in Note 1—Our Business and Summary of Significant Accounting Policies , 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. Other Borrowings a) 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. b) Wayne County IDA Loan to Grant : The Company entered into an agreement with Wayne County, NY to receive grant funds while meeting employment targets. As these employment targets were not met, $32 thousand of the grant is presented as a loan payable. Principal is being repaid in 36 monthly installments of $917 . Events of Default In addition to the items discussed above, the Fifth Amended Credit Agreement includes the following two events of default: a) The levying of a penalty or fee (other than routine fees consistent with those historically incurred by the Company in the ordinary course of its business) by the Securities and Exchange Commission against the Company in excess of $400,000, individually or in the aggregate. b) Legal fees incurred by the Company associated with a Securities and Exchange Commission investigation of the Company in excess of $250,000 in any fiscal year, net of any amounts reimbursed to the Company by any insurer during such fiscal year. There were no events of default for the three months ended January 1, 2016 . Contractual Principal Payments 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 (in thousands) Twelve months ended December, 2016 $ 2,918 2017 2,918 2018 (1) 17,261 2019 2,611 2020 and thereafter 4,516 $ 30,224 (1) Includes Revolver balance of $12.1 million at January 1, 2016

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Jan. 01, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	Interest 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 8—Credit Facilities , the applicable margin on Term Loan B is fixed at 3.25% until the tenth day following the date the Company delivers its quarterly covenant calculation for the first quarter of fiscal 2016. 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 $47.3 thousand at January 1, 2016 and a liability of $46.0 thousand at September 30, 2015 , and was estimated based on Level 2 valuation 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 January 1, 2016 and September 30, 2015 within interest expense. The fair value of the interest rate swap of $47.3 thousand is recorded in other assets and $46.0 thousand is recorded in other long-term liability in the Consolidated Balance Sheet at January 1, 2016 and September 30, 2015 , respectively.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Jan. 01, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	Financial 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 its Swap Transaction based on Level 2 valuation inputs, including fixed interest rates, LIBOR implied forward interest rates and the remaining time to maturity. At January 1, 2016 , the Swap Transaction was an asset with a fair value of $47.3 thousand . 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. A summary of the fair value and carrying value of fixed rate debt at period end follows: January 1, 2016 September 30, 2015 Fair Value Carrying Value Fair Value Carrying Value (in thousands) Term Loan A 4,166 4,526 4,412 4,804 Celmet Building Term Loan 925 1,029 954 1,062 The fair value of the remainder of the Company’s debt approximated carrying value at January 1, 2016 and September 30, 2015 as it is variable rate debt.

WARRANTY RESERVES

WARRANTY RESERVES	3 Months Ended
	Jan. 01, 2016
Product Warranties Disclosures [Abstract]
WARRANTY RESERVES	NOTE 11—WARRANTY RESERVES IEC generally 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: Three Months Ended Warranty Reserve January 1, December 26, (in thousands) Reserve, beginning of period $ 399 $ 251 Provision 133 37 Warranty costs (130 ) (60 ) Reserve, end of period $ 402 $ 228

DEFERRED GRANTS

DEFERRED GRANTS	3 Months Ended
	Jan. 01, 2016
Deferred Grants [Abstract]
DEFERRED GRANTS	The Company received grants for certain facility improvements 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. The Company received a total of $0.9 million of grants prior to fiscal 2015. There were no deferred grants recorded in fiscal 2016 or fiscal 2015. One of the Company’s grants is a loan to grant agreement. The Company signed a promissory note, which was to be forgiven if certain employment targets are met at specified dates. The portion of the promissory note to be forgiven is calculated by applying the ratio of jobs created to jobs committed to the original note amount. If the employment targets are not met, the Company is obligated to repay the loan with interest. As the Company does not currently expect to meet these employment targets, $32 thousand of the grant is presented as a loan payable. The remaining portion is recorded 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 were 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. Accumulated amortization for the portion of the Company's loan to grant that was converted to a promissory note was adjusted in the three months ended January 1, 2016 . Grant amortization during the three months ended January 1, 2016 and December 26, 2014 follows: Three Months Ended January 1, December 26, (in thousands) (unaudited) Grant amortization $ 28 $ 41

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Jan. 01, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	The 2010 Omnibus Incentive Compensation Plan (the “2010 Plan”) was approved by the Company’s stockholders at the January 2011 Annual Meeting. This plan replaced IEC’s 2001 Stock Option and Incentive Plan (the “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 shares of common stock may be issued over a term of ten years . Stock-based compensation expense recorded under the plans totaled $54.0 thousand and $141.0 thousand for the three months ended January 1, 2016 and December 26, 2014 , respectively. As further discussed in Note 17—Litigation , during the three months ended January 1, 2016 , incentive compensation shares were returned by the Company's former CEO resulting in a reduction to compensation expense of $60 thousand . At January 1, 2016 there were 861,389 shares available to be issued under the 2010 Plan. On February 2, 2015 , the Company announced that its stockholders elected all seven Vintage Opportunity Fund, LP-nominated directors to the Company’s Board of Directors. This change in the Company's Board of Directors was deemed a change in control event which triggered automatic vesting for all awards outstanding under the 2010 and 2001 Plans. On the change in control date, 390,882 shares of restricted stock and 119,500 stock options vested, which resulted in stock-based compensation expense of $1.8 million . 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 the fair value of the option 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 2010 Plan is generally seven years. There were no options granted during the three months ended January 1, 2016 . Assumptions used in the Black-Scholes model and the estimated value of options granted during the three months ended December 26, 2014 are included in the table below. Three Months Ended Valuation of Options December 26, Assumptions for Black-Scholes: Risk-free interest rate 1.43 % Expected term in years 4.5 Volatility 40 % Expected annual dividends none Value of options granted: Number of options granted 26,000 Weighted average fair value per share $ 1.92 Fair value of options granted (000's) $ 50 A summary of stock option activity, together with other related data, follows: Three Months Ended January 1, 2016 December 26, 2014 Stock Options Number Wgtd. Avg. Number Wgtd. Avg. Outstanding, beginning of period 717,645 $ 4.40 234,000 $ 4.48 Granted — — 26,000 5.41 Exercised — — (2,000 ) 1.76 Shares withheld for payment of exercise — — — — Forfeited — — (4,100 ) 5.78 Expired (15,500 ) 5.99 (2,500 ) 7.53 Outstanding, end of period 702,145 $ 4.37 251,400 $ 4.55 For options expected to vest Number expected to vest 539,756 $ 4.45 220,961 $ 4.50 Weighted average remaining term, in years 5.5 3.2 Intrinsic value (000s) $ — $ 257 For exercisable options Number exercisable 156,000 $ 5.33 125,900 $ 3.73 Weighted average remaining term, in years 3.6 1.5 Intrinsic value (000s) $ — $ 216 For non-exercisable options Expense not yet recognized (000s) $ 672 $ 178 Weighted average years to be recognized 3.3 2.9 For options exercised Intrinsic value (000s) $ — $ 7 Changes in the number of non-vested options outstanding, together with other related data, follows: Three Months Ended January 1, 2016 December 26, 2014 Stock Options Number Wgtd. Avg. Number Wgtd. Avg. Non-vested, beginning of period 546,145 $ 1.41 112,350 $ 2.15 Granted — — 26,000 1.92 Vested — — (8,750 ) 2.47 Forfeited — — (4,100 ) 2.26 Non-vested, end of period 546,145 $ 1.41 125,500 $ 2.08 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: Three Months Ended January 1, 2016 December 26, 2014 Restricted (Non-vested) Stock Number of Wgtd. Avg. Number of Wgtd. Avg. Outstanding, beginning of period 54,960 $ 4.23 322,873 $ 4.97 Granted — — 128,195 5.29 Vested — — (16,152 ) 5.65 Shares withheld for payment of — — (7,373 ) 5.25 Forfeited — — — — Outstanding, end of period 54,960 $ 4.23 427,543 $ 5.04 For non-vested shares Expense not yet recognized (000s) $ 200 $ 1,260 Weighted average remaining years for vesting 2.0 3.2 For shares vested Aggregate fair value on vesting dates (000s) $ — $ 123 Employee Stock Purchase Plan The Company administers an employee stock purchase plan (“ESPP”) that provides for a discounted stock purchase price. On February 13, 2015, the Compensation Committee of the Company’s Board of Directors suspended operation of the ESPP indefinitely in connection with the 2014 Restatements described in Note 1—Our Business and Summary of Significant Accounting Policies . The Compensation Committee of the Company's Board of Directors reinstated the ESPP on December 2, 2015; however, participants were not yet able to contribute to the plan as of January 1, 2016. Employees currently receive a 10% discount on stock purchases through the ESPP. There were no employee contributions to the plan or compensation expense recognized for the three months ended January 1, 2016 . Employee contributions to the plan, net of withdrawals were $6.0 thousand for the three months ended December 26, 2014 . Compensation expense recognized under the ESPP was $1.0 thousand for the three months ended December 26, 2014 . 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, the Company determined not to pay, and has not paid, any meeting fees in stock since May 21, 2013.

RETIREMENT PLAN

RETIREMENT PLAN	3 Months Ended
	Jan. 01, 2016
Compensation and Retirement Disclosure [Abstract]
RETIREMENT PLAN	The Company 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. The Company contributes 25% of the first 6% contributed by all employees at all locations. Company contributions during the three months ended January 1, 2016 and December 26, 2014 totaled $67 thousand and $63 thousand , respectively.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jan. 01, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	Provision for income taxes during the three months ended January 1, 2016 and December 26, 2014 follows: Three Months Ended Income Tax Provision/Benefit January 1, December 26, (in thousands) Provision for/(benefit from) income taxes $ — $ — The Company has recorded a full valuation allowance on all deferred tax assets. Although we have recorded a full valuation allowance for all deferred tax assets, including net operating loss carryforwards ("NOLs"), these NOLs remain available to the Company to offset taxable income and reduce tax payments. IEC has federal NOLs for income tax purposes of approximately $35.8 million at September 30, 2015 , expiring mainly in years 2021 through 2026. At September 30, 2015 , the Company also had state NOLs of $27.9 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 manufacturers in New York state to 0% beginning in fiscal 2015 for IEC. As a result of this legislation, the Company has not attributed any value to its state NOLs.

MARKET SECTORS AND MAJOR CUSTOM

MARKET SECTORS AND MAJOR CUSTOMERS	3 Months Ended
	Jan. 01, 2016
Risks and Uncertainties [Abstract]
MARKET SECTORS AND MAJOR CUSTOMERS	A summary of sales, according to the market sector within which IEC's customers operate, follows: Three Months Ended % of Sales by Sector January 1, December 26, Aerospace & Defense 40% 41% Medical 41% 31% Industrial 16% 25% Communications & Other 3% 3% 100% 100% Two individual customers each represented 10% or more of sales for the three months ended January 1, 2016 . Both customers were from the Medical sector and represented 18% and 15% of sales. Four individual customers represented 10% or more of sales for the three months ended December 26, 2014 . One customer in the Industrial sector represented 17% of sales, while two customers in the Medical sector represented 16% and 11% of sales, and one customer in the Aerospace & Defense sector represented 11% of sales for the three months ended December 26, 2014 . Two individual customers represented 10% or more of receivables and accounted for 25% of outstanding balances at January 1, 2016 . Two individual customers also represented 10% or more of receivables and accounted for 26% of the outstanding balances at December 26, 2014 . 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	3 Months Ended
	Jan. 01, 2016
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	The Company previously 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 Form 10-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 disclosed in prior filings, the staff of the SEC is conducting a formal investigation relating to the Prior Restatement and other matters. During the first quarter of fiscal 2016, the Company began engaging in discussions with the SEC staff concerning a potential resolution of the investigation. These discussions led to the Company reaching a preliminary understanding with the SEC staff regarding a potential settlement. In this regard, the Company understands that the SEC staff is prepared to recommend that the SEC file a settled administrative enforcement action against the Company alleging violations of the antifraud, periodic and current reporting, internal controls, and books-and-records provisions of the federal securities laws. As part of the proposed settlement, the Company would (i) neither admit nor deny the SEC’s findings, (ii) pay a penalty of $200,000 , and (iii) agree to cease-and-desist from committing or causing any violations or future violations of those provisions. Final resolution of the SEC investigation with respect to the Company is subject to final approval of the settlement by the SEC staff and, ultimately, the Commissioners of the SEC. Accordingly, there can be no assurance that the Company’s efforts to resolve the SEC investigation will be successful or that the settlement terms will be as anticipated. The Company also cannot predict the timing of any settlement or, in the event the proposed settlement is not approved, what the ultimate resolution of the SEC investigation will be with respect to the Company. In addition, during the first quarter of fiscal 2016, the Company became aware that the SEC staff issued “Wells Notices” to two individuals who are no longer associated with the Company - a former Executive Vice President of the Company and a former Controller of the Company’s previously-owned Southern California Braiding, Inc. subsidiary that was the subject of the Prior Restatement. A Wells Notice is an indication that the SEC staff has made a preliminary determination to recommend that the SEC file an enforcement action. Each of these individuals has also reached a preliminary understanding with the SEC staff regarding a potential settlement. The Company cannot predict the outcome of the SEC investigation with respect to these two former employees, including whether their settlements will be approved. In connection with the Prior Restatement, W. Barry Gilbert, our former chief executive officer and director, voluntarily returned to the Company certain incentive compensation and the proceeds from certain sales of the Company's common stock. These transfers, which were made during the three months ended January 1, 2016 , were in the form of cash of $42 thousand and shares of common stock valued at $60 thousand . In June 2015, W. Barry Gilbert, our former chief executive officer and director commenced an arbitration proceeding against us in connection with the termination of his employment agreement effective February 6, 2015. Mr. Gilbert has alleged that his termination was not for cause as we have claimed and that we breached the terms of our employment agreement with him by not paying the compensation called for under his employment agreement for a termination without cause. Mr. Gilbert is seeking an award of $1.45 million plus attorney’s fees, interest, arbitration costs and other relief alleged to be owed to him under his employment agreement. The date of the arbitration hearing has not yet been scheduled. 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, individually or in the aggregate, will have material adverse effect on the Company’s consolidated financial position.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jan. 01, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Loss Contingencies As discussed in Note 17, (i) the SEC is conducting a formal investigation relating to the Prior Restatement and other matters, (ii) during the first quarter of fiscal 2016, the Company reached a preliminary understanding with the SEC staff concerning a potential resolution of the investigation, and (iii) two individuals who are no longer associated with the Company received Wells Notices from the SEC staff. The Company has insurance that covers the Company and certain individuals (including the two former employees discussed above) for certain expenses incurred in connection with the SEC investigation. Through January 1, 2016, the Company has received aggregate reimbursements from its primary carrier of approximately $8.3 million. The Company’s insurance policy contains exclusion provisions that are triggered when “a final, non-appealable adjudication” in an underlying proceeding or action “establishes” certain conduct, including “any deliberately fraudulent act or omission or any willful violation of any statute or regulation.” The Company anticipates any potential resolution of the SEC investigation will be on a “no admit or deny” basis and, as such, will not “establish” any conduct as part of any “final, non-appealable adjudication.” Accordingly, the Company has concluded it is not probable that the insurance carrier would (i) seek to recoup the reimbursement of expenses it has made to the Company or (ii) be successful in the event that recoupment were sought. 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. The agreement was subsequently amended to extend through September 30, 2018. 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-Q, the Company expects to exceed the minimum purchase requirements under the agreement, thereby avoiding any termination fee.

OUR BUSINESS AND SUMMARY OF S25

OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jan. 01, 2016
Accounting Policies [Abstract]
Our Business	Our Business
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 ("GAAP"), 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
Unaudited Financial Statements	Unaudited Financial Statements The accompanying unaudited financial statements for the three months ended January 1, 2016 and December 26, 2014 have been prepared in accordance with GAAP for interim financial information. In the opinion of management, all adjustments required for a fair presentation of the information have been made. The accompanying financial statements should be read in conjunction with the financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2015 .
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 (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
Reviewing Long-Lived Assets for Potential Impairment	Reviewing Long-Lived Assets for Potential Impairment ASC 360-10 (Property, Plant and Equipment) and ASC 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. An impairment to SCB's fixed assets was recorded in fiscal 2015. No impairment charges were recorded by IEC for property, plant and equipment in fiscal 2016.
Goodwill	Goodwill
Leases
Legal Contingencies	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.
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
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 2016 or fiscal 2015.
Revenue Recognition	Value-added support services revenue, including material management and repair work revenue, amounted to less than 5% of total revenue in the first three months of fiscal 2016 or fiscal 2015 . 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
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 2014.
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 ("RSUs") and anticipated issuances under the employee stock purchase plan. Options, restricted stock and RSUs are primarily held by directors, officers and certain employees. A summary of shares used in earnings per share (“EPS”) calculations follows. Three Months Ended Shares for EPS Calculation January 1, December 26, Weighted average shares outstanding 10,216,587 9,864,927 Incremental shares — — Diluted shares 10,216,587 9,864,927 Anti-dilutive shares excluded 757,105 678,943
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.
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 adopted this ASU in the first quarter of fiscal 2015 and there was no impact upon adoption.

OUR BUSINESS AND SUMMARY OF S26

OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Jan. 01, 2016
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 (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	Three Months Ended Shares for EPS Calculation January 1, December 26, Weighted average shares outstanding 10,216,587 9,864,927 Incremental shares — — Diluted shares 10,216,587 9,864,927 Anti-dilutive shares excluded 757,105 678,943

SCB DIVESTITURE AND DISCONTIN27

SCB DIVESTITURE AND DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Dec. 26, 2014
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The pre-tax loss on the sale of SCB for the year ended September 30, 2015 included in Loss on discontinued operations, net in the income statement is calculated as follows: July 9, 2015 (in thousands) (unaudited) Purchase price $ 2,405 Net book value of assets sold (2,630 ) Legal fees associated with closing (114 ) Finder's fee (50 ) Sales tax on asset sale (20 ) Other (24 ) Loss on sale of SCB $ (433 ) Carrying amounts of major classes of assets and liabilities that were disposed of follows: July 9, 2015 (in thousands) (unaudited) Inventories, net 1,803 Other current assets 53 Fixed assets, net 916 Intangible assets, net — Customer deposits (142 ) Net assets sold 2,630 SCB's revenue and loss before income taxes follows: December 26, (in thousands) Net sales 2,163 Loss before income taxes (559 )

ALLOWANCE FOR DOUBTFUL ACCOUN28

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables)	3 Months Ended
	Jan. 01, 2016
Receivables [Abstract]
Allowance for Credit Losses on Financing Receivables	A summary follows of activity in the allowance for doubtful accounts during the three months ended January 1, 2016 and December 26, 2014 . Three Months Ended Allowance for Doubtful Accounts January 1, December 26, (in thousands) Allowance, beginning of period $ 423 $ 525 Provision for doubtful accounts 277 (104 ) Write-offs (155 ) (53 ) Allowance, end of period $ 545 $ 368

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jan. 01, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	A summary of inventory by category at period end follows: Inventories January 1, September 30, (in thousands) Raw materials $ 16,948 $ 17,637 Work-in-process 8,714 8,512 Finished goods 2,750 1,341 Total inventories 28,412 27,490 Reserve for excess/obsolete inventory (2,235 ) (1,737 ) Inventories, net $ 26,177 $ 25,753

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	3 Months Ended
	Jan. 01, 2016
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 January 1, September 30, (in thousands) Land and improvements $ 1,601 $ 1,601 Buildings and improvements 14,188 14,161 Machinery and equipment 26,104 26,061 Furniture and fixtures 7,310 7,291 Construction in progress 1,624 1,028 Total fixed assets, at cost 50,827 50,142 Accumulated depreciation (35,539 ) (34,699 ) Accumulated impairment - building and improvements $ — $ — Fixed assets, net $ 15,288 $ 15,443 Depreciation expense during the three months ended January 1, 2016 and December 26, 2014 follows: Three Months Ended January 1, December 26, (in thousands) Depreciation expense $ 840 $ 1,046

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jan. 01, 2016
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 January 1, September 30, (in thousands) Property tax abatement - Albuquerque 360 360 Accumulated amortization (236 ) (226 ) Intangible assets, net $ 124 $ 134
Schedule of Amortization Expense	Amortization expense during the three months ended January 1, 2016 and December 26, 2014 follows: Three Months Ended Amortization Expense January 1, December 26, (in thousands) Intangible amortization expense $ 10 $ 10
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	A summary of amortization expense for the next five years follows: Future Amortization Estimated future amortization (in thousands) Twelve months ended December, 2016 $ 39 2017 39 2018 39 2019 8

CREDIT FACILITIES (Tables)

CREDIT FACILITIES (Tables)	3 Months Ended
	Jan. 01, 2016
Debt Disclosure [Abstract]
Schedule of Debt	A summary of borrowings at period end follows: Fixed/ January 1, 2016 September 30, 2015 Variable Interest Interest Debt Rate Maturity Date Balance Rate (1) Balance Rate (1) (in thousands) M&T credit facilities: Revolving Credit Facility v 1/18/2018 $ 12,103 4.69 % $ 12,415 4.50 % Term Loan A f 2/1/2020 4,526 3.98 4,804 3.98 Term Loan B v 2/1/2023 10,034 3.49 10,383 3.45 Albuquerque Mortgage Loan v 2/1/2018 2,400 4.94 2,467 4.75 Celmet Building Term Loan f 11/7/2018 1,029 4.72 1,062 4.72 Other credit facilities: Albuquerque Industrial Revenue Bond f 3/1/2019 100 5.63 100 5.63 Wayne County IDA Loan to Grant f 12/31/2019 32 2.00 — — Total debt 30,224 31,231 Less: current portion (2,918 ) (2,908 ) Long-term debt $ 27,306 $ 28,323 (1) Rates noted are before impact of interest rate swap.
Schedule of Debt Covenant	Covenant Ratios in effect at January 1, 2016 , pursuant to the Fifth Amended Credit Agreement, are as follows: Debt to EBITDAS Ratio: 6/26/15 through and including 9/30/15 < 5.75 to 1.00 10/01/15 through and including 1/01/16 < 5.10 to 1.00 1/02/16 through and including 4/01/16 < 3.95 to 1.00 4/02/16 through and including 7/01/16 < 3.65 to 1.00 7/02/16 through and including 9/30/16 < 3.10 to 1.00 Thereafter < 3.10 to 1.00 Minimum Quarterly EBITDAS Ratio: Fiscal Quarter ending 9/30/15 $ 1,500,000 Fiscal Quarter ending 1/01/16 1,785,000 Fiscal Quarter ending 4/01/16 1,900,000 Fiscal Quarter ending 7/01/16 1,800,000 Fiscal Quarter ending 9/30/16 2,190,000 Thereafter 2,190,000 Fixed Charge Coverage Ratio: 6/26/15 through and including 9/30/15 > 0.45 to 1.00 10/01/15 through and including 1/01/16 > 0.75 to 1.00 1/02/16 through and including 4/01/16 > 1.00 to 1.00 4/02/16 through and including 7/01/16 > 1.10 to 1.00 7/2/16 and thereafter > 1.25 to 1.00 Maximum Inventory: As of January 1, 2016 $ 30,000,000 As of April 1, 2016 29,000,000 As of July 1, 2016 28,000,000 As of September 30, 2016 27,000,000 As of December 30, 2016 26,000,000 As of the end of the Fiscal Quarter ending March 31, 2017 25,000,000 As of the end of each Fiscal Quarter thereafter 25,000,000 Maximum Capital Expenditures $ 3,500,000 A summary of financial covenant compliance follows: Quarterly EBITDAS Debt to EBITDAS Ratio Fixed Charge Coverage Ratio Maximum Inventory Maximum Capital Expenditures Fiscal Quarters First 2016 Compliant Compliant Compliant Compliant Measured Annually Fourth 2015 Compliant Compliant Compliant Not Applicable Not Applicable Third 2015 (1) Compliant Compliant Compliant Not Applicable Not Applicable Second 2015 (1) Waived Waived Waived Not Applicable Not Applicable First 2015 (1) Waived Waived Waived Not Applicable Not Applicable
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 (in thousands) Twelve months ended December, 2016 $ 2,918 2017 2,918 2018 (1) 17,261 2019 2,611 2020 and thereafter 4,516 $ 30,224 (1) Includes Revolver balance of $12.1 million at January 1, 2016

FAIR VALUE OF FINANCIAL INSTR33

FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jan. 01, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value Carrying Value of Variable Rate Debt	A summary of the fair value and carrying value of fixed rate debt at period end follows: January 1, 2016 September 30, 2015 Fair Value Carrying Value Fair Value Carrying Value (in thousands) Term Loan A 4,166 4,526 4,412 4,804 Celmet Building Term Loan 925 1,029 954 1,062

WARRANTY RESERVES (Tables)

WARRANTY RESERVES (Tables)	3 Months Ended
	Jan. 01, 2016
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: Three Months Ended Warranty Reserve January 1, December 26, (in thousands) Reserve, beginning of period $ 399 $ 251 Provision 133 37 Warranty costs (130 ) (60 ) Reserve, end of period $ 402 $ 228

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Jan. 01, 2016
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 three months ended December 26, 2014 are included in the table below. Three Months Ended Valuation of Options December 26, Assumptions for Black-Scholes: Risk-free interest rate 1.43 % Expected term in years 4.5 Volatility 40 % Expected annual dividends none Value of options granted: Number of options granted 26,000 Weighted average fair value per share $ 1.92 Fair value of options granted (000's) $ 50
Changes in Number of Options Outstanding with Other Related Data	A summary of stock option activity, together with other related data, follows: Three Months Ended January 1, 2016 December 26, 2014 Stock Options Number Wgtd. Avg. Number Wgtd. Avg. Outstanding, beginning of period 717,645 $ 4.40 234,000 $ 4.48 Granted — — 26,000 5.41 Exercised — — (2,000 ) 1.76 Shares withheld for payment of exercise — — — — Forfeited — — (4,100 ) 5.78 Expired (15,500 ) 5.99 (2,500 ) 7.53 Outstanding, end of period 702,145 $ 4.37 251,400 $ 4.55 For options expected to vest Number expected to vest 539,756 $ 4.45 220,961 $ 4.50 Weighted average remaining term, in years 5.5 3.2 Intrinsic value (000s) $ — $ 257 For exercisable options Number exercisable 156,000 $ 5.33 125,900 $ 3.73 Weighted average remaining term, in years 3.6 1.5 Intrinsic value (000s) $ — $ 216 For non-exercisable options Expense not yet recognized (000s) $ 672 $ 178 Weighted average years to be recognized 3.3 2.9 For options exercised Intrinsic value (000s) $ — $ 7
Schedule of Nonvested Stock Options Activity	Changes in the number of non-vested options outstanding, together with other related data, follows: Three Months Ended January 1, 2016 December 26, 2014 Stock Options Number Wgtd. Avg. Number Wgtd. Avg. Non-vested, beginning of period 546,145 $ 1.41 112,350 $ 2.15 Granted — — 26,000 1.92 Vested — — (8,750 ) 2.47 Forfeited — — (4,100 ) 2.26 Non-vested, end of period 546,145 $ 1.41 125,500 $ 2.08
Changes in Number of Restricted Non-vested Stock Outstanding with Other Related Data	A summary of restricted stock activity, together with related data, follows: Three Months Ended January 1, 2016 December 26, 2014 Restricted (Non-vested) Stock Number of Wgtd. Avg. Number of Wgtd. Avg. Outstanding, beginning of period 54,960 $ 4.23 322,873 $ 4.97 Granted — — 128,195 5.29 Vested — — (16,152 ) 5.65 Shares withheld for payment of — — (7,373 ) 5.25 Forfeited — — — — Outstanding, end of period 54,960 $ 4.23 427,543 $ 5.04 For non-vested shares Expense not yet recognized (000s) $ 200 $ 1,260 Weighted average remaining years for vesting 2.0 3.2 For shares vested Aggregate fair value on vesting dates (000s) $ — $ 123

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Jan. 01, 2016
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Provision for income taxes during the three months ended January 1, 2016 and December 26, 2014 follows: Three Months Ended Income Tax Provision/Benefit January 1, December 26, (in thousands) Provision for/(benefit from) income taxes $ — $ —

MARKET SECTORS AND MAJOR CUST37

MARKET SECTORS AND MAJOR CUSTOMERS (Tables)	3 Months Ended
	Jan. 01, 2016
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 % of Sales by Sector January 1, December 26, Aerospace & Defense 40% 41% Medical 41% 31% Industrial 16% 25% Communications & Other 3% 3% 100% 100%

OUR BUSINESS AND SUMMARY OF S38

OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Jan. 01, 2016
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 S39

OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - shares	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
Accounting Policies [Abstract]
Weighted average shares outstanding	10,216,587	9,864,927
Incremental shares	0	0
Diluted shares	10,216,587	9,864,927
Anti-dilutive shares excluded	757,105	678,943

OUR BUSINESS AND SUMMARY OF S40

OUR BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	3 Months Ended	12 Months Ended
	Jan. 01, 2016	Sep. 30, 2013
Material Management [Member]
Maximum percentage of total revenue	5.00%	5.00%

SCB DIVESTITURE AND DISCONTIN41

SCB DIVESTITURE AND DISCONTINUED OPERATIONS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 26, 2015	Jul. 09, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of SCB Assets	$ 2,500
Southern California Braiding, Inc. [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of SCB Assets	2,500
Impairment Charges	$ 4,100
Consideration		$ 2,405

SCB DIVESTITURE AND DISCONTIN42

SCB DIVESTITURE AND DISCONTINUED OPERATIONS SCB DIVESTITURE AND DISCONTINUED OPERATIONS (Loss from Disposal of Discontinued Operations) (Details) - Southern California Braiding, Inc. [Member] - USD ($) $ in Thousands	Jul. 09, 2015	Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration	$ 2,405
Disposal Group, Including Discontinued Operation, Assets, Current	2,630
Disposal Group, Including Discontinued Operation, Legal Fees	114
Disposal Group, Including Discontinued Operation, Finders Fees	50
Discontinued Operation, Tax Effect of Discontinued Operation	20
Disposal Group, Including Discontinued Operation, Other Expense	$ 24
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		$ (433)

SCB DIVESTITURE AND DISCONTIN43

SCB DIVESTITURE AND DISCONTINUED OPERATIONS SCB DIVESTITURE AND DISCONTINUED OPERATIONS (Assets Sold, Net) (Details) - Southern California Braiding, Inc. [Member] $ in Thousands	Jul. 09, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Inventory, Current	$ 1,803
Disposal Group, Including Discontinued Operation, Other Assets, Current	53
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current	916
Disposal Group, Including Discontinued Operation, Intangible Assets, Current	0
Disposal Group, Including Discontinued Operation, Other Liabilities	142
Disposal Group, Including Discontinued Operation, Assets, Current	$ 2,630

SCB DIVESTITURE AND DISCONTIN44

SCB DIVESTITURE AND DISCONTINUED OPERATIONS SCB DIVESTITURE AND DISCONTINUED OPERATIONS (Net Sales and Loss Before Taxes) (Details) - Southern California Braiding, Inc. [Member] $ in Thousands	3 Months Ended
	Dec. 26, 2014USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Revenue	$ 2,163
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax	$ (559)

ALLOWANCE FOR DOUBTFUL ACCOUN45

ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance, beginning of period	$ 423	$ 525
Provision for doubtful accounts	277	(104)
Write-offs	(155)	(53)
Allowance, end of period	$ 545	$ 368

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jan. 01, 2016	Sep. 30, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 16,948	$ 17,637
Work-in-process	8,714	8,512
Finished goods	2,750	1,341
Total inventories	28,412	27,490
Reserve for excess/obsolete inventory	(2,235)	(1,737)
Inventories, net	$ 26,177	$ 25,753

FIXED ASSETS (Details)

FIXED ASSETS (Details) - USD ($)	Jan. 01, 2016	Sep. 30, 2015	Jun. 27, 2014
Property, Plant and Equipment [Abstract]
Land and improvements	$ 1,601,000	$ 1,601,000
Buildings and improvements	14,188,000	14,161,000
Machinery and equipment	26,104,000	26,061,000
Furniture and fixtures	7,310,000	7,291,000
Construction in progress	1,624,000	1,028,000
Total fixed assets, at cost	50,827,000	50,142,000
Accumulated depreciation	(35,539,000)	(34,699,000)
FiniteLivedTangibleAssetAccumulatedImpairment	0		$ 0
Fixed assets, net	$ 15,288,000	$ 15,443,000

FIXED ASSETS (Details 1)

FIXED ASSETS (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Jan. 01, 2016	Dec. 28, 2012
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 840	$ 1,046

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 01, 2016	Sep. 30, 2015
Document Period End Date	Jan. 1, 2016
Accumulated amortization	$ (236)	$ (226)
Intangible assets, net	124	134
Property tax abatement [Member] | Albuquerque [Member]
Total intangibles	$ 360	$ 360

INTANGIBLE ASSETS (Details 1)

INTANGIBLE ASSETS (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, net	$ 124		$ 134
Document Period End Date	Jan. 1, 2016
Intangible amortization expense	$ 10	$ 10

INTANGIBLE ASSETS (Details 2)

INTANGIBLE ASSETS (Details 2) $ in Thousands	Jan. 01, 2016USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,015	$ 39
2,016	39
2,017	39
2,018	$ 8

INTANGIBLE ASSETS (Details Text

INTANGIBLE ASSETS (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Jan. 01, 2016	Jun. 26, 2015	Sep. 30, 2015
Sale of SCB Assets		$ 2,500
Document Period End Date	Jan. 1, 2016
Property tax abatement [Member] | Albuquerque [Member]
Amount allocated to intangibles	$ 360		$ 360
Estimated useful life	9 years 2 months 12 days

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 01, 2016	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Document Period End Date	Jan. 1, 2016
Goodwill, net	$ 101	$ 101

GOODWILL (Details Textual)

GOODWILL (Details Textual) $ in Millions	12 Months Ended
	Sep. 30, 2010USD ($)
Celmet [Member]
Goodwill from acquisitions	$ 0.1

CREDIT FACILITIES (Details)

CREDIT FACILITIES (Details) - USD ($) $ in Thousands		3 Months Ended
		Jan. 01, 2016	Sep. 30, 2015
Maturity Date		Dec. 31, 2019
Interest Rate	[1]	2.00%	0.00%
Total debt		$ 30,224	$ 31,231
Less: current portion		(2,918)	(2,908)
Long-term debt		$ 27,306	$ 28,323
Term Loan A [Member]
Debt Instrument, Interest Rate Terms		Fixed Interest Rate
Maturity Date		Feb. 1, 2020
Interest Rate	[1]	3.98%	3.98%
Total debt		$ 4,526	$ 4,804
Term Loan B [Member]
Debt Instrument, Interest Rate Terms		Variable Interest Rate
Maturity Date		Feb. 1, 2023
Interest Rate	[1]	3.49%	3.45%
Total debt		$ 10,034	$ 10,383
Albuquerque Mortgage Loan [Member]
Debt Instrument, Interest Rate Terms		Variable Interest Rate
Maturity Date		Feb. 1, 2018
Interest Rate	[1]	4.94%	4.75%
Total debt		$ 2,400	$ 2,467
Celmet Building Term Loan [Member]
Debt Instrument, Interest Rate Terms		Fixed Interest Rate
Maturity Date		Nov. 7, 2018
Interest Rate	[1]	4.72%	4.72%
Total debt		$ 1,029	$ 1,062
Albuquerque Industrial Revenue Bond [Member]
Debt Instrument, Interest Rate Terms		Fixed Interest Rate
Maturity Date		Mar. 1, 2019
Interest Rate	[1]	5.63%	5.63%
Total debt		$ 100	$ 100
Wayne County IDA Loan to Grant [Member]
Total debt		$ 32	$ 0
Revolving Credit Facility [Member]
Debt Instrument, Interest Rate Terms		Variable Interest Rate
Maturity Date		Jan. 18, 2018
Interest Rate	[1]	4.69%	4.50%
Total debt		$ 12,103	$ 12,415
[1]	Rates noted are before impact of interest rate swap.

CREDIT FACILITIES (Details 2)

CREDIT FACILITIES (Details 2) - USD ($) $ in Thousands		Jan. 01, 2016	Sep. 30, 2015
Debt Disclosure [Abstract]
2,015		$ 2,918
2,016	[1]	2,918
2,017		17,261
2,018		2,611
2020 and thereafter		4,516
Total debt		$ 30,224	$ 31,231
[1]	Includes Revolver balance of $12.1 million at January 1, 2016

CREDIT FACILITIES (Details Text

CREDIT FACILITIES (Details Textual) - USD ($)		1 Months Ended			3 Months Ended		12 Months Ended
		Nov. 30, 2013	Jan. 31, 2013	Dec. 31, 2009	Jan. 01, 2016	Dec. 26, 2014	Sep. 30, 2015	Mar. 27, 2015	Nov. 08, 2013	Jan. 18, 2013	Dec. 16, 2009
Maximum borrowing capacity					$ 20,000,000
Maturity date					Dec. 31, 2019
Average borrowing capacity					$ 7,800,000
Interest rate, stated percentage	[1]				2.00%		0.00%
Basis spread on variable rate										1.32%
Notional amount										$ 14,000,000
Long-term debt					$ 30,224,000		$ 31,231,000
Amendment 2014 [Member]
Net earnings before interest,taxes, depreciation and amortization					1,250,000		1,500,000
Celmet Term Loan [Member] | Credit Agreement 2013 [Member]
Debt instrument, periodic payment, principal		$ 11,000
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]
Basis spread on variable rate								3.25%
Interest rate, effective percentage								4.57%
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
Albuquerque Mortgage Loan [Member] | Credit Agreement 2013 [Member]
Repayment monthly installments		59 monthly installments		monthly installments
Albuquerque [Member]
Liabilities assumed					100,000
Albuquerque Mortgage Loan [Member] | Credit Agreement 2013 [Member]
Long-term line of credit											$ 4,000,000
Debt instrument, periodic payment, principal				$ 22,000
Revolving Credit Facility [Member]
Maximum borrowing capacity					$ 20,000,000
Maturity date					Jan. 18, 2018
Current borrowing capacity					$ 18,600,000		$ 20,000,000
Interest rate, stated percentage	[1]				4.69%		4.50%
Long-term debt					$ 12,103,000		$ 12,415,000
Line of Credit Facility, Maximum Borrowing Capacity as Percentage of Eligible Receivables					85.00%
Line of Credit Facility, Maximum Borrowing Capacity as Percentage of Eligible Inventories					35.00%
Line of Credit Facility, Maximum Borrowing Capacity Based on Eligible Inventories					$ 3,750,000
Line of Credit Facility, Maximum Borrowing Capacity Based on Eligible Inventories, Higher Limit					4,750,000
Revolving Credit Facility [Member] | Credit Agreement 2013 [Member]
Average borrowing capacity					$ 20,000,000
Commitment fee amount						$ 18,000
Revolving Credit Facility [Member] | Sixth Amendment [Member]
Line of Credit Facility, Maximum Borrowing Capacity as Percentage of Eligible Receivables					85.00%
Line of Credit Facility, Maximum Borrowing Capacity as Percentage of Eligible Inventories					70.00%
Line of Credit Facility, Maximum Borrowing Capacity Based on Eligible Inventories, Higher Limit					$ 4,750,000
Revolving Credit Facility [Member] | Minimum [Member]
Unused capacity, commitment fee percentage					0.125%
Revolving Credit Facility [Member] | Maximum [Member]
Unused capacity, commitment fee percentage						0.50%
Celmet Term Loan [Member] | Third Amendment [Member]
Face amount									$ 1,300,000
[1]	Rates noted are before impact of interest rate swap.

DERIVATIVE FINANCIAL INSTRUME58

DERIVATIVE FINANCIAL INSTRUMENTS (Details Textual) - USD ($) $ in Millions	Jan. 01, 2016	Sep. 30, 2015	Dec. 13, 2013	Jan. 18, 2013
Notional amount				$ 14
Fixed interest rate				1.32%
Interest Rate Swap [Member]
Fair value of interest rate swap asset	$ 0	$ 0
Term Loan B [Member]
Fixed interest rate				3.25%
Applicable margin rate			3.25%	4.57%

FAIR VALUE OF FINANCIAL INSTR59

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) - USD ($) $ in Thousands	Jan. 01, 2016	Sep. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, carrying value	$ 30,224	$ 31,231
Term Loan A [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	4,166	4,412
Long-term debt, carrying value	4,526	4,804
Celmet Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	925	954
Long-term debt, carrying value	1,029	1,062
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap asset	$ 0	$ 0

WARRANTY RESERVES (Details)

WARRANTY RESERVES (Details) - Warranty Reserves [Member] - USD ($) $ in Thousands	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
Reserve, beginning of period	$ 399	$ 251
Provision	133	37
Warranty costs	(130)	(60)
Reserve, end of period	$ 402	$ 228

DEFERRED GRANTS (Details Textua

DEFERRED GRANTS (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Dec. 26, 2014	Dec. 27, 2013	Jan. 01, 2016
Amortization of Other Deferred Charges	$ 28	$ 41
Grant proceeds			$ 900
Local Government Agency One [Member]
Grant proceeds			100
Local Government Agency Two [Member]
Grant proceeds			$ 100

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
Assumptions for Black-Scholes:
Risk-free interest rate		1.43%
Expected term in years		4 years 6 months
Volatility		40.00%
Expected annual dividends		$ 0
Value of options granted:
Number of options granted (in shares)	0	26,000
Weighted average fair value per share (in dollars per share)	$ 0	$ 1.92
Fair value of options granted (000's)		$ 50,000

STOCK-BASED COMPENSATION (Det63

STOCK-BASED COMPENSATION (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
Number of Options [Roll Forward]
Outstanding, beginning of period (in shares)	717,645	234,000
Granted (in shares)	0	26,000
Exercised (in shares)	0	(2,000)
Shares withheld for payment of taxes upon exercise of stock option (in shares)	0	0
Forfeited (in shares)	0	(4,100)
Expired (in shares)	(15,500)	(2,500)
Outstanding, end of period (in shares)	702,145	251,400
Wgtd. Avg. Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 4.40	$ 4.48
Granted (in dollars per share)	0	5.41
Exercised (in dollars per share)	0	1.76
Shares withheld for payment of taxes upon exercise of stock option (in dollars per share)	0	0
Forfeited (in dollars per share)	0	5.78
Expired (in dollars per share)	5.99	7.53
Outstanding, end of period (in dollars per share)	$ 4.37	$ 4.55
For options expected to vest
Number expected to vest (in shares)	539,756	220,961
Number expected to vest (in dollars per share)	$ 4.45	$ 4.50
Weighted average remaining term, in years	5 years 6 months 14 days	3 years 2 months 1 day
Intrinsic value (000s)	$ 0	$ 257
For exercisable options
Number exercisable (in shares)	156,000	125,900
Number exercisable (in dollars per share)	$ 5.33	$ 3.73
Weighted average remaining term, in years	3 years 7 months 22 days	1 year 6 months
Intrinsic value (000s)	$ 0	$ 216
For non-exercisable options
Expense not yet recognized (000s)	$ 672	$ 178
Weighted average years to be recognized	3 years 3 months 13 days	2 years 10 months 10 days
For options exercised, Intrinsic value (000s)	$ 0	$ 7

STOCK-BASED COMPENSATION (Det64

STOCK-BASED COMPENSATION (Details 2) - $ / shares	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
Number of Options [Roll Forward]
Non-vested, beginning of period (in shares)	546,145	112,350
Granted (in shares)	0	26,000
Vested (in shares)	0	(8,750)
Forfeited (in shares)	0	(4,100)
Non-vested, end of period (in shares)	546,145	125,500
Wgtd. Avg. Grant Date Fair Value [Roll Forward]
Non-vested, beginning of period (in dollars per share)	$ 1.41	$ 2.15
Granted (in dollars per share)	0	1.92
Vested (in dollars per share)	0	2.47
Forfeited (in dollars per share)	0	2.26
Non-vested, end of period (in dollars per share)	$ 1.41	$ 2.08

STOCK-BASED COMPENSATION (Det65

STOCK-BASED COMPENSATION (Details 3) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
Number of Non-vested Shares [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	2,000
Shares withheld for payment of taxes upon vesting of restricted stock (in shares)	0	0
Wgtd. Avg. Grant Date Fair Value [Roll Forward]
Shares withheld for payment of taxes upon vesting of restricted stock (in dollars per share)	$ 0	$ 0
Restricted Stock [Member]
Number of Non-vested Shares [Roll Forward]
Outstanding, beginning of period (in shares)	54,960	322,873
Granted (in shares)	0	128,195
Vested (in shares)		(16,152)
Shares withheld for payment of taxes upon vesting of restricted stock (in shares)	0	(7,373)
Forfeited (in shares)	0	0
Outstanding, end of period (in shares)	54,960	427,543
Wgtd. Avg. Grant Date Fair Value [Roll Forward]
Outstanding, beginning of period (in dollars per share)	$ 4.23	$ 4.97
Granted (in dollars per share)		5.29
Vested (in dollars per share)	0	5.65
Shares withheld for payment of taxes upon vesting of restricted stock (in dollars per share)	0	5.25
Forfeited (in dollars per share)	0	0
Outstanding, end of period (in dollars per share)	$ 4.23	$ 5.04
For non-vested shares
Expense not yet recognized (000s)	$ 200	$ 1,260
Weighted average remaining years for vesting	2 years	3 years 2 months
For shares vested
Aggregate fair value on vesting dates (000s)	$ 0	$ 123

STOCK-BASED COMPENSATION (Det66

STOCK-BASED COMPENSATION (Details Textual)	Feb. 02, 2015USD ($)Directorshares	Jan. 01, 2016USD ($)shares	Dec. 26, 2014USD ($)shares
Number of Directors Elected | Director	7
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares		0	8,750
Stock-based compensation		$ 54,000	$ 141,000
Compensation expense		54,000	141,000
Shares withheld for payment of taxes upon vesting of restricted stock		$ (60,000)	(39,000)
2010 Plan [Member]
Maximum number of common shares that may be issued | shares		2,000,000
Common shares, issuance term		10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares		861,389
2010 and 2001 Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost	$ 1,800,000
ESPP [Member]
Employee contributions			6,000
Compensation expense			1,000
Additional Paid-in Capital [Member]
Stock-based compensation		$ 54,000	141,000
Shares withheld for payment of taxes upon vesting of restricted stock		$ 0	$ (39,000)
Director [Member]
Award vesting period		3 years
Vesting One [Member]
Award vesting period		4 years
Vesting Two [Member]
Award vesting period		5 years
Restricted Stock [Member] | 2010 and 2001 Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares	390,882
Employee Stock Option [Member] | 2010 and 2001 Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares	119,500

RETIREMENT PLAN (Details Textua

RETIREMENT PLAN (Details Textual) - USD ($) number in Thousands, $ in Thousands	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
Compensation and Retirement Disclosure [Abstract]
Contributions by employer, percentage	0.00%
Defined Benefit Plan, Contributions by Employer	$ 67	$ 63

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
Income Tax Disclosure [Abstract]
Benefit from income taxes	$ 0	$ 0

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($) $ in Millions	Jan. 01, 2016	Sep. 30, 2015	Sep. 30, 2013
Business Income Base Rate, Tax, Percentage	0.00%
Investment Tax Credit Carryforward [Member]
Operating loss carryforwards			$ 1.2
Domestic Tax Authority [Member]
Operating loss carryforwards		$ 35.8
State and Local Jurisdiction [Member]
Operating loss carryforwards		$ 27.9

MARKET SECTORS AND MAJOR CUST70

MARKET SECTORS AND MAJOR CUSTOMERS (Details) - Sales Revenue, Segment [Member]	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
% of Sales by Sector	100.00%	100.00%
Aerospace & Defense [Member]
% of Sales by Sector	40.00%	41.00%
Medical [Member]
% of Sales by Sector	41.00%	31.00%
Industrial [Member]
% of Sales by Sector	16.00%	25.00%
Communications & Other [Member]
% of Sales by Sector	3.00%	3.00%

MARKET SECTORS AND MAJOR CUST71

MARKET SECTORS AND MAJOR CUSTOMERS (Details Textual) - customer	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014
Concentration risk, number of customers	2	4
Customer Concentration Risk [Member] | Sales [Member] | Industrial [Member]
Concentration risk, number of customers		1
Concentration risk, percentage		17.00%
Customer Concentration Risk [Member] | Sales [Member] | Aerospace & Defense [Member]
Concentration risk, percentage		11.00%
Customer Concentration Risk [Member] | Sales [Member] | Medical [Member]
Concentration risk, number of customers		2
Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration risk, number of customers	2	2
Concentration risk, percentage	25.00%	26.00%
Customer Number One [Member] | Customer Concentration Risk [Member] | Sales [Member] | Medical [Member]
Concentration risk, percentage	18.00%	16.00%
Customer Number Two [Member] | Customer Concentration Risk [Member] | Sales [Member] | Medical [Member]
Concentration risk, percentage	15.00%	11.00%

LITIGATION LITAGATION (Details)

LITIGATION LITAGATION (Details) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2015	Jan. 01, 2016	Dec. 26, 2014
Loss Contingencies [Line Items]
Shares withheld for payment of taxes upon vesting of restricted stock		$ (60)	$ (39)
W. Barry Gilbert Arbitration [Member] | Pending Litigation [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 1,450

COMMITMENTS AND CONTINGENCIES (

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

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 01, 2016	Dec. 26, 2014	Sep. 30, 2015
Subsequent Event [Line Items]
Revenue, Net	$ 32,933	$ 28,829
Gross profit	5,817	$ 3,455
Total Assets	$ 63,921		$ 68,262