-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UfGYr/heO1P7562Vp6YmxnOOKaW4aQ75aHZz96m6lvKzhsEZ7/HmbwE9mlG6QQqE 6Qc/6ZmpUFOh7XXacCyyng== 0000049728-03-000008.txt : 20030505 0000049728-03-000008.hdr.sgml : 20030505 20030505145334 ACCESSION NUMBER: 0000049728-03-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030505 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IEC ELECTRONICS CORP CENTRAL INDEX KEY: 0000049728 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 133458955 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06508 FILM NUMBER: 03681934 BUSINESS ADDRESS: STREET 1: 105 NORTON ST CITY: NEWARK STATE: NY ZIP: 14513 BUSINESS PHONE: 3153317742 MAIL ADDRESS: STREET 1: PO BOX 271 CITY: NEWARK STATE: NY ZIP: 14513 FORMER COMPANY: FORMER CONFORMED NAME: INTERCONTINENTAL ELECTRONICS CORP DATE OF NAME CHANGE: 19730601 8-K 1 iec8k2q03.txt FINANCIAL STATEMENTS & EX., REG. FD DISCLOSURE SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) - May 5, 2003 IEC Electronics Corp. (Exact name of Registrant as Specified in its Charter) Delaware (State or other jurisdiction of Incorporation) 0-6508 13-3458955 (Commission File Number) (IRS Employer Identification No.) 105 Norton Street, Newark, New York 14513 (Address of Principal Executive Offices) (315) 331-7742 (Registrant's Telephone Number, including Area Code) Page 1 of 2 Item 7. Financial Statements and Exhibits (c) Exhibits 99.1 Press Release issued by IEC Electronics Corp. dated May 5, 2003 99.2 Supplemental financial data posted on the website of IEC Electronics Corp. (www.iec-electronics.com/2ndquarter2003pr.htm) on May 5, 2003 Item 9. Regulation FD Disclosure The following information is being furnished pursuant to Item 12 of Form 8-K, "Results of Operations and Financial Condition", and is included under this Item 9 in accordance with SEC Release No. 33-8216 (March 23, 2003). On May 5, 2003, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter ended March 28, 2003. A copy of the press release is furnished as Exhibit 99.1 to this report. On May 5, 2003, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter ended March 28, 2003. A copy of that information is furnished as Exhibit 99.2 to this report. The information in this Form 8-K and Exhibits 99.1 and 99.2 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing. Neither the filing of any exhibit to this report nor the inclusion in such exhibits of a reference to IEC Electronics Corp.'s Internet address shall, under any circumstances, be deemed to incorporate the information available at such address into this report. The information available at IEC Electronics Corp.'s Internet address is not part of this report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IEC Electronics Corp. --------------------- (Registrant) Date: May 5, 2003 By:/s/ W. Barry Gilbert ---------------------- W. Barry Gilbert Chairman, Acting Chief Executive Officer Page 2 of 2 EX-99.1 3 iec2q03pr.txt PRESS RELEASE FOR 2Q03 EXHIBIT 99.1 Press Release issued by IEC Electronics Corp. dated May 5, 2003 IEC Announces Continued Improvement in its Operating Results for the Second Quarter of 2003 Newark, NY - May 5, 2003 - IEC Electronics Corp. (IECE.OB) announced today results for the second quarter and first six months of fiscal 2003, ending March 28, 2003. IEC reported net income of $726,000 or $0.09 per share on revenue of $15.5 million for the second quarter. This result included a $557,000 charge against a note receivable from Acterna Corporation. Without this adjustment net income would have been $1.3 million or $0.15 per share. This compares to a net loss of ($3.8) million or ($0.50) per share on revenue of $13.5 million for the same quarter a year ago. Income from continuing operations was $542,000 or $0.07 per share for the second quarter. Income from continuing operations was ($2.4) million or ($0.31) per share for the same quarter a year ago. IEC's net income for the first six months of fiscal 2003 was $1.2 million or $0.15 per share on revenue of $25.1 million. This compares to a net loss of ($6.0) million for the first six months of fiscal 2002, or ($0.78) per share, on revenue of $24.7 million. Income from continuing operations was $985,000 or $0.13 per share. This compares to a net loss from continuing operations of ($3.5) million or ($0.45) per share for the same period a year ago. Chairman and Acting CEO W. Barry Gilbert said, "Our operational execution was excellent and exceeded our expectations. We continue to aggressively reduce our debt. Our current revolver, term loans, and notes payable have been reduced. We are expecting by the end of the third quarter to have cash in the bank, to have stopped borrowing from the revolver line of credit, and to have further reduced our long-term debt. Unfortunately, on April 7th, five days after the quarter closed, Acterna announced that it was in default with its senior lenders and failed to make its monthly payment to IEC. We decided then to establish a reserve for the entire amount of the unpaid balance of the note and commenced a collection action in the State of Maryland." Gilbert added, "Motorola is in the process of closing its Tewksbury, Massachusetts factory and moving those operations to Nogales, Mexico. This transition will take a number of months. In the immediate future, Nogales will become our customer and we will be shipping product to that location. During the next six months, Motorola intends to begin manufacturing most of the products it purchases from IEC in Nogales. Our relationship with Motorola is excellent, and we expect to continue to provide contract manufacturing services to Motorola. "During this quarter, we have added two new accounts; one is a leading manufacturer of pumps and valves and the other is a leading wire bonding and chip testing equipment manufacturer for the semiconductor market. Although smaller than Motorola, both of these accounts are important customers with strong prospects. We have signed agreements with an additional two manufacturers' representative organizations to represent IEC and expect to sign a third group. These revenue enhancing activities are important in light of IEC was effectively unable to add new customers for all of 2002 due to our financial turbulence. Today we are financially stronger than a number of our competitors and we are well positioned for growth in the sophisticated high-mix printed circuit board assembly and systems integration arena." IEC is a full service, ISO-9001 registered EMS provider. The Company offers its customers a wide range of services including design, prototype and volume printed circuit board assembly, material procurement and control, manufacturing and test engineering support, systems build, final packaging and distribution. Information regarding IEC's second quarter 2003 results can be found on its web site at www.iec-electronics.com/2ndquarter2003pr.htm. The foregoing, including any discussion regarding the Company's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the Company, changes in customer requirements and in the volume of sales to principal customers, the ability of the Company to assimilate acquired businesses and to achieve the anticipated benefits of such acquisitions, competition and technological change, the ability of the Company to control manufacturing and operating costs, satisfactory relationships with vendors. The Company's actual results of operations may differ significantly from those contemplated by any forward-looking statements as a result of these and other factors, including factors set forth in the Company's 2002 Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission. Contact: Heather Keenan Marketing Communications Specialist (315) 332-4262 hkeenan@iec-electronics.com Page 1 of 1 EX-99.2 4 iec2q03financials.txt SUPPLEMENTAL FINANCIAL DATA Exhibit 99.2 Supplemental financial data posted on the website of IEC Electronics Corp. (www.iec-electronics.com/2ndquarter2003pr.htm) on May 5, 2003 IEC ELECTRONICS CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS MARCH 28, 2003 AND SEPTEMBER 30, 2002 (in thousands, except for share data)
MARCH 28,2003 SEPTEMBER 30,2002 (Unaudited) ASSETS Current Assets: Accounts receivable $ 4,775 $ 5,480 Inventories 3,390 3,412 Other current assets 257 186 Current Assets - discontinued operations 207 348 --------- --------- Total current assets 8,629 9,426 --------- --------- Fixed Assets: Land and land improvements 768 768 Building and improvements 3,995 3,995 Machinery and equipment 46,501 46,501 Furniture and fixtures 5,850 5,850 -------- --------- Sub-total gross property 57,114 57,114 Less accumulated depreciation (53,609) (52,781) -------- --------- Total fixed assets - net 3,505 4,333 -------- --------- Asset held for sale - 497 Other non-current assets 246 - Non-current assets - discontinued operations 1 809 -------- --------- $ 12,381 $ 15,065 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt $ 2,374 $ 3,128 Accounts payable 4,275 6,250 Accrued payroll and related expenses 548 697 Other accrued expenses 822 1,497 Other current liabilities - discontinued operations 300 1,426 --------- --------- Total current liabilities 8,319 12,998 --------- --------- Long-term vendor payable 760 - Long-term debt 1,283 1,268 --------- --------- Total liabilities 10,362 14,266 --------- --------- Shareholders' Equity: Preferred stock, par value $.01 per share Authorized - 500,000 shares; Issued and outstanding - none - - Common stock, par value $.01 per share Authorized - 50,000,000 shares Issued and outstanding - 7,957,460 and 7,692,076 shares, respectively 80 77 Treasury stock, 573 shares; at cost (11) (11) Additional paid-in capital 38,473 38,418 Retained earnings (36,470) (37,640) Accumulated other comprehensive loss - Cumulative translation adjustments (53) (45) --------- --------- Total shareholders' equity 2,019 799 --------- --------- $ 12,381 $ 15,065
Page 1 of 2 IEC ELECTRONICS CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS AND SIX MONTHS ENDED MARCH 28, 2003 AND MARCH 29, 2002 (in thousands, except share and per share data)
3 MONTHS ENDED 3 MONTHS ENDED 6 MONTHS ENDED 6 MONTHS ENDED MARCH 28, 2003 MARCH 29, 2002 MARCH 28, 2003 MARCH 29, 2002 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net sales $ 15,469 $ 13,478 $ 25,070 $ 24,687 Cost of sales 14,223 13,747 22,835 24,577 --------- --------- --------- --------- Gross profit (loss) 1,246 (269) 2,235 110 --------- --------- --------- --------- Selling and admin. expenses 900 1,459 1,653 2,755 Restructuring expense (benefit) - 400 (63) 400 --------- --------- --------- --------- Operating profit (loss) 346 (2,128) 645 (3,045) Interest and financing expense (191) (266) (388) (423) Forgiveness of accts payable 378 - 623 - Other income, net 9 - 105 - --------- --------- --------- --------- Net income (loss) before income taxes 542 (2,394) 985 (3,468) Income taxes - - - - --------- --------- --------- --------- Net income (loss) from continuing operations 542 (2,394) 985 (3,468) Discontinued operations: Income (loss) from operations of IEC-Mexico disposed of (net of income taxes of $0, ($7), $0, and ($36), respectively 184 (1,437) 184 (2,525) --------- --------- --------- --------- Net income (loss) $ 726 $ (3,831) $ 1,169 $ (5,993) ========== ========= ========= ========= Net income (loss) per common and common equivalent share: Basic and Diluted Income (loss) from continuing operations $ 0.07 $ (0.31) $ 0.13 $ (0.45) Income (loss) from discontinued operations $ 0.02 $ (0.19) $ 0.02 $ (0.33) Income (loss) available to common shareholders $ 0.09 $ (0.50) $ 0.15 $ (0.78) Weighted average number of common and common equivalent shares outstanding: Basic 7,896,659 7,691,503 7,795,800 7,691,503 Diluted 8,178,102 7,691,503 8,022,291 7,691,503
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