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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