-----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, OuhF5OUlIe223heV01NWYWauD9ENZjMbW+bBzazkP/7CIhSooNz3wrdY5uMwWWnT JyOFCRy7lNfJYNzyvsf5lw== 0000049728-04-000003.txt : 20040129 0000049728-04-000003.hdr.sgml : 20040129 20040129124109 ACCESSION NUMBER: 0000049728-04-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20031226 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040129 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: 04551400 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 iec8k1q04.txt FINANCIAL STATEMENTS AND 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) - December 26, 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 January 29, 2004 99.2 Supplemental financial data posted on the website of IEC Electronics Corp. (www.iec-electronics.com/1stquarter2004pr.htm) on January 29, 2004 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 January 29, 2004, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter ended December 26, 2003. A copy of the press release is furnished as Exhibit 99.1 to this report. On January 29, 2004, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter ended December 26, 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: January 29, 2003 By:/s/ W. Barry Gilbert ---------------------- W. Barry Gilbert Chairman, Acting Chief Executive Officer Page 2 of 2 EX-99.1 3 iec8k1q04991.txt EXHIBIT 99.1 Press Release issued by IEC Electronics Corp. dated January 29, 2004 IEC Announces First Quarter Profit for Fiscal 2004 Newark, NY - January 29, 2004 - IEC Electronics Corp. (IECE.OB) announced today its results for the first quarter of fiscal 2004, ending December 26, 2003. IEC reported net income of $132,000 or $0.02 per share on revenue of $6.5 million for the quarter. This compares to a net income of $443,000 or $0.06 per share on revenue of $9.6 million for the same quarter a year ago. W. Barry Gilbert, Chairman of the Board and CEO, stated, "We are pleased to announce a profit for the sixth consecutive quarter. Although it is modest, in light of the absence of business from Motorola we are comfortable with the results. We continue to aggressively manage our expenses and pay down our debt. Our total debt at the end of December was $5.5 million, down from $11.5 million at the end of 2002. This improvement in our financial position allows us to actively pursue new customers, as well as give those that just began to work with us the time to grow and reach our expectations. Gilbert further added, "We are keenly aware that the loss of a major customer takes time to replace. We have that time and capability due to the deleveraging of our balance sheet and our reputation as a dependable high quality supplier. While the economy is improving, it is not totally robust in the sectors we serve. However, the climate for capital spending is slowly improving and the change in attitude and willingness to spend is translating into opportunity for some of our customers. A few of them are experiencing an increase in demand of more than 30%, which in turn has translated into an increase in demand for IEC's services. We expect that the Company will be profitable this year, yet this will be a rebuilding year for us - no miracles or instant results, just steady tempered growth from our current base." IEC is a full service, ISO-9001:2000 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 first quarter 2004 results can be found on its web site at www.iec-electronics.com/1stquarter2004pr. 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 2003 Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission. Contact: - -------- Heather Keenan IEC Electronics Corp. (315) 332-4262 hkeenan@iec-electronics.com Page 1 of 1 EX-99.2 4 iec8k1q04992.txt FINANCIAL STATEMENTS Exhibit 99.2 Supplemental financial data posted on the website of IEC Electronics Corp. (www.iec-electronics.com/1stquarter2004pr.htm) on January 29, 2004 IEC ELECTRONICS CORP CONSOLIDATED BALANCE SHEET DEC 26, 2003 AND SEP 30, 2002
DEC 26, 2003 SEP 30, 2003 ------------- ------------- ASSETS CURRENT ASSETS Cash 495,898 793,341 Accounts Receivable 3,139,948 4,003,641 Inventories 1,875,248 1,633,119 Deferred Income Taxes 250,000 250,000 Other Current Assets 118,139 329,232 Current Assets - Discontinued Operations 54,917 121,466 -------------- -------------- Total Current Assets 5,934,150 7,130,803 -------------- -------------- PROPERTY, PLANT & EQUIPMENT 2,911,526 3,173,090 PREPAID DEBT ACQUISITION 180,280 202,188 --------------- -------------- 9,025,956 10,506,081 =============== ============== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilites 1,222,097 1,277,387 Accounts Payable 1,597,535 2,740,599 Accrued Payroll and Related Taxes 624,119 794,078 Other Accrued Expenses 696,444 674,948 Liabilities from Discontinued Operations 208,892 216,068 --------------- ------------- Total Current Liabilities 4,349,088 5,703,080 --------------- ------------- LONG TERM VENDOR PAYABLE 370,916 455,903 LONG TERM DEBT - TERM 758,336 933,329 --------------- ------------- LONG TERM DEBT - TOTAL 1,129,252 1,389,232 SHAREHOLDER'S EQUITY Common stock, par value $.01 per share Authorized - 50,000,000 shares Outstanding - 8,021,960 shares 69,015 68,760 Additional Paid-in Capital 38,480,137 38,478,608 Retained Earnings (34,910,105) (35,042,169) Cumulative Translation Adj (91,430) (91,430) ---------------- ------------- Total Shareholders' Equity 3,547,617 3,413,769 ---------------- ------------- 9,025,956 10,506,081 ================ =============
Page 1 of 2 IEC ELECTRONICS CORP CONSOLIDATED STATEMENT OF INCOME FOR QUARTERS DEC 26, 2003 AND DEC 27, 2002
QUARTER ENDED QUARTER ENDED DEC 26, 2003 DEC 27, 2002 Net Sales 6,518,657 9,600,550 Cost of Sales 5,948,349 8,611,951 ----------- ----------- Gross Profit 570,308 988,599 Less: Operating Expenses Selling & Administrative Expenses 579,133 752,674 Restructuring Benefit 0 (63,317) ------------ ------------ Total Operating Expenses 579,133 689,357 ------------ ------------ Operating (loss) profit (8,825) 299,242 Interest and Financing Expense (90,339) (197,498) Forgiveness of Accounts Payable 0 244,761 Profit(loss) on Sales of Assets 231,228 95,954 ------------- -------------- Net Income before Income Taxes 132,064 442,459 Provision for Income Tax 0 0 ------------- --------------- Net Income 132,064 442,459 ------------- ---------------
Page 2 of 2 -----END PRIVACY-ENHANCED MESSAGE-----