-----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, FEraROLmK3TVtfcg+Q13JsmhbBXfilAXdzhz9IlVcASmIjlM4u4K/TgvWMEA6Xnd CkmhBkvPkV2siUOrR01e+g== 0001019056-04-000583.txt : 20040423 0001019056-04-000583.hdr.sgml : 20040423 20040423134440 ACCESSION NUMBER: 0001019056-04-000583 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040422 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040423 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: 04750381 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 iec_8k.txt FORM 8-K 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) - April 22, 2004 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 6 Item 7. Financial Statements and Exhibits (c) Exhibits 99.1 Press Release issued by IEC Electronics Corp. dated April 22, 2004 99.2 Supplemental financial data posted on the website of IEC Electronics Corp. (www.iec-electronics.com/news.php) on April 22, 2004 Item 12. Results of Operations and Financial Condition On April 22, 2004, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter and six months ended March 26, 2004. A copy of the press release is furnished as Exhibit 99.1 to this report. On April 22, 2004, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter and six months ended March 26, 2004. 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: April 22, 2004 By: /s/ W. BARRY GILBERT --------------------------------- W. Barry Gilbert Chairman, Chief Executive Officer Page 2 of 6 EX-99.1 3 ex99_1.txt EXHIBIT 99.1 [GRAPHIC LOGO OMITTED] IEC Electronics Corp. 105 Norton Street o PO Box 271 o Newark, NY 14513 o Ph: (315) 331-7742 o Fax: (315) 331-3547 o www.iec-electronics.com ----------------------- EXHIBIT 99.1 IEC ANNOUNCES SECOND QUARTER RESULTS FOR FISCAL 2004 Newark, NY - April 22, 2004 - IEC Electronics Corp. (IECE.OB) announced today its results for the second quarter of fiscal 2004, ending March 26, 2004. IEC reported net income of $124,000 or $0.01 per share on revenue of $7.3 million for the quarter. This compares to a net income of $726,000 or $0.09 per share on revenue of $15.5 million for the same quarter a year ago. IEC's net income for the first six months of fiscal 2004 was $ 256,000 or $0.03 per share on revenue of $13.8 million. This compares to net income of $1.2 million, (of which $800,000 was forgiveness of debt and sale of our Texas property) or $0.15 per share on revenue of $25.1 million, for the same period in fiscal year 2003. W. Barry Gilbert, Chairman of the Board and CEO, stated, "Although our profit was modest, we are pleased to announce a profit for the seventh consecutive quarter. Compensating for the loss of Motorola's business has been a challenging task, yet we continue to move forward. During the quarter we added three new customers and a number of new programs from our existing customers. " Gilbert further noted "We are pleased that Motorola continues to have confidence in IEC and has asked us to support certain of its immediate needs. They have placed an order for over $2.0 million for delivery in our third quarter. We believe that we will have an opportunity to work with Motorola again in the future. Another customer, Teradyne, has informed us that it plans to move substantial amounts of its contract assembly work to China over the balance of our fiscal year. From the information we have received, we believe that we will retain 20-25% of the current work we do for them." "Large multinationals companies will move in and out all the time. It is important for IEC not to become dependent upon these companies. Our success will be based upon supporting a steady stream of new customers with unique technology and proprietary products, and that is exactly what we are doing. These are companies that are focusing upon developing and expanding their own technology and marketing skills, and not using their resources to create a manufacturing environment. As they grow in their respective markets, we will also grow. These companies are providing IEC with some very interesting opportunities and could dramatically reshape the future of IEC. They are in some unique markets serving both government and industry: portable gas monitoring equipment for toxic gases, alternative energy, and atomic clocks." Page 3 of 6 Gilbert continued, "As in recent past quarters, we continue to manage our expenses aggressively, pay down our debt and deleverage our balance sheet. The Company's long-term debt at the end of March is at $1.9 million down from $4.4 million last year at this time. This strengthening of our financial position continues to improve our enterprise value and supports our continued effort to pursue new customers. We expect that IEC will be profitable for the balance of the year, and are putting a number of changes in place to expand from this level and build for the future. The message we are conveying to our employees and customers is no miracles or instant results, just steady profitable growth from our current and expanding base." 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 2004 results can be found on its web site at WWW.IEC-ELECTRONICS.COM/NEWS.PHP. 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, 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 4 of 6 EX-99.2 4 ex99_2.txt EXHIBIT 99.2 Exhibit 99.2 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET MAR 26, 2004 AND SEP 30, 2003 MAR 26, 2004 SEP 30, 2003 ------------ ------------ ASSETS CURRENT ASSETS Cash 146,232 793,341 Accounts Receivable 4,759,208 4,003,641 Inventories 2,112,759 1,633,119 Deferred Income Taxes 250,000 250,000 Other Current Assets 231,229 329,232 Current Assets - Discontinued Operations 56,614 121,466 ------------ ------------ Total Current Assets 7,556,042 7,130,803 ------------ ------------ PROPERTY, PLANT & EQUIPMENT 2,652,798 3,173,090 PREPAID DEBT ACQUISITION 158,371 202,188 ------------ ------------ 10,367,211 10,506,081 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilites 1,042,029 1,277,387 Accounts Payable 3,343,257 2,740,599 Accrued Payroll and Related Taxes 589,381 794,078 Other Accrued Expenses 626,277 674,948 Liabilities from Discontinued Operations 203,882 216,068 ------------ ------------ Total Current Liabilities 5,804,826 5,703,080 ------------ ------------ LONG TERM VENDOR PAYABLE 301,902 455,903 LONG TERM DEBT - TERM 583,352 933,329 ------------ ------------ LONG TERM DEBT - TOTAL 885,254 1,389,232 SHAREHOLDER'S EQUITY Common stock, par value $.01 per share Authorized - 50,000,000 shares Outstanding - 8,021,960 shares 69,835 68,760 Additional Paid-in Capital 38,485,207 38,478,608 Retained Earnings (34,786,481) (35,042,169) Cumulative Translation Adj (91,430) (91,430) ------------ ------------ Total Shareholders' Equity 3,677,131 3,413,769 ------------ ------------ 10,367,211 10,506,081 ============ ============ Page 5 of 6 IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME FOR QUARTERS MAR 26, 2004 AND MAR 28, 2003
ACTUAL PRIOR ACTUAL PRIOR QUARTER QUARTER YTD YTD MAR 26, 2004 MAR 28, 2003 MAR 26, 2004 MAR 28, 2003 ------------ ------------ ------------ ------------ Sales 7,297,620 15,468,957 13,816,277 25,069,507 Cost of Sales 6,574,304 14,222,860 12,522,654 22,834,811 ------------ ------------ ------------ ------------ Gross Profit 723,316 1,246,097 1,293,623 2,234,696 Less: Operating Expenses Selling 592,528 900,382 1,171,662 1,653,040 Restructuring 0 0 0 (63,300) ------------ ------------ ------------ ------------ Total Operating Expenses 592,528 900,493 1,171,662 1,589,740 ------------ ------------ ------------ ------------ Operating Profit 130,788 345,715 121,961 644,956 Interest and Financing Expense (94,741) (190,036) (185,080) (387,534) Forgiveness of Accounts Payable 9,644 378,025 9,644 623,240 Profit (Loss) on Sale of Assets 77,935 9,000 309,162 104,500 ------------ ------------ ------------ ------------ Net Income before Income Taxes 123,626 542,704 255,687 985,162 Provision for Income Tax 0 0 0 0 ------------ ------------ ------------ ------------ Income from Discontinued Operations 0 184,029 0 184,029 ------------ ------------ ------------ ------------ Net Income 123,626 726,733 255,687 1,169,191 ============ ============ ============ ============
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