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 ============ ============ ============ ============
Page 6 of 6