-----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, U6l4xtnWIM1LkbHBqp2qPzH5XFLmeKSS/K9JlMrzhcCGYGE8AGjs1mhJWsFpICOL QO3hl+PvtctAt3m3MlxI9w== 0001019056-04-000986.txt : 20040729 0001019056-04-000986.hdr.sgml : 20040729 20040729144845 ACCESSION NUMBER: 0001019056-04-000986 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040729 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040729 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: 04938756 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) - July 29, 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 2 Item 7. Financial Statements and Exhibits (c) Exhibits 99.1 Press Release issued by IEC Electronics Corp. dated July 29, 2004 99.2 Supplemental financial data posted on the website of IEC Electronics Corp. (www.iec-electronics.com/news.php) on July 29, 2004 Item 12. Results of Operations and Financial Condition On July 29, 2004, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter and nine months ended June 25, 2004. A copy of the press release is furnished as Exhibit 99.1 to this report. On July 29, 2004, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter and nine months ended June 25, 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: July 29, 2004 By: /s/ W. BARRY GILBERT ------------------------------------ W. Barry Gilbert Chairman, Chief Executive Officer Page 2 of 2 EX-99.1 2 ex99_1.txt EXHIBIT 99.1 IEC [GRAPHIC OMITTED] 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 Restructuring and Third Quarter Results Newark, NY - July 29, 2004 - IEC Electronics Corp. (IECE.OB) announced today its results for the third quarter of fiscal 2004, ending June 25, 2004. IEC reported a net loss of $1,146,000 or ($0.14) per share on revenue of $6.2 million for the quarter. This compares to a net income of $853,000 or $0.10 per share on revenue of $14.0 million for the same quarter a year ago. IEC's net loss for the first nine months of fiscal 2004 was $ 890,000 or ($0.11) per share on revenue of $20.0 million. This compares to net income of $2.0 million, (of which $184,000 was from discontinued operations) or $0.25 per share on revenue of $39.1 million, for the same period in fiscal year 2003. W. Barry Gilbert, Chairman of the Board and CEO, stated, "Although we gained some new customers and this creates substantial opportunity for the Company, this quarter's results were obviously disappointing. We experienced a loss stemming from a couple large customer orders that were pushed out beyond the quarter due to parts shortages and design changes, a $240,000 restructuring charge and bad debt expense of $394,000. Despite the loss we remain committed to the programs we have put in place to strengthen the organization, broaden our customer base, increase profitability and maximize shareholder value." Gilbert further noted, "We are continuing to reshape the company, and doing what is necessary to build revenue, reduce costs and return to profitability. During the quarter we strengthened the management team by hiring a Vice President of Sales and Marketing, and hired an additional salesman. Both of these individuals from premier companies in our industry have proven track records selling to accounts meeting our target profile. Building a first class sales team is a primary focus for the Company and we will continue to add to the sales force and our manufacturers rep network over the next several quarters. As mentioned above, we continue to add new customers and are experiencing increased opportunities with some of our existing customers. Last quarter's announcement indicated our success will be based upon supporting a steady stream of new customers with unique technology and proprietary products. These are accounts which initially require greater services and effort on our part with the knowledge that the revenue contribution can be six to nine months in the future. However I believe they are the right customers for us and will result in growth and profitability. " 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 - --------------------------- EX-99.2 3 ex99_2.txt EXHIBIT 99.2 Exhibit 99.2 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET JUNE 25, 2004 AND SEP 30, 2003 JUN 25, 2004 SEP 30, 2003 ------------ ------------ ASSETS CURRENT ASSETS Cash 175,919 793,341 Accounts Receivable 2,991,199 4,003,641 Inventories 3,679,125 1,633,119 Deferred Income Taxes 250,000 250,000 Other Current Assets 250,574 329,232 Current Assets - Discontinued Operations 54,542 121,466 ------------ ------------ Total Current Assets 7,401,359 7,130,803 ------------ ------------ PROPERTY, PLANT & EQUIPMENT 2,497,445 3,173,090 PREPAID DEBT ACQUISITION 136,462 202,188 ------------ ------------ 10,035,266 10,506,081 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilites 1,534,038 1,277,387 Accounts Payable 3,779,411 2,740,599 Accrued Payroll and Related Taxes 622,705 794,078 Other Accrued Expenses 686,438 674,948 Liabilities from Discontinued Operations 196,738 216,068 ------------ ------------ Total Current Liabilities 6,819,330 5,703,080 ------------ ------------ LONG TERM VENDOR PAYABLE 263,567 455,903 LONG TERM DEBT - TERM 408,325 933,329 ------------ ------------ LONG TERM DEBT - TOTAL 671,892 1,389,232 SHAREHOLDER'S EQUITY Common stock, par value $.01 per share Authorized - 50,000,000 shares Outstanding - 8,021,960 shares 69,945 68,760 Additional Paid-in Capital 38,497,369 38,478,608 Retained Earnings (35,931,840) (35,042,169) Cumulative Translation Adj (91,430) (91,430) ------------ ------------ Total Shareholders' Equity 2,544,044 3,413,769 ------------ ------------ 10,035,266 10,506,081 ============ ============ IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME FOR QUARTERS JUN 25, 2004 AND JUN 27, 2003
ACTUAL PRIOR ACTUAL PRIOR QUARTER QUARTER YTD YTD JUN 25, 2004 JUN 27, 2003 JUN 25, 2004 JUN 27, 2003 ------------ ------------ ------------ ------------ Sales 6,168,236 14,029,976 19,984,513 39,099,482 Cost of Sales 6,362,061 12,221,902 18,884,714 35,056,715 ------------ ------------ ------------ ------------ Gross Profit (193,825) 1,808,068 1,099,799 4,042,767 Less: Operating Expenses Selling, G & A 624,573 788,028 1,796,233 2,441,068 Restructuring 239,288 0 239,288 (63,300) ------------ ------------ ------------ ------------ Total Operating Expenses 863,861 788,028 2,035,521 2,377,766 ------------ ------------ ------------ ------------ Operating Profit (1,057,686) 1,020,040 (935,722) 1,664,999 Interest and Financing Expense (89,726) (148,610) (274,806) (536,144) Forgiveness of Accounts Payable 0 (45,000) 9,644 578,335 Profit (Loss) on Sale of Assets, Misc 2,052 26,095 311,213 130,500 ------------ ------------ ------------ ------------ Net Income before Income Taxes (1,145,361) 852,524 (889,671) 1,837,690 Provision for Income Tax 0 0 0 0 ------------ ------------ ------------ ------------ Income from Discontinued Operations 0 0 0 184,029 ------------ ------------ ------------ ------------ Net Income (1,145,361) 852,524 (889,671) 2,021,720 ============ ============ ============ ============
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