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 ============ ============ ============ ============