-----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, VVQFLJUlUR5nzpn6n/6dXVDeLhGS0O72H4//FUx/xEwCR1oZuTbMxUc2fdMu9xlx cUzB0MB1w7CM9jysXFRdMw== 0001144204-04-019545.txt : 20041117 0001144204-04-019545.hdr.sgml : 20041117 20041117120926 ACCESSION NUMBER: 0001144204-04-019545 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20041117 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041117 DATE AS OF CHANGE: 20041117 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: 041151377 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 v08957.txt 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) - November 17, 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 2.02 Results of Operations and Financial Conditions On November 17, 2004, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter and year ended September 30, 2004. A copy of the press release is furnished as Exhibit 99.1 to this report. On November 17, 2004, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter and year ended September 30, 2004. A copy of that information is furnished as Exhibit 99.2 to this report. The information in this Form 8-K and Exhibit 99.1 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 or the Securities Exchange Act of 1934, 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. Item 9.01 Financial Statements and Exhibits (c) Exhibits 99.1 Press Release issued by IEC Electronics Corp. dated November 17, 2004. 99.2 Supplemental financial data posted on the website of IEC electronics Corp. (www.iec-electronics.com) on November 17, 2004. 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: November 17, 2004 By:/s/ W. Barry Gilbert ---------------------- W. Barry Gilbert Chairman, Chief Executive Officer Page 2 of 2 EX-99.1 2 v08957_ex99-1.txt EXHIBIT 99.1 IEC ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS FOR FISCAL 2004 Newark, NY - November 17, 2004 - IEC Electronics Corp. (IECE.OB) announced today its results for the fourth quarter and fiscal year ending September 30, 2004. IEC reported net income of $62,000 or $0.01 per share on revenue of $7.7 million for the quarter. This compares to a net income of $575,000 or $0.07 per share, of which $260,000 was non-operating income, on revenue of $9.1 million for the same quarter a year ago. IEC's net loss for fiscal 2004 was ($828,000) or ($0.10) per share on revenue of $27.7 million. This compares to net income of $2.5 million, of which $1.1 million was from non-operating income, or $0.31 per share on revenue of $48.2 million, for fiscal year 2003. W. Barry Gilbert, Chairman of the Board and CEO, stated, "Although our fourth quarter profit was modest, we are pleased to announce a return to profitability. This quarter also included restructuring charges of $97,000 for activities commenced during the previous quarter but completed during this quarter. As reported in previous announcements the loss of Motorola's business has been a challenge. Last year at this time two accounts, which are no longer customers, represented 87% of our business. Making the adjustments necessary to reshape IEC during this period of transition has been difficult. We are pleased to report that our account concentration has changed such that six accounts represent 82% of our revenue. We fully expect to further diversify our account base throughout 2005." Gilbert continued, "We are pleased to report that the Company's long-term debt, including the current portion of long-term debt, at year end was $1.3 million down from $2.7 million at year-end last year. At the time of our refinancing in January, 2003 our long-term debt totaled $5.5 million. We have aggressively paid down our debt. This strengthened our financial position, improved our enterprise value, and supports our efforts to pursue new customers. Our goal continues to be steady profitable growth from our current and expanding sales base. We may have some difficult periods in the early part of the year as we work our way through the balance of the transition. Just after the quarter closed Don Doody joined the company from Plexus Corporation as Vice President of Manufacturing. We are excited to have Don at IEC. He and Jeff Schlarbaum who joined in May, our Vice President of Sales and Marketing, also formerly from Plexus, bring substantial industry experience and a wealth of knowledge to the Company. With their help we look forward to 2005 with guarded optimism. The actions taken this year have lowered our breakeven, yet our return to sustained profitability will only come from improved capacity utilization and continued diligence to improve our operational efficiency. We do anticipate that some of the new customers that have joined us this year will be growing next year, and the prospects for new customers is more promising than it has been this past year." 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 forth 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 2004 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 v08957_ex99-2.txt Exhibit 99.2 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET SEP 30, 2004 AND SEP 30, 2003 SEP 30, 2004 SEP 30, 2003 ----------- ----------- ASSETS CURRENT ASSETS Cash 0 793,341 Accounts Receivable 3,710,097 4,003,641 Inventories 1,882,482 1,633,119 Deferred Income Taxes 250,000 250,000 Other Current Assets 337,425 450,702 ----------- ----------- Total Current Assets 6,180,004 7,130,803 ----------- ----------- PROPERTY, PLANT & EQUIPMENT 2,235,765 3,173,090 PREPAID DEBT ACQUISITION 114,553 202,188 ----------- ----------- 8,530,322 10,506,081 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilites 1,905,018 1,277,387 Accounts Payable 2,253,487 2,740,599 Accrued Payroll and Related Taxes 548,444 794,078 Other Accrued Expenses 747,343 891,016 ----------- ----------- Total Current Liabilities 5,454,292 5,703,080 ----------- ----------- LONG TERM VENDOR PAYABLE 227,175 455,903 LONG TERM DEBT - TERM 233,374 933,329 ----------- ----------- LONG TERM DEBT - TOTAL 460,549 1,389,232 SHAREHOLDER'S EQUITY Common stock, par value $.01 per share Authorized - 50,000,000 shares Outstanding - 8,214,885 shares 70,695 68,760 Additional Paid-in Capital 38,506,361 38,478,608 Retained Earnings (35,870,144) (35,042,169) Cumulative Translation Adj (91,430) (91,430) ----------- ----------- Total Shareholders' Equity 2,615,482 3,413,769 ----------- ----------- 8,530,322 10,506,081 =========== ===========
IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME FOR QUARTERS SEP 30, 2004 AND SEP 30, 2003 ACTUAL PRIOR ACTUAL PRIOR QUARTER QUARTER YTD YTD SEP 30, 2004 SEP 30, 2003 SEP 30, 2004 SEP 30, 2003 ----------- ----------- ----------- ----------- Sales 7,716,614 9,101,019 27,701,127 48,200,501 Cost of Sales 6,839,404 8,214,373 25,724,118 43,271,088 ----------- ----------- ----------- ----------- Gross Profit 877,210 886,646 1,977,009 4,929,413 Less: Operating Expenses Selling, G & A 612,582 477,774 2,408,816 2,918,842 Restructuring 97,407 0 336,695 (63,300) ----------- ----------- ----------- ----------- Total Operating Expenses 709,989 477,774 2,745,511 2,855,542 ----------- ----------- ----------- ----------- Operating Profit 167,221 408,872 (768,502) 2,073,869 Interest and Financing Expense (110,742) (105,466) (385,549) (641,610) Forgiveness of Accounts Payable 0 0 9,644 578,335 Profit (Loss) on Sale of Assets, Misc 5,217 12,000 316,431 142,500 ----------- ----------- ----------- ----------- Net Income before Income Taxes 61,696 315,406 (827,976) 2,153,094 Provision for Income Tax 0 (260,000) 0 (260,000) ----------- ----------- ----------- ----------- Income from Discontinued Operations 0 0 0 184,029 ----------- ----------- ----------- ----------- Net Income 61,696 575,406 (827,976) 2,597,127 =========== =========== =========== ===========
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