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