-----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, KXhGhzn3MqY4fw96VN2dTZQA87sFrL+6xxOUbvfexuP4wWowF8dctt1KnZ6HfAVF qudk3iFeA+iQ5CLfkR+3jA== 0001144204-05-002016.txt : 20050124 0001144204-05-002016.hdr.sgml : 20050124 20050124132313 ACCESSION NUMBER: 0001144204-05-002016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050124 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050124 DATE AS OF CHANGE: 20050124 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: 05543841 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 v11577_8k.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) - January 24, 2005 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 January 24, 2005, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter ended December 31, 2004. A copy of the press release is furnished as Exhibit 99.1 to this report. On January 24, 2005, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter ended December 31, 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 January 24, 2005. 99.2 Supplemental financial data posted on the website of IEC electronics Corp. (www.iec-electronics.com) on January 24, 2005. 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: January 24, 2005 By:/s/ W. Barry Gilbert ---------------------- W. Barry Gilbert Chairman, Chief Executive Officer Page 2 of 2 EX-99.1 2 v11577_ex99-1.txt Exhibit 99.1 [IEC LOGO] 105 Norton Street o PO Box 271 o Newark, NY 14513 o Ph: (315) 331-7742 Fax: (315) 331-3547 o www.iec-electronics.com IEC ANNOUNCES FIRST QUARTER PROFIT FOR FISCAL 2005 Newark, NY - January 24, 2005 - IEC Electronics Corp. (IECE.OB) announced today its results for the first quarter of fiscal 2005, ending December 31, 2004. IEC reported net income of $82,000 or $0.01 per share on revenue of $6.2 million for the quarter. This compares to a net income of $132,000 or $0.02 per share on revenue of $6.5 million for the same quarter a year ago. W. Barry Gilbert, Chairman of the Board and CEO, stated, "Although our profit was modest, we have made substantial progress in rebuilding the Company. Last year we were trying to deal with the loss of Motorola. We needed to reduce our costs and refocus our sales activities, and will continue to do so as required. Some of the programs we have put into place are starting to take hold. We embarked upon a lean-manufacturing program late last year, and we should see the benefits from that as the year moves on. We expect that our gross margin will improve over the balance of the year as our revenue increases." Gilbert further added, "The loss of a major customer takes time to replace and we have started to do just that with a focused marketing thrust. We have strengthened our balance sheet and our lending relationships. Last week we announced the refinancing of our long-term debt with Keltic Financial Corp. We consolidated the debt held by Sun Trust and were able to reduce our borrowing rate of interest. During the quarter we completed revamping our senior management team. Donald Doody, formerly of Plexus Corporation, joined us as Vice President of Operations. We continue to move forward and are cautiously optimistic about what we see on the horizon. " 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 first quarter 2005 results can be found on its web site at www.iec-electronics.com/1st-quarter05release. 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, the ability of the Company to assimilate acquired businesses and to achieve the anticipated benefits of such acquisitions, 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 v11577_ex99-2.txt Exhibit 99.2 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET DEC 31, 2004 AND SEP 30, 2004 DEC 31, 2004 SEP 30, 2004 ----------- ----------- ASSETS CURRENT ASSETS Cash 8,184 0 Accounts Receivable 3,639,417 3,710,097 Inventories 1,515,217 1,882,482 Deferred Income Taxes 250,000 250,000 Other Current Assets 274,873 337,425 ----------- ----------- Total Current Assets 5,687,691 6,180,004 ----------- ----------- PROPERTY, PLANT & EQUIPMENT 1,971,493 2,235,765 PREPAID DEBT ACQUISITION 97,599 114,553 ----------- ----------- 7,756,783 8,530,322 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilites 1,358,700 1,905,018 Accounts Payable 2,221,304 2,253,487 Accrued Payroll and Related Taxes 520,340 548,444 Other Accrued Expenses 746,248 747,343 ----------- ----------- Total Current Liabilities 4,846,592 5,454,292 ----------- ----------- LONG TERM VENDOR PAYABLE 143,427 227,175 LONG TERM DEBT - TERM 58,375 233,374 ----------- ----------- LONG TERM DEBT - TOTAL 201,802 460,549 SHAREHOLDER'S EQUITY Common stock, par value $.01 per share Authorized - 50,000,000 shares Outstanding - 8,246,525 shares 71,020 70,695 Additional Paid-in Capital 38,516,507 38,506,361 Retained Earnings (35,787,708) (35,870,144) Cumulative Translation Adj (91,430) (91,430) ----------- ----------- Total Shareholders' Equity 2,708,389 2,615,482 ----------- ----------- 7,756,783 8,530,322 =========== =========== IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME FOR QUARTERS DEC 31, 2004 AND DEC 26, 2003 ACTUAL PRIOR QUARTER QUARTER DEC 31, 2004 DEC 26, 2003 ------------ ------------ Sales 6,223,363 6,518,657 Cost of Sales 5,433,597 5,948,349 ---------- ---------- Gross Profit 789,766 570,308 Less: Operating Expenses Selling, G & A 628,939 579,132 Restructuring 53,292 0 ---------- ---------- Total Operating Expenses 682,231 477,774 ---------- ---------- Operating Profit 107,535 (8,826) Interest and Financing Expense (97,400) (90,339) Forgiveness of Accounts Payable 0 0 Profit (Loss) on Sale of Assets, Misc 72,300 231,228 ---------- ---------- Net Income before Income Taxes 82,435 132,063 Provision for Income Tax 0 0 ---------- ---------- Income from Discontinued Operations 0 0 ---------- ---------- Net Income 82,435 132,063 ========== ========== -----END PRIVACY-ENHANCED MESSAGE-----