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