-----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, VIXtYHL9sKNeoClBTVN+q+rRCrHExl2xgWtPogFGzyD7yIhL12krFsdn9ZCpkFj6 ybnnwGrXBRanIghKTJEaEw== 0001144204-05-013046.txt : 20050428 0001144204-05-013046.hdr.sgml : 20050428 20050428084710 ACCESSION NUMBER: 0001144204-05-013046 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050428 DATE AS OF CHANGE: 20050428 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: 05778293 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 v017087_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) - April 27, 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 April 27, 2005, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter ended April 1, 2005. A copy of the press release is furnished as Exhibit 99.1 to this report. On April 27, 2005, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter ended April 1, 2005. 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 April 27, 2005. 99.2 Supplemental financial data posted on the website of IEC electronics Corp. (www.iec-electronics.com) on April 27, 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: April 27, 2005 By: /s/ W. Barry Gilbert ---------------------- W. Barry Gilbert Chairman, Chief Executive Officer Page 2 of 2 EX-99.1 2 v017087_ex99-1.txt [IEC Electronics Corp. Logo] 105 Norton Street o PO Box 271 o Newark, NY 14513 o Ph: (315) 331-7742 o Fax: (315) 331-3547 o www.iec-electronics.com Exhibit 99.1 IEC Announces Second Quarter Profit for Fiscal 2005 Newark, NY - April 27, 2005 - IEC Electronics Corp. (IECE.OB) announced today its results for the second quarter of fiscal 2005, ending April 1, 2005. IEC reported net income of $73,000 or $0.01 per share on revenue of $4.7 million for the quarter. This compares to a net income of $124,000 or $0.01 per share on revenue of $7.3 million for the same quarter a year ago. IEC's net income for the first six months of the fiscal year 2005 was $155,000 or $.02 per share on revenue of $10.9 million as compared to net income of $256,000 or $.03 per share on revenue of $13.8 million for the same period in 2004. W. Barry Gilbert, Chairman of the Board and CEO, stated, "Our new prospect portfolio is the strongest it has been in the last three years and our manufacturing representatives are presenting us with excellent opportunities. We are pleased to have added two new accounts. The business has been restructured delivering solid gross profits and excellent inventory turns even though our sales reflect the previously reported loss of Motorola and Teradyne, which historically were a majority of the Company's business. We have removed over $1.5 million annually from our cost structure in the past six months and are also pleased with what we believe to be solid results of our refocused sales force activities. The two new accounts provide IEC with a lot of opportunity. Their contribution will be modest over the balance of the year, but who together are eventually expected to produce between $6 and $10 million, annually in sales. On a negative note we did have a customer announce that they will be leaving us in July due to a decrease in demand for their product and the decision to bring their work back in-house. Rebuilding takes time, initially with refinancing the Company and bringing the balance sheet into line, and now with the sales force and operational fundamentals of the business. The lean manufacturing program I mentioned last quarter is producing some of the tangible benefits as demonstrated through reduced costs, improving our on time delivery to the level of virtually 100% as measured by our customers, reduced cycle time and industry leading inventory turns. We have basically rebuilt our entire Company and diversified our customer base. I believe that, gradually, we are creating value for the shareholders and opportunity for our employees." 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/2nd-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 v017087_ex99-2.txt Exhibit 99.2 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET APR 1, 2005 AND SEP 30, 2004 APR 1, 2005 SEP 30, 2004 ASSETS CURRENT ASSETS Cash 570,890 0 Accounts Receivable 2,143,706 3,710,097 Inventories 1,058,755 1,882,482 Deferred Income Taxes 250,000 250,000 Other Current Assets 285,481 337,425 ----------- ----------- Total Current Assets 4,308,832 6,180,004 ----------- ----------- PROPERTY, PLANT & EQUIPMENT 1,757,790 2,235,765 PREPAID DEBT ACQUISITION 114,078 114,553 ----------- ----------- 6,180,700 8,530,322 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilites 322,420 1,905,018 Accounts Payable 1,234,833 2,253,486 Accrued Payroll and Related Taxes 430,144 548,444 Other Accrued Expenses 618,967 747,343 ----------- ----------- Total Current Liabilities 2,606,364 5,454,291 ----------- ----------- LONG TERM VENDOR PAYABLE 104,517 227,175 LONG TERM DEBT - TERM 683,004 233,374 ----------- ----------- LONG TERM DEBT - TOTAL 787,521 460,549 SHAREHOLDER'S EQUITY Common stock, par value $.01 per share Authorized - 50,000,000 shares Outstanding - 8,258,715 shares 71,129 70,695 Additional Paid-in Capital 38,521,641 38,506,361 Retained Earnings (35,714,525) (35,870,144) Cumulative Translation Adj (91,430) (91,430) ----------- ----------- Total Shareholders' Equity 2,786,815 2,615,482 ----------- ----------- 6,180,700 8,530,322 =========== =========== IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME FOR QUARTERS APR 1, 2005 AND MAR 26, 2004
ACTUAL PRIOR ACTUAL PRIOR QUARTER QUARTER YTD YTD APR 1, 2005 MAR 26, 2004 APR 1, 2005 MAR 26, 2004 Sales 4,682,155 7,297,620 10,905,519 13,816,277 Cost of Sales 4,019,121 6,564,660 9,492,717 12,513,010 --------- --------- ---------- ---------- Gross Profit 663,034 732,960 1,412,802 1,303,267 Less: Operating Expenses Selling & G&A 587,201 592,528 1,216,140 1,171,662 Restructuring 41,442 0 54,735 0 --------- --------- ---------- ---------- Total Operating Expenses 628,643 592,528 1,270,875 1,171,662 --------- --------- ---------- ---------- Operating Profit 34,391 140,432 141,927 131,605 Interest and Financing Expense (102,303) (94,741) (199,701) (185,080) Profit (Loss) on Sale of Assets 113,866 76,935 185,166 292,162 Other Income (Expense) (1,000) 1,000 0 17,000 --------- --------- ---------- ---------- Net Income before Income Taxes 44,954 123,626 127,392 255,687 Provision for Income Tax 0 0 0 0 --------- --------- ---------- ---------- Income from Discontinued Operations 28,227 0 28,227 0 --------- --------- ---------- ---------- Net Income 73,181 123,626 155,619 255,687 ========= ========= ========== ==========
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