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