-----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, MLNGq02otASZcs/GEWH/87NnuUOUOrRsYgMNWdlxSmAnpvleIPfIwq6QAlyaKRPn ly3gDTIVAdgfu/b5tEPHPA== 0001144204-05-022770.txt : 20050727 0001144204-05-022770.hdr.sgml : 20050727 20050727162142 ACCESSION NUMBER: 0001144204-05-022770 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050727 DATE AS OF CHANGE: 20050727 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: 05977548 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 v022504_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) - July 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 July 27, 2005, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter ended July 1, 2005. A copy of the press release is furnished as Exhibit 99.1 to this report. On July 27, 2005, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter ended July 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 July 27, 2005. 99.2 Supplemental financial data posted on the website of IEC Electronics Corp. (www.iec-electronics.com) on July 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: July 27, 2005 By: /s/ W. Barry Gilbert ---------------------- W. Barry Gilbert Chairman, Chief Executive Officer Page 2 of 2 EX-99.1 2 v022504_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's Announces Third Quarter Profit and Earnings Improvement from the Prior Year Newark, NY - July 27, 2005 - IEC Electronics Corp. (IECE.OB) announced today its results for the third quarter of fiscal 2005, ending July 1, 2005. IEC reported a net income of $78,000 or $0.01 per share on revenue of $4.0 million for the quarter. This compares to a net loss of $1,146,000 or ($0.14) per share on revenue of $6.2 million for the same quarter a year ago. IEC's net income for the first nine months of fiscal 2005 was $ 234,000 or $0.03 per share on revenue of $14.9 million. This compares to a loss for the first nine months of fiscal 2004 of $890,000 or ($0.11) per share on revenue of $20.0 million. W. Barry Gilbert, Chairman of the Board and CEO, stated, "Rebuilding our sales base and developing a steady stream of top line growth is our top priority. Our new prospect portfolio continues to stay strong and our manufacturing representatives continue to present us with excellent opportunities. Operationally we continue to gain strength. We have ample working capital, an unused credit facility to support our new customer activities and we are virtually debt free with long-term debt of less than $800,000. Three years ago our debt was well over $20 million. As mentioned last quarter, some of the nimble manufacturing processes and focused factory efforts have improved our gross margin and yielded virtually 100% customer on time delivery and reduced cycle times that rival any in the industry. Our turnaround has been a lengthy process which we believe will create value for the shareholders and opportunity for our employees alike." 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 third quarter 2005 results can be found on its web site at www.iec-electronics.com/3rd-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 v022504_ex99-2.txt Exhibit 99.2 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET JULY 1, 2005 AND SEP 30, 2004 JULY 1, 2005 SEP 30, 2004 ASSETS CURRENT ASSETS Cash 459,202 0 Accounts Receivable 2,172,560 3,710,097 Inventories 1,064,082 1,882,482 Deferred Income Taxes 250,000 250,000 Other Current Assets 268,750 337,425 ----------- ----------- Total Current Assets 4,214,594 6,180,004 ----------- ----------- PROPERTY, PLANT & EQUIPMENT 1,628,774 2,235,765 PREPAID DEBT ACQUISITION 90,165 114,553 ----------- ----------- 5,933,533 8,530,322 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilites 307,649 1,905,018 Accounts Payable 1,161,728 2,253,486 Accrued Payroll and Related Taxes 382,918 548,444 Other Accrued Expenses 494,547 747,343 ----------- ----------- Total Current Liabilities 2,346,842 5,454,291 ----------- ----------- LONG TERM VENDOR PAYABLE 78,905 227,175 LONG TERM DEBT - TERM 637,500 233,374 ----------- ----------- LONG TERM DEBT - TOTAL 716,405 460,549 SHAREHOLDER'S EQUITY Common stock, par value $.01 per share Authorized - 50,000,000 shares Outstanding - 8,258,715 shares 71,247 70,695 Additional Paid-in Capital 38,526,733 38,506,361 Retained Earnings (35,636,264) (35,870,144) Cumulative Translation Adj (91,430) (91,430) ----------- ----------- Total Shareholders' Equity 2,870,286 2,615,482 ----------- ----------- 5,933,533 8,530,322 =========== =========== IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME FOR QUARTERS JULY 1, 2005 AND JUNE 25, 2004
ACTUAL PRIOR ACTUAL PRIOR QUARTER QUARTER YTD YTD JULY 1, 2005 JUNE 25, 2004 JULY 1, 2005 JUNE 25, 2004 Sales 4,040,346 6,168,236 14,945,865 19,984,513 Cost of Sales 3,336,106 6,362,061 12,828,823 18,875,714 ----------- ----------- ----------- ----------- Gross Profit 704,240 (193,825) 2,117,042 1,108,799 Less: Operating Expenses Selling & G&A 492,633 704,573 1,708,774 1,876,233 Restructuring 64,920 159,288 119,654 159,288 ----------- ----------- ----------- ----------- Total Operating Expenses 557,553 863,861 1,828,428 2,035,522 ----------- ----------- ----------- ----------- Operating Profit 146,687 (1,057,686) 288,614 (926,723) Interest and Financing Expense (78,752) (89,726) (278,454) (274,806) Profit (Loss) on Sale of Assets 9,998 0 195,165 293,384 Other Income (Expense) 328 2,052 328 18,474 ----------- ----------- ----------- ----------- Net Income before Income Taxes 78,261 (1,145,361) 205,653 (889,671) Provision for Income Tax 0 0 0 0 ----------- ----------- ----------- ----------- Income from Discontinued Operations 0 0 28,227 0 ----------- ----------- ----------- ----------- Net Income 78,261 (1,145,361) 233,880 (889,671) =========== =========== =========== ===========
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