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) =========== =========== =========== ===========