-----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, HFrWJVDAMzeu2VaIhVwTPr7OLZco19lbyNk9QNGPKmgpehLHOG8IUuBp3H0rafmN MYfi9sRqnXxCwIU4bKuhPg== 0001144204-05-037579.txt : 20051123 0001144204-05-037579.hdr.sgml : 20051123 20051123141555 ACCESSION NUMBER: 0001144204-05-037579 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20051123 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051123 DATE AS OF CHANGE: 20051123 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: 051224354 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 v030433_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) - November 23, 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 November 23, 2005, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter and year ended September 30, 2005. A copy of the press release is furnished as Exhibit 99.1 to this report. On November 23, 2005, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter and year ended September 30, 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 November 23, 2005. 99.2 Supplemental financial data posted on the website of IEC electronics Corp. (www.iec-electronics.com) on November 23, 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: November 23, 2005 By: /s/ W. Barry Gilbert ---------------------- W. Barry Gilbert Chairman, Chief Executive Officer Page 2 of 2 EX-99.1 2 v030433_ex99-1.txt [IEC Electronics Corp. Logo] EXHIBIT 99.1 IEC Announces Fourth Quarter and Year End Results for Fiscal 2005 Newark, NY - November 23, 2005 - IEC Electronics Corp. (IECE.OB) announced today its results for the fourth quarter and fiscal year ending September 30, 2005. IEC reported net income of $52,000 or $0.01 per share on revenue of $4.1 million for the quarter. This compares to a net income of $62,000 or $0.01 per share on revenue of $7.7 million for the same quarter a year ago. IEC's net income for fiscal 2005 was $285,000 or $0.03 per share on revenue of $19.1 million. This compares to a net loss of ($828,000) or ($0.10) per share on revenue of $27.7 million, for fiscal year 2004. W. Barry Gilbert, Chairman of the Board and CEO, stated, "Our fourth quarter profits were modest; however, we are very pleased and encouraged with the progress we are making. We have reshaped this business for the future. We are adding new customers at the best rate in probably five years. The prospect list is large and growing. The previous account concentration and the risk associated with two accounts representing 90% of our revenue has been significantly reduced, and now, no one account represents more than 20% of our revenue. While new accounts take time to reach full production levels, we believe the Company's positive momentum will continue and have confidence that IEC will see higher sales for fiscal 2006. Gilbert continued, "We are pleased to report that the Company's long-term debt, including the current portion of long-term debt, at year end is below $1 million. We have aggressively paid down our debt in order to strengthen our financial position and improve our liquidity. The improved financial position has enabled us to support the growth of our existing customers and to pursue new ones. " 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 forth quarter 2004 results can be found on its web site at www.iec-electronics.com/news.php. 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, 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 v030433_ex99-2.txt EXHIBIT 99.2 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET SEPTEMBER 30, 2005 AND SEP 30, 2004 SEP 30, 2005 SEP 30, 2004 ----------- ----------- ASSETS CURRENT ASSETS Cash 460,586 0 Accounts Receivable 2,343,994 3,710,097 Inventories 629,808 1,882,482 Deferred Income Taxes 250,000 250,000 Other Current Assets 279,732 337,425 ----------- ----------- Total Current Assets 3,964,121 6,180,004 ----------- ----------- PROPERTY, PLANT & EQUIPMENT 1,506,779 2,235,765 PREPAID DEBT ACQUISITION 66,893 114,553 ----------- ----------- 5,537,793 8,530,322 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilites 345,149 1,905,018 Accounts Payable 917,608 2,253,486 Accrued Payroll and Related Taxes 263,744 548,444 Other Accrued Expenses 399,336 747,343 ----------- ----------- Total Current Liabilities 1,925,837 5,454,291 ----------- ----------- LONG TERM VENDOR PAYABLE 57,118 227,175 LONG TERM DEBT - TERM 535,000 233,374 ----------- ----------- LONG TERM DEBT - TOTAL 592,118 460,549 SHAREHOLDER'S EQUITY Common stock, par value $.01 per share Authorized - 50,000,000 shares Outstanding - 8,292,450 shares 71,484 70,695 Additional Paid-in Capital 38,533,112 38,506,361 Retained Earnings (35,584,758) (35,870,144) Accumulated translation adjustments -- (91,430) ----------- ----------- Total Shareholders' Equity 3,019,838 2,615,482 ----------- ----------- 5,537,793 8,530,322 =========== =========== IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME FOR QUARTERS SEPT 30, 2005 AND SEPT 30, 2004
ACTUAL PRIOR ACTUAL PRIOR QUARTER QUARTER YTD YTD SEPT 30, 2005 SEPT 30, 2004 SEPT 30, 2005 SEPT 30, 2004 ----------- ----------- ----------- ----------- Sales 4,120,068 7,716,614 19,065,934 27,701,127 Cost of Sales 3,606,267 6,839,404 16,435,090 25,714,474 ----------- ----------- ----------- ----------- Gross Profit 513,801 877,210 2,630,843 1,986,653 Less: Operating Expenses Selling & G&A 455,947 612,582 2,164,721 2,488,815 Restructuring 0 97,407 119,654 256,695 ----------- ----------- ----------- ----------- Total Operating Expenses 455,947 863,861 2,284,375 2,745,511 ----------- ----------- ----------- ----------- Operating Profit 57,854 167,221 346,468 (758,858) Interest and Financing Expense (84,457) (110,742) (362,911) (385,549) Profit (Loss) on Sale of Assets 75,000 5,000 270,165 298,384 Other Income (Expense) 3,109 217 3,437 18,047 ----------- ----------- ----------- ----------- Net Income before Income Taxes 51,506 61,696 257,159 (827,976) Provision for Income Tax 0 0 0 0 ----------- ----------- ----------- ----------- Income from Discontinued Operations 0 0 28,227 0 ----------- ----------- ----------- ----------- Net Income 51,506 61,696 285,386 (827,976) =========== =========== =========== ===========
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