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