-----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, OAZ/Xye3CADeVwtQVsHIZx1ixJoprUkYrqRsHWq7jM9Ium1sgj8N09TFcdBjultt QkqCXlOHkptHw0fwlRnh0A== 0001144204-06-003208.txt : 20060130 0001144204-06-003208.hdr.sgml : 20060130 20060130155039 ACCESSION NUMBER: 0001144204-06-003208 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060130 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060130 DATE AS OF CHANGE: 20060130 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: 06561923 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 v034218_8-k.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) - January 30, 2006 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 January 30, 2006, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter and year ended December 30, 2005. A copy of the press release is furnished as Exhibit 99.1 to this report. On January 30, 2006, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter and year ended December 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 5.02 Corporate Governance and Management On January 27, 2006, the Company announced the appointment of Jerold L. Zimmerman to the Board of Directors Item 9.01 Financial Statements and Exhibits (c) Exhibits 99.1 Press Release issued by IEC Electronics Corp. dated January 27, 2006. 99.2 Supplemental financial data posted on the website of IEC electronics Corp. (www.iec-electronics.com) on January 30, 2006. 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: January 30, 2006 By:/s/ W. Barry Gilbert ---------------------- W. Barry Gilbert Chairman, Chief Executive Officer Page 2 of 2 EX-99.1 2 v034218_ex99-1.txt Exhibit 99-1 IEC Announces First Quarter Results for Fiscal 2006 Newark, NY - January 30, 2006 - IEC Electronics Corp. (IECE.OB) announced today its results for the first Quarter ending December 30, 2005. IEC reported a net loss of ($48,000) or ($0.00) per share on revenue of $3.6 million for the Quarter and year to date. This compares to a net income of $82,000 or $0.01 per share on revenue of $6.2 million for the same Quarter a year ago. W. Barry Gilbert, Chairman of the Board and CEO, stated, "We are disappointed with the financial results for this past Quarter. They were materially impacted by last minute changes and technical issues from two customers that delayed scheduled December month-end shipments which, had they been made, would have led to total revenues of $4.4 Million with a net profit versus the nominal loss we reported. "We are pleased that we continue to make significant progress in expanding our customer base and positioning the Company for the future. In the last 12 months we have added nine new companies to our customer list, increased our manufacturing efficiency and positioned IEC for a brighter future. During this past Quarter alone we added three new customers in our core areas of concentration: Military, Industrial, Homeland Security and Medical. We expect the current Quarter to be profitable with a sales increase greater than 50% above last Quarter." During the Quarter the Company spent $212,000 to buy back 412,300 shares at a price of approximately 51 cents a share in private transactions with two holders of large blocks who approached the Company. This reduces the Company's outstanding shares from approximately 8.2 million to 7.8 million shares. 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 first Quarter 2006 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 2005 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 v034218_ex99-2.txt Exhibit 99.2 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET DEC 30, 2005 AND SEP 30, 2005 DEC 30, 2005 SEP 30, 2005 ASSETS CURRENT ASSETS Cash 0 460,586 Accounts Receivable 2,475,879 2,343,994 Inventories 2,159,939 629,808 Deferred Income Taxes 250,000 250,000 Other Current Assets 190,184 279,732 ----------- ----------- Total Current Assets 5,076,002 3,964,120 ----------- ----------- PROPERTY, PLANT & EQUIPMENT 1,528,710 1,506,779 PREPAID DEBT ACQUISITION 43,623 66,893 ----------- ----------- 6,648,335 5,537,792 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilites 678,186 345,149 Accounts Payable 2,070,665 917,608 Accrued Payroll and Related Taxes 250,864 263,744 Other Accrued Expenses 341,117 399,336 ----------- ----------- Total Current Liabilities 3,340,832 1,925,837 ----------- ----------- LONG TERM VENDOR PAYABLE 35,331 57,118 LONG TERM DEBT - TERM 497,500 535,000 ----------- ----------- LONG TERM DEBT - TOTAL 532,831 592,118 SHAREHOLDER'S EQUITY Common stock, par value $.01 per share Authorized - 50,000,000 shares Outstanding - 8,301,710 shares (140,216) 71,484 Additional Paid-in Capital 38,547,592 38,533,112 Retained Earnings (35,632,704) (35,584,759) ----------- ----------- Total Shareholders' Equity 2,774,672 3,019,837 ----------- ----------- 6,648,335 5,537,792 =========== =========== IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME FOR QUARTERS DEC 30, 2005 AND DEC 31, 2004 ACTUAL PRIOR QUARTER QUARTER DEC 30, 2005 DEC 31, 2004 Sales 3,607,051 6,223,364 Cost of Sales 3,088,506 5,473,596 ---------- ---------- Gross Profit 518,545 749,768 Less: Operating Expenses Selling, G & A 472,866 628,941 Restructuring 0 13,292 ---------- ---------- Total Operating Expenses 472,866 642,233 ---------- ---------- Operating Profit 45,679 107,535 Interest and Financing Expense (84,051) (97,400) Stock Option Expense (9,573) 0 Profit (Loss) on Sale of Assets, Misc 0 72,300 ---------- ---------- Net Income before Income Taxes (47,945) 82,435 Provision for Income Tax 0 0 ---------- ---------- Income from Discontinued Operations 0 0 ---------- ---------- Net Income (47,945) 82,435 ========== ========== -----END PRIVACY-ENHANCED MESSAGE-----