-----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, V8yIJ3jv6P/G5TuMjx/ogjW6Qii0vFi+49m5PgAwwoBau4+C9JKhVZA+fu34RgTH OkPvMLu4GAw1LS6NDQOuAQ== 0001144204-06-016119.txt : 20060420 0001144204-06-016119.hdr.sgml : 20060420 20060420125552 ACCESSION NUMBER: 0001144204-06-016119 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060420 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060420 DATE AS OF CHANGE: 20060420 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: 06769303 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 v040999_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) - April 20, 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 April 20, 2006, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter and year ended March 31, 2006. A copy of the press release is furnished as Exhibit 99.1 to this report. On April 20, 2006, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter and year ended March 31, 2006. 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 April 20, 2006. 99.2 Supplemental financial data posted on the website of IEC electronics Corp. (www.iec-electronics.com) on April 20, 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: April 20, 2006 By:/s/ W. Barry Gilbert ---------------------- W. Barry Gilbert Chairman, Chief Executive Officer Page 2 of 2 EX-99.1 2 v040999_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 Announces Second Quarter Results For Fiscal 2006 Results Include Substantial Revenue Increase Newark, NY - April 20, 2006 - IEC Electronics Corp. (IECE.OB) announced today its results for the second quarter of fiscal 2006, ending March 31, 2006. Second quarter sales increased by more than 50% from the previous quarter and were 19% ahead of the same quarter in fiscal 2005. The Company sustained a net loss of $(168,000) or $(0.02) per share on revenue of $5.6 million for the quarter. This compares to a net income of $73,000 or $0.01 per share on revenue of $4.7 million for the same quarter a year ago. IEC's net loss for the first six months of fiscal 2006 was $(216,000) or $(0.03) per share on revenue of $9.2 million. This compares to a net income for the first six months of fiscal 2005 of $156,000 or $0.02 per share on revenue of $10.9 million. W. Barry Gilbert, Chairman of the Board and CEO, stated, "Our sales growth continues to gain momentum, and we expect further growth during the balance of this fiscal year. We added three new customers this quarter to the three we added last quarter, all with excellent brand recognition in their respective industries. The loss was attributable to start-up costs in connection with these new accounts and maintaining a higher operational structure to support long-term growth. We expect that with further sales growth and as our new customers move beyond the start-up phase, profitability will follow. The Company continues to move in the right direction and we are confident that we are creating future value for our shareholders and opportunity for our employees. We are excited about our prospects." 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 second quarter 2006 results can be found on its web site at www.iec-electronics.com/3rd-quarter06release 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 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 v040999_ex99-2.txt Exhibit 99.2 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET MAR 31, 2006 AND SEP 30, 2005 Mar 31, 2006 SEP 30, 2005 ASSETS CURRENT ASSETS Cash 0 460,586 Accounts Receivable 4,439,063 2,343,994 Inventories 2,275,867 629,808 Deferred Income Taxes 250,000 250,000 Other Current Assets 216,831 279,732 ------------ ------------ Total Current Assets 7,181,761 3,964,120 ------------ ------------ PROPERTY, PLANT & EQUIPMENT 1,348,928 1,506,779 PREPAID DEBT ACQUISITION 36,328 66,893 ------------ ------------ 8,566,017 5,537,792 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilities 2,820,825 345,149 Accounts Payable 2,098,545 917,608 Accrued Payroll and Related Taxes 198,846 263,744 Other Accrued Expenses 332,176 399,336 ------------ ------------ Total Current Liabilities 5,450,392 1,925,837 ------------ ------------ LONG TERM VENDOR PAYABLE 23,533 57,118 LONG TERM DEBT - TERM 460,000 535,000 ------------ ------------ LONG TERM DEBT - TOTAL 483,533 592,118 SHAREHOLDER'S EQUITY Common stock, par value $.01 per share Authorized - 50,000,000 shares Outstanding - 8,301,710 shares (139,978) 71,484 Additional Paid-in Capital 38,573,163 38,533,112 Retained Earnings (35,801,093) (35,584,759) ------------ ------------ Total Shareholders' Equity 2,632,092 3,019,837 ------------ ------------ 8,566,017 5,537,792 ============ ============
IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME FOR QUARTER END & YTD MAR 31, 2006 AND APR 1, 2005 ACTUAL PRIOR ACTUAL PRIOR QUARTER QUARTER YTD YTD MAR 31, 2006 APR 1, 2005 MAR 30, 2006 APR 1, 2005 Sales 5,579,816 4,682,155 9,186,866 10,905,519 Cost of Sales 5,148,696 4,019,121 8,237,202 9,492,717 ------------ ------------ ------------ ------------ Gross Profit 431,120 663,034 949,664 1,412,802 Less: Operating Expenses Selling & G&A 515,806 587,201 998,245 1,216,141 Restructuring 0 41,442 0 54,735 ------------ ------------ ------------ ------------ Total Operating Expenses 515,806 628,643 998,245 1,270,876 ------------ ------------ ------------ ------------ Operating Profit (84,686) 34,391 (48,581) 141,926 Interest and Financing Expense (86,602) (102,303) (170,653) (199,702) Profit (Loss) on Sale of Assets 2,910 112,866 2,910 185,166 Other Income (Expense) 0 28,227 0 28,227 ------------ ------------ ------------ ------------ Net Income before Income Taxes (168,378) 73,181 (216,324) 155,617 Provision for Income Tax 0 0 0 0 ------------ ------------ ------------ ------------ Income from Discontinued Operations 0 0 0 0 ------------ ------------ ------------ ------------ Net Income (168,378) 73,181 (216,324) 155,617 ============ ============ ============ ============
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