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 ============ ============ ============ ============