-----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, K4eUoOYtceVZqhCIrEki5s62KmRjvv6RrWCpE5hJQkbLNrOooA7FIHNuy35XkRwg dPULuD07OpoA30IUJcvUvQ== 0001144204-06-029733.txt : 20060726 0001144204-06-029733.hdr.sgml : 20060726 20060726125740 ACCESSION NUMBER: 0001144204-06-029733 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060726 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060726 DATE AS OF CHANGE: 20060726 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: 06981033 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 v048276_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) - July 26, 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 July 26, 2006, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter and year ended June 30, 2006. A copy of the press release is furnished as Exhibit 99.1 to this report. On July 26, 2006, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter and year ended June 30, 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 July 26, 2006. 99.2 Supplemental financial data posted on the website of IEC electronics Corp. (www.iec-electronics.com) on July 26, 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: July 26, 2006 By: /s/ W. Barry Gilbert --------------------- W. Barry Gilbert Chairman, Chief Executive Officer Page 2 of 2 EX-99.1 2 v048276_ex99-1.txt [LOGO] IEC electronics corp. 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 Third Quarter Results For Fiscal 2006 Newark, NY - July 26, 2006 - IEC Electronics Corp. (IECE.OB) announced its results for the third quarter of fiscal 2006, ending June 30, 2006. The Company reported revenue of $5.4 million for the quarter and net profit of $79,000 or $0.01 per share. This compares to revenue of $4.0 million and net income of $78,000 or $0.01 per share for the quarter ended July 1, 2005. For the first nine months of fiscal 2006, IEC's revenue was $14.6 million with a net loss of $(137,000) or $(0.02) per share. This compares to revenue of $14.9 million and net income for the first nine months of fiscal 2005 of $234,000 or $0.03 per share. W. Barry Gilbert, Chairman of the Board and CEO, stated, "We continue to add new accounts and grow volume of existing customers, and are pleased we had a profitable quarter. Our sales are more than 30 % ahead of last year at this time. However, the additional sales have not yet translated into a significant profit increase. We have been steadily and selectively increasing our employment base, adding back some key positions eliminated during more difficult times. These positions go to the heart of our business and are critical if we are to provide the level of services necessary to support our growth with our customers and to continue driving the business forward. Our sales and profitability will continue to gain momentum. Barring unforeseen challenges, we expect our sales to increase about 70% for the fourth quarter of this fiscal year over the quarter just reported. Although this level of sales growth cannot be maintained we anticipate favorable quarterly comparisons throughout 2007, and are excited about our prospects. Our new customers are ramping up their volumes with us as anticipated. These higher volumes testify to the confidence these new accounts are placing in IEC, and confirm our strategy of not sacrificing long-run growth for short-term profits. We are slowly rebuilding IEC into the premier company it once was. Each quarter for the last year the report to shareholders has closed with the sentence: `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.' That's what we continue to believe." 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 third 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 v048276_ex99-2.txt Exhibit 99.2 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET JUNE 30, 2006 AND SEP 30, 2005 June 30, 2006 SEP 30, 2005 ASSETS CURRENT ASSETS Cash 0 460,586 Accounts Receivable 3,113,471 2,343,994 Inventories 2,721,293 629,808 Deferred Income Taxes 250,000 250,000 Other Current Assets 123,834 279,732 ----------- ----------- Total Current Assets 6,208,698 3,964,120 ----------- ----------- PROPERTY, PLANT & EQUIPMENT 1,268,237 1,506,779 PREPAID DEBT ACQUISITION 32,108 66,893 ----------- ----------- 7,509,043 5,537,792 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilities 1,893,286 345,149 Accounts Payable 1,879,042 917,608 Accrued Payroll and Related Taxes 182,199 263,744 Other Accrued Expenses 375,270 399,336 ----------- ----------- Total Current Liabilities 4,329,797 1,925,837 ----------- ----------- LONG TERM VENDOR PAYABLE 16,465 57,118 LONG TERM DEBT - TERM 422,500 535,000 ----------- ----------- LONG TERM DEBT - TOTAL 438,965 592,118 SHAREHOLDER'S EQUITY Common stock, par value $.01 per share Authorized - 50,000,000 shares Outstanding - 8,397,209 shares (139,261) 71,484 Additional Paid-in Capital 38,601,530 38,533,112 Retained Earnings (35,721,988) (35,584,759) ----------- ----------- Total Shareholders' Equity 2,740,281 3,019,837 ----------- ----------- 7,509,043 5,537,792 =========== =========== IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME FOR QUARTER END & YTD JUNE 30, 2006 AND APR 1, 2005
ACTUAL PRIOR ACTUAL PRIOR QUARTER QUARTER YTD YTD JUN 30, 2006 JUL 1, 2005 JUN 30, 2006 JUL 1, 2005 Sales 5,378,752 4,040,346 14,565,618 14,945,865 Cost of Sales 4,623,240 3,336,106 12,860,441 12,828,823 ----------- ----------- ----------- ----------- Gross Profit 755,512 704,240 1,705,177 2,117,042 Less: Operating Expenses Selling & G&A 556,975 492,633 1,555,220 1,708,774 Restructuring 0 64,920 0 119,654 ----------- ----------- ----------- ----------- Total Operating Expenses 556,975 557,553 1,555,220 1,828,428 ----------- ----------- ----------- ----------- Operating Profit 198,537 146,687 149,957 288,614 Interest and Financing Expense (106,056) (78,752) (276,930) (278,454) Profit (Loss) on Sale of Assets (13,377) 9,998 (10,467) 195,165 Other Income (Expense) 0 328 221 28,555 ----------- ----------- ----------- ----------- Net Income before Income Taxes 79,104 78,261 (137,219) 233,880 Provision for Income Tax 0 0 0 0 ----------- ----------- ----------- ----------- Income from Discontinued Operations 0 0 0 0 ----------- ----------- ----------- ----------- Net Income 79,104 78,261 (137,219) 233,880 =========== =========== =========== ===========
-----END PRIVACY-ENHANCED MESSAGE-----