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