EX-99.2 3 v064992_ex99-2.txt Exhibit 99.2 IEC ELECTRONICS CORP - CONSOLIDATED BALANCE SHEET DEC 29, 2006 AND SEP 30, 2006 Dec 29, 2006 SEP 30, 2006 ASSETS CURRENT ASSETS Cash 0 0 Accounts Receivable 5,528,355 4.940.755 Inventories 4,775,311 5,114.077 Deferred Income Taxes 250,000 250,000 Other Current Assets 31,863 124,271 ----------- ----------- Total Current Assets 10,585,529 10,429,103 ----------- ----------- PROPERTY, PLANT & EQUIPMENT 1,634,441 1,259,729 PREPAID DEBT ACQUISITION 25,670 28,889 ----------- ----------- 12,245,640 11,717,721 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilities 4,035,943 3,764,993 Accounts Payable 4,334,602 3,852,585 Accrued Payroll and Related Taxes 265,035 265,450 Other Accrued Expenses 403,848 344,125 ----------- ----------- Total Current Liabilities 9,039,428 8,227,153 ----------- ----------- LONG TERM VENDOR PAYABLE 11,266 13,865 LONG TERM DEBT - TERM 647,500 385,000 ----------- ----------- LONG TERM DEBT - TOTAL 658,766 398,865 SHAREHOLDER'S EQUITY Authorized - 50,000,000 shares Outstanding - 8,429,793 shares Common stock, par value $.01 per share 84,298 84,031 Treasury Stock (223,253) (223,253) Additional Paid-in Capital 38,632,744 38,601,010 Retained Earnings (35,946,343) (35,370,085) ----------- ----------- Total Shareholders' Equity 2,547,446 3,091,703 ----------- ----------- 12,245,640 11,717,721 =========== =========== IEC ELECTRONICS CORP - CONSOLIDATED STATEMENT OF INCOME FOR QUARTER END & YTD DEC 29, 2006 AND DEC 30, 2005
ACTUAL PRIOR ACTUAL PRIOR QUARTER QUARTER YTD YTD DEC 29, 2006 DEC 30, 2005 DEC 29, 2006 DEC 30, 2005 Sales 9,245,788 3,607,050 9,245,788 3,607,050 Cost of Sales 9,037,528 3,088,505 9,037,528 3,088,505 ---------- ---------- ---------- ---------- Gross Profit 208,260 518,545 208,260 518,545 Less: Operating Expenses Selling & G&A 607,184 482,440 607,184 482,440 Restructuring 0 0 0 0 ---------- ---------- ---------- ---------- Total Operating Expenses 607,184 482,440 607,184 482,440 ---------- ---------- ---------- ---------- Operating Profit (398,924) 36,105 (398,924) 36,105 Interest and Financing Expense (124,350) (84,051) (124,350) (84,051) Profit (Loss) on Sale of Assets 0 0 0 0 Other Income (Expense) (49,984) 0 (49,984) 0 ---------- ---------- ---------- ---------- Net Income before Income Taxes (573,258) (47,946) (573,258) (47,946) Provision for Income Tax 3,000 0 3,000 0 ---------- ---------- ---------- ---------- Income from Discontinued Operations 0 0 0 0 ---------- ---------- ---------- ---------- Net Income (576,258) (47,946) (576,258) (47,946) ========== ========== ========== ==========