-----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, OEaqq2FTEIL8ED22lmQ+eS7RwQTS733aTrX2oUP6EIJQw+dX1xqXEVrCpwgj1w8D mmsKWKramyfq6/HJzkbCXQ== 0001144204-07-019990.txt : 20070423 0001144204-07-019990.hdr.sgml : 20070423 20070423101412 ACCESSION NUMBER: 0001144204-07-019990 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070423 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070423 DATE AS OF CHANGE: 20070423 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: 07780661 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 v072287.txt UNITED STATES 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 23, 2007 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)(Zipcode) (315) 331-7742 (Registrant's Telephone Number, Including Area Code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Conditions On April 23, 2007, IEC Electronics Corp. issued a press release announcing its financial results for the fiscal quarter and year ended March 30, 2007. A copy of the press release is furnished as Exhibit 99.1 to this report. On April 23, 2007, IEC Electronics Corp. posted on its website certain supplemental financial data for the fiscal quarter and year ended March 30, 2007. 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 23, 2007. 99.2 Supplemental financial data posted on the website of IEC Electronics Corp (www.iec-electronics.com) on April 23, 2007. 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 23, 2007 By: /s/ W. Barry Gilbert --------------------- W. Barry Gilbert Chairman, Chief Executive Officer EX-99.1 2 v072287_ex99-1.txt Exhibit 99.1 IEC Announces Strong Second Quarter Results For Fiscal 2007 o Revenue increased 95% from Q2 2006 o Earnings increased approximately $770,000 over Q2 2006 o Year to date sales more than doubled in comparison to the same period for fiscal 2006 Newark, NY - April 23, 2007 - IEC Electronics Corp. (IECE.OB) announced its results for the second quarter of fiscal 2007, ending March 30, 2007. The Company reported revenue of $10.9 million for the quarter and net profit of $603,000 or $0.07 per share. This compares to revenue of $5.6 million and net loss of ($168,000) or ($0.02) per share for the quarter ended March 31, 2006. The quarter's results were favorably impacted by the $289,000 bad debt recovery announced on March 27th. Our proforma earnings without the recovery would have been $314,000 or $0.04 per share. IEC had revenue of $20.1 million for the first six months of fiscal 2007 and a net profit of $27,000 or $0.00 per share. This compares to revenue of $9.2 million and net loss for the first six months of fiscal 2006 of ($216,000) or ($0.03) per share. W. Barry Gilbert, Chairman of the Board and CEO, stated, "IEC continues to add new accounts and increase volume with existing customers. We are pleased to have had a very profitable quarter. Our sales are more than 95 % ahead of last year for Q2 and more than double the sales for the first six months of the prior year. The additional sales are just beginning to translate into additional profits; however we are still incurring training costs associated with all of the new employees hired over the last six months and expects the training to continue for the balance of the current fiscal year. We expect our sales to continue at this level for the balance of the year and to gain momentum as the Company enters fiscal 2008. Both new and existing customers are increasing their commitment with us. We believe that our sales are likely to exceed $40 million for fiscal 2007. As we have said previously the Company is moving in the right direction and we are confident that we are creating future value for our shareholders and opportunity for our employees." As a full service EMS provider, IEC is ISO-9001:2000 registered, and a NSA approved supplier under the COMSEC standard. 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 2007 results can be found on its web site at www.iec-electronics.com/2nd-quarter07release 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 2006 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 v072287_ex99-2.txt Exhibit 99.2 IEC ELECTRONICS CORP CONSOLIDATED BALANCE SHEET MAR 30, 2007 AND SEP 30, 2006 Mar 30, 2007 SEP 30, 2006 ASSETS CURRENT ASSETS Cash 0 0 Accounts Receivable 5,244,725 4.940.755 Inventories 3,674,338 5,114.077 Deferred Income Taxes 250,000 250,000 Other Current Assets 71,692 124,271 ----------- ----------- Total Current Assets 9,240,755 10,429,103 ----------- ----------- PROPERTY, PLANT & EQUIPMENT 1,501,162 1,259,729 PREPAID DEBT ACQUISITION 22,450 28,889 ----------- ----------- 10,764,367 11,717,721 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long Term Liabilities 2,338,053 3,764,993 Accounts Payable 3,827,628 3,852,585 Accrued Payroll and Related Taxes 409,317 265,450 Other Accrued Expenses 411,086 344,125 ----------- ----------- Total Current Liabilities 6,986,084 8,227,153 ----------- ----------- LONG TERM VENDOR PAYABLE 8,666 13,865 LONG TERM DEBT - TERM 572,500 385,000 ----------- ----------- LONG TERM DEBT - TOTAL 581,166 398,865 SHAREHOLDER'S EQUITY Authorized - 50,000,000 shares Outstanding - 8,449,986 shares Common stock, par value $.01 per share 84,500 84,031 Treasury Stock (223,253) (223,253) Additional Paid-in Capital 38,679,307 38,601,010 Retained Earnings (35,343,437) (35,370,085) ----------- ----------- Total Shareholders' Equity 3,197,117 3,091,703 ----------- ----------- 10,764,367 11,717,721 =========== ===========
IEC ELECTRONICS CORP CONSOLIDATED STATEMENT OF INCOME FOR QUARTER END & YTD MAR 30, 2007 AND MAR 31, 2006 ACTUAL PRIOR ACTUAL PRIOR QUARTER QUARTER YTD YTD MAR 30, 2007 MAR 31, 2006 MAR 30, 2007 MAR 31, 2006 Sales 10,898,834 5,579,816 20,144,622 9,186,866 Cost of Sales 9,369,616 5,148,708 18,407,144 8,237,213 ----------- ----------- ----------- ----------- Gross Profit 1,529,218 431,108 1,737,478 949,653 Less: Operating Expenses Selling & G&A 783,644 515,585 1,390,828 998,023 Restructuring 0 0 0 0 ----------- ----------- ----------- ----------- Total Operating Expenses 783,644 515,585 1,390,828 998,023 ----------- ----------- ----------- ----------- Operating Profit 745,574 (84,477) 346,650 (48,370) Interest and Financing Expense (134,229) (86,822) (258,579) (170,874) Profit (Loss) on Sale of Assets (33,440) 2,910 (33,440) 2,910 Other Income (Expense) 25,000 0 (24,983) ----------- ----------- ----------- ----------- Net Income before Income Taxes 602,905 (168,389) 29,648 (216,334) Provision for Income Tax 0 0 (3,000) 0 ----------- ----------- ----------- ----------- Income from Discontinued Operations 0 0 0 0 ----------- ----------- ----------- ----------- Net Income 602,905 (168,389) 26,648 (216,334) =========== =========== =========== ===========
-----END PRIVACY-ENHANCED MESSAGE-----