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) =========== =========== =========== ===========