EX-99.2 3 v146968_ex99-2.htm
Exhibit 99.2

IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
MAR 27, 2009 AND SEP 30, 2008
(In Thousands)

   
MAR 27, 2009
   
SEP 30, 2008
 
ASSETS
           
             
CURRENT ASSETS
           
Cash
    0       0  
Accounts Receivable
    9,771       10,345  
Inventories
    7,364       6,230  
Deferred Income Taxes
    1,908       1,908  
Other Current Assets
    162       61  
Total Current Assets
    19,205       18,544  
                 
NET FIXED ASSETS
    1,122       853  
                 
NON-CURRENT ASSETS
               
Deferred Income Taxes
    14,042       14,727  
Other Non-Current Assets
    54       60  
TOTAL ASSETS
    34,423       34,184  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
                 
CURRENT LIABILITIES
               
Short Term Borrowings
    1,072       1,098  
Accounts Payable
    6,163       6,125  
Accrued Payroll and Related Taxes
    611       808  
Other Accrued Expenses
    483       603  
Other Current Liabilities
    708       664  
Total Current Liabilities
    9,037       9,298  
                 
LONG TERM DEBT
    7,148       8,910  
TOTAL LIABILITIES
    16,185       18,208  
                 
SHAREHOLDER'S EQUITY
               
Authorized - 50,000,000 shares
               
Issued – 9,514,049, Outstanding – 8,501,176
               
Common stock, par value $.01 per share
    95       93  
Treasury Shares at Cost - 1,012,873 shares
    (1,413 )     (223 )
Additional Paid-in Capital
    40,423       40,124  
Retained Earnings
    (20,867 )     (24,018 )
TOTAL SHAREHOLDER’S EQUITY
    18,238       15,976  
                 
TOTAL LIABILITIES & EQUITY
    34,423       34,184  

 
 

 
 
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD MAR 27, 2009 AND MAR 28, 2008
(In Thousands)

   
ACTUAL
   
PRIOR
   
ACTUAL
   
PRIOR
 
   
QUARTER
   
QUARTER
   
YTD
   
YTD
 
   
MAR 27, 2009
   
MAR 28, 2008
   
MAR 27, 2009
   
MAR 28, 2008
 
                         
Sales
    16,335       11,940       32,192       23,100  
Cost of Sales
    13,728       10,557       27,351       20,571  
Gross Profit
    2,607       1,383       4,841       2,529  
Less: Operating Expenses
                               
Selling & G&A
    1,464       998       2,751       1,752  
Restructuring
    0       0       0       0  
Total Operating Expenses
    1,464       998       2,751       1,752  
                                 
Operating Profit
    1,143       385       2,090       777  
                                 
Interest and Financing Expense
    91       84       215       176  
(Gain)/Loss on Disposal of Fixed Assets
    (5 )     (2 )     (5 )     (2 )
Other Expense/(Income)
    (61 )     0       (61 )     0  
Net Income before Income Taxes
    1,118       303       1,941       603  
                                 
Provision for /(benefit from)Income Tax
    (1,501 )     (370 )     (1,209 )     (490 )
                                 
Net Income
    2,619       673       3,150       1,093