EX-99.2 3 v155394_ex99-2.htm
 
Exhibit 99.2

IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
JUN 26, 2009 AND SEP 30, 2008
(In Thousands)

   
JUN 26, 2009
   
SEP 30, 2008
 
ASSETS
           
             
CURRENT ASSETS
           
Cash
    0       0  
Accounts Receivable
    9,976       10,345  
Inventories
    6,592       6,230  
Deferred Income Taxes
    1,908       1,908  
Other Current Assets
    116       61  
Total Current Assets
    18,592       18,544  
                 
NET FIXED ASSETS
    1,944       853  
                 
NON-CURRENT ASSETS
               
Deferred Income Taxes
    13,557       14,727  
Other Non-Current Assets
    50       60  
TOTAL ASSETS
    34,143       34,184  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
                 
CURRENT LIABILITIES
               
Short Term Borrowings
    1,197       1,098  
Accounts Payable
    4,214       6,125  
Accrued Payroll and Related Taxes
    970       808  
Other Accrued Expenses
    398       603  
Other Current Liabilities
    292       664  
Total Current Liabilities
    7,071       9,298  
                 
LONG TERM DEBT
    7,864       8,910  
TOTAL LIABILITIES
    14,935       18,208  
                 
SHAREHOLDER'S EQUITY
               
Authorized - 50,000,000 shares
               
Issued – 9,549,420, Outstanding – 8,536,547
               
Common stock, par value $.01 per share
    95       93  
Treasury Shares at Cost - 1,012,873 shares
    (1,413 )     (223 )
Additional Paid-in Capital
    40,490       40,124  
Retained Earnings
    (19,964 )     (24,018 )
TOTAL SHAREHOLDER’S EQUITY
    19,208       15,976  
                 
TOTAL LIABILITIES & EQUITY
    34,143       34,184  

 
 

 

IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD JUN 26, 2009 AND JUN 27, 2008
(In Thousands)

   
ACTUAL
   
PRIOR
   
ACTUAL
   
PRIOR
 
   
QUARTER
   
QUARTER
   
YTD
   
YTD
 
   
JUN 26, 2009
   
JUN 27, 2008
   
JUN 26, 2009
   
JUN 27, 2008
 
                         
Sales
    17,346       11,888       49,538       34,988  
Cost of Sales
    14,556       10,475       41,908       31,046  
Gross Profit
    2,790       1,413       7,630       3,942  
Less: Operating Expenses
                               
Selling & G&A
    1,463       828       4,214       2,580  
Restructuring
    0       0       0       0  
Total Operating Expenses
    1,463       828       4,214       2,580  
                                 
Operating Profit
    1,327       585       3,416       1,362  
                                 
Interest and Financing Expense
    90       106       304       281  
(Gain)/Loss on Disposal of Fixed Assets
    0       0       (5 )     (2 )
Other Expense/(Income)
    (151 )     302       (212 )     301  
Net Income before Income Taxes
    1,388       177       3,329       782  
                                 
Provision for /(benefit from)Income Tax
    485       (691 )     (724 )     (1,181 )
                                 
Net Income
    903       868       4,053       1,963