EX-99.2 3 v172579_ex99-2.htm
Exhibit 99.2

IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
DEC 25, 2009 AND SEP 30, 2009
(In Thousands)

   
DEC 25, 2009
   
SEP 30, 2009
 
ASSETS
           
             
CURRENT ASSETS
           
Cash
    0       0  
Accounts Receivable
    15,242       10,354  
Inventories
    11,188       6,491  
Deferred Income Taxes
    2,050       2,050  
Other Current Assets
    193       110  
Total Current Assets
    28,673       19,005  
                 
NET FIXED ASSETS
    11,118       2,391  
                 
NON-CURRENT ASSETS
               
Goodwill
    507       0  
Deferred Income Taxes
    12,620       13,026  
Other Non-Current Assets
    117       47  
TOTAL ASSETS
    53,035       34,469  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
                 
CURRENT LIABILITIES
               
Short Term Borrowings
    2,414       1,147  
Accounts Payable
    7,299       4,183  
Accrued Payroll and Related Taxes
    1,313       1,564  
Other Accrued Expenses
    1,219       531  
Other Current Liabilities
    413       190  
Total Current Liabilities
    12,658       7,615  
                 
LONG TERM DEBT
    19,301       6,600  
TOTAL LIABILITIES
    31,959       14,215  
                 
SHAREHOLDER'S EQUITY
               
Authorized - 50,000,000 shares
               
Issued – 9,833,930, Outstanding – 8,821,057
               
Common stock, par value $.01 per share
    98       97  
Treasury Shares at Cost - 1,012,873 shares
    (1,413 )     (1,413 )
Additional Paid-in Capital
    40,699       40,632  
Retained Earnings
    (18,308 )     (19,062 )
TOTAL SHAREHOLDER’S EQUITY
    21,076       20,254  
                 
TOTAL LIABILITIES & EQUITY
    53,035       34,469  

 
 

 

IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD DEC 25, 2009 AND DEC 26, 2008
(In Thousands)

   
ACTUAL
   
PRIOR
   
ACTUAL
   
PRIOR
 
   
QUARTER
   
QUARTER
   
YTD
   
YTD
 
   
DEC 25, 2009
   
DEC 26, 2008
   
DEC 25, 2009
   
DEC 26, 2008
 
                         
Sales
    18,060       15,857       18,060       15,857  
Cost of Sales
    15,247       13,623       15,247       13,623  
Gross Profit
    2,813       2,234       2,813       2,234  
                                 
Less: Operating Expenses
                               
Selling & G&A
    1,500       1,287       1,500       1,287  
Restructuring
    0       0       0       0  
Total Operating Expenses
    1,500       1,287       1,500       1,287  
                                 
Operating Profit
    1,313       947       1,313       947  
                                 
Interest and Financing Expense
    95       124       95       124  
Other Expense/(Income)
    59       0       59       0  
Net Income before Income Taxes
    1,159       823       1,159       823  
                                 
Provision for /(benefit from)Income Tax
    406       291       406       291  
                                 
Net Income
    753       532       753       532