EX-99.2 3 v190872_ex99-2.htm
Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
JUN 25, 2010 AND SEP 30, 2009
(In Thousands)

   
JUN 25, 2010
   
SEP 30, 2009
 
ASSETS
           
             
CURRENT ASSETS
           
Cash
    1,274       0  
Accounts Receivable
    16,070       10,354  
Inventories
    10,281       6,491  
Deferred Income Taxes
    2,050       2,050  
Other Current Assets
    273       110  
Total Current Assets
    29,948       19,005  
                 
NET FIXED ASSETS
    11,368       2,391  
                 
NON-CURRENT ASSETS
               
Intangible Asset
    340       0  
Deferred Income Taxes
    11,473       13,026  
Other Non-Current Assets
    104       47  
TOTAL ASSETS
    53,233       34,469  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
                 
CURRENT LIABILITIES
               
Short Term Borrowings
    2,494       1,147  
Accounts Payable
    6,495       4,183  
Accrued Payroll and Related Taxes
    1,926       1,564  
Other Accrued Expenses
    1,245       531  
Other Current Liabilities
    115       190  
Total Current Liabilities
    12,275       7,615  
                 
LONG TERM DEBT
    17,278       6,600  
TOTAL LIABILITIES
    29,553       14,215  
                 
SHAREHOLDER'S EQUITY
               
Authorized - 50,000,000 shares Issued – 10,103,759, Outstanding – 9,090,886
               
Common stock, par value $.01 per share
    101       97  
Treasury Shares at Cost - 1,012,873 shares
    (1,413 )     (1,413 )
Additional Paid-in Capital
    41,027       40,632  
Retained Earnings
    (16,035 )     (19,062 )
TOTAL SHAREHOLDER’S EQUITY
    23,680       20,254  
                 
TOTAL LIABILITIES & EQUITY
    53,233       34,469  
 
 
 

 
 
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD JUN 25, 2010 AND JUN 26, 2009
(In Thousands)

   
ACTUAL
   
PRIOR
   
ACTUAL
   
PRIOR
 
   
QUARTER
   
QUARTER
   
YTD
   
YTD
 
   
JUN 25, 2010
   
JUN 26, 2009
   
JUN 25, 2010
   
JUN 26, 2009
 
                         
Sales
    26,095       17,346       69,387       49,538  
Cost of Sales
    21,439       14,556       57,900       41,908  
Gross Profit
    4,656       2,790       11,487       7,630  
                                 
Less: Operating Expenses
                               
Selling & G&A
    2,388       1,463       5,922       4,214  
Restructuring
    0       0       0       0  
Total Operating Expenses
    2,388       1,463       5,922       4,214  
                                 
Operating Profit
    2,268       1,327       5,565       3,416  
                                 
Interest and Financing Expense
    238       90       594       304  
Other Expense/(Income)
    17       (151 )     205       (217 )
Net Income before Income Taxes
    2,013       1,388       4,766       3,329  
                                 
Provision for /(benefit from)Income Tax
    775       485       1,739       (724 )
                                 
Net Income
    1,238       903       3,027       4,053  
                                 
Basic Earnings Per Share
  $ 0.14     $ 0.11     $ 0.34     $ 0.46  
Diluted Earnings Per Share
  $ 0.13     $ 0.10     $ 0.32     $ 0.43  
                                 
Basic Shares
    9,055,280       8,524,317       8,955,212       8,745,240  
Diluted Shares
    9,629,326       9,322,368       9,608,748       9,386,616  
 
 
 

 
 
IEC ELECTRONICS CORP - CONSOLIDATED
RECONCILIATION OF NET INCOME TO EBITDA
FOR QUARTER END & YTD JUN 25, 2010 AND JUN 26, 2009
(In Thousands)

   
ACTUAL
   
PRIOR
   
ACTUAL
   
PRIOR
 
   
QUARTER
   
QUARTER
   
YTD
   
YTD
 
   
JUN 25, 2010
   
JUN 26, 2009
   
JUN 25, 2010
   
JUN 26, 2009
 
                         
Net Income
    1,238       903       3,027       4,053  
                                 
Provision for /(benefit from) Income Tax
    775       485       1,739       (724 )
                                 
Depreciation and Amortization Expense
    312       93       725       215  
                                 
Net Interest Expense / (Income)
    238       90       594       304  
EBITDA
    2,563       1,571       6,085       3,848  
                                 
Basic Earnings Per Share
  $ 0.28     $ 0.18     $ 0.68     $ 0.44  
Diluted Earnings Per Share
  $ 0.27     $ 0.17     $ 0.63     $ 0.41  
                                 
Basic Shares
    9,055,280       8,524,317       8,955,212       8,745,240  
Diluted Shares
    9,629,326       9,322,368       9,608,748       9,386,616