Exhibit 99.2 | |||||||
IEC ELECTRONICS CORP - CONSOLIDATED | |||||||
BALANCE SHEET | |||||||
SEP 30, 2006 AND SEP 30, 2005 | |||||||
Sep 30, 2006 | SEP 30, 2005 | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash | 0 | 460,586 | |||||
Accounts Receivable | 4,940,755 | 2,343,994 | |||||
Inventories | 5,114,077 | 629,808 | |||||
Deferred Income Taxes | 250,000 | 250,000 | |||||
Other Current Assets | 124,271 | 279,732 | |||||
Total Current Assets | 10,429,103 | 3,964,120 | |||||
PROPERTY, PLANT & EQUIPMENT | 1,259,729 | 1,506,779 | |||||
PREPAID DEBT ACQUISITION | 28,889 | 66,893 | |||||
11,717,721 | 5,537,792 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Current Portion of Long Term Liabilities | 3,764,993 | 345,149 | |||||
Accounts Payable | 3,852,585 | 917,608 | |||||
Accrued Payroll and Related Taxes | 265,450 | 263,744 | |||||
Other Accrued Expenses | 344,125 | 399,336 | |||||
Total Current Liabilities | 8,227,153 | 1,925,837 | |||||
LONG TERM VENDOR PAYABLE | 13,865 | 57,118 | |||||
LONG TERM DEBT - TERM | 385,000 | 535,000 | |||||
LONG TERM DEBT - TOTAL | 398,865 | 592,118 | |||||
SHAREHOLDER'S EQUITY | |||||||
Authorized - 50,000,000 shares | |||||||
Outstanding - 8,397,209 shares | |||||||
Common stock, par value $.01 per share | 84,031 | 82,944 | |||||
Treasury Stock | (223,253 | ) | (11,460 | ) | |||
Additional Paid-in Capital | 38,601,010 | 38,533,112 | |||||
Retained Earnings | (35,370,085 | ) | (35,584,759 | ) | |||
Total Shareholders' Equity | 3,091,703 | 3,019,837 | |||||
11,717,721 | 5,537,792 | ||||||
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD SEP 30, 2006 AND SEP 30, 2005
ACTUAL | PRIOR | ACTUAL | PRIOR | ||||||||||
QUARTER | QUARTER | YTD | YTD | ||||||||||
SEP 30, 2006 | SEP 30, 2005 | SEP 30, 2006 | SEP 30, 2005 | ||||||||||
Sales | 8,054,280 | 4,120,068 | 22,619,898 | 19,065,934 | |||||||||
Cost of Sales | 7,006,017 | 3,606,267 | 19,866,470 | 16,435,091 | |||||||||
Gross Profit | 1,048,263 | 513,801 | 2,753,428 | 2,630,843 | |||||||||
Less: Operating Expenses | |||||||||||||
Selling & G&A | 601,027 | 455,947 | 2,156,247 | 2,164,721 | |||||||||
Restructuring | 0 | 0 | 0 | 119,654 | |||||||||
Total Operating Expenses | 601,027 | 455,947 | 2,156,247 | 2,284,375 | |||||||||
Operating Profit | 447,236 | 57,854 | 597,181 | 346,468 | |||||||||
Interest and Financing Expense | (101,264 | ) | (84,457 | ) | (378,193 | ) | (362,911 | ) | |||||
Profit (Loss) on Sale of Assets | 5,900 | 75,000 | (4,567 | ) | 270,165 | ||||||||
Other Income (Expense) | 32 | 3,109 | 253 | 31,664 | |||||||||
Net Income before Income Taxes | 351,904 | 51,506 | 214,674 | 285,386 | |||||||||
Provision for Income Tax | 0 | 0 | 0 | 0 | |||||||||
Income from Discontinued Operations | 0 | 0 | 0 | 0 | |||||||||
Net Income | 351,904 | 51,506 | 214,674 | 285,386 |