Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
SEP 30, 2007 AND SEP 30, 2006
(In Thousands)
SEP 30, 2007 | SEP 30, 2006 | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash | 0 | 0 | |||||
Accounts Receivable | 6,185 | 4,941 | |||||
Inventories | 3,326 | 5,114 | |||||
Deferred Income Taxes | 640 | 250 | |||||
Other Current Assets | 75 | 124 | |||||
Total Current Assets | 10,226 | 10,429 | |||||
Net Fixed Assets | 1,603 | 1,260 | |||||
Other Non-Current Assets | 16 | 29 | |||||
TOTAL ASSETS | 11,845 | 11,718 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Short Term Borrowings | 1,325 | 3,765 | |||||
Accounts Payable | 4,937 | 3,853 | |||||
Accrued Payroll and Related Taxes | 628 | 265 | |||||
Other Accrued Expenses | 366 | 344 | |||||
Total Current Liabilities | 7,256 | 8,227 | |||||
Long Term Debt | 426 | 399 | |||||
TOTAL LIABILITIES | 7,682 | 8,626 | |||||
SHAREHOLDER'S EQUITY | |||||||
Authorized - 50,000,000 shares | |||||||
Outstanding - 8,670,030 shares | |||||||
Common stock, par value $.01 per share | 87 | 84 | |||||
Treasury Shares at Cost (412,873 shares) | (223 | ) | (223 | ) | |||
Additional Paid-in Capital | 38,794 | 38,601 | |||||
Retained Earnings | (34,495 | ) | (35,370 | ) | |||
TOTAL SHAREHOLDER’S EQUITY | 4,163 | 3,092 | |||||
11,845 | 11,718 |
IEC ELECTRONICS CORP - CONSOLIDATED |
STATEMENT OF INCOME |
FOR QUARTER END & YTD SEP 30, 2007 AND SEP 30, 2006 |
(In Thousands) |
ACTUAL | PRIOR | ACTUAL | PRIOR | ||||||||||
QUARTER | QUARTER | YTD | YTD | ||||||||||
SEP 30, 2007 | SEP 30, 2006 | SEP 30, 2007 | SEP 30, 2006 | ||||||||||
Sales | 9,605 | 8,054 | 40,914 | 22,620 | |||||||||
Cost of Sales | 8,781 | 7,006 | 37,037 | 19,867 | |||||||||
Gross Profit | 824 | 1,048 | 3,877 | 2,753 | |||||||||
Less: Operating Expenses | |||||||||||||
Selling & G&A | 680 | 601 | 2,892 | 2,155 | |||||||||
Restructuring | 0 | 0 | 0 | 0 | |||||||||
Total Operating Expenses | 680 | 601 | 2,892 | 2,155 | |||||||||
Operating Profit | 144 | 447 | 985 | 598 | |||||||||
Interest and Financing Expense | (90 | ) | (101 | ) | (440 | ) | (378 | ) | |||||
Profit (Loss) on Sale of Assets | 17 | 6 | (16 | ) | (5 | ) | |||||||
Other Income (Expense) | 0 | 0 | (26 | ) | 0 | ||||||||
Net Income before Income Taxes | 71 | 352 | 503 | 215 | |||||||||
Provision for Income Tax | (225 | ) | 0 | (372 | ) | 0 | |||||||
Income from Discontinued Operations | 0 | 0 | 0 | 0 | |||||||||
Net Income | 296 | 352 | 875 | 215 |