Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
DEC 28, 2007 AND SEP 30, 2007
(In Thousands)
DEC 28, 2007 | SEP 30, 2007 | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash | 0 | 0 | |||||
Accounts Receivable | 7,264 | 6,185 | |||||
Inventories | 3,770 | 3,326 | |||||
Deferred Income Taxes | 760 | 640 | |||||
Other Current Assets | 42 | 75 | |||||
Total Current Assets | 11,836 | 10,226 | |||||
Net Fixed Assets | 1,598 | 1,603 | |||||
Other Non-Current Assets | 13 | 16 | |||||
TOTAL ASSETS | 13,447 | 11,845 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Short Term Borrowings | 2,680 | 1,325 | |||||
Accounts Payable | 4,833 | 4,937 | |||||
Accrued Payroll and Related Taxes | 467 | 628 | |||||
Other Accrued Expenses | 440 | 366 | |||||
Total Current Liabilities | 8,420 | 7,256 | |||||
Long Term Debt | 348 | 426 | |||||
TOTAL LIABILITIES | 8,768 | 7,682 | |||||
SHAREHOLDER'S EQUITY | |||||||
Authorized - 50,000,000 shares | |||||||
Outstanding - 8,703,243 shares | |||||||
Common stock, par value $.01 per share | 87 | 87 | |||||
Treasury Shares at Cost (412,873 shares) | (223 | ) | (223 | ) | |||
Additional Paid-in Capital | 38,889 | 38,794 | |||||
Retained Earnings | (34,074 | ) | (34,495 | ) | |||
TOTAL SHAREHOLDER’S EQUITY | 4,679 | 4,163 | |||||
13,447 | 11,845 |
IEC ELECTRONICS CORP - CONSOLIDATED |
STATEMENT OF INCOME |
FOR QUARTER END & YTD DEC 28, 2007 AND DEC 29, 2006 |
(In Thousands) |
ACTUAL | PRIOR | ACTUAL | PRIOR | ||||||||||
QUARTER | QUARTER | YTD | YTD | ||||||||||
DEC 28, 2007 | DEC 29, 2006 | DEC 28, 2007 | DEC 29, 2006 | ||||||||||
Sales | 11,160 | 9,246 | 11,160 | 9,246 | |||||||||
Cost of Sales | 10,013 | 9,038 | 10,013 | 9,038 | |||||||||
Gross Profit | 1,147 | 208 | 1,147 | 208 | |||||||||
Less: Operating Expenses | |||||||||||||
Selling & G&A | 754 | 607 | 754 | 607 | |||||||||
Restructuring | 0 | 0 | 0 | 0 | |||||||||
Total Operating Expenses | 754 | 607 | 754 | 607 | |||||||||
Operating Profit | 393 | (399 | ) | 393 | (399 | ) | |||||||
Interest and Financing Expense | (93 | ) | (124 | ) | (93 | ) | (124 | ) | |||||
Profit (Loss) on Sale of Assets | 0 | 0 | 0 | 0 | |||||||||
Other Income (Expense) | 0 | (50 | ) | 0 | (50 | ) | |||||||
Net Income before Income Taxes | 300 | (573 | ) | 300 | (573 | ) | |||||||
Provision for /(benefit from)Income Tax | (120 | ) | 3 | (120 | ) | 3 | |||||||
Net Income | 420 | (576 | ) | 420 | (576 | ) |