Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
MAR 28, 2008 AND SEP 30, 2007
(In Thousands)
MAR 28, 2008 | SEP 30, 2007 | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash | 0 | 0 | |||||
Accounts Receivable | 8,076 | 6,185 | |||||
Inventories | 5,073 | 3,326 | |||||
Other Current Assets | 74 | 75 | |||||
Total Current Assets | 13,323 | 9,586 | |||||
NET FIXED ASSETS | 1,675 | 1,603 | |||||
LONG TERM ASSETS | |||||||
Deferred Income Taxes | 1,130 | 640 | |||||
Other Non-Current Assets | 0 | 16 | |||||
TOTAL ASSETS | 16,028 | 11,845 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Short Term Borrowings | 3,474 | 1,325 | |||||
Accounts Payable | 5,927 | 4,937 | |||||
Accrued Payroll and Related Taxes | 501 | 628 | |||||
Other Accrued Expenses | 441 | 366 | |||||
Total Current Liabilities | 10,343 | 7,256 | |||||
Long Term Debt | 273 | 426 | |||||
TOTAL LIABILITIES | 10,616 | 7,682 | |||||
SHAREHOLDER'S EQUITY | |||||||
Authorized - 50,000,000 shares | |||||||
Outstanding - 8,736,493 shares | |||||||
Common stock, par value $.01 per share | 87 | 87 | |||||
Treasury Shares at Cost (412,873 shares) | (223 | ) | (223 | ) | |||
Additional Paid-in Capital | 38,949 | 38,794 | |||||
Retained Earnings | (33,401 | ) | (34,495 | ) | |||
TOTAL SHAREHOLDER’S EQUITY | 5,412 | 4,163 | |||||
TOTAL LIABILITIES & EQUITY | 16,028 | 11,845 |
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD MAR 28, 2008 AND MAR 30, 2007
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | ||||||||||
QUARTER | QUARTER | YTD | YTD | ||||||||||
MAR 28, 2008 | MAR 30, 2007 | MAR 28, 2008 | MAR 30, 2007 | ||||||||||
Sales | 11,940 | 10,899 | 23,100 | 20,145 | |||||||||
Cost of Sales | 10,557 | 9,370 | 20,571 | 18,408 | |||||||||
Gross Profit | 1,383 | 1,529 | 2,529 | 1,737 | |||||||||
Less: Operating Expenses | |||||||||||||
Selling & G&A | 998 | 783 | 1,752 | 1,390 | |||||||||
Restructuring | 0 | 0 | 0 | 0 | |||||||||
Total Operating Expenses | 998 | 783 | 1,752 | 1,390 | |||||||||
Operating Profit | 385 | 746 | 777 | 347 | |||||||||
Interest and Financing Expense | (84 | ) | (134 | ) | (176 | ) | (259 | ) | |||||
Profit (Loss) on Sale of Assets | 0 | (33 | ) | 0 | (33 | ) | |||||||
Other Income (Expense) | 2 | 24 | 2 | (25 | ) | ||||||||
Net Income before Income Taxes | 303 | 603 | 603 | 30 | |||||||||
Provision for /(benefit from)Income Tax | (370 | ) | 0 | (490 | ) | 3 | |||||||
Net Income | 673 | 603 | 1093 | 27 |