Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
JUN 27, 2008 AND SEP 30, 2007
(In Thousands)
JUN 27, 2008 | SEP 30, 2007 | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash | 0 | 0 | |||||
Accounts Receivable | 9,185 | 6,185 | |||||
Inventories | 6,939 | 3,326 | |||||
Other Current Assets | 59 | 75 | |||||
Total Current Assets | 16,183 | 9,586 | |||||
NET FIXED ASSETS | 555 | 1,603 | |||||
LONG TERM ASSETS | |||||||
Deferred Income Taxes | 8,802 | 640 | |||||
Other Non-Current Assets | 64 | 16 | |||||
TOTAL ASSETS | 25,604 | 11,845 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Short Term Borrowings | 7,708 | 1,325 | |||||
Accounts Payable | 4,553 | 4,937 | |||||
Accrued Payroll and Related Taxes | 677 | 628 | |||||
Other Accrued Expenses | 577 | 366 | |||||
Total Current Liabilities | 13,515 | 7,256 | |||||
Long Term Debt | 4,691 | 426 | |||||
TOTAL LIABILITIES | 18,206 | 7,682 | |||||
SHAREHOLDER'S EQUITY | |||||||
Authorized - 50,000,000 shares | |||||||
Outstanding - 9,285,995 shares | |||||||
Common stock, par value $.01 per share | 93 | 87 | |||||
Treasury Shares at Cost (412,873 shares) | (223 | ) | (223 | ) | |||
Additional Paid-in Capital | 40,061 | 38,794 | |||||
Retained Earnings | (32,533 | ) | (34,495 | ) | |||
TOTAL SHAREHOLDER’S EQUITY | 7,398 | 4,163 | |||||
TOTAL LIABILITIES & EQUITY | 25,604 | 11,845 |
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD JUN 27, 2008 AND JUN 29, 2007
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | ||||||||||
QUARTER | QUARTER | YTD | YTD | ||||||||||
JUN 27, 2008 | JUN 29, 2007 | JUN 27, 2008 | JUN 29, 2007 | ||||||||||
Sales | 11,888 | 11,165 | 34,988 | 31,309 | |||||||||
Cost of Sales | 10,475 | 9,850 | 31,046 | 28,256 | |||||||||
Gross Profit | 1,413 | 1,315 | 3,942 | 3,053 | |||||||||
Less: Operating Expenses | |||||||||||||
Selling & G&A | 828 | 821 | 2,580 | 2,213 | |||||||||
Restructuring | 0 | 0 | 0 | 0 | |||||||||
Total Operating Expenses | 828 | 821 | 2,580 | 2,213 | |||||||||
Operating Profit | 585 | 494 | 1,362 | 840 | |||||||||
Interest and Financing Expense | (106 | ) | (91 | ) | (281 | ) | (350 | ) | |||||
Profit (Loss) on Sale of Assets | 0 | 0 | 2 | (33 | ) | ||||||||
Other Income (Expense) | (302 | ) | 0 | (301 | ) | (25 | ) | ||||||
Net Income before Income Taxes | 177 | 403 | 782 | 432 | |||||||||
Provision for /(benefit from)Income Tax | (691 | ) | (150 | ) | (1181 | ) | (147 | ) | |||||
Net Income | 868 | 553 | 1963 | 579 |