Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
SEP 30, 2008 AND SEP 30, 2007
(In Thousands)
SEP 30, 2008 | SEP 30, 2007 | ||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash | 0 | 0 | |||||
Accounts Receivable | 10,345 | 6,185 | |||||
Inventories | 5,566 | 3,326 | |||||
Deferred Income Taxes | 1,908 | 640 | |||||
Other Current Assets | 61 | 75 | |||||
Total Current Assets | 17,880 | 10,226 | |||||
NET FIXED ASSETS | 853 | 1,603 | |||||
NON-CURRENT ASSETS | |||||||
Deferred Income Taxes | 14,727 | 0 | |||||
Other Non-Current Assets | 60 | 16 | |||||
TOTAL ASSETS | 33,520 | 11,845 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Short Term Borrowings | 1,098 | 1,325 | |||||
Accounts Payable | 6,125 | 4,937 | |||||
Accrued Payroll and Related Taxes | 808 | 628 | |||||
Other Accrued Expenses | 603 | 366 | |||||
Total Current Liabilities | 8,634 | 7,256 | |||||
LONG TERM DEBT | 8,910 | 426 | |||||
TOTAL LIABILITIES | 17,544 | 7,682 | |||||
SHAREHOLDER'S EQUITY | |||||||
Authorized - 50,000,000 shares | |||||||
Outstanding - 9,326,582 shares | |||||||
Common stock, par value $.01 per share | 93 | 87 | |||||
Treasury Shares at Cost (412,873 shares) | (223 | ) | (223 | ) | |||
Additional Paid-in Capital | 40,124 | 38,794 | |||||
Retained Earnings | (24,018 | ) | (34,495 | ) | |||
TOTAL SHAREHOLDER'S EQUITY | 15,976 | 4,163 | |||||
TOTAL LIABILITIES & EQUITY | 33,520 | 11,845 |
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD SEP 30, 2008 AND SEP 30, 2007
(In Thousands)
ACTUAL QUARTER | PRIOR QUARTER | ACTUAL YTD | PRIOR YTD | ||||||||||
SEP 30, 2008 | SEP 30, 2007 | SEP 30, 2008 | SEP 30, 2007 | ||||||||||
Sales | 16,104 | 9,605 | 51,092 | 40,914 | |||||||||
Cost of Sales | 13,829 | 8,781 | 44,875 | 37,037 | |||||||||
Gross Profit | 2,275 | 824 | 6,217 | 3,877 | |||||||||
Less: Operating Expenses | |||||||||||||
Selling & G&A | 1,245 | 680 | 3,825 | 2,892 | |||||||||
Restructuring | 0 | 0 | 0 | 0 | |||||||||
Total Operating Expenses | 1,245 | 680 | 3,825 | 2,892 | |||||||||
Operating Profit | 1,030 | 144 | 2,392 | 985 | |||||||||
Interest and Financing Expense | 170 | 90 | 452 | 440 | |||||||||
Other Expense/(Income) | 6 | (17 | 306 | 42 | |||||||||
Net Income before Income Taxes | 854 | 71 | 1,634 | 503 | |||||||||
Provision for /(benefit from)Income Tax | (7,662 | ) | (225 | ) | (8,843 | ) | (372 | ) | |||||
Net Income | 8,516 | 296 | 10,477 | 875 |