Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
DEC 26, 2008 AND SEP 30, 2008
(In Thousands)
DEC 26, 2008 | SEP 30, 2008 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | 0 | 0 | ||||||
Accounts Receivable | 10,088 | 10,345 | ||||||
Inventories | 6,514 | 5,566 | ||||||
Deferred Income Taxes | 1,908 | 1,908 | ||||||
Other Current Assets | 61 | 61 | ||||||
Total Current Assets | 18,571 | 17,880 | ||||||
NET FIXED ASSETS | 1,042 | 853 | ||||||
NON-CURRENT ASSETS | ||||||||
Deferred Income Taxes | 13,592 | 14,727 | ||||||
Other Non-Current Assets | 57 | 60 | ||||||
TOTAL ASSETS | 33,262 | 33,520 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Short Term Borrowings | 1,072 | 1,098 | ||||||
Accounts Payable | 6,782 | 6,125 | ||||||
Accrued Payroll and Related Taxes | 699 | 808 | ||||||
Other Accrued Expenses | 547 | 603 | ||||||
Other Current Liabilities | 255 | 0 | ||||||
Total Current Liabilities | 9,355 | 8,634 | ||||||
LONG TERM DEBT | 7,304 | 8,910 | ||||||
TOTAL LIABILITIES | 16,659 | 17,544 | ||||||
SHAREHOLDER'S EQUITY | ||||||||
Authorized - 50,000,000 shares | ||||||||
Outstanding – 9,345,898 shares | ||||||||
Common stock, par value $.01 per share | 94 | 93 | ||||||
Treasury Shares at Cost (412,873 shares) | (223 | ) | (223 | ) | ||||
Additional Paid-in Capital | 40,218 | 40,124 | ||||||
Retained Earnings | (23,486 | ) | (24,018 | ) | ||||
TOTAL SHAREHOLDER’S EQUITY | 16,603 | 15,976 | ||||||
TOTAL LIABILITIES & EQUITY | 33,262 | 33,520 | ||||||
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD DEC 26, 2008 AND DEC 28, 2007
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
DEC 26, 2008 | DEC 28, 2007 | DEC 26, 2008 | DEC 28, 2007 | |||||||||||||
Sales | 15,857 | 11,160 | 15,857 | 11,160 | ||||||||||||
Cost of Sales | 13,623 | 10,013 | 13,623 | 10,013 | ||||||||||||
Gross Profit | 2,234 | 1,147 | 2,234 | 1,147 | ||||||||||||
Less: Operating Expenses | ||||||||||||||||
Selling & G&A | 1,287 | 754 | 1,287 | 754 | ||||||||||||
Restructuring | 0 | 0 | 0 | 0 | ||||||||||||
Total Operating Expenses | 1,287 | 754 | 1,287 | 754 | ||||||||||||
Operating Profit | 947 | 393 | 947 | 393 | ||||||||||||
Interest and Financing Expense | 124 | 93 | 124 | 93 | ||||||||||||
Other Expense/(Income) | 0 | 0 | 0 | 0 | ||||||||||||
Net Income before Income Taxes | 823 | 300 | 823 | 300 | ||||||||||||
Provision for /(benefit from)Income Tax | 291 | (120 | ) | 291 | (120 | ) | ||||||||||
Net Income | 532 | 420 | 532 | 420 | ||||||||||||