Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
MAR 27, 2009 AND SEP 30, 2008
(In Thousands)
MAR 27, 2009 | SEP 30, 2008 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | 0 | 0 | ||||||
Accounts Receivable | 9,771 | 10,345 | ||||||
Inventories | 7,364 | 6,230 | ||||||
Deferred Income Taxes | 1,908 | 1,908 | ||||||
Other Current Assets | 162 | 61 | ||||||
Total Current Assets | 19,205 | 18,544 | ||||||
NET FIXED ASSETS | 1,122 | 853 | ||||||
NON-CURRENT ASSETS | ||||||||
Deferred Income Taxes | 14,042 | 14,727 | ||||||
Other Non-Current Assets | 54 | 60 | ||||||
TOTAL ASSETS | 34,423 | 34,184 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Short Term Borrowings | 1,072 | 1,098 | ||||||
Accounts Payable | 6,163 | 6,125 | ||||||
Accrued Payroll and Related Taxes | 611 | 808 | ||||||
Other Accrued Expenses | 483 | 603 | ||||||
Other Current Liabilities | 708 | 664 | ||||||
Total Current Liabilities | 9,037 | 9,298 | ||||||
LONG TERM DEBT | 7,148 | 8,910 | ||||||
TOTAL LIABILITIES | 16,185 | 18,208 | ||||||
SHAREHOLDER'S EQUITY | ||||||||
Authorized - 50,000,000 shares | ||||||||
Issued – 9,514,049, Outstanding – 8,501,176 | ||||||||
Common stock, par value $.01 per share | 95 | 93 | ||||||
Treasury Shares at Cost - 1,012,873 shares | (1,413 | ) | (223 | ) | ||||
Additional Paid-in Capital | 40,423 | 40,124 | ||||||
Retained Earnings | (20,867 | ) | (24,018 | ) | ||||
TOTAL SHAREHOLDER’S EQUITY | 18,238 | 15,976 | ||||||
TOTAL LIABILITIES & EQUITY | 34,423 | 34,184 |
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD MAR 27, 2009 AND MAR 28, 2008
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
MAR 27, 2009 | MAR 28, 2008 | MAR 27, 2009 | MAR 28, 2008 | |||||||||||||
Sales | 16,335 | 11,940 | 32,192 | 23,100 | ||||||||||||
Cost of Sales | 13,728 | 10,557 | 27,351 | 20,571 | ||||||||||||
Gross Profit | 2,607 | 1,383 | 4,841 | 2,529 | ||||||||||||
Less: Operating Expenses | ||||||||||||||||
Selling & G&A | 1,464 | 998 | 2,751 | 1,752 | ||||||||||||
Restructuring | 0 | 0 | 0 | 0 | ||||||||||||
Total Operating Expenses | 1,464 | 998 | 2,751 | 1,752 | ||||||||||||
Operating Profit | 1,143 | 385 | 2,090 | 777 | ||||||||||||
Interest and Financing Expense | 91 | 84 | 215 | 176 | ||||||||||||
(Gain)/Loss on Disposal of Fixed Assets | (5 | ) | (2 | ) | (5 | ) | (2 | ) | ||||||||
Other Expense/(Income) | (61 | ) | 0 | (61 | ) | 0 | ||||||||||
Net Income before Income Taxes | 1,118 | 303 | 1,941 | 603 | ||||||||||||
Provision for /(benefit from)Income Tax | (1,501 | ) | (370 | ) | (1,209 | ) | (490 | ) | ||||||||
Net Income | 2,619 | 673 | 3,150 | 1,093 |