Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
JUN 26, 2009 AND SEP 30, 2008
(In Thousands)
JUN 26, 2009 | SEP 30, 2008 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | 0 | 0 | ||||||
Accounts Receivable | 9,976 | 10,345 | ||||||
Inventories | 6,592 | 6,230 | ||||||
Deferred Income Taxes | 1,908 | 1,908 | ||||||
Other Current Assets | 116 | 61 | ||||||
Total Current Assets | 18,592 | 18,544 | ||||||
NET FIXED ASSETS | 1,944 | 853 | ||||||
NON-CURRENT ASSETS | ||||||||
Deferred Income Taxes | 13,557 | 14,727 | ||||||
Other Non-Current Assets | 50 | 60 | ||||||
TOTAL ASSETS | 34,143 | 34,184 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Short Term Borrowings | 1,197 | 1,098 | ||||||
Accounts Payable | 4,214 | 6,125 | ||||||
Accrued Payroll and Related Taxes | 970 | 808 | ||||||
Other Accrued Expenses | 398 | 603 | ||||||
Other Current Liabilities | 292 | 664 | ||||||
Total Current Liabilities | 7,071 | 9,298 | ||||||
LONG TERM DEBT | 7,864 | 8,910 | ||||||
TOTAL LIABILITIES | 14,935 | 18,208 | ||||||
SHAREHOLDER'S EQUITY | ||||||||
Authorized - 50,000,000 shares | ||||||||
Issued – 9,549,420, Outstanding – 8,536,547 | ||||||||
Common stock, par value $.01 per share | 95 | 93 | ||||||
Treasury Shares at Cost - 1,012,873 shares | (1,413 | ) | (223 | ) | ||||
Additional Paid-in Capital | 40,490 | 40,124 | ||||||
Retained Earnings | (19,964 | ) | (24,018 | ) | ||||
TOTAL SHAREHOLDER’S EQUITY | 19,208 | 15,976 | ||||||
TOTAL LIABILITIES & EQUITY | 34,143 | 34,184 |
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD JUN 26, 2009 AND JUN 27, 2008
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
JUN 26, 2009 | JUN 27, 2008 | JUN 26, 2009 | JUN 27, 2008 | |||||||||||||
Sales | 17,346 | 11,888 | 49,538 | 34,988 | ||||||||||||
Cost of Sales | 14,556 | 10,475 | 41,908 | 31,046 | ||||||||||||
Gross Profit | 2,790 | 1,413 | 7,630 | 3,942 | ||||||||||||
Less: Operating Expenses | ||||||||||||||||
Selling & G&A | 1,463 | 828 | 4,214 | 2,580 | ||||||||||||
Restructuring | 0 | 0 | 0 | 0 | ||||||||||||
Total Operating Expenses | 1,463 | 828 | 4,214 | 2,580 | ||||||||||||
Operating Profit | 1,327 | 585 | 3,416 | 1,362 | ||||||||||||
Interest and Financing Expense | 90 | 106 | 304 | 281 | ||||||||||||
(Gain)/Loss on Disposal of Fixed Assets | 0 | 0 | (5 | ) | (2 | ) | ||||||||||
Other Expense/(Income) | (151 | ) | 302 | (212 | ) | 301 | ||||||||||
Net Income before Income Taxes | 1,388 | 177 | 3,329 | 782 | ||||||||||||
Provision for /(benefit from)Income Tax | 485 | (691 | ) | (724 | ) | (1,181 | ) | |||||||||
Net Income | 903 | 868 | 4,053 | 1,963 |