Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
SEP 30, 2009 AND SEP 30, 2008
(In Thousands)
SEP 30, 2009 | SEP 30, 2008 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | 0 | 0 | ||||||
Accounts Receivable | 10,354 | 10,345 | ||||||
Inventories | 6,491 | 6,230 | ||||||
Deferred Income Taxes | 2,050 | 1,908 | ||||||
Other Current Assets | 110 | 61 | ||||||
Total Current Assets | 19,005 | 18,544 | ||||||
NET FIXED ASSETS | 2,391 | 853 | ||||||
NON-CURRENT ASSETS | ||||||||
Deferred Income Taxes | 13,026 | 14,727 | ||||||
Other Non-Current Assets | 47 | 60 | ||||||
TOTAL ASSETS | 34,469 | 34,184 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Short Term Borrowings | 1,147 | 1,098 | ||||||
Accounts Payable | 4,183 | 6,125 | ||||||
Accrued Payroll and Related Taxes | 1,564 | 808 | ||||||
Other Accrued Expenses | 531 | 603 | ||||||
Other Current Liabilities | 190 | 664 | ||||||
Total Current Liabilities | 7,615 | 9,298 | ||||||
LONG TERM DEBT | 6,600 | 8,910 | ||||||
TOTAL LIABILITIES | 14,215 | 18,208 | ||||||
SHAREHOLDER'S EQUITY | ||||||||
Authorized - 50,000,000 shares | ||||||||
Issued – 9,747,283, Outstanding – 8,734,410 | ||||||||
Common stock, par value $.01 per share | 97 | 93 | ||||||
Treasury Shares at Cost - 1,012,873 shares | (1,413 | ) | (223 | ) | ||||
Additional Paid-in Capital | 40,632 | 40,124 | ||||||
Retained Earnings | (19,062 | ) | (24,018 | ) | ||||
TOTAL SHAREHOLDER’S EQUITY | 20,254 | 15,976 | ||||||
TOTAL LIABILITIES & EQUITY | 34,469 | 34,184 |
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD SEP 30, 2009 AND SEP 30, 2008
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
SEP 30, 2009 | SEP 30, 2008 | SEP 30, 2009 | SEP 30, 2008 | |||||||||||||
Sales | 18,273 | 16,104 | 67,811 | 51,092 | ||||||||||||
Cost of Sales | 15,077 | 13,829 | 56,985 | 44,875 | ||||||||||||
Gross Profit | 3,196 | 2,275 | 10,826 | 6,217 | ||||||||||||
Less: Operating Expenses | ||||||||||||||||
Selling & G&A | 1,793 | 1,245 | 6,007 | 3,825 | ||||||||||||
Restructuring | 0 | 0 | 0 | 0 | ||||||||||||
Total Operating Expenses | 1,793 | 1,245 | 6,007 | 3,825 | ||||||||||||
Operating Profit | 1,403 | 1,030 | 4,819 | 2,392 | ||||||||||||
Interest and Financing Expense | 84 | 170 | 389 | 452 | ||||||||||||
Other Expense/(Income) | (70 | ) | 6 | (287 | ) | 306 | ||||||||||
Net Income before Income Taxes | 1,389 | 854 | 4,718 | 1,634 | ||||||||||||
Provision for /(benefit from)Income Tax | 486 | (7,662 | ) | (238 | ) | (8,843 | ) | |||||||||
Net Income | 903 | 8,516 | 4,956 | 10,477 |