Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
DEC 25, 2009 AND SEP 30, 2009
(In Thousands)
DEC 25, 2009 | SEP 30, 2009 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | 0 | 0 | ||||||
Accounts Receivable | 15,242 | 10,354 | ||||||
Inventories | 11,188 | 6,491 | ||||||
Deferred Income Taxes | 2,050 | 2,050 | ||||||
Other Current Assets | 193 | 110 | ||||||
Total Current Assets | 28,673 | 19,005 | ||||||
NET FIXED ASSETS | 11,118 | 2,391 | ||||||
NON-CURRENT ASSETS | ||||||||
Goodwill | 507 | 0 | ||||||
Deferred Income Taxes | 12,620 | 13,026 | ||||||
Other Non-Current Assets | 117 | 47 | ||||||
TOTAL ASSETS | 53,035 | 34,469 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Short Term Borrowings | 2,414 | 1,147 | ||||||
Accounts Payable | 7,299 | 4,183 | ||||||
Accrued Payroll and Related Taxes | 1,313 | 1,564 | ||||||
Other Accrued Expenses | 1,219 | 531 | ||||||
Other Current Liabilities | 413 | 190 | ||||||
Total Current Liabilities | 12,658 | 7,615 | ||||||
LONG TERM DEBT | 19,301 | 6,600 | ||||||
TOTAL LIABILITIES | 31,959 | 14,215 | ||||||
SHAREHOLDER'S EQUITY | ||||||||
Authorized - 50,000,000 shares | ||||||||
Issued – 9,833,930, Outstanding – 8,821,057 | ||||||||
Common stock, par value $.01 per share | 98 | 97 | ||||||
Treasury Shares at Cost - 1,012,873 shares | (1,413 | ) | (1,413 | ) | ||||
Additional Paid-in Capital | 40,699 | 40,632 | ||||||
Retained Earnings | (18,308 | ) | (19,062 | ) | ||||
TOTAL SHAREHOLDER’S EQUITY | 21,076 | 20,254 | ||||||
TOTAL LIABILITIES & EQUITY | 53,035 | 34,469 |
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD DEC 25, 2009 AND DEC 26, 2008
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
DEC 25, 2009 | DEC 26, 2008 | DEC 25, 2009 | DEC 26, 2008 | |||||||||||||
Sales | 18,060 | 15,857 | 18,060 | 15,857 | ||||||||||||
Cost of Sales | 15,247 | 13,623 | 15,247 | 13,623 | ||||||||||||
Gross Profit | 2,813 | 2,234 | 2,813 | 2,234 | ||||||||||||
Less: Operating Expenses | ||||||||||||||||
Selling & G&A | 1,500 | 1,287 | 1,500 | 1,287 | ||||||||||||
Restructuring | 0 | 0 | 0 | 0 | ||||||||||||
Total Operating Expenses | 1,500 | 1,287 | 1,500 | 1,287 | ||||||||||||
Operating Profit | 1,313 | 947 | 1,313 | 947 | ||||||||||||
Interest and Financing Expense | 95 | 124 | 95 | 124 | ||||||||||||
Other Expense/(Income) | 59 | 0 | 59 | 0 | ||||||||||||
Net Income before Income Taxes | 1,159 | 823 | 1,159 | 823 | ||||||||||||
Provision for /(benefit from)Income Tax | 406 | 291 | 406 | 291 | ||||||||||||
Net Income | 753 | 532 | 753 | 532 |