Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
MAR 26, 2010 AND SEP 30, 2009
(In Thousands)
MAR 26, 2010 | SEP 30, 2009 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | 0 | 0 | ||||||
Accounts Receivable | 14,669 | 10,354 | ||||||
Inventories | 12,061 | 6,491 | ||||||
Deferred Income Taxes | 2,050 | 2,050 | ||||||
Other Current Assets | 372 | 110 | ||||||
Total Current Assets | 29,152 | 19,005 | ||||||
NET FIXED ASSETS | 11,318 | 2,391 | ||||||
NON-CURRENT ASSETS | ||||||||
Intangible Asset | 360 | 0 | ||||||
Deferred Income Taxes | 12,088 | 13,026 | ||||||
Other Non-Current Assets | 111 | 47 | ||||||
TOTAL ASSETS | 53,029 | 34,469 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Short Term Borrowings | 2,477 | 1,147 | ||||||
Accounts Payable | 8,224 | 4,183 | ||||||
Accrued Payroll and Related Taxes | 1,667 | 1,564 | ||||||
Other Accrued Expenses | 1,077 | 531 | ||||||
Other Current Liabilities | 252 | 190 | ||||||
Total Current Liabilities | 13,697 | 7,615 | ||||||
LONG TERM DEBT | 17,100 | 6,600 | ||||||
TOTAL LIABILITIES | 30,797 | 14,215 | ||||||
SHAREHOLDER'S EQUITY | ||||||||
Authorized - 50,000,000 shares | ||||||||
Issued – 10,007,371, Outstanding – 8,994,498 | ||||||||
Common stock, par value $.01 per share | 100 | 97 | ||||||
Treasury Shares at Cost - 1,012,873 shares | (1,413 | ) | (1,413 | ) | ||||
Additional Paid-in Capital | 40,817 | 40,632 | ||||||
Retained Earnings | (17,272 | ) | (19,062 | ) | ||||
TOTAL SHAREHOLDER’S EQUITY | 22,232 | 20,254 | ||||||
TOTAL LIABILITIES & EQUITY | 53,029 | 34,469 |
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD MAR 26, 2010 AND MAR 27, 2009
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
MAR 26, 2010 | MAR 27, 2009 | MAR 26, 2010 | MAR 27, 2009 | |||||||||||||
Sales | 25,232 | 16,335 | 43,292 | 32,192 | ||||||||||||
Cost of Sales | 21,214 | 13,728 | 36,461 | 27,351 | ||||||||||||
Gross Profit | 4,018 | 2,607 | 6,831 | 4,841 | ||||||||||||
Less: Operating Expenses | ||||||||||||||||
Selling & G&A | 2,035 | 1,464 | 3,535 | 2,751 | ||||||||||||
Restructuring | 0 | 0 | 0 | 0 | ||||||||||||
Total Operating Expenses | 2,035 | 1,464 | 3,535 | 2,751 | ||||||||||||
Operating Profit | 1,983 | 1,143 | 3,296 | 2,090 | ||||||||||||
Interest and Financing Expense | 261 | 91 | 355 | 215 | ||||||||||||
Other Expense/(Income) | 129 | (66 | ) | 188 | (66 | ) | ||||||||||
Net Income before Income Taxes | 1,593 | 1,118 | 2,753 | 1,941 | ||||||||||||
Provision for /(benefit from)Income Tax | 557 | (1,501 | ) | 964 | (1,209 | ) | ||||||||||
Net Income | 1,036 | 2,619 | 1,789 | 3,150 |
IEC ELECTRONICS CORP - CONSOLIDATED
RECONCILIATION OF NET INCOME TO EDITDA
FOR QUARTER END & YTD MAR 26, 2010 AND MAR 27, 2009
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
MAR 26, 2010 | MAR 27, 2009 | MAR 26, 2010 | MAR 27, 2009 | |||||||||||||
Net Income | 1,036 | 2,619 | 1,789 | 3,150 | ||||||||||||
Provision for /(benefit from)Income Tax | 557 | (1,501 | ) | 964 | (1,209 | ) | ||||||||||
Depreciation and Amortization Expense | 277 | 75 | 414 | 122 | ||||||||||||
Net Interest Expense / (Income) | 261 | 91 | 355 | 215 | ||||||||||||
EBITDA | 2,131 | 1,284 | 3,522 | 2,278 |