Exhibit 99.2
IEC ELECTRONICS CORP - CONSOLIDATED
BALANCE SHEET
JUN 25, 2010 AND SEP 30, 2009
(In Thousands)
JUN 25, 2010 | SEP 30, 2009 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash | 1,274 | 0 | ||||||
Accounts Receivable | 16,070 | 10,354 | ||||||
Inventories | 10,281 | 6,491 | ||||||
Deferred Income Taxes | 2,050 | 2,050 | ||||||
Other Current Assets | 273 | 110 | ||||||
Total Current Assets | 29,948 | 19,005 | ||||||
NET FIXED ASSETS | 11,368 | 2,391 | ||||||
NON-CURRENT ASSETS | ||||||||
Intangible Asset | 340 | 0 | ||||||
Deferred Income Taxes | 11,473 | 13,026 | ||||||
Other Non-Current Assets | 104 | 47 | ||||||
TOTAL ASSETS | 53,233 | 34,469 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Short Term Borrowings | 2,494 | 1,147 | ||||||
Accounts Payable | 6,495 | 4,183 | ||||||
Accrued Payroll and Related Taxes | 1,926 | 1,564 | ||||||
Other Accrued Expenses | 1,245 | 531 | ||||||
Other Current Liabilities | 115 | 190 | ||||||
Total Current Liabilities | 12,275 | 7,615 | ||||||
LONG TERM DEBT | 17,278 | 6,600 | ||||||
TOTAL LIABILITIES | 29,553 | 14,215 | ||||||
SHAREHOLDER'S EQUITY | ||||||||
Authorized - 50,000,000 shares Issued – 10,103,759, Outstanding – 9,090,886 | ||||||||
Common stock, par value $.01 per share | 101 | 97 | ||||||
Treasury Shares at Cost - 1,012,873 shares | (1,413 | ) | (1,413 | ) | ||||
Additional Paid-in Capital | 41,027 | 40,632 | ||||||
Retained Earnings | (16,035 | ) | (19,062 | ) | ||||
TOTAL SHAREHOLDER’S EQUITY | 23,680 | 20,254 | ||||||
TOTAL LIABILITIES & EQUITY | 53,233 | 34,469 |
IEC ELECTRONICS CORP - CONSOLIDATED
STATEMENT OF INCOME
FOR QUARTER END & YTD JUN 25, 2010 AND JUN 26, 2009
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
JUN 25, 2010 | JUN 26, 2009 | JUN 25, 2010 | JUN 26, 2009 | |||||||||||||
Sales | 26,095 | 17,346 | 69,387 | 49,538 | ||||||||||||
Cost of Sales | 21,439 | 14,556 | 57,900 | 41,908 | ||||||||||||
Gross Profit | 4,656 | 2,790 | 11,487 | 7,630 | ||||||||||||
Less: Operating Expenses | ||||||||||||||||
Selling & G&A | 2,388 | 1,463 | 5,922 | 4,214 | ||||||||||||
Restructuring | 0 | 0 | 0 | 0 | ||||||||||||
Total Operating Expenses | 2,388 | 1,463 | 5,922 | 4,214 | ||||||||||||
Operating Profit | 2,268 | 1,327 | 5,565 | 3,416 | ||||||||||||
Interest and Financing Expense | 238 | 90 | 594 | 304 | ||||||||||||
Other Expense/(Income) | 17 | (151 | ) | 205 | (217 | ) | ||||||||||
Net Income before Income Taxes | 2,013 | 1,388 | 4,766 | 3,329 | ||||||||||||
Provision for /(benefit from)Income Tax | 775 | 485 | 1,739 | (724 | ) | |||||||||||
Net Income | 1,238 | 903 | 3,027 | 4,053 | ||||||||||||
Basic Earnings Per Share | $ | 0.14 | $ | 0.11 | $ | 0.34 | $ | 0.46 | ||||||||
Diluted Earnings Per Share | $ | 0.13 | $ | 0.10 | $ | 0.32 | $ | 0.43 | ||||||||
Basic Shares | 9,055,280 | 8,524,317 | 8,955,212 | 8,745,240 | ||||||||||||
Diluted Shares | 9,629,326 | 9,322,368 | 9,608,748 | 9,386,616 |
IEC ELECTRONICS CORP - CONSOLIDATED
RECONCILIATION OF NET INCOME TO EBITDA
FOR QUARTER END & YTD JUN 25, 2010 AND JUN 26, 2009
(In Thousands)
ACTUAL | PRIOR | ACTUAL | PRIOR | |||||||||||||
QUARTER | QUARTER | YTD | YTD | |||||||||||||
JUN 25, 2010 | JUN 26, 2009 | JUN 25, 2010 | JUN 26, 2009 | |||||||||||||
Net Income | 1,238 | 903 | 3,027 | 4,053 | ||||||||||||
Provision for /(benefit from) Income Tax | 775 | 485 | 1,739 | (724 | ) | |||||||||||
Depreciation and Amortization Expense | 312 | 93 | 725 | 215 | ||||||||||||
Net Interest Expense / (Income) | 238 | 90 | 594 | 304 | ||||||||||||
EBITDA | 2,563 | 1,571 | 6,085 | 3,848 | ||||||||||||
Basic Earnings Per Share | $ | 0.28 | $ | 0.18 | $ | 0.68 | $ | 0.44 | ||||||||
Diluted Earnings Per Share | $ | 0.27 | $ | 0.17 | $ | 0.63 | $ | 0.41 | ||||||||
Basic Shares | 9,055,280 | 8,524,317 | 8,955,212 | 8,745,240 | ||||||||||||
Diluted Shares | 9,629,326 | 9,322,368 | 9,608,748 | 9,386,616 |